# EDGAR Filing Document

**Accession Number:** 0000822632
**File Stem:** 0000822632-25-000006
**Filing Date:** 2025-9
**Character Count:** 994734
**Document Hash:** e45584c8922ba1bee1d98e7ee7db5c1d
**Contains OCR:** False
**Source Format:** 

## Filing Content

## Filing Summary
**0000822632-25-000006.hdr.sgml**: 20250905

**ACCESSION NUMBER**: 0000822632-25-000006

**CONFORMED SUBMISSION TYPE**: N-CSRS

**PUBLIC DOCUMENT COUNT**: 146

**CONFORMED PERIOD OF REPORT**: 20250630

**FILED AS OF DATE**: 20250905

**DATE AS OF CHANGE**: 20250905

**EFFECTIVENESS DATE**: 20250905

**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:** N-CSRS
- **SEC ACT:** 1940 Act
- **SEC FILE NUMBER:** 811-05344
- **FILM NUMBER:** 251296093

**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 Growth Fund (Series ID: S000008594)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023523 | Class N      | WBGSX           |
| C000023524 | Class I      | BGFIX           |
| C000211716 | Class R6     | BGFRX           |

### William Blair International Small Cap Growth Fund (Series ID: S000008595)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023525 | Class N      | WISNX           |
| C000023526 | Class I      | WISIX           |
| C000023527 | Class R6     | WIISX           |

### William Blair Emerging Markets Growth Fund (Series ID: S000008596)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023528 | Class N      | WBENX           |
| C000023529 | Class I      | WBEIX           |
| C000023530 | Class R6     | BIEMX           |

### 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           |

### William Blair Large Cap Growth Fund (Series ID: S000008601)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023538 | Class N      | LCGNX           |
| C000023539 | Class I      | LCGFX           |
| C000211719 | Class R6     | LCGJX           |

### William Blair Small Cap Growth Fund (Series ID: S000008602)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023540 | Class N      | WBSNX           |
| C000023541 | Class I      | WBSIX           |
| C000211720 | Class R6     | WBSRX           |

### William Blair Small-Mid Cap Growth Fund (Series ID: S000008603)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023542 | Class N      | WSMNX           |
| C000023543 | Class I      | WSMDX           |
| C000211721 | Class R6     | WSMRX           |

### William Blair International Growth Fund (Series ID: S000008604)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000023544 | Class N      | WBIGX           |
| C000023545 | Class I      | BIGIX           |
| C000211722 | Class R6     | WBIRX           |

### William Blair Institutional International Growth Fund (Series ID: S000008605)

| Class ID   | Class Name          | Ticker Symbol   |
|:---|:---|:---|
| C000023546 | Institutional Class | WBIIX           |

### William Blair Global Leaders Fund (Series ID: S000019315)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000053607 | Class N      | WGGNX           |
| C000053608 | Class I      | WGFIX           |
| C000053609 | Class R6     | BGGIX           |

### William Blair Emerging Markets Leaders Fund (Series ID: S000021052)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000059867 | Class I      | WBELX           |
| C000059868 | Class R6     | WELIX           |
| C000088850 | Class N      | WELNX           |

### 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           |

### William Blair International Leaders Fund (Series ID: S000037763)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000116468 | Class N      | WILNX           |
| C000116469 | Class I      | WILIX           |
| C000116470 | Class R6     | WILJX           |

### William Blair Small-Mid Cap Core Fund (Series ID: S000066499)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000214491 | Class I      | WBCIX           |
| C000214492 | Class R6     | WBCRX           |

### William Blair Emerging Markets Debt Fund (Series ID: S000069167)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000221008 | Class R6     | WEDRX           |
| C000221009 | Class I      | WEDIX           |

### William Blair China Growth Fund (Series ID: S000072753)

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

### William Blair Emerging Markets ex China Growth Fund (Series ID: S000075390)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234384 | Class I      | WXCIX           |
| C000234385 | Class R6     | WXCRX           |

### William Blair Mid Cap Value Fund (Series ID: S000075391)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000234386 | Class I      | WVMIX           |
| C000234387 | Class R6     | WVMRX           |

### William Blair Small-Mid Cap Value Fund (Series ID: S000080810)

| Class ID   | Class Name   | Ticker Symbol   |
|:---|:---|:---|
| C000243363 | Class I      | ISMVX           |
| C000243364 | Class R6     | RSMVX           |

?xml version='1.0' encoding='ASCII'? 8ddeb3ac61063eb

#### UNITED STATES

#### SECURITIES AND EXCHANGE COMMISSION

#### Washington, D.C. 20549

------

#### FORM N-CSR

------

#### CERTIFIED SHAREHOLDER REPORT OF REGISTERED MANAGEMENT INVESTMENT COMPANIES

#### Investment Company Act file number
811-5344

William Blair Funds

(Exact name of registrant as specified in charter)

------

150 North Riverside Plaza, Chicago, IL 60606

(Address of Principal Executive Offices) (Zip Code)

#### Registrant's telephone number, including area code:
312-236-1600

#### Date of fiscal year end:
December 31

#### Date of reporting period:
June 30, 2025

Item 1. Report to Stockholders.

(a) The registrant's semi-annual reports transmitted to shareholders pursuant to Rule 30e-1 under the Investment Company Act of 1940 are as follows:

### William Blair Growth Fund

#### Class I / BGFIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Growth Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Growth Fund Class I | $47 | 0.92% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 3.74% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 3000<sup>®</sup> Growth Index, which returned 5.80% and underperformed the S&P 500<sup>®</sup> Index, a broad measure of market performance, which returned 6.20%.

The Fund's underperformance was driven by a combination of stock-specific dynamics and style factors. From a style perspective, our bias towards small and mid-caps was a headwind. The top detractors for the period came from stock selection in Health Care, including our positions in UnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included ACV Auctions (Industrials) and EPAM Systems (Information Technology). Not owning Netflix (Communication Services) was also a headwind to performance. The top contributors to performance included Cameco (Energy), NVIDIA (Information Technology), Intuit (Information Technology), and Oracle (Information Technology), as well as our underweight to Apple (Information Technology). Not owning Tesla (Consumer Discretionary) was also a tailwind to performance.

#### TOP PERFORMANCE CONTRIBUTORS
**Cameco** is a company focused on the mining, trading, and processing of uranium, a key input into nuclear power generation. The stock outperformed as the company delivered strong results for the period, supported by higher sales and realized pricing, while maintaining all key 2025 guidance metrics.

**NVIDIA** is a leading fabless semiconductor company specializing in the design and marketing of high-performance graphics processing unit ("GPU") chipsets and software systems. The stock outperformed due to robust demand for artificial intelligence infrastructure, particularly due to increased inferencing workloads among major partners and customers.

#### TOP PERFORMANCE DETRACTORS
**UnitedHealth Group** is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy. The stock lagged as results fell short of expectations primarily due to underperformance in Optum Health and Medicare Advantage due to higher-than-expected patient use.

**West Pharmaceuticals** a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_37064.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Growth Fund Class I** | 3.74% | 11.34% | 13.83% | 13.81% |
| **S&P 500® Index** | 6.20% | 15.16% | 16.64% | 13.65% |
| **Russell 3000<sup>®</sup> Growth Index** | 5.80% | 16.89% | 17.55% | 16.38% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$237002 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$836 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | 3.0% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37061.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Growth Fund

#### Class N / WBGSX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Growth Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272<u>.</u>

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Growth Fund Class N | $61 | 1.20% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 3.53% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 3000<sup>®</sup> Growth Index, which returned 5.80% and underperformed the S&P 500<sup>®</sup> Index, a broad measure of market performance, which returned 6.20%.

The Fund's underperformance was driven by a combination of stock-specific dynamics and style factors. From a style perspective, our bias towards small and mid-caps was a headwind. The top detractors for the period came from stock selection in Health Care, including our positions in UnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included ACV Auctions (Industrials) and EPAM Systems (Information Technology). Not owning Netflix (Communication Services) was also a headwind to performance. The top contributors to performance included Cameco (Energy), NVIDIA (Information Technology), Intuit (Information Technology), and Oracle (Information Technology), as well as our underweight to Apple (Information Technology). Not owning Tesla (Consumer Discretionary) was also a tailwind to performance.

#### TOP PERFORMANCE CONTRIBUTORS
**Cameco** is a company focused on the mining, trading, and processing of uranium, a key input into nuclear power generation. The stock outperformed as the company delivered strong results for the period, supported by higher sales and realized pricing, while maintaining all key 2025 guidance metrics.

**NVIDIA** is a leading fabless semiconductor company specializing in the design and marketing of high-performance graphics processing unit ("GPU") chipsets and software systems. The stock outperformed due to robust demand for artificial intelligence infrastructure, particularly due to increased inferencing workloads among major partners and customers.

#### TOP PERFORMANCE DETRACTORS
**UnitedHealth Group** is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy. The stock lagged as results fell short of expectations primarily due to underperformance in Optum Health and Medicare Advantage due to higher-than-expected patient use.

**West Pharmaceuticals** a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_37034.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Growth Fund Class N** | 3.53% | 11.00% | 13.50% | 13.48% |
| **S&P 500® Index** | 6.20% | 15.16% | 16.64% | 13.65% |
| **Russell 3000<sup>®</sup> Growth Index** | 5.80% | 16.89% | 17.55% | 16.38% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$237002 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$836 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | 3.0% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37016.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Growth Fund

#### Class R6 / BGFRX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Growth Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Growth Fund Class R6 | $45 | 0.88% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 3.71% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 3000<sup>®</sup> Growth Index, which returned 5.80% and underperformed the S&P 500<sup>®</sup> Index, a broad measure of market performance, which returned 6.20%.

The Fund's underperformance was driven by a combination of stock-specific dynamics and style factors. From a style perspective, our bias towards small and mid-caps was a headwind. The top detractors for the period came from stock selection in Health Care, including our positions in UnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included ACV Auctions (Industrials) and EPAM Systems (Information Technology). Not owning Netflix (Communication Services) was also a headwind to performance. The top contributors to performance included Cameco (Energy), NVIDIA (Information Technology), Intuit (Information Technology), and Oracle (Information Technology), as well as our underweight to Apple (Information Technology). Not owning Tesla (Consumer Discretionary) was also a tailwind to performance.

#### TOP PERFORMANCE CONTRIBUTORS
**Cameco** is a company focused on the mining, trading, and processing of uranium, a key input into nuclear power generation. The stock outperformed as the company delivered strong results for the period, supported by higher sales and realized pricing, while maintaining all key 2025 guidance metrics.

**NVIDIA** is a leading fabless semiconductor company specializing in the design and marketing of high-performance graphics processing unit ("GPU") chipsets and software systems. The stock outperformed due to robust demand for artificial intelligence infrastructure, particularly due to increased inferencing workloads among major partners and customers.

#### TOP PERFORMANCE DETRACTORS
**UnitedHealth Group** is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy. The stock lagged as results fell short of expectations primarily due to underperformance in Optum Health and Medicare Advantage due to higher-than-expected patient use.

**West Pharmaceuticals** a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_37106.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **Since Inception** |
| **Growth Fund Class R6** | 3.71% | 11.35% | 13.88% | 14.39% |
| **S&P 500® Index** | 6.20% | 15.16% | 16.64% | 14.82% |
| **Russell 3000<sup>®</sup> Growth Index** | 5.80% | 16.89% | 17.55% | 17.90% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$237002 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;47 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$836 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;45% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 10.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 8.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 5.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 4.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Walmart, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;ServiceNow, Inc. | 3.0% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37089.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Large Cap Growth Fund

#### Class I / LCGFX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Large Cap Growth Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Large Cap Growth Fund Class I | $33 | 0.65% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 5.83% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Growth Index (the "Index"), which returned 6.09% and underperformed the Russell 1000<sup>®</sup> Index, a broad measure of market performance, which returned 6.12%.

The top detractors for the period came from stock selection in Health Care, including our positions in UnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included Salesforce (Information Technology) and Chipotle Mexican Grill (Consumer Discretionary), as well as not owning Netflix (Communication Services) and Palantir Technologies (Information Technology). The top contributors to performance included Meta Platforms (Communication Services), Uber Technologies (Industrials), IDEXX Laboratories (Health Care), Intuit (Information Technology), as well as our underweight to Apple (Information Technology). Not owning Tesla (Consumer Discretionary) and Alphabet (Communication Services) were also tailwinds to performance.

#### TOP PERFORMANCE CONTRIBUTORS
**Meta Platforms** is a market leader in social media and digital advertising, best known for its platforms including Facebook, Instagram and WhatsApp. The stock outperformed driven by strong digital advertising growth across its family of apps and early momentum in artificial intelligence initiatives.

**Uber Technologies** is a technology platform that develops and operates networks facilitating the movement of products and people. The stock outperformed due to strong demand across mobility and delivery verticals.

#### TOP PERFORMANCE DETRACTORS
**UnitedHealth Group** is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy. The stock lagged as results fell short of expectations primarily due to underperformance in Optum Health and Medicare Advantage due to higher-than-expected patient use.

**West Pharmaceuticals** a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_37178.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Large Cap Growth Fund Class I** | 5.83% | 10.74% | 15.13% | 15.78% |
| **Russell 1000® Index** | 6.12% | 15.66% | 16.30% | 13.35% |
| **Russell 1000® Growth Index** | 6.09% | 17.22% | 18.15% | 17.01% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$2793210 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$6743 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 13.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 2.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37161.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Large Cap Growth Fund

#### Class N / LCGNX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Large Cap Growth Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Large Cap Growth Fund Class N | $46 | 0.90% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 5.67% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Growth Index (the "Index"), which returned 6.09% and underperformed the Russell 1000<sup>®</sup> Index, a broad measure of market performance, which returned 6.12%.

The top detractors for the period came from stock selection in Health Care, including our positions in UnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included Salesforce (Information Technology) and Chipotle Mexican Grill (Consumer Discretionary), as well as not owning Netflix (Communication Services) and Palantir Technologies (Information Technology). The top contributors to performance included Meta Platforms (Communication Services), Uber Technologies (Industrials), IDEXX Laboratories (Health Care), Intuit (Information Technology), as well as our underweight to Apple (Information Technology). Not owning Tesla (Consumer Discretionary) and Alphabet (Communication Services) were also tailwinds to performance.

#### TOP PERFORMANCE CONTRIBUTORS
**Meta Platforms** is a market leader in social media and digital advertising, best known for its platforms including Facebook, Instagram and WhatsApp. The stock outperformed driven by strong digital advertising growth across its family of apps and early momentum in artificial intelligence initiatives.

**Uber Technologies** is a technology platform that develops and operates networks facilitating the movement of products and people. The stock outperformed due to strong demand across mobility and delivery verticals.

#### TOP PERFORMANCE DETRACTORS
**UnitedHealth Group** is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy. The stock lagged as results fell short of expectations primarily due to underperformance in Optum Health and Medicare Advantage due to higher-than-expected patient use.

**West Pharmaceuticals** a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_37136.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Large Cap Growth Fund Class N** | 5.67% | 10.49% | 14.84% | 15.50% |
| **Russell 1000® Index** | 6.12% | 15.66% | 16.30% | 13.35% |
| **Russell 1000® Growth Index** | 6.09% | 17.22% | 18.15% | 17.01% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$2793210 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$6743 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 13.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 2.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37133.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Large Cap Growth Fund

#### Class R6 / LCGJX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Large Cap Growth Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Large Cap Growth Fund Class R6 | $31 | 0.60% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 5.83% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 1000<sup>®</sup> Growth Index (the "Index"), which returned 6.09% and underperformed the Russell 1000<sup>®</sup> Index, a broad measure of market performance, which returned 6.12%.

The top detractors for the period came from stock selection in Health Care, including our positions in UnitedHealth Group, West Pharmaceuticals and Agilent Technologies. Other top detractors included Salesforce (Information Technology) and Chipotle Mexican Grill (Consumer Discretionary), as well as not owning Netflix (Communication Services) and Palantir Technologies (Information Technology). The top contributors to performance included Meta Platforms (Communication Services), Uber Technologies (Industrials), IDEXX Laboratories (Health Care), Intuit (Information Technology), as well as our underweight to Apple (Information Technology). Not owning Tesla (Consumer Discretionary) and Alphabet (Communication Services) were also tailwinds to performance.

#### TOP PERFORMANCE CONTRIBUTORS
**Meta Platforms** is a market leader in social media and digital advertising, best known for its platforms including Facebook, Instagram and WhatsApp. The stock outperformed driven by strong digital advertising growth across its family of apps and early momentum in artificial intelligence initiatives.

**Uber Technologies** is a technology platform that develops and operates networks facilitating the movement of products and people. The stock outperformed due to strong demand across mobility and delivery verticals.

#### TOP PERFORMANCE DETRACTORS
**UnitedHealth Group** is a diversified healthcare company, operating through UnitedHealthcare, offering health insurance across various markets, and Optum, which provides healthcare services, including software and data consultancy. The stock lagged as results fell short of expectations primarily due to underperformance in Optum Health and Medicare Advantage due to higher-than-expected patient use.

**West Pharmaceuticals** a leading supplier of packaging components for injectable drugs and accessories for prefilled syringes and cartridge components. The stock underperformed as forward guidance was below expectations, driven by the loss of two major contract manufacturing customers and weaker-than-expected incentive payments for its SmartDose manufacturing segment.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_37208.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **Since Inception** |
| **Large Cap Growth Fund Class R6** | 5.83% | 10.79% | 15.18% | 16.33% |
| **Russell 1000® Index** | 6.12% | 15.66% | 16.30% | 14.53% |
| **Russell 1000® Growth Index** | 6.09% | 17.22% | 18.15% | 18.59% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$2793210 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;32 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$6743 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;20% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 13.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 13.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 8.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 7.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 4.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. | 4.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Costco Wholesale Corp. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;IDEXX Laboratories, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intuit, Inc. | 2.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37205.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Mid Cap Value Fund

#### Class I / WVMIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Mid Cap Value Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Mid Cap Value Fund Class I | $38 | 0.75% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 1.96% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Value Index, which returned 3.12% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's underperformance versus its benchmark was driven by poor stock selection in the Financials, Consumer Discretionary, and Real Estate sectors. Poor sector allocations in 6 of the 11 Global Industry Classification Standard economic sectors also detracted from relative performance. Conversely, positive stock selection in the Information Technology, Materials, and Health Care sectors contributed to relative performance in the period.

#### TOP PERFORMANCE CONTRIBUTORS
**Jabil, Inc.** is a manufacturing services company, which serves automotive, consumer health, data centers, energy, and aerospace & defense sectors worldwide. Jabil has benefited from its diversified revenue segments with success in their cloud and data centers business fueled by artificial intelligence adoption.

**CACI International, Inc.** engages in the provision of information solutions and services in support of national security missions and government transformation for intelligence, defense, and federal civilian customers. CACI has benefited from increased defense spending caused by geopolitical uncertainty.

**Johnson Controls International, plc.** engages in the provision of products, solutions, and infrastructure which include fire detection & suppression, security, HVAC equipment, building automation and controls, digital, industrial refrigeration, residential & smart home, retail, distributed energy storage, and batteries. Johnson Controls has benefited from strong organic growth and a healthy order backlog.

#### TOP PERFORMANCE DETRACTORS
**ON Semiconductor Corp.** engages in the provision of intelligent power and sensing solutions with a primary focus on automative and industrial markets. The company's large auto exposure has led to margin contraction, causing an overhang in the stock during most of the year-to-date period.

**Teleflex, Inc.** engages in the provision of medical technology products. Teleflex's large supply chain exposure to China and Mexico coupled with weakness in their urology, interventional, anesthesia, and OEM businesses have continually hurt the stock.

**ICON plc.** is a clinical research organization, which engages in the provision of outsourced development services to the pharmaceutical, biotechnology, and medical device industries. ICON has suffered from their lowest book-to-bill ratio since 2016 caused by depressed R&D spend post COVID-19.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![](chartimages_37250.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **Mid Cap Value Fund Class I** | 1.96% | 11.05% | 5.34% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 13.05% |
| **Russell Midcap<sup>®</sup> Value Index** | 3.12% | 11.53% | 6.60% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1684 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;STMicroelectronics N.V. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corporation | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | 2.0% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37232.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Mid Cap Value Fund

#### Class R6 / WVMRX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Mid Cap Value Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Mid Cap Value Fund Class R6 | $35 | 0.70% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 1.96% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell Midcap<sup>®</sup> Value Index, which returned 3.12% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's underperformance versus its benchmark was driven by poor stock selection in the Financials, Consumer Discretionary, and Real Estate sectors. Poor sector allocations in 6 of the 11 Global Industry Classification Standard economic sectors also detracted from relative performance. Conversely, positive stock selection in the Information Technology, Materials, and Health Care sectors contributed to relative performance in the period.

#### TOP PERFORMANCE CONTRIBUTORS
**Jabil, Inc.** is a manufacturing services company, which serves automotive, consumer health, data centers, energy, and aerospace & defense sectors worldwide. Jabil has benefited from its diversified revenue segments with success in their cloud and data centers business fueled by artificial intelligence adoption.

**CACI International, Inc.** engages in the provision of information solutions and services in support of national security missions and government transformation for intelligence, defense, and federal civilian customers. CACI has benefited from increased defense spending caused by geopolitical uncertainty.

**Johnson Controls International, plc.** engages in the provision of products, solutions, and infrastructure which include fire detection & suppression, security, HVAC equipment, building automation and controls, digital, industrial refrigeration, residential & smart home, retail, distributed energy storage, and batteries. Johnson Controls has benefited from strong organic growth and a healthy order backlog.

#### TOP PERFORMANCE DETRACTORS
**ON Semiconductor Corp.** engages in the provision of intelligent power and sensing solutions with a primary focus on automative and industrial markets. The company's large auto exposure has led to margin contraction, causing an overhang in the stock during most of the year-to-date period.

**Teleflex, Inc.** engages in the provision of medical technology products. Teleflex's large supply chain exposure to China and Mexico coupled with weakness in their urology, interventional, anesthesia, and OEM businesses have continually hurt the stock.

**ICON plc.** is a clinical research organization, which engages in the provision of outsourced development services to the pharmaceutical, biotechnology, and medical device industries. ICON has suffered from their lowest book-to-bill ratio since 2016 caused by depressed R&D spend post COVID-19.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_37280.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **Mid Cap Value Fund Class R6** | 1.96% | 11.10% | 5.37% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 13.05% |
| **Russell Midcap<sup>®</sup> Value Index** | 3.12% | 11.53% | 6.60% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1684 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;58 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;21% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;STMicroelectronics N.V. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Kirby Corporation | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;KKR & Co., Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Regency Centers Corp. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;State Street Corporation | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Willis Towers Watson PLC | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Encompass Health Corp. | 2.0% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37274.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small-Mid Cap Core Fund

#### Class I / WBCI X
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small-Mid Cap Core Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small-Mid Cap Core Fund Class I | $47 | 0.95% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -3.08% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500<sup>™</sup> Index, which returned 0.44% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

Relative performance was driven by a combination of stock-specific dynamics and style headwinds. From a style perspective, our underweight to unprofitable companies and bias towards more consistent business models were headwinds, which were concentrated in the latter half of the period. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. From a stock-specific perspective, our top individual detractors included New Fortress (Energy), Embecta (Health Care), e.l.f. Beauty (Consumer Staples), Neogen (Health Care) and ACV Auctions (Industrials). Stock selection in Consumer Staples and Information Technology also detracted from relative returns. Our top individual contributors included Talen Energy (Utilities), Gogo (Communication Services), Marex Group (Financials), Cameco (Energy) and Stride (Consumer Discretionary).

#### TOP PERFORMANCE CONTRIBUTORS
**Talen Energy** is an integrated independent power producer that sells to utilities and end users. Shares advanced during the period, in part due to an expanded relationship with Amazon. Talen announced a long-term power purchase agreement for its Susquehanna nuclear plant to provide carbon-free power to Amazon Web Services data centers in the region.

**Gogo Inc.** is a provider of telecommunication services (e.g., internet, phone, text) to personal and business jets via an owned network of air-to-ground cellular towers and Low-Earth-Orbit ("LEO") satellites. The company reported earnings results that exceeded expectations, reiterated 2025 revenue guidance and provided commentary on a strong and growing pipeline for its LEO satellite internet product, Galileo.

#### TOP PERFORMANCE DETRACTORS
**New Fortress Energy** develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

**Embecta** is a manufacturer of the consumable needle used with multidose insulin and GLP-1 pens. The company reduced guidance in anticipation of store closures following the recent private equity purchase of Walgreens.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_37322.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **Since Inception** |
| **Small-Mid Cap Core Fund Class I** | -3.08% | 8.52% | 11.71% | 9.26% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 15.96% | 14.76% |
| **Russell 2500<sup>™</sup> Index** | 0.44% | 9.91% | 11.44% | 9.21% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$128710 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$391 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corporation | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corporation | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. | 1.7% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37303.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small-Mid Cap Core Fund

#### Class R6 / WBCRX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small-Mid Cap Core Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small-Mid Cap Core Fund Class R6 | $44 | 0.90% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -3.07% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500<sup>™</sup> Index, which returned 0.44% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

Relative performance was driven by a combination of stock-specific dynamics and style headwinds. From a style perspective, our underweight to unprofitable companies and bias towards more consistent business models were headwinds, which were concentrated in the latter half of the period. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. From a stock-specific perspective, our top individual detractors included New Fortress (Energy), Embecta (Health Care), e.l.f. Beauty (Consumer Staples), Neogen (Health Care) and ACV Auctions (Industrials). Stock selection in Consumer Staples and Information Technology also detracted from relative returns. Our top individual contributors included Talen Energy (Utilities), Gogo (Communication Services), Marex Group (Financials), Cameco (Energy) and Stride (Consumer Discretionary).

#### TOP PERFORMANCE CONTRIBUTORS
**Talen Energy** is an integrated independent power producer that sells to utilities and end users. Shares advanced during the period, in part due to an expanded relationship with Amazon. Talen announced a long-term power purchase agreement for its Susquehanna nuclear plant to provide carbon-free power to Amazon Web Services data centers in the region.

**Gogo Inc.** is a provider of telecommunication services (e.g., internet, phone, text) to personal and business jets via an owned network of air-to-ground cellular towers and Low-Earth-Orbit ("LEO") satellites. The company reported earnings results that exceeded expectations, reiterated 2025 revenue guidance and provided commentary on a strong and growing pipeline for its LEO satellite internet product, Galileo.

#### TOP PERFORMANCE DETRACTORS
**New Fortress Energy** develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

**Embecta** is a manufacturer of the consumable needle used with multidose insulin and GLP-1 pens. The company reduced guidance in anticipation of store closures following the recent private equity purchase of Walgreens.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_37352.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **Since Inception** |
| **Small-Mid Cap Core Fund Class R6** | -3.07% | 8.57% | 11.73% | 9.30% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 15.96% | 14.76% |
| **Russell 2500<sup>™</sup> Index** | 0.44% | 9.91% | 11.44% | 9.21% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$128710 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;85 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$391 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corporation | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Baldwin Insurance Group, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;CACI International, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corporation | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Diebold Nixdorf, Inc. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Western Alliance Bancorp | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SharkNinja, Inc. | 1.7% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37346.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small-Mid Cap Growth Fund

#### Class I / WSMDX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small-Mid Cap Growth Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small-Mid Cap Growth Fund Class I | $48 | 0.99% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -6.39% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500<sup>™</sup> Growth Index, which returned -0.71% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's relative performance was driven by a combination of stock-specific dynamics and style headwinds. From a style perspective, our underweight to unprofitable companies and bias towards more consistent business models were headwinds, which were concentrated in the latter half of the period. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. From a stock-specific perspective, our selection in Consumer Staples, including our positions in e.l.f. Beauty and Freshpet, and Financials, including our position in Flywire, detracted from relative performance. Other laggards included New Fortress (Energy) and Neogen (Health Care). Our top individual contributors included Talen Energy (Utilities), Stride (Consumer Discretionary), Cameco (Energy), Curtiss-Wright (Industrials) and Blueprint Medicines (Health Care).

#### TOP PERFORMANCE CONTRIBUTORS
**Talen Energy** is an integrated independent power producer that sells to utilities and end users. Shares advanced during the period, in part due to an expanded relationship with Amazon. Talen announced a long-term power purchase agreement for its Susquehanna nuclear plant to provide carbon-free power to Amazon Web Services data centers in the region.

**Stride** is a leading provider of online and blended education programs. The company reported strong enrollment growth across its general and career education segments.

#### TOP PERFORMANCE DETRACTORS
**New Fortress Energy** develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

**e.l.f. Beauty** designs and manufactures premium quality cosmetic and skincare products with broad appeal at accessible price points under the e.l.f., Well People, Keys Soulcare and Naturium brands. Shares declined during the period on disappointing new product innovations and tariff headwinds.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_37424.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Small-Mid Cap Growth Fund Class I** | -6.39% | 3.01% | 6.23% | 8.72% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 15.96% | 12.96% |
| **Russell 2500<sup>™</sup> Growth Index** | -0.71% | 8.81% | 7.50% | 8.53% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1443299 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$6371 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corporation | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corporation | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. | 1.9% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37418.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small-Mid Cap Growth Fund

#### Class N / WSMNX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small-Mid Cap Growth Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small-Mid Cap Growth Fund Class N | $60 | 1.24% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -6.52% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500<sup>™</sup> Growth Index, which returned -0.71% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's relative performance was driven by a combination of stock-specific dynamics and style headwinds. From a style perspective, our underweight to unprofitable companies and bias towards more consistent business models were headwinds, which were concentrated in the latter half of the period. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. From a stock-specific perspective, our selection in Consumer Staples, including our positions in e.l.f. Beauty and Freshpet, and Financials, including our position in Flywire, detracted from relative performance. Other laggards included New Fortress (Energy) and Neogen (Health Care). Our top individual contributors included Talen Energy (Utilities), Stride (Consumer Discretionary), Cameco (Energy), Curtiss-Wright (Industrials) and Blueprint Medicines (Health Care).

#### TOP PERFORMANCE CONTRIBUTORS
**Talen Energy** is an integrated independent power producer that sells to utilities and end users. Shares advanced during the period, in part due to an expanded relationship with Amazon. Talen announced a long-term power purchase agreement for its Susquehanna nuclear plant to provide carbon-free power to Amazon Web Services data centers in the region.

**Stride** is a leading provider of online and blended education programs. The company reported strong enrollment growth across its general and career education segments.

#### TOP PERFORMANCE DETRACTORS
**New Fortress Energy** develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

**e.l.f. Beauty** designs and manufactures premium quality cosmetic and skincare products with broad appeal at accessible price points under the e.l.f., Well People, Keys Soulcare and Naturium brands. Shares declined during the period on disappointing new product innovations and tariff headwinds.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_37394.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Small-Mid Cap Growth Fund Class N** | -6.52% | 2.73% | 5.96% | 8.44% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 15.96% | 12.96% |
| **Russell 2500<sup>™</sup> Growth Index** | -0.71% | 8.81% | 7.50% | 8.53% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1443299 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$6371 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corporation | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corporation | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. | 1.9% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37375.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small-Mid Cap Growth Fund

#### Class R6 / WSMRX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small-Mid Cap Growth Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small-Mid Cap Growth Fund Class R6 | $46 | 0.94% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -6.36% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500<sup>™</sup> Growth Index, which returned -0.71% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's relative performance was driven by a combination of stock-specific dynamics and style headwinds. From a style perspective, our underweight to unprofitable companies and bias towards more consistent business models were headwinds, which were concentrated in the latter half of the period. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. From a stock-specific perspective, our selection in Consumer Staples, including our positions in e.l.f. Beauty and Freshpet, and Financials, including our position in Flywire, detracted from relative performance. Other laggards included New Fortress (Energy) and Neogen (Health Care). Our top individual contributors included Talen Energy (Utilities), Stride (Consumer Discretionary), Cameco (Energy), Curtiss-Wright (Industrials) and Blueprint Medicines (Health Care).

#### TOP PERFORMANCE CONTRIBUTORS
**Talen Energy** is an integrated independent power producer that sells to utilities and end users. Shares advanced during the period, in part due to an expanded relationship with Amazon. Talen announced a long-term power purchase agreement for its Susquehanna nuclear plant to provide carbon-free power to Amazon Web Services data centers in the region.

**Stride** is a leading provider of online and blended education programs. The company reported strong enrollment growth across its general and career education segments.

#### TOP PERFORMANCE DETRACTORS
**New Fortress Energy** develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

**e.l.f. Beauty** designs and manufactures premium quality cosmetic and skincare products with broad appeal at accessible price points under the e.l.f., Well People, Keys Soulcare and Naturium brands. Shares declined during the period on disappointing new product innovations and tariff headwinds.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_37466.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **Since Inception** |
| **Small-Mid Cap Growth Fund Class R6** | -6.36% | 3.07% | 6.28% | 6.55% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 15.96% | 14.07% |
| **Russell 2500<sup>™</sup> Growth Index** | -0.71% | 8.81% | 7.50% | 7.88% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1443299 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;75 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$6371 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;29% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Talen Energy Corporation | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pure Storage, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Cameco Corp. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Primo Brands Corporation | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;nVent Electric PLC | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mercury Systems, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dynatrace, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ciena Corporation | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Manhattan Associates, Inc. | 1.9% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37448.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small-Mid Cap Value Fund

#### Class I / ISMVX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small-Mid Cap Value Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small-Mid Cap Value Fund Class I | $42 | 0.85% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -3.92% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500<sup>®</sup> Value Index, which returned 1.03% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's underperformance versus its benchmark was driven by poor sector stock selection in the Financials, Energy, and Consumer Discretionary sectors. Conversely, the Fund had positive sector allocations in 6 of the 11 Global Industry Classification Standard economic sectors during the period. Positive stock selection contributed to relative performance in the Materials, Real Estate, and Information Technology sectors in the period.

#### TOP PERFORMANCE CONTRIBUTORS
**Jabil, Inc.** is a manufacturing services company, which serves automotive, consumer health, data centers, energy, and aerospace & defense sectors worldwide. Jabil has benefited from its diversified revenue segments with success in their cloud and data centers business fueled by artificial intelligence adoption.

**Flex, Ltd.** is an electronics manufacturing services company that designs and develops original design manufacturing products for aerospace & defense, cloud, digital health, lighting, housing, energy, industrial, and communication industries. Flex has been able to achieve strong operating margins, thus generating significant free cash flow.

**CACI International, Inc.** engages in the provision of information solutions and services in support of national security missions and government transformation for intelligence, defense, and federal civilian customers. CACI has benefited from increased defense spending caused by geopolitical uncertainty.

#### TOP PERFORMANCE DETRACTORS
**Compass Diversified Holdings** is an investment holding company, which acquires controlling interests in small to middle-market businesses. A restatement of financials in their largest portfolio company due to accounting irregularities caused a sharp sell-off.

**Acadia Healthcare Co., Inc.** engages in the provision of behavioral healthcare services across the U.S. Acadia's fundamentals have been weaker on the heels of damaging headlines in the press, as well as lawsuits citing abuse in multiple facilities.

**SM Energy Co.** is an independent energy & production company, which specializes in natural gas and crude oil. E&P companies have broadly struggled due to oil price volatility caused by geopolitical tensions and OPEC supply.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_37496.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **Small-Mid Cap Value Fund Class I** | -3.92% | 2.03% | 4.09% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 21.68% |
| **Russell 2500<sup>®</sup> Value Index** | 1.03% | 10.47% | 12.17% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$3221 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Openlane, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 1.4% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37492.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small-Mid Cap Value Fund

#### Class R6 / RSMVX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small-Mid Cap Value Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small-Mid Cap Value Fund Class R6 | $39 | 0.80% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -3.83% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2500<sup>®</sup> Value Index, which returned 1.03% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's underperformance versus its benchmark was driven by poor sector stock selection in the Financials, Energy, and Consumer Discretionary sectors. Conversely, the Fund had positive sector allocations in 6 of the 11 Global Industry Classification Standard economic sectors during the period. Positive stock selection contributed to relative performance in the Materials, Real Estate, and Information Technology sectors in the period.

#### TOP PERFORMANCE CONTRIBUTORS
**Jabil, Inc.** is a manufacturing services company, which serves automotive, consumer health, data centers, energy, and aerospace & defense sectors worldwide. Jabil has benefited from its diversified revenue segments with success in their cloud and data centers business fueled by artificial intelligence adoption.

**Flex, Ltd.** is an electronics manufacturing services company that designs and develops original design manufacturing products for aerospace & defense, cloud, digital health, lighting, housing, energy, industrial, and communication industries. Flex has been able to achieve strong operating margins, thus generating significant free cash flow.

**CACI International, Inc.** engages in the provision of information solutions and services in support of national security missions and government transformation for intelligence, defense, and federal civilian customers. CACI has benefited from increased defense spending caused by geopolitical uncertainty.

#### TOP PERFORMANCE DETRACTORS
**Compass Diversified Holdings** is an investment holding company, which acquires controlling interests in small to middle-market businesses. A restatement of financials in their largest portfolio company due to accounting irregularities caused a sharp sell-off.

**Acadia Healthcare Co., Inc.** engages in the provision of behavioral healthcare services across the U.S. Acadia's fundamentals have been weaker on the heels of damaging headlines in the press, as well as lawsuits citing abuse in multiple facilities.

**SM Energy Co.** is an independent energy & production company, which specializes in natural gas and crude oil. E&P companies have broadly struggled due to oil price volatility caused by geopolitical tensions and OPEC supply.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_37539.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **Small-Mid Cap Value Fund Class R6** | -3.83% | 2.10% | 4.15% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 21.68% |
| **Russell 2500<sup>®</sup> Value Index** | 1.03% | 10.47% | 12.17% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$3221 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;82 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;27% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;American Financial Group, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allison Transmission Holdings, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Flex Ltd. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Carlyle Group, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Everest Group Ltd. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Allegion PLC | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amdocs Ltd. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Openlane, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Crown Holdings, Inc. | 1.4% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37521.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small Cap Growth Fund

#### Class I / WBSIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small Cap Growth Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small Cap Growth Fund Class I | $48 | 0.99% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -5.26% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Growth Index, which returned -0.48% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's underperformance was primarily driven by stock-specific dynamics. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. The top detractors included New Fortress Energy (Energy), Credo Technologies (Information Technology), Flywire (Financials), Neogen (Health Care), and Acadia Healthcare (Health Care). The top contributors were Gogo Inc. (Information Technology), JFrog (Information Technology), Marex Group (Financials), Alignment Healthcare (Health Care), and Mercury Systems (Industrials).

#### TOP PERFORMANCE CONTRIBUTORS
**Gogo Inc.** is a provider of telecommunication services (e.g., internet, phone, text) to personal and business jets via an owned network of air-to-ground cellular towers and Low-Earth-Orbit ("LEO") satellites. The company reported earnings results that exceeded expectations, reiterated 2025 revenue guidance and provided commentary on a strong and growing pipeline for its LEO satellite internet product, Galileo.

**JFrog** is the dominant provider of binary repositories, a very strategic component in modern software development workflows. The stock outperformed due to strong cloud revenue growth and key performance indicators. The company also secured a deal with a major artificial intelligence technology leader to manage their model delivery and agent services.

#### TOP PERFORMANCE DETRACTORS
**New Fortress Energy** develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

**Flywire** is a leading, global payments enablement and software company. Shares underperformed due to a decline in international student visa approvals impacting education demand. Compounding concerns, the company initiated a restructuring plan and announced a broad strategic review. We sold our position during the period.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_37610.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Small Cap Growth Fund Class I** | -5.26% | 4.85% | 10.79% | 10.60% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 15.96% | 12.96% |
| **Russell 2000<sup>®</sup> Growth Index** | -0.48% | 9.73% | 7.42% | 7.14% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$897307 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;92 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$3633 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brink's Co. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstService Corp. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc. | 1.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37593.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small Cap Growth Fund

#### Class N / WBSNX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small Cap Growth Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small Cap Growth Fund Class N | $60 | 1.24% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -5.38% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Growth Index, which returned -0.48% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's underperformance was primarily driven by stock-specific dynamics. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. The top detractors included New Fortress Energy (Energy), Credo Technologies (Information Technology), Flywire (Financials), Neogen (Health Care), and Acadia Healthcare (Health Care). The top contributors were Gogo Inc. (Information Technology), JFrog (Information Technology), Marex Group (Financials), Alignment Healthcare (Health Care), and Mercury Systems (Industrials).

#### TOP PERFORMANCE CONTRIBUTORS
**Gogo Inc.** is a provider of telecommunication services (e.g., internet, phone, text) to personal and business jets via an owned network of air-to-ground cellular towers and Low-Earth-Orbit ("LEO") satellites. The company reported earnings results that exceeded expectations, reiterated 2025 revenue guidance and provided commentary on a strong and growing pipeline for its LEO satellite internet product, Galileo.

**JFrog** is the dominant provider of binary repositories, a very strategic component in modern software development workflows. The stock outperformed due to strong cloud revenue growth and key performance indicators. The company also secured a deal with a major artificial intelligence technology leader to manage their model delivery and agent services.

#### TOP PERFORMANCE DETRACTORS
**New Fortress Energy** develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

**Flywire** is a leading, global payments enablement and software company. Shares underperformed due to a decline in international student visa approvals impacting education demand. Compounding concerns, the company initiated a restructuring plan and announced a broad strategic review. We sold our position during the period.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_37568.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Small Cap Growth Fund Class N** | -5.38% | 4.59% | 10.52% | 10.32% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 15.96% | 12.96% |
| **Russell 2000<sup>®</sup> Growth Index** | -0.48% | 9.73% | 7.42% | 7.14% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$897307 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;92 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$3633 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brink's Co. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstService Corp. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc. | 1.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37565.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small Cap Growth Fund

#### Class R6 / WBSRX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small Cap Growth Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small Cap Growth Fund Class R6 | $46 | 0.94% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -5.24% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Growth Index, which returned -0.48% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's underperformance was primarily driven by stock-specific dynamics. The Fund notably outperformed during the acute market correction from late February through the April 8th bottom but lagged during the strong recovery that followed, from April 9th to the end of the period. The top detractors included New Fortress Energy (Energy), Credo Technologies (Information Technology), Flywire (Financials), Neogen (Health Care), and Acadia Healthcare (Health Care). The top contributors were Gogo Inc. (Information Technology), JFrog (Information Technology), Marex Group (Financials), Alignment Healthcare (Health Care), and Mercury Systems (Industrials).

#### TOP PERFORMANCE CONTRIBUTORS
**Gogo Inc.** is a provider of telecommunication services (e.g., internet, phone, text) to personal and business jets via an owned network of air-to-ground cellular towers and Low-Earth-Orbit ("LEO") satellites. The company reported earnings results that exceeded expectations, reiterated 2025 revenue guidance and provided commentary on a strong and growing pipeline for its LEO satellite internet product, Galileo.

**JFrog** is the dominant provider of binary repositories, a very strategic component in modern software development workflows. The stock outperformed due to strong cloud revenue growth and key performance indicators. The company also secured a deal with a major artificial intelligence technology leader to manage their model delivery and agent services.

#### TOP PERFORMANCE DETRACTORS
**New Fortress Energy** develops, finances and constructs liquified natural gas (LNG) assets and related infrastructure. Shares were pressured during the period as the likelihood of the company winning a material long-term gas contract with Puerto Rico declined, in part due to uncertainty regarding the terms of the contract. We liquidated our position.

**Flywire** is a leading, global payments enablement and software company. Shares underperformed due to a decline in international student visa approvals impacting education demand. Compounding concerns, the company initiated a restructuring plan and announced a broad strategic review. We sold our position during the period.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_37640.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **Since Inception** |
| **Small Cap Growth Fund Class R6** | -5.24% | 4.89% | 10.87% | 8.72% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 15.96% | 14.07% |
| **Russell 2000<sup>®</sup> Growth Index** | -0.48% | 9.73% | 7.42% | 6.70% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$897307 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;92 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$3633 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Casella Waste Systems, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;BWX Technologies, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Brink's Co. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Varonis Systems, Inc. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Confluent, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Montrose Environmental Group, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Doximity, Inc. | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;FirstService Corp. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Q2 Holdings, Inc. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Rush Street Interactive, Inc. | 1.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37637.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small Cap Value Fund

#### Class I / ICSCX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small Cap Value Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small Cap Value Fund Class I | $43 | 0.89% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -6.05% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Value Index, which returned -3.16% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's underperformance versus its benchmark was driven by poor stock selection in the Financials, Consumer Discretionary, and Information Technology sectors. Conversely, the Fund had positive stock selection in 6 of the 11 Global Industry Classification Standard economic sectors during the period. Positive stock selection contributed to relative performance in the Health Care, Industrials, and Energy sectors.

#### TOP PERFORMANCE CONTRIBUTORS
**ESCO Technologies, Inc.** is a multi-industrial company which produces engineered products and systems for various defense and other industrial applications. ESCO has benefited from a strong order flow and backlog, as well as the U.S. Department of Defense's prioritization of naval programs, particularly submarines.

**CSG Systems International, Inc.** provides a suite of processing and related services, which includes software and professional services which automate customer care and billing functions. CSG Systems has benefited from management's execution in their turnaround strategy by continuing to grow revenue outside of their legacy cable business, as well as margin expansion.

**WNS Holdings, Ltd.** engages in the provision of business process management solutions, which include industry-specific offerings, customer interaction, finance & accounting, human resources, procurement, and research & analytics. WNS benefitted from speculation surrounding the company potentially being acquired.

#### TOP PERFORMANCE DETRACTORS
**Compass Diversified Holdings** is an investment holding company, which acquires controlling interests in small to middle-market businesses. A restatement of financials in their largest portfolio company due to accounting irregularities caused a sharp sell-off.

**Steven Madden, Ltd.** designs, sources, and markets fashion-forward footwear, accessories & apparel for women, men, and children. Large supplier concentration within China and Vietnam exposed to potential tariffs, as well as a large wholesale exposure caused earnings estimates to decline in the period.

**Oxford Industries, Inc.** operates as an international apparel design, sourcing, and marketing company, which distributes its lifestyle branded products through a variety of upscale department stores, as well as owned stores and e-commerce platforms. Post-pandemic spend has largely rolled off and margins have come under pressure, which have caused earnings estimates to decline in the period.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_37712.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Small Cap Value Fund Class I** | -6.05% | -0.88% | 10.43% | 6.81% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 15.96% | 12.96% |
| **Russell 2000<sup>®</sup> Value Index** | -3.16% | 5.54% | 12.47% | 6.72% |

---

On July 16, 2021, the Fund acquired the assets and assumed the liabilities of the ICM Small Company Portfolio (the "Predecessor Fund") in a reorganization (the "Reorganization"). The Predecessor Fund's (Institutional Class shares) performance and financial history have been adopted by Class I shares of the Fund following the Reorganization. The performance of the Predecessor Fund has not been restated to reflect the annual operating expenses of Class I shares of the Fund. Because the Fund had different fees and expenses than the Predecessor Fund, the Predecessor Fund would therefore have had different performance results if it was subject to the Fund's fees and expenses.

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns/ for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1096302 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$4261 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 1.2% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37709.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small Cap Value Fund

#### Class N / WBVNX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small Cap Value Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small Cap Value Fund Class N | $56 | 1.15% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -6.17% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Value Index, which returned -3.16% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's underperformance versus its benchmark was driven by poor stock selection in the Financials, Consumer Discretionary, and Information Technology sectors. Conversely, the Fund had positive stock selection in 6 of the 11 Global Industry Classification Standard economic sectors during the period. Positive stock selection contributed to relative performance in the Health Care, Industrials, and Energy sectors.

#### TOP PERFORMANCE CONTRIBUTORS
**ESCO Technologies, Inc.** is a multi-industrial company which produces engineered products and systems for various defense and other industrial applications. ESCO has benefited from a strong order flow and backlog, as well as the U.S. Department of Defense's prioritization of naval programs, particularly submarines.

**CSG Systems International, Inc.** provides a suite of processing and related services, which includes software and professional services which automate customer care and billing functions. CSG Systems has benefited from management's execution in their turnaround strategy by continuing to grow revenue outside of their legacy cable business, as well as margin expansion.

**WNS Holdings, Ltd.** engages in the provision of business process management solutions, which include industry-specific offerings, customer interaction, finance & accounting, human resources, procurement, and research & analytics. WNS benefitted from speculation surrounding the company potentially being acquired.

#### TOP PERFORMANCE DETRACTORS
**Compass Diversified Holdings** is an investment holding company, which acquires controlling interests in small to middle-market businesses. A restatement of financials in their largest portfolio company due to accounting irregularities caused a sharp sell-off.

**Steven Madden, Ltd.** designs, sources, and markets fashion-forward footwear, accessories & apparel for women, men, and children. Large supplier concentration within China and Vietnam exposed to potential tariffs, as well as a large wholesale exposure caused earnings estimates to decline in the period.

**Oxford Industries, Inc.** operates as an international apparel design, sourcing, and marketing company, which distributes its lifestyle branded products through a variety of upscale department stores, as well as owned stores and e-commerce platforms. Post-pandemic spend has largely rolled off and margins have come under pressure, which have caused earnings estimates to decline in the period.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![](chartimages_37682.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **Small Cap Value Fund Class N** | -6.17% | -1.13% | 0.77% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 9.99% |
| **Russell 2000<sup>®</sup> Value Index** | -3.16% | 5.54% | 2.48% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1096302 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$4261 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 1.2% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37665.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Small Cap Value Fund

#### Class R6 / WBVRX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Small Cap Value Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Small Cap Value Fund Class R6 | $39 | 0.80% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned -5.98% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the Russell 2000<sup>®</sup> Value Index, which returned -3.16% and underperformed the Russell 3000<sup>®</sup> Index, a broad measure of market performance, which returned 5.75%.

The Fund's underperformance versus its benchmark was driven by poor stock selection in the Financials, Consumer Discretionary, and Information Technology sectors. Conversely, the Fund had positive stock selection in 6 of the 11 Global Industry Classification Standard economic sectors during the period. Positive stock selection contributed to relative performance in the Health Care, Industrials, and Energy sectors.

#### TOP PERFORMANCE CONTRIBUTORS
**ESCO Technologies, Inc.** is a multi-industrial company which produces engineered products and systems for various defense and other industrial applications. ESCO has benefited from a strong order flow and backlog, as well as the U.S. Department of Defense's prioritization of naval programs, particularly submarines.

**CSG Systems International, Inc.** provides a suite of processing and related services, which includes software and professional services which automate customer care and billing functions. CSG Systems has benefited from management's execution in their turnaround strategy by continuing to grow revenue outside of their legacy cable business, as well as margin expansion.

**WNS Holdings, Ltd.** engages in the provision of business process management solutions, which include industry-specific offerings, customer interaction, finance & accounting, human resources, procurement, and research & analytics. WNS benefitted from speculation surrounding the company potentially being acquired.

#### TOP PERFORMANCE DETRACTORS
**Compass Diversified Holdings** is an investment holding company, which acquires controlling interests in small to middle-market businesses. A restatement of financials in their largest portfolio company due to accounting irregularities caused a sharp sell-off.

**Steven Madden, Ltd.** designs, sources, and markets fashion-forward footwear, accessories & apparel for women, men, and children. Large supplier concentration within China and Vietnam exposed to potential tariffs, as well as a large wholesale exposure caused earnings estimates to decline in the period.

**Oxford Industries, Inc.** operates as an international apparel design, sourcing, and marketing company, which distributes its lifestyle branded products through a variety of upscale department stores, as well as owned stores and e-commerce platforms. Post-pandemic spend has largely rolled off and margins have come under pressure, which have caused earnings estimates to decline in the period.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_37754.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **Small Cap Value Fund Class R6** | -5.98% | -0.76% | 1.13% |
| **Russell 3000<sup>®</sup> Index** | 5.75% | 15.30% | 9.99% |
| **Russell 2000<sup>®</sup> Value Index** | -3.16% | 5.54% | 2.48% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1096302 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;104 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$4261 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;14% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Gulfport Energy Corp. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ameris Bancorp | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Texas Capital Bancshares, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;CareTrust REIT, Inc. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taylor Morrison Home Corp. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;John Wiley & Sons, Inc. | 1.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Old National Bancorp | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Selective Insurance Group, Inc. | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Seacoast Banking Corp. of Florida | 1.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hancock Whitney Corp. | 1.2% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37734.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Global Leaders Fund

#### Class I / WGFIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Global Leaders Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Global Leaders Fund Class I | $47 | 0.90% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 8.64% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World IMI (net), which returned 9.82%. The Fund's benchmark is also a broad measure of market performance.

The Fund slightly underperformed the index for the year-to-date period, primarily because of weakness in the first quarter. From a sector perspective, weaker stock selection within Financials and Utilities and an overweight allocation to Consumer Discretionary hampered performance.

#### TOP PERFORMANCE DETRAC TORS
**Mastercard** is a global financial services company that facilitates electronic payment systems, including credit, debit, and prepaid cards, through its secure network. The share price declined late in the second quarter due to the potential impact of the passage of the GENIUS Act in the U.S. Senate, which would allow large retailers to issue their own stablecoins and possibly circumvent networks.

**NextEra Energy** operates the largest renewables fleet in the U.S. and is among the largest operators of wind farms in the world. The share price declined alongside solar peers as U.S. tax and spending initiatives would accelerate the end of incentives for clean electricity production.

#### TOP PERFORMANCE CONTRIBUTORS
**Hims & Hers Health, Inc. ("HIMS")** operates in the Health Care sector, focusing on digital health services, telemedicine, and personalized wellness solutions. HIMS operates a unique business model that is built on two pillars of telemedicine (service) and generics (product). Despite some volatility, the share price outperformed on the news of a potential collaboration with Novo Nordisk. The partnership was ultimately terminated, and the share price receded but was overall positive year-to-date.

**Oddity Tech** is a tech-driven consumer company that creates and expands digital-first brands designed to upend the traditionally offline beauty and wellness sectors. The share price accelerated amid strong earnings in the first quarter and raised revenue growth outlook for 2025.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_37826.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Global Leaders Fund Class I** | 8.64% | 8.28% | 8.90% | 9.41% |
| **MSCI All Country World IMI (net)** | 9.82% | 15.89% | 13.39% | 9.69% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$49955 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$82 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 2.1% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37808.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_37813.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Global Leaders Fund

#### Class N / WGGNX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Global Leaders Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Global Leaders Fund Class N | $60 | 1.15% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 8.41% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World IMI (net), which returned 9.82%. The Fund's benchmark is also a broad measure of market performance.

The Fund slightly underperformed the index for the year-to-date period, primarily because of weakness in the first quarter. From a sector perspective, weaker stock selection within Financials and Utilities and an overweight allocation to Consumer Discretionary hampered performance.

#### TOP PERFORM ANC E DETRACTORS
**Mastercard** is a global financial services company that facilitates electronic payment systems, including credit, debit, and prepaid cards, through its secure network. The share price declined late in the second quarter due to the potential impact of the passage of the GENIUS Act in the U.S. Senate, which would allow large retailers to issue their own stablecoins and possibly circumvent networks.

**NextEra Energy** operates the largest renewables fleet in the U.S. and is among the largest operators of wind farms in the world. The share price declined alongside solar peers as U.S. tax and spending initiatives would accelerate the end of incentives for clean electricity production.

#### TOP PERFORMANCE CONTRIBUTORS
**Hims & Hers Health, Inc. ("HIMS")** operates in the Health Care sector, focusing on digital health services, telemedicine, and personalized wellness solutions. HIMS operates a unique business model that is built on two pillars of telemedicine (service) and generics (product). Despite some volatility, the share price outperformed on the news of a potential collaboration with Novo Nordisk. The partnership was ultimately terminated, and the share price receded but was overall positive year-to-date.

**Oddity Tech** is a tech-driven consumer company that creates and expands digital-first brands designed to upend the traditionally offline beauty and wellness sectors. The share price accelerated amid strong earnings in the first quarter and raised revenue growth outlook for 2025.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_37783.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Global Leaders Fund Class N** | 8.41% | 7.93% | 8.61% | 9.11% |
| **MSCI All Country World IMI (net)** | 9.82% | 15.89% | 13.39% | 9.69% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$49955 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$82 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 2.1% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37778.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_37775.jpg)

#### Availability of Additional Informa tion
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Global Leaders Fund

#### Class R6 / BGGIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Global Leaders Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Global Leaders Fund Class R6 | $44 | 0.85% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 8.54% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World IMI (net), which returned 9.82%. The Fund's benchmark is also a broad measure of market performance.

The Fund slightly underperformed the index for the year-to-date period, primarily because of weakness in the first quarter. From a sector perspective, weaker stock selection within Financials and Utilities and an overweight allocation to Consumer Discretionary hampered performance.

#### TOP PERFORMAN CE D ETRACTORS
**Mastercard** is a global financial services company that facilitates electronic payment systems, including credit, debit, and prepaid cards, through its secure network. The share price declined late in the second quarter due to the potential impact of the passage of the GENIUS Act in the U.S. Senate, which would allow large retailers to issue their own stablecoins and possibly circumvent networks.

**NextEra Energy** operates the largest renewables fleet in the U.S. and is among the largest operators of wind farms in the world. The share price declined alongside solar peers as U.S. tax and spending initiatives would accelerate the end of incentives for clean electricity production.

#### TOP PERFORMANCE CONTRIBUTORS
**Hims & Hers Health, Inc. ("HIMS")** operates in the Health Care sector, focusing on digital health services, telemedicine, and personalized wellness solutions. HIMS operates a unique business model that is built on two pillars of telemedicine (service) and generics (product). Despite some volatility, the share price outperformed on the news of a potential collaboration with Novo Nordisk. The partnership was ultimately terminated, and the share price receded but was overall positive year-to-date.

**Oddity Tech** is a tech-driven consumer company that creates and expands digital-first brands designed to upend the traditionally offline beauty and wellness sectors. The share price accelerated amid strong earnings in the first quarter and raised revenue growth outlook for 2025.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_37855.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Global Leaders Fund Class R6** | 8.54% | 8.26% | 8.92% | 9.46% |
| **MSCI All Country World IMI (net)** | 9.82% | 15.89% | 13.39% | 9.69% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$49955 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;80 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$82 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;NVIDIA Corp. | 4.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Microsoft Corp. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meta Platforms, Inc. | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alphabet, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Amazon.com, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Apple, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Broadcom, Inc. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Mastercard, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;TotalEnergies SE | 2.1% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37850.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_37846.jpg)

#### Availability of Additional Informa tion
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair International Leaders Fund

#### Class I / WILIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair International Leaders Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| International Leaders Fund Class I | $49 | 0.90% |

---

#### Management's Discussion of F un d Performance

#### SUMMARY OF RESULTS
The Fund returned 15.94% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World ex-U.S. IMI (net), which returned 17.88%. The Fund's benchmark is also a broad measure of market performance.

From a sector perspective, allocation effect was negative due to overweight exposures to Information Technology and Consumer Discretionary. Selection effect was positive overall, with strong selection within Industrials and Consumer Discretionary, partially offset by negative selection within Financials.

#### TOP PERFORMANCE DETRACTORS
**Sumitomo Mitsui Financial Group ("SMFG")** is a Japanese bank whose share price has been rewarded over the past few years as Japan has normalized its interest rate policy, providing a boost to earnings power for SMFG. SMFG's stock rebounded as yields recovered, yet still trails highs, partly due to earnings guidance falling short of market expectations.

**London Stock Exchange ("LSE")** is a diversified global market infrastructure company with a strong mergers and acquisitions ("M&A") track record. After strong performance of the stock over the past two years, LSE underperformed the market and financials in the first half of the year due in part to the strong UK sterling bringing down earnings estimates, as well as some uncertainty on the initial public offering and M&A market given macro risks and market volatility. We remain constructive on LSE's resilience given its diversified revenue base, particularly in data and risk services.

**Trip.com** is China's leading online travel agency with a dominant market share. It offers a comprehensive range of services, including transportation ticketing, hotel bookings, packaged tours, and destination resort tickets. While fundamental performance continues to benefit from the structural growth in Chinese consumers' travel spending, management reduced expected margins, as it is looking to expand the platform internationally.

#### TOP PERFORMANCE CONTRIBUTORS
**BAE Systems** is the largest pure-play European defense contractor with exposure to some of the largest defense markets in the world. It boasts a large and diversified portfolio that we believe includes some of the most successful and in-demand defense programs in the world.

**Thales** is among the world's leading providers of critical secure communications systems, with main applications in the defense, aerospace, telecommunication, and the banking industry.

**Recruit Holdings** specializes in employment classifieds, including U.S.-based companies Indeed and Glassdoor. A weaker macro environment and a stronger Japanese yen have led to slower growth and a weaker outlook for full year 2026, its current fiscal year. The stock was exited because of a lack of earnings visibility.

**MercadoLibre, Inc.**, the leading e-commerce platform in Latin America, combines logistics, payments, and retail into a best-in-class ecosystem. The company posted 37% revenue growth year-over-year as it executed successfully across both commerce and fintech segments. We believe the expansive Latin American market offers significant potential for long-term growth and investment.

**Dollarama Inc.** continues to deliver on its formula of operational discipline, steady profitability, recession-resistant demand, and expansion-driven growth. Quarterly results exceeded expectations with robust same-store sales and margin improvement, and full-year guidance—still conservative, in our view—was reaffirmed.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_37928.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **International Leaders Fund Class I** | 15.94% | 8.86% | 5.66% | 6.88% |
| **MSCI All Country World ex-U.S. IMI (net)** | 17.88% | 17.83% | 10.20% | 6.18% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1120468 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$4353 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thales SA | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 2.1% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37922.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_37918.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### House hol ding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair International Leaders Fund

#### Class N / WILNX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair International Leaders Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| International Leaders Fund Class N | $62 | 1.15% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 15.79% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World ex-U.S. IMI (net), which returned 17.88%. The Fund's benchmark is also a broad measure of market performance.

From a sector perspective, allocation effect was negative due to overweight exposures to Information Technology and Consumer Discretionary. Selection effect was positive overall, with strong selection within Industrials and Consumer Discretionary, partially offset by negative selection within Financials.

#### TOP PERFORMANCE DETRACTORS
**Sumitomo Mitsui Financial Group ("SMFG")** is a Japanese bank whose share price has been rewarded over the past few years as Japan has normalized its interest rate policy, providing a boost to earnings power for SMFG. SMFG's stock rebounded as yields recovered, yet still trails highs, partly due to earnings guidance falling short of market expectations.

**London Stock Exchange ("LSE")** is a diversified global market infrastructure company with a strong mergers and acquisitions ("M&A") track record. After strong performance of the stock over the past two years, LSE underperformed the market and financials in the first half of the year due in part to the strong UK sterling bringing down earnings estimates, as well as some uncertainty on the initial public offering and M&A market given macro risks and market volatility. We remain constructive on LSE's resilience given its diversified revenue base, particularly in data and risk services.

**Trip.com** is China's leading online travel agency with a dominant market share. It offers a comprehensive range of services, including transportation ticketing, hotel bookings, packaged tours, and destination resort tickets. While fundamental performance continues to benefit from the structural growth in Chinese consumers' travel spending, management reduced expected margins, as it is looking to expand the platform internationally.

#### TOP PERFORMANCE CONTRIBUTORS
**BAE Systems** is the largest pure-play European defense contractor with exposure to some of the largest defense markets in the world. It boasts a large and diversified portfolio that we believe includes some of the most successful and in-demand defense programs in the world.

**Thales** is among the world's leading providers of critical secure communications systems, with main applications in the defense, aerospace, telecommunication, and the banking industry.

**Recruit Holdings** specializes in employment classifieds, including U.S.-based companies Indeed and Glassdoor. A weaker macro environment and a stronger Japanese yen have led to slower growth and a weaker outlook for full year 2026, its current fiscal year. The stock was exited because of a lack of earnings visibility.

**MercadoLibre, Inc.**, the leading e-commerce platform in Latin America, combines logistics, payments, and retail into a best-in-class ecosystem. The company posted 37% revenue growth year-over-year as it executed successfully across both commerce and fintech segments. We believe the expansive Latin American market offers significant potential for long-term growth and investment.

**Dollarama Inc.** continues to deliver on its formula of operational discipline, steady profitability, recession-resistant demand, and expansion-driven growth. Quarterly results exceeded expectations with robust same-store sales and margin improvement, and full-year guidance—still conservative, in our view—was reaffirmed.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_37898.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **International Leaders Fund Class N** | 15.79% | 8.61% | 5.40% | 6.62% |
| **MSCI All Country World ex-U.S. IMI (net)** | 17.88% | 17.83% | 10.20% | 6.18% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1120468 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$4353 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thales SA | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 2.1% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37880.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_37885.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair International Leaders Fund

#### Class R6 / WILJX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair International Leaders Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| International Leaders Fund Class R6 | $46 | 0.85% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 15.98% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World ex-U.S. IMI (net), which returned 17.88%. The Fund's benchmark is also a broad measure of market performance.

From a sector perspective, allocation effect was negative due to overweight exposures to Information Technology and Consumer Discretionary. Selection effect was positive overall, with strong selection within Industrials and Consumer Discretionary, partially offset by negative selection within Financials.

#### TOP PERFORMANCE DETRACTORS
**Sumitomo Mitsui Financial Group ("SMFG")** is a Japanese bank whose share price has been rewarded over the past few years as Japan has normalized its interest rate policy, providing a boost to earnings power for SMFG. SMFG's stock rebounded as yields recovered, yet still trails highs, partly due to earnings guidance falling short of market expectations.

**London Stock Exchange ("LSE")** is a diversified global market infrastructure company with a strong mergers and acquisitions ("M&A") track record. After strong performance of the stock over the past two years, LSE underperformed the market and financials in the first half of the year due in part to the strong UK sterling bringing down earnings estimates, as well as some uncertainty on the initial public offering and M&A market given macro risks and market volatility. We remain constructive on LSE's resilience given its diversified revenue base, particularly in data and risk services.

**Trip.com** is China's leading online travel agency with a dominant market share. It offers a comprehensive range of services, including transportation ticketing, hotel bookings, packaged tours, and destination resort tickets. While fundamental performance continues to benefit from the structural growth in Chinese consumers' travel spending, management reduced expected margins, as it is looking to expand the platform internationally.

#### TOP PERFORMANCE CONTRIBUTORS
**BAE Systems** is the largest pure-play European defense contractor with exposure to some of the largest defense markets in the world. It boasts a large and diversified portfolio that we believe includes some of the most successful and in-demand defense programs in the world.

**Thales** is among the world's leading providers of critical secure communications systems, with main applications in the defense, aerospace, telecommunication, and the banking industry.

**Recruit Holdings** specializes in employment classifieds, including U.S.-based companies Indeed and Glassdoor. A weaker macro environment and a stronger Japanese yen have led to slower growth and a weaker outlook for full year 2026, its current fiscal year. The stock was exited because of a lack of earnings visibility.

**MercadoLibre, Inc.**, the leading e-commerce platform in Latin America, combines logistics, payments, and retail into a best-in-class ecosystem. The company posted 37% revenue growth year-over-year as it executed successfully across both commerce and fintech segments. We believe the expansive Latin American market offers significant potential for long-term growth and investment.

**Dollarama Inc.** continues to deliver on its formula of operational discipline, steady profitability, recession-resistant demand, and expansion-driven growth. Quarterly results exceeded expectations with robust same-store sales and margin improvement, and full-year guidance—still conservative, in our view—was reaffirmed.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_37970.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **International Leaders Fund Class R6** | 15.98% | 8.90% | 5.72% | 6.96% |
| **MSCI All Country World ex-U.S. IMI (net)** | 17.88% | 17.83% | 10.20% | 6.18% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1120468 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;63 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$4353 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;47% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Banco Bilbao Vizcaya Argentaria S.A. | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dollarama, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Thales SA | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Intact Financial Corp. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 2.1% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37953.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_37957.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair International Growth Fund

#### Class I / BIGIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair International Growth Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| International Growth Fund Class I | $51 | 0.96% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 13.07% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World ex-U.S. IMI (net), which returned 17.88%. The Fund's benchmark is also a broad measure of market performance.

From a sector perspective, allocation effect was negative due to overweight exposures to Information Technology and Consumer Discretionary. Selection effect was negative primarily within Financials, Industrials, and Health Care. On a regional view, allocation effect was positive driven by an overweight to Europe ex-U.K. and underweight to emerging Asia. Selection effect was negative within emerging Asia and Europe ex-U.K.

#### TOP PERFORMANCE DETRACTORS
**London Stock Exchange ("LSE")** is a diversified global market infrastructure company with a strong mergers and acquisitions ("M&A") track record. After strong performance of the stock over the past two years, LSE underperformed the market and the Financials sector in the first half of the year due in part to the strong UK sterling weighing on earnings estimates, as well as some uncertainty on the initial public offering and M&A market given macro risks and market volatility. We remain constructive on LSE's resilience given its diversified revenue base, particularly in data and risk services.

**Sumitomo Mitsui Financial Group ("SMFG")** is a Japanese bank whose share price has been rewarded over the past few years as Japan normalizes its interest rate policy, providing a boost to earnings power for SMFG. SMFG's stock rebounded as yields recovered, yet still trails highs, partly due to earnings guidance falling short of market expectations.

**Bank Central Asia** declined during the first quarter amid deteriorated macroeconomic backdrop in Indonesia, rupiah weakness, and investor concerns about the new administration's policy direction. In our view, fiscal 2025 guidance remains conservative, and as sentiment improves, we see positive catalysts for the stock to re-rate higher.

Industrials selection was bolstered by strong performance of European defense companies, such as **BAE Systems ("BAE")** and **Thales**. However, selection was negative overall driven in part by underperformance of **Waste Connections**, **Recruit Holdings**, and **Bunzl**.

**Waste Connections**—focused on non-hazardous waste services—offers defensive through-cycle growth and portfolio stability yet underperformed amid the late second quarter rally.

**Recruit Holdings** specializes in employment classifieds, including U.S.-based companies Indeed and Glassdoor. A weaker macro environment and a stronger Japanese yen have led to slower growth and a weaker outlook for its fiscal 2026. The stock was exited because of a lack of earnings visibility.

**Bunzl**, a business-to-business supplier of low-cost consumables, cut full-year guidance due to trade and tariff uncertainty, and suspended its buyback program in anticipation of reduced profits. The position was exited.

**Teva Pharmaceuticals** was purchased last year as a turnaround story (return to growth and expand margins). However, we now have concerns about weaker margin guidance from management for fiscal 2025. The turnaround therefore may take longer to materialize into better earnings, and this was negative for the stock and the portfolio sold the position.

#### TOP PERFORMANCE CONTRIBUTORS
**BAE** is the largest pure-play European defense contractor with exposure to some of the largest defense markets in the world. It boasts a large and diversified portfolio that we believe includes some of the most successful and in-demand defense programs in the world.

**Thales** is among the world's leading providers of critical secure communications systems, with main applications in the defense, aerospace, telecommunication, and the banking industry.

**Sandoz Group**—spun out of Novartis in 2023—is a global leader in off-patent medicines, spanning generics and biosimilars. Although recent results modestly missed expectations, management reaffirmed full-year guidance, signaling confidence in its second-half performance. Multiple biosimilar launches are expected later this year, and the firm remains focused on expanding EBITDA margins through sales mix optimization, network streamlining, and continued transformation efforts.

#### Fund Perf orma nce
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_38043.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **International Growth Fund Class I** | 13.07% | 10.67% | 6.53% | 5.81% |
| **MSCI All Country World ex-U.S. IMI (net)** | 17.88% | 17.83% | 10.20% | 6.18% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1357077 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;182 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$5312 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | 1.2% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38025.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38029.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair International Growth Fund

#### Class N / WBIGX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair International Growth Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| International Growth Fund Class N | $64 | 1.21% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 12.94% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World ex-U.S. IMI (net), which returned 17.88%. The Fund's benchmark is also a broad measure of market performance.

From a sector perspective, allocation effect was negative due to overweight exposures to Information Technology and Consumer Discretionary. Selection effect was negative primarily within Financials, Industrials, and Health Care. On a regional view, allocation effect was positive driven by an overweight to Europe ex-U.K. and underweight to emerging Asia. Selection effect was negative within emerging Asia and Europe ex-U.K.

#### TOP PERFORMANCE DETRACTORS
**London Stock Exchange ("LSE")** is a diversified global market infrastructure company with a strong mergers and acquisitions ("M&A") track record. After strong performance of the stock over the past two years, LSE underperformed the market and the Financials sector in the first half of the year due in part to the strong UK sterling weighing on earnings estimates, as well as some uncertainty on the initial public offering and M&A market given macro risks and market volatility. We remain constructive on LSE's resilience given its diversified revenue base, particularly in data and risk services.

**Sumitomo Mitsui Financial Group ("SMFG")** is a Japanese bank whose share price has been rewarded over the past few years as Japan normalizes its interest rate policy, providing a boost to earnings power for SMFG. SMFG's stock rebounded as yields recovered, yet still trails highs, partly due to earnings guidance falling short of market expectations.

**Bank Central Asia** declined during the first quarter amid deteriorated macroeconomic backdrop in Indonesia, rupiah weakness, and investor concerns about the new administration's policy direction. In our view, fiscal 2025 guidance remains conservative, and as sentiment improves, we see positive catalysts for the stock to re-rate higher.

Industrials selection was bolstered by strong performance of European defense companies, such as **BAE Systems ("BAE")** and **Thales**. However, selection was negative overall driven in part by underperformance of **Waste Connections**, **Recruit Holdings**, and **Bunzl**.

**Waste Connections**—focused on non-hazardous waste services—offers defensive through-cycle growth and portfolio stability yet underperformed amid the late second quarter rally.

**Recruit Holdings** specializes in employment classifieds, including U.S.-based companies Indeed and Glassdoor. A weaker macro environment and a stronger Japanese yen have led to slower growth and a weaker outlook for its fiscal 2026. The stock was exited because of a lack of earnings visibility.

**Bunzl**, a business-to-business supplier of low-cost consumables, cut full-year guidance due to trade and tariff uncertainty, and suspended its buyback program in anticipation of reduced profits. The position was exited.

**Teva Pharmaceuticals** was purchased last year as a turnaround story (return to growth and expand margins). However, we now have concerns about weaker margin guidance from management for fiscal 2025. The turnaround therefore may take longer to materialize into better earnings, and this was negative for the stock and the portfolio sold the position.

#### TOP PERFORMANCE CONTRIBUTORS
**BAE** is the largest pure-play European defense contractor with exposure to some of the largest defense markets in the world. It boasts a large and diversified portfolio that we believe includes some of the most successful and in-demand defense programs in the world.

**Thales** is among the world's leading providers of critical secure communications systems, with main applications in the defense, aerospace, telecommunication, and the banking industry.

**Sandoz Group**—spun out of Novartis in 2023—is a global leader in off-patent medicines, spanning generics and biosimilars. Although recent results modestly missed expectations, management reaffirmed full-year guidance, signaling confidence in its second-half performance. Multiple biosimilar launches are expected later this year, and the firm remains focused on expanding EBITDA margins through sales mix optimization, network streamlining, and continued transformation efforts.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_38000.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **International Growth Fund Class N** | 12.94% | 10.39% | 6.25% | 5.51% |
| **MSCI All Country World ex-U.S. IMI (net)** | 17.88% | 17.83% | 10.20% | 6.18% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1357077 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;182 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$5312 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | 1.2% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_37996.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_37989.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair International Growth Fund

#### Class R6 / WBIRX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair International Growth Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| International Growth Fund Class R6 | $48 | 0.91% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 13.09% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World ex-U.S. IMI (net), which returned 17.88%. The Fund's benchmark is also a broad measure of market performance.

From a sector perspective, allocation effect was negative due to overweight exposures to Information Technology and Consumer Discretionary. Selection effect was negative primarily within Financials, Industrials, and Health Care. On a regional view, allocation effect was positive driven by an overweight to Europe ex-U.K. and underweight to emerging Asia. Selection effect was negative within emerging Asia and Europe ex-U.K.

#### TOP PERFORMANCE DETRACTORS
**London Stock Exchange ("LSE")** is a diversified global market infrastructure company with a strong mergers and acquisitions ("M&A") track record. After strong performance of the stock over the past two years, LSE underperformed the market and the Financials sector in the first half of the year due in part to the strong UK sterling weighing on earnings estimates, as well as some uncertainty on the initial public offering and M&A market given macro risks and market volatility. We remain constructive on LSE's resilience given its diversified revenue base, particularly in data and risk services.

**Sumitomo Mitsui Financial Group ("SMFG")** is a Japanese bank whose share price has been rewarded over the past few years as Japan normalizes its interest rate policy, providing a boost to earnings power for SMFG. SMFG's stock rebounded as yields recovered, yet still trails highs, partly due to earnings guidance falling short of market expectations.

**Bank Central Asia** declined during the first quarter amid deteriorated macroeconomic backdrop in Indonesia, rupiah weakness, and investor concerns about the new administration's policy direction. In our view, fiscal 2025 guidance remains conservative, and as sentiment improves, we see positive catalysts for the stock to re-rate higher.

Industrials selection was bolstered by strong performance of European defense companies, such as **BAE Systems ("BAE")** and **Thales**. However, selection was negative overall driven in part by underperformance of **Waste Connections**, **Recruit Holdings**, and **Bunzl**.

**Waste Connections**—focused on non-hazardous waste services—offers defensive through-cycle growth and portfolio stability yet underperformed amid the late second quarter rally.

**Recruit Holdings** specializes in employment classifieds, including U.S.-based companies Indeed and Glassdoor. A weaker macro environment and a stronger Japanese yen have led to slower growth and a weaker outlook for its fiscal 2026. The stock was exited because of a lack of earnings visibility.

**Bunzl**, a business-to-business supplier of low-cost consumables, cut full-year guidance due to trade and tariff uncertainty, and suspended its buyback program in anticipation of reduced profits. The position was exited.

**Teva Pharmaceuticals** was purchased last year as a turnaround story (return to growth and expand margins). However, we now have concerns about weaker margin guidance from management for fiscal 2025. The turnaround therefore may take longer to materialize into better earnings, and this was negative for the stock and the portfolio sold the position.

#### TOP PERFORMANCE CONTRIBUTORS
**BAE** is the largest pure-play European defense contractor with exposure to some of the largest defense markets in the world. It boasts a large and diversified portfolio that we believe includes some of the most successful and in-demand defense programs in the world.

**Thales** is among the world's leading providers of critical secure communications systems, with main applications in the defense, aerospace, telecommunication, and the banking industry.

**Sandoz Group**—spun out of Novartis in 2023—is a global leader in off-patent medicines, spanning generics and biosimilars. Although recent results modestly missed expectations, management reaffirmed full-year guidance, signaling confidence in its second-half performance. Multiple biosimilar launches are expected later this year, and the firm remains focused on expanding EBITDA margins through sales mix optimization, network streamlining, and continued transformation efforts.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_38072.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **Since Inception** |
| **International Growth Fund Class R6** | 13.09% | 10.75% | 6.60% | 7.31% |
| **MSCI All Country World ex-U.S. IMI (net)** | 17.88% | 17.83% | 10.20% | 7.35% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1357077 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;182 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$5312 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;37% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | 1.2% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38069.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38063.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Institutional International Growth Fund

#### Institutional Class / WBIIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Institutional International Growth Fund Institutional Class (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Institutional International Growth Fund | $48 | 0.91% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 13.12% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI All Country World ex-U.S. IMI (net), which returned 17.88%. The Fund's benchmark is also a broad measure of market performance.

From a sector perspective, allocation effect was negative due to overweight exposures to Information Technology and Consumer Discretionary. Selection effect was negative primarily within Financials, Industrials, and Health Care. On a regional view, allocation effect was positive driven by an overweight to Europe ex-U.K. and underweight to emerging Asia. Selection effect was negative within emerging Asia and Europe ex-U.K.

#### TOP PERFORMANCE DETRACTORS
**London Stock Exchange ("LSE")** is a diversified global market infrastructure company with a strong mergers and acquisitions ("M&A") track record. After strong performance of the stock over the past two years, LSE underperformed the market and the Financials sector in the first half of the year due in part to the strong UK sterling weighing on earnings estimates, as well as some uncertainty on the initial public offering and M&A market given macro risks and market volatility. We remain constructive on LSE's resilience given its diversified revenue base, particularly in data and risk services.

**Sumitomo Mitsui Financial Group ("SMFG")** is a Japanese bank whose share price has been rewarded over the past few years as Japan normalizes its interest rate policy, providing a boost to earnings power for SMFG. SMFG's stock rebounded as yields recovered, yet still trails highs, partly due to earnings guidance falling short of market expectations.

**Bank Central Asia** declined during the first quarter amid deteriorated macroeconomic backdrop in Indonesia, rupiah weakness, and investor concerns about the new administration's policy direction. In our view, fiscal 2025 guidance remains conservative, and as sentiment improves, we see positive catalysts for the stock to re-rate higher.

Industrials selection was bolstered by strong performance of European defense companies, such as **BAE Systems ("BAE")** and **Thales**. However, selection was negative overall driven in part by underperformance of **Waste Connections**, **Recruit Holdings**, and **Bunzl**.

**Waste Connections**—focused on non-hazardous waste services—offers defensive through-cycle growth and portfolio stability yet underperformed amid the late second quarter rally.

**Recruit Holdings** specializes in employment classifieds, including U.S.-based companies Indeed and Glassdoor. A weaker macro environment and a stronger Japanese yen have led to slower growth and a weaker outlook for its fiscal 2026. The stock was exited because of a lack of earnings visibility.

**Bunzl**, a business-to-business supplier of low-cost consumables, cut full-year guidance due to trade and tariff uncertainty, and suspended its buyback program in anticipation of reduced profits. The position was exited.Teva Pharmaceuticals was purchased last year as a turnaround story (return to growth and expand margins). However, we now have concerns about weaker margin guidance from management for fiscal 2025. The turnaround therefore may take longer to materialize into better earnings, and this was negative for the stock and the portfolio sold the position.

#### TOP PERFORMANCE CONTRIBUTORS
**BAE** is the largest pure-play European defense contractor with exposure to some of the largest defense markets in the world. It boasts a large and diversified portfolio that we believe includes some of the most successful and in-demand defense programs in the world.

**Thales** is among the world's leading providers of critical secure communications systems, with main applications in the defense, aerospace, telecommunication, and the banking industry.

**Sandoz Group**—spun out of Novartis in 2023—is a global leader in off-patent medicines, spanning generics and biosimilars. Although recent results modestly missed expectations, management reaffirmed full-year guidance, signaling confidence in its second-half performance. Multiple biosimilar launches are expected later this year, and the firm remains focused on expanding EBITDA margins through sales mix optimization, network streamlining, and continued transformation efforts.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $5,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $5,000,000
![Fund Performance - Growth of 10K](chartimages_38114.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Institutional International Growth Fund** | 13.12% | 10.76% | 6.61% | 5.95% |
| **MSCI All Country World ex-U.S. IMI (net)** | 17.88% | 17.83% | 10.20% | 6.18% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$976109 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;182 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$3899 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;3i Group PLC | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;SAP SE | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;BAE Systems PLC | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Lonza Group AG | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;UniCredit S.p.A. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 1.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;London Stock Exchange Group PLC | 1.2% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38097.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38101.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair International Small Cap Growth Fund

#### Class I / WISIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair International Small Cap Growth Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| International Small Cap Growth Fund Class I | $60 | 1.10% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 18.26% (net of fees) for the 6 months ended June 30, 2025. The Fund outperformed its benchmark, the MSCI All Country World ex-U.S. Small Cap Index (net), which returned 17.68% and outperformed the MSCI All Country World ex-U.S. IMI (net), a broad measure of market performance, which returned 17.88%.

The Fund outperformed the benchmark during the period on a combination of allocation effects and stock selection within Industrials and Japan. Positive sector attribution was driven by overweights to Financials and Communication Services, while overweights to Europe ex U.K. and Latin America were drivers of positive regional allocation.

#### TOP PERFORMANCE CONTRIBUTORS
**Dassault Aviation** operates a hybrid aerospace business, manufacturing the Falcon business jet and Rafale fighter jet. The stock appreciated early in the year on strong growth in both segments, as order intake had increased 33% versus the prior year.

**Mildef Group** is a Swedish company specializing in rugged information technology solutions, including laptops, servers, and intelligent displays primarily designed for the defense sector. The stock appreciated in the period on strong fundamental results, including expanding margins and an uptick in orders further growing the company's backlog.

**Japan Elevator Service Holdings** specializes in the OEM-agnostic maintenance and repair of elevators and escalators. The stock appreciated in the period, as earnings continue to grow and exceed what we view as conservative estimates on strong management execution.

**Rakuten Bank** is a leading online bank in Japan that capitalizes on the Rakuten Group's ecosystem, boasting around 100 million users to grow its customer base. The stock appreciated meaningfully in the first quarter on a combination of increasing expectations for Japanese interest rate increases and strong fundamental results, including 40% year-on-year profit growth and improved cost efficiency.

#### TOP PERFORMANCE DETRACTORS
**Hemnet Group** is Sweden's number one online real estate marketplace. The stock underperformed in the period as fundamental results missed market expectations on lower volumes and longer listing times. We believe current valuations offer an attractive risk/reward for a company with a dominant market position.

**Trustpilot Group** is a global online review platform where consumers can share and read reviews about businesses, products, and services. The position had outperformed throughout the last year on a series of earnings announcements that exceeded market expectations due to strong execution as recent product launches and price increases had been well received. Share prices fell in the period despite continued strong results on market reaction to accounting adjustments in the capitalization of software development costs, share based compensation, and the exhaustion of tax credits for prior losses as the company is now profitable.

In Financials, capital markets positions, including **KFin Technologies ("KFin")**, were the primary detractors. KFin operates in a duopoly in a structurally growing business as one of the two Indian registrar and transfer agents available to mutual funds and large corporates. The company also provides SaaS-based transaction management, channel management, compliance solutions, and various other digital services to asset managers across segments. While the company continues to deliver strong fundamental results announcing 35% profit growth with strong participation across product lines in the period, the stock underperformed with the broader Indian market on a macroeconomic slowdown. The position size was increased on the cyclical market weakness and began to recover late in the period.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_38186.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **International Small Cap Growth Fund Class I** | 18.26% | 21.76% | 5.61% | 5.38% |
| **MSCI All Country World ex-U.S. IMI (net)** | 17.88% | 17.83% | 10.20% | 6.18% |
| **MSCI All Country World ex-U.S. Small Cap Index (net)** | 17.68% | 18.34% | 10.74% | 6.54% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$182127 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$678 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rakuten Bank Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent Consulting, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Definity Financial Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBIC Business Consultants Co. Ltd. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dassault Aviation SA | 1.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38166.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38174.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair International Small Cap Growth Fund

#### Class N / WISNX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair International Small Cap Growth Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| International Small Cap Growth Fund Class N | $74 | 1.35% |

---

#### Management's Disc ussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 18.03% (net of fees) for the 6 months ended June 30, 2025. The Fund outperformed its benchmark, the MSCI All Country World ex-U.S. Small Cap Index (net), which returned 17.68% and outperformed the MSCI All Country World ex-U.S. IMI (net), a broad measure of market performance, which returned 17.88%.

The Fund outperformed the benchmark during the period on a combination of allocation effects and stock selection within Industrials and Japan. Positive sector attribution was driven by overweights to Financials and Communication Services, while overweights to Europe ex U.K. and Latin America were drivers of positive regional allocation.

#### TOP PERFORMANCE CONTRIBUTORS
**Dassault Aviation** operates a hybrid aerospace business, manufacturing the Falcon business jet and Rafale fighter jet. The stock appreciated early in the year on strong growth in both segments, as order intake had increased 33% versus the prior year.

**Mildef Group** is a Swedish company specializing in rugged information technology solutions, including laptops, servers, and intelligent displays primarily designed for the defense sector. The stock appreciated in the period on strong fundamental results, including expanding margins and an uptick in orders further growing the company's backlog.

**Japan Elevator Service Holdings** specializes in the OEM-agnostic maintenance and repair of elevators and escalators. The stock appreciated in the period, as earnings continue to grow and exceed what we view as conservative estimates on strong management execution.

**Rakuten Bank** is a leading online bank in Japan that capitalizes on the Rakuten Group's ecosystem, boasting around 100 million users to grow its customer base. The stock appreciated meaningfully in the first quarter on a combination of increasing expectations for Japanese interest rate increases and strong fundamental results, including 40% year-on-year profit growth and improved cost efficiency.

#### TOP PERFORMANCE DETRACTORS
**Hemnet Group** is Sweden's number one online real estate marketplace. The stock underperformed in the period as fundamental results missed market expectations on lower volumes and longer listing times. We believe current valuations offer an attractive risk/reward for a company with a dominant market position.

**Trustpilot Group** is a global online review platform where consumers can share and read reviews about businesses, products, and services. The position had outperformed throughout the last year on a series of earnings announcements that exceeded market expectations due to strong execution as recent product launches and price increases had been well received. Share prices fell in the period despite continued strong results on market reaction to accounting adjustments in the capitalization of software development costs, share based compensation, and the exhaustion of tax credits for prior losses as the company is now profitable.

In Financials, capital markets positions, including **KFin Technologies ("KFin")**, were the primary detractors. KFin operates in a duopoly in a structurally growing business as one of the two Indian registrar and transfer agents available to mutual funds and large corporates. The company also provides SaaS-based transaction management, channel management, compliance solutions, and various other digital services to asset managers across segments. While the company continues to deliver strong fundamental results announcing 35% profit growth with strong participation across product lines in the period, the stock underperformed with the broader Indian market on a macroeconomic slowdown. The position size was increased on the cyclical market weakness and began to recover late in the period.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_38144.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **International Small Cap Growth Fund Class N** | 18.03% | 21.37% | 5.33% | 5.08% |
| **MSCI All Country World ex-U.S. IMI (net)** | 17.88% | 17.83% | 10.20% | 6.18% |
| **MSCI All Country World ex-U.S. Small Cap Index (net)** | 17.68% | 18.34% | 10.74% | 6.54% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$182127 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$678 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rakuten Bank Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent Consulting, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Definity Financial Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBIC Business Consultants Co. Ltd. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dassault Aviation SA | 1.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38141.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38135.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair International Small Cap Growth Fund

#### Class R6 / WIISX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair International Small Cap Growth Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| International Small Cap Growth Fund Class R6 | $57 | 1.05% |

---

#### Manage me nt's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 18.22% (net of fees) for the 6 months ended June 30, 2025. The Fund outperformed its benchmark, the MSCI All Country World ex-U.S. Small Cap Index (net), which returned 17.68% and outperformed the MSCI All Country World ex-U.S. IMI (net), a broad measure of market performance, which returned 17.88%.

The Fund outperformed the benchmark during the period on a combination of allocation effects and stock selection within Industrials and Japan. Positive sector attribution was driven by overweights to Financials and Communication Services, while overweights to Europe ex U.K. and Latin America were drivers of positive regional allocation.

#### TOP PERFORMANCE CONTRIBUTORS
**Dassault Aviation** operates a hybrid aerospace business, manufacturing the Falcon business jet and Rafale fighter jet. The stock appreciated early in the year on strong growth in both segments, as order intake had increased 33% versus the prior year.

**Mildef Group** is a Swedish company specializing in rugged information technology solutions, including laptops, servers, and intelligent displays primarily designed for the defense sector. The stock appreciated in the period on strong fundamental results, including expanding margins and an uptick in orders further growing the company's backlog.

**Japan Elevator Service Holdings** specializes in the OEM-agnostic maintenance and repair of elevators and escalators. The stock appreciated in the period, as earnings continue to grow and exceed what we view as conservative estimates on strong management execution.

**Rakuten Bank** is a leading online bank in Japan that capitalizes on the Rakuten Group's ecosystem, boasting around 100 million users to grow its customer base. The stock appreciated meaningfully in the first quarter on a combination of increasing expectations for Japanese interest rate increases and strong fundamental results, including 40% year-on-year profit growth and improved cost efficiency.

#### TOP PERFORMANCE DETRACTORS
**Hemnet Group** is Sweden's number one online real estate marketplace. The stock underperformed in the period as fundamental results missed market expectations on lower volumes and longer listing times. We believe current valuations offer an attractive risk/reward for a company with a dominant market position.

**Trustpilot Group** is a global online review platform where consumers can share and read reviews about businesses, products, and services. The position had outperformed throughout the last year on a series of earnings announcements that exceeded market expectations due to strong execution as recent product launches and price increases had been well received. Share prices fell in the period despite continued strong results on market reaction to accounting adjustments in the capitalization of software development costs, share based compensation, and the exhaustion of tax credits for prior losses as the company is now profitable.

In Financials, capital markets positions, including **KFin Technologies ("KFin")**, were the primary detractors. KFin operates in a duopoly in a structurally growing business as one of the two Indian registrar and transfer agents available to mutual funds and large corporates. The company also provides SaaS-based transaction management, channel management, compliance solutions, and various other digital services to asset managers across segments. While the company continues to deliver strong fundamental results announcing 35% profit growth with strong participation across product lines in the period, the stock underperformed with the broader Indian market on a macroeconomic slowdown. The position size was increased on the cyclical market weakness and began to recover late in the period.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_38216.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **International Small Cap Growth Fund Class R6** | 18.22% | 21.77% | 5.67% | 5.46% |
| **MSCI All Country World ex-U.S. IMI (net)** | 17.88% | 17.83% | 10.20% | 6.18% |
| **MSCI All Country World ex-U.S. Small Cap Index (net)** | 17.68% | 18.34% | 10.74% | 6.54% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$182127 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;121 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$678 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;32% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Rakuten Bank Ltd. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;BayCurrent Consulting, Inc. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Japan Elevator Service Holdings Co. Ltd. | 2.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pro Medicus Ltd. | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Definity Financial Corp. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gjensidige Forsikring ASA | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;CTS Eventim AG & Co. KGaA | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;flatexDEGIRO AG | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;OBIC Business Consultants Co. Ltd. | 1.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dassault Aviation SA | 1.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38210.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38207.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets Leaders Fund

#### Class I / WBELX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets Leaders Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets Leaders Fund Class I | $52 | 0.99% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 11.68% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets Index (net), which returned 15.27%. The Fund's benchmark is also a broad measure of market performance.

The underperformance versus the index during the period was driven by a combination of stock selection in Consumer Discretionary and Industrials, and sector allocation effects driven by overweights to Information Technology and Consumer Discretionary.

#### TOP PERFORMANCE DETRACTORS
**Trip.com** is China's leading online travel agency, with a dominant market share. Trip.com offers a comprehensive range of services, including transportation ticketing, hotel bookings, packaged tours, and destination resort tickets. While fundamental performance continues to benefit from the structural growth in Chinese consumers' travel spending, management reduced expected margins as it is looking to expand the platform internationally. The position was trimmed slightly.

**Meituan** is the leading Chinese online platform for food delivery and local services, and it also offers hotel and travel booking services. The stock has underperformed, as a significant competitor has entered the food delivery business and is heavily subsidizing to take market share. Meituan has responded and reduced prices to maintain share but expects pricing to normalize as the competitive environment is quickly becoming more rational. We believe the market is pricing in a worst-case scenario and added to the position size on price weakness.

**Polycab India** is India's largest manufacturer of wires and cables and underperformed on a combination of macroeconomic headwinds and a shift in competitive dynamics with the entry of two new businesses with deep resources that will attempt to take market share; the position was trimmed on the latter.

**Voltronic Power Technology** is a white-label, outsourced designer and manufacturer of uninterrupted power supply units and power inverters used in applications including solar, energy storage, and EV chargers. The stock was down despite earnings that were in line with expectations and no change to forward expectations. We added to our position on price weakness.

#### TOP PERFORMANCE CONTRIBUTORS
**Sea Limited** is an Indonesian digital platform that provides e-commerce, gaming, and financial services. Sea Limited's e-commerce business, Shopee Ptd. Ltd., is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan and has a significant presence in Latin America. The stock appreciated on strong fundamental growth across all three key business segments and management's upgraded forward guidance.

**SK Hynix**, which is a South Korea–based artificial intelligence enabler and a pure-play manufacturer of memory semiconductors focusing on DRAM and NAND was among the strongest performers. The stock appreciated in the period on expectations for continued artificial intelligence demand and tailwinds for Korean equities following the presidential election in early June.

**Bharat Electronics ("Bharat")** is an Indian capital goods company with strong technological expertise in defense electronics. We believe Indian defense is one of the strongest secular growth stories in emerging market industrials, driven by indigenization as India is the world's largest importer of arms, a shift in military spending toward capex from wages, and the need to replace/service older-generation military aircraft. The stock appreciated on strong fundamental results including 23% earnings growth in the period, and expectations for increased spend following a conflict with Pakistan.

**MercadoLibre, Inc. ("MELI")** is a leading e-commerce platform in Latin America with a best-in-class ecosystem of services such as logistics and payments. The stock has continued to appreciate on strong fundamental results across geographies with total revenue growth of 37% over the last year as it is executing across both its core e-commerce and financial technology segments. We believe the market in Latin America provides a runway for continued growth and investment given MELI's best-in-class ecosystem.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_38288.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Leaders Fund Class I** | 11.68% | 13.18% | 2.78% | 3.59% |
| **MSCI Emerging Markets Index (net)** | 15.27% | 15.29% | 6.81% | 4.81% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$159781 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$574 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 11.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk. PT | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA. | 2.0% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38282.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38277.jpg)

#### Availa bil ity of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets Leaders Fund

#### Class N / WELNX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets Leaders Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets Leaders Fund Class N | $66 | 1.24% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 11.62% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets Index (net), which returned 15.27%. The Fund's benchmark is also a broad measure of market performance.

The underperformance versus the index during the period was driven by a combination of stock selection in Consumer Discretionary and Industrials, and sector allocation effects driven by overweights to Information Technology and Consumer Discretionary.

#### TOP PERFORMANCE DETRACTORS
**Trip.com** is China's leading online travel agency, with a dominant market share. Trip.com offers a comprehensive range of services, including transportation ticketing, hotel bookings, packaged tours, and destination resort tickets. While fundamental performance continues to benefit from the structural growth in Chinese consumers' travel spending, management reduced expected margins as it is looking to expand the platform internationally. The position was trimmed slightly.

**Meituan** is the leading Chinese online platform for food delivery and local services, and it also offers hotel and travel booking services. The stock has underperformed, as a significant competitor has entered the food delivery business and is heavily subsidizing to take market share. Meituan has responded and reduced prices to maintain share but expects pricing to normalize as the competitive environment is quickly becoming more rational. We believe the market is pricing in a worst-case scenario and added to the position size on price weakness.

**Polycab India** is India's largest manufacturer of wires and cables and underperformed on a combination of macroeconomic headwinds and a shift in competitive dynamics with the entry of two new businesses with deep resources that will attempt to take market share; the position was trimmed on the latter.

**Voltronic Power Technology** is a white-label, outsourced designer and manufacturer of uninterrupted power supply units and power inverters used in applications including solar, energy storage, and EV chargers. The stock was down despite earnings that were in line with expectations and no change to forward expectations. We added to our position on price weakness.

#### TOP PERFORMANCE CONTRIBUTORS
**Sea Limited** is an Indonesian digital platform that provides e-commerce, gaming, and financial services. Sea Limited's e-commerce business, Shopee Ptd. Ltd., is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan and has a significant presence in Latin America. The stock appreciated on strong fundamental growth across all three key business segments and management's upgraded forward guidance.

**SK Hynix**, which is a South Korea–based artificial intelligence enabler and a pure-play manufacturer of memory semiconductors focusing on DRAM and NAND was among the strongest performers. The stock appreciated in the period on expectations for continued artificial intelligence demand and tailwinds for Korean equities following the presidential election in early June.

**Bharat Electronics ("Bharat")** is an Indian capital goods company with strong technological expertise in defense electronics. We believe Indian defense is one of the strongest secular growth stories in emerging market industrials, driven by indigenization as India is the world's largest importer of arms, a shift in military spending toward capex from wages, and the need to replace/service older-generation military aircraft. The stock appreciated on strong fundamental results including 23% earnings growth in the period, and expectations for increased spend following a conflict with Pakistan.

**MercadoLibre, Inc. ("MELI")** is a leading e-commerce platform in Latin America with a best-in-class ecosystem of services such as logistics and payments. The stock has continued to appreciate on strong fundamental results across geographies with total revenue growth of 37% over the last year as it is executing across both its core e-commerce and financial technology segments. We believe the market in Latin America provides a runway for continued growth and investment given MELI's best-in-class ecosystem.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_38258.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Leaders Fund Class N** | 11.62% | 12.92% | 2.56% | 3.33% |
| **MSCI Emerging Markets Index (net)** | 15.27% | 15.29% | 6.81% | 4.81% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$159781 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$574 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 11.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk. PT | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA. | 2.0% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38240.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38246.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets Leaders Fund

#### Class R6 / WELIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets Leaders Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets Leaders Fund Class R6 | $50 | 0.94% |

---

#### Management's Dis cus sion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 11.80% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets Index (net), which returned 15.27%. The Fund's benchmark is also a broad measure of market performance.

The underperformance versus the index during the period was driven by a combination of stock selection in Consumer Discretionary and Industrials, and sector allocation effects driven by overweights to Information Technology and Consumer Discretionary.

#### TOP PERFORMANCE DETRACTORS
**Trip.com** is China's leading online travel agency, with a dominant market share. Trip.com offers a comprehensive range of services, including transportation ticketing, hotel bookings, packaged tours, and destination resort tickets. While fundamental performance continues to benefit from the structural growth in Chinese consumers' travel spending, management reduced expected margins as it is looking to expand the platform internationally. The position was trimmed slightly.

**Meituan** is the leading Chinese online platform for food delivery and local services, and it also offers hotel and travel booking services. The stock has underperformed, as a significant competitor has entered the food delivery business and is heavily subsidizing to take market share. Meituan has responded and reduced prices to maintain share but expects pricing to normalize as the competitive environment is quickly becoming more rational. We believe the market is pricing in a worst-case scenario and added to the position size on price weakness.

**Polycab India** is India's largest manufacturer of wires and cables and underperformed on a combination of macroeconomic headwinds and a shift in competitive dynamics with the entry of two new businesses with deep resources that will attempt to take market share; the position was trimmed on the latter.

**Voltronic Power Technology** is a white-label, outsourced designer and manufacturer of uninterrupted power supply units and power inverters used in applications including solar, energy storage, and EV chargers. The stock was down despite earnings that were in line with expectations and no change to forward expectations. We added to our position on price weakness.

#### TOP PERFORMANCE CONTRIBUTORS
**Sea Limited** is an Indonesian digital platform that provides e-commerce, gaming, and financial services. Sea Limited's e-commerce business, Shopee Ptd. Ltd., is the largest pan-regional e-commerce platform in Southeast Asia and Taiwan and has a significant presence in Latin America. The stock appreciated on strong fundamental growth across all three key business segments and management's upgraded forward guidance.

**SK Hynix**, which is a South Korea–based artificial intelligence enabler and a pure-play manufacturer of memory semiconductors focusing on DRAM and NAND was among the strongest performers. The stock appreciated in the period on expectations for continued artificial intelligence demand and tailwinds for Korean equities following the presidential election in early June.

**Bharat Electronics ("Bharat")** is an Indian capital goods company with strong technological expertise in defense electronics. We believe Indian defense is one of the strongest secular growth stories in emerging market industrials, driven by indigenization as India is the world's largest importer of arms, a shift in military spending toward capex from wages, and the need to replace/service older-generation military aircraft. The stock appreciated on strong fundamental results including 23% earnings growth in the period, and expectations for increased spend following a conflict with Pakistan.

**MercadoLibre, Inc. ("MELI")** is a leading e-commerce platform in Latin America with a best-in-class ecosystem of services such as logistics and payments. The stock has continued to appreciate on strong fundamental results across geographies with total revenue growth of 37% over the last year as it is executing across both its core e-commerce and financial technology segments. We believe the market in Latin America provides a runway for continued growth and investment given MELI's best-in-class ecosystem.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_38330.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Leaders Fund Class R6** | 11.80% | 13.37% | 2.85% | 3.66% |
| **MSCI Emerging Markets Index (net)** | 15.27% | 15.29% | 6.81% | 4.81% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$159781 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;62 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$574 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;36% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 11.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 3.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bank Central Asia Tbk. PT | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharat Electronics Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Itau Unibanco Holding SA. | 2.0% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38311.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38316.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets Growth Fund

#### Class I / WBEIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets Growth Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets Growth Fund Class I | $52 | 0.99% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 9.20% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets IMI (net), which returned 14.62%. The Fund's benchmark is also a broad measure of market performance.

Underperformance versus the index year-to-date was primarily driven by weak performance in the first quarter amid strong style headwinds and sharp country rotation. From a sector perspective, the underperformance was driven by negative stock selection within Consumer Discretionary and Financials.

#### TOP PERFORMANCE DETRACTORS
**Alibaba** is e-commerce in China. Alibaba detracted the most at the beginning of the year due to the portfolio underweighting as the share price rallied. The strong outperformance was fueled by renewed investor optimism about its artificial intelligence ("AI") initiatives and perceived government support for private enterprises. Furthermore, the overweight position in the second quarter also detracted as the stock corrected amid market rotation, renewed geopolitical concerns, and management's lowered revenue and profit guidance primarily due to its continued investment in user growth and strategic initiatives.

**Trip.com** is China's leading online travel agency, with a dominant market share. Trip.com offers a comprehensive range of services including transportation ticketing, hotel bookings, packaged tours, and destination resort tickets. Trip.com's stock weakened in the first quarter of the year as the company announced increased marketing investments overseas to gain market share, which we expect to weigh on profit growth in the near term.

**Bank Central Asia**, Indonesia's largest private bank, declined amid a deteriorated macroeconomic backdrop in Indonesia, rupiah weakness, and investor concerns about the new administration's policy direction.

**Banco Galicia**, a leading Argentine financial institution, along with broader Argentine equities, posted strong gains in 2024 amid optimism about political change and early signs of macro stabilization. However, in 2025, the stock corrected as market enthusiasm moderated amid rising concerns about inflation, policy execution, and renewed currency volatility.

#### TOP PERFORMANCE CONTRIBUTORS
**SK Hynix**, a leading memory chipmaker, delivered exceptional returns on the back of its early leadership in high-bandwidth memory critical for AI servers. Strong demand and pricing power supported continued earnings momentum.

**Xiaomi Corp**, a global consumer electronics and smartphone manufacturer, also contributed meaningfully. The company reported record profit growth, fueled by strong smartphone sales in China, increased advertising revenue, and the successful launch of its electric vehicle, which reinforced its brand and ecosystem strategy.

**MercadoLibre, Inc. ("MELI")** is a leading e-commerce platform in Latin America with a best-in-class ecosystem of services such as logistics and payments. MELI continued to benefit from its dominant market position, strong execution, and accelerating growth across both commerce and financial services platforms. The company delivered robust earnings, with strong gross merchandise value growth, improving take-rates, and a rapidly expanding credit portfolio, particularly in credit cards, driving upside surprises.

**Sea Limited** is an Indonesian digital platform that provides e-commerce, gaming, and financial services. Sea Limited was a strong contributor to relative performance, supported by a sharp rebound in profitability across its core businesses. **Shopee Ptd. Ltd.**, Sea Limited's e-commerce platform, saw strong user engagement and monetization improvements, while its financial technology business benefited from rising digital payments adoption and improved cost discipline, leading to upward revisions in guidance.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_38402.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Growth Fund Class I** | 9.20% | 7.22% | 4.59% | 5.09% |
| **MSCI Emerging Markets IMI (net)** | 14.62% | 14.28% | 7.61% | 4.95% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$890141 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$3469 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 13.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corporation | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 1.9% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38384.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38389.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets Growth Fund

#### Class N / WBENX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets Growth Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets Growth Fund Class N | $65 | 1.24% |

---

#### Management 's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 9.02% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets IMI (net), which returned 14.62%. The Fund's benchmark is also a broad measure of market performance.

Underperformance versus the index year-to-date was primarily driven by weak performance in the first quarter amid strong style headwinds and sharp country rotation. From a sector perspective, the underperformance was driven by negative stock selection within Consumer Discretionary and Financials.

#### TOP PERFORMANCE DETRACTORS
**Alibaba** is e-commerce in China. Alibaba detracted the most at the beginning of the year due to the portfolio underweighting as the share price rallied. The strong outperformance was fueled by renewed investor optimism about its artificial intelligence ("AI") initiatives and perceived government support for private enterprises. Furthermore, the overweight position in the second quarter also detracted as the stock corrected amid market rotation, renewed geopolitical concerns, and management's lowered revenue and profit guidance primarily due to its continued investment in user growth and strategic initiatives.

**Trip.com** is China's leading online travel agency, with a dominant market share. Trip.com offers a comprehensive range of services including transportation ticketing, hotel bookings, packaged tours, and destination resort tickets. Trip.com's stock weakened in the first quarter of the year as the company announced increased marketing investments overseas to gain market share, which we expect to weigh on profit growth in the near term.

**Bank Central Asia**, Indonesia's largest private bank, declined amid a deteriorated macroeconomic backdrop in Indonesia, rupiah weakness, and investor concerns about the new administration's policy direction.

**Banco Galicia**, a leading Argentine financial institution, along with broader Argentine equities, posted strong gains in 2024 amid optimism about political change and early signs of macro stabilization. However, in 2025, the stock corrected as market enthusiasm moderated amid rising concerns about inflation, policy execution, and renewed currency volatility.

#### TOP PERFORMANCE CONTRIBUTORS
**SK Hynix**, a leading memory chipmaker, delivered exceptional returns on the back of its early leadership in high-bandwidth memory critical for AI servers. Strong demand and pricing power supported continued earnings momentum.

**Xiaomi Corp**, a global consumer electronics and smartphone manufacturer, also contributed meaningfully. The company reported record profit growth, fueled by strong smartphone sales in China, increased advertising revenue, and the successful launch of its electric vehicle, which reinforced its brand and ecosystem strategy.

**MercadoLibre, Inc. ("MELI")** is a leading e-commerce platform in Latin America with a best-in-class ecosystem of services such as logistics and payments. MELI continued to benefit from its dominant market position, strong execution, and accelerating growth across both commerce and financial services platforms. The company delivered robust earnings, with strong gross merchandise value growth, improving take-rates, and a rapidly expanding credit portfolio, particularly in credit cards, driving upside surprises.

**Sea Limited** is an Indonesian digital platform that provides e-commerce, gaming, and financial services. Sea Limited was a strong contributor to relative performance, supported by a sharp rebound in profitability across its core businesses. **Shopee Ptd. Ltd.**, Sea Limited's e-commerce platform, saw strong user engagement and monetization improvements, while its financial technology business benefited from rising digital payments adoption and improved cost discipline, leading to upward revisions in guidance.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_38360.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Growth Fund Class N** | 9.02% | 6.89% | 4.33% | 4.81% |
| **MSCI Emerging Markets IMI (net)** | 14.62% | 14.28% | 7.61% | 4.95% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$890141 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$3469 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 13.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corporation | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 1.9% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38354.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38349.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets Growth Fund

#### Class R6 / BIEMX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets Growth Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets Growth Fund Class R6 | $49 | 0.94% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 9.17% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets IMI (net), which returned 14.62%. The Fund's benchmark is also a broad measure of market performance.

Underperformance versus the index year-to-date was primarily driven by weak performance in the first quarter amid strong style headwinds and sharp country rotation. From a sector perspective, the underperformance was driven by negative stock selection within Consumer Discretionary and Financials.

#### TOP PERFORMANCE DETRACTORS
**Alibaba** is e-commerce in China. Alibaba detracted the most at the beginning of the year due to the portfolio underweighting as the share price rallied. The strong outperformance was fueled by renewed investor optimism about its artificial intelligence ("AI") initiatives and perceived government support for private enterprises. Furthermore, the overweight position in the second quarter also detracted as the stock corrected amid market rotation, renewed geopolitical concerns, and management's lowered revenue and profit guidance primarily due to its continued investment in user growth and strategic initiatives.

**Trip.com** is China's leading online travel agency, with a dominant market share. Trip.com offers a comprehensive range of services including transportation ticketing, hotel bookings, packaged tours, and destination resort tickets. Trip.com's stock weakened in the first quarter of the year as the company announced increased marketing investments overseas to gain market share, which we expect to weigh on profit growth in the near term.

**Bank Central Asia**, Indonesia's largest private bank, declined amid a deteriorated macroeconomic backdrop in Indonesia, rupiah weakness, and investor concerns about the new administration's policy direction.

**Banco Galicia**, a leading Argentine financial institution, along with broader Argentine equities, posted strong gains in 2024 amid optimism about political change and early signs of macro stabilization. However, in 2025, the stock corrected as market enthusiasm moderated amid rising concerns about inflation, policy execution, and renewed currency volatility.

#### TOP PERFORMANCE CONTRIBUTORS
**SK Hynix**, a leading memory chipmaker, delivered exceptional returns on the back of its early leadership in high-bandwidth memory critical for AI servers. Strong demand and pricing power supported continued earnings momentum.

**Xiaomi Corp**, a global consumer electronics and smartphone manufacturer, also contributed meaningfully. The company reported record profit growth, fueled by strong smartphone sales in China, increased advertising revenue, and the successful launch of its electric vehicle, which reinforced its brand and ecosystem strategy.

**MercadoLibre, Inc. ("MELI")** is a leading e-commerce platform in Latin America with a best-in-class ecosystem of services such as logistics and payments. MELI continued to benefit from its dominant market position, strong execution, and accelerating growth across both commerce and financial services platforms. The company delivered robust earnings, with strong gross merchandise value growth, improving take-rates, and a rapidly expanding credit portfolio, particularly in credit cards, driving upside surprises.

**Sea Limited** is an Indonesian digital platform that provides e-commerce, gaming, and financial services. Sea Limited was a strong contributor to relative performance, supported by a sharp rebound in profitability across its core businesses. **Shopee Ptd. Ltd.**, Sea Limited's e-commerce platform, saw strong user engagement and monetization improvements, while its financial technology business benefited from rising digital payments adoption and improved cost discipline, leading to upward revisions in guidance.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_38432.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Growth Fund Class R6** | 9.17% | 7.17% | 4.66% | 5.15% |
| **MSCI Emerging Markets IMI (net)** | 14.62% | 14.28% | 7.61% | 4.95% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$890141 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;126 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$3469 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;40% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 13.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 6.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 4.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corporation | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 1.9% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38427.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38421.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets ex China Growth Fund

#### Class I / WXCIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets ex China Growth Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets ex China Growth Fund Class I | $52 | 0.99% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 8.63% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets ex-China IMI (net), which returned 13.62%. The Fund's benchmark is also a broad measure of market performance.

Underperformance versus the index year-to-date was primarily driven by weak performance in the first quarter amid strong style headwinds and sharp country rotation. From a sector perspective, the underperformance was driven by negative stock selection within Financials, Industrials, and Energy.

#### TOP PERFORMANCE DETRACTORS
**Grupo Financiero Galicia SA** and **Banco Bbva Argentina SA**, Argentine banks, were significant detractors to relative returns due to investor caution around Argentina's financial sector and broad macroeconomic and foreign exchange headwinds amid a weakening peso.

**Apar Industries Ltd.** is a leading Indian manufacturer of conductors, cables, and specialty oils. The stock underperformed on the back of increased margin pressure due to a less favorable product mix and pricing pressure in the conductor segment, and export-related challenges, as Chinese competition intensified in key export markets.

**Titagarh Rail Systems Limited ("Titagarh")**, a rail infrastructure and rolling stock manufacturer, corrected amid market rotation and the company's disappointing results. Titagarh's fourth quarter 2024 net profit declined 18% year-over-year due to lower wagon sales to Indian Railways amid a supply chain bottleneck, which constrained revenue realization.

**YPF S.A.** is Argentina's largest integrated energy company, with a growing focus on shale development in the Vaca Muerta formation. Concerns around sustained negative free cash flow and rising leverage, alongside sensitivity to oil prices, weighed on investor sentiment. In addition, a U.S. court ruling ordering the transfer of Argentina's 51% stake in YPF S.A. coupled with investor concerns over the government's ability to support energy sector reforms and fund growth pressured the share price.

#### TOP PERFORMANCE CONTRIBUTORS
**Sea Limited** is an Indonesian digital platform that provides e-commerce, gaming, and financial services. Sea Limited was a strong contributor to relative performance, supported by a sharp rebound in profitability across its core businesses. **Shopee Pte. Ltd**., Sea Limited's e-commerce platform, benefited from strong user engagement and monetization improvements, while Sea Limited's financial technology business benefited from rising digital payments adoption and improved cost discipline, leading to upward revisions in guidance.

**SK Hynix**, a leading memory chipmaker, delivered exceptional returns on the back of its early leadership in high-bandwidth memory critical for artificial intelligence servers. Strong demand and pricing power supported continued earnings momentum.

**Hanwha Aerospace Co. Ltd.** is the leading South Korean defense and aerospace manufacturer. The company benefited from rising demand for aerospace and defense systems, particularly amid heightened geopolitical tensions and increased global defense spending.

**MercadoLibre, Inc. ("MELI")** is a leading e-commerce platform in Latin America with a best-in-class ecosystem of services such as logistics and payments. MELI continued to benefit from its dominant market position, strong execution, and accelerating growth across both commerce and financial services platforms. The company delivered robust earnings, with strong gross merchandise value growth, improving take-rates, and a rapidly expanding credit portfolio, particularly in credit cards, driving upside surprises.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_38474.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **Emerging Markets ex China Growth Fund Class I** | 8.63% | 8.30% | 13.47% |
| **MSCI Emerging Markets ex-China IMI (net)** | 13.62% | 8.71% | 12.53% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$37233 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 16.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bajaj Finance Limited | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 1.4% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38457.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38461.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets ex China Growth Fund

#### Class R6 / WXCRX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets ex China Growth Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets ex China Growth Fund Class R6 | $49 | 0.94% |

---

#### Management's Discu ssio n of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 8.69% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets ex-China IMI (net), which returned 13.62%. The Fund's benchmark is also a broad measure of market performance.

Underperformance versus the index year-to-date was primarily driven by weak performance in the first quarter amid strong style headwinds and sharp country rotation. From a sector perspective, the underperformance was driven by negative stock selection within Financials, Industrials, and Energy.

#### TOP PERFORMANCE DETRACTORS
**Grupo Financiero Galicia SA** and **Banco Bbva Argentina SA**, Argentine banks, were significant detractors to relative returns due to investor caution around Argentina's financial sector and broad macroeconomic and foreign exchange headwinds amid a weakening peso.

**Apar Industries Ltd.** is a leading Indian manufacturer of conductors, cables, and specialty oils. The stock underperformed on the back of increased margin pressure due to a less favorable product mix and pricing pressure in the conductor segment, and export-related challenges, as Chinese competition intensified in key export markets.

**Titagarh Rail Systems Limited ("Titagarh")**, a rail infrastructure and rolling stock manufacturer, corrected amid market rotation and the company's disappointing results. Titagarh's fourth quarter 2024 net profit declined 18% year-over-year due to lower wagon sales to Indian Railways amid a supply chain bottleneck, which constrained revenue realization.

**YPF S.A.** is Argentina's largest integrated energy company, with a growing focus on shale development in the Vaca Muerta formation. Concerns around sustained negative free cash flow and rising leverage, alongside sensitivity to oil prices, weighed on investor sentiment. In addition, a U.S. court ruling ordering the transfer of Argentina's 51% stake in YPF S.A. coupled with investor concerns over the government's ability to support energy sector reforms and fund growth pressured the share price.

#### TOP PERFORMANCE CONTRIBUTORS
**Sea Limited** is an Indonesian digital platform that provides e-commerce, gaming, and financial services. Sea Limited was a strong contributor to relative performance, supported by a sharp rebound in profitability across its core businesses. **Shopee Pte. Ltd**., Sea Limited's e-commerce platform, benefited from strong user engagement and monetization improvements, while Sea Limited's financial technology business benefited from rising digital payments adoption and improved cost discipline, leading to upward revisions in guidance.

**SK Hynix**, a leading memory chipmaker, delivered exceptional returns on the back of its early leadership in high-bandwidth memory critical for artificial intelligence servers. Strong demand and pricing power supported continued earnings momentum.

**Hanwha Aerospace Co. Ltd.** is the leading South Korean defense and aerospace manufacturer. The company benefited from rising demand for aerospace and defense systems, particularly amid heightened geopolitical tensions and increased global defense spending.

**MercadoLibre, Inc. ("MELI")** is a leading e-commerce platform in Latin America with a best-in-class ecosystem of services such as logistics and payments. MELI continued to benefit from its dominant market position, strong execution, and accelerating growth across both commerce and financial services platforms. The company delivered robust earnings, with strong gross merchandise value growth, improving take-rates, and a rapidly expanding credit portfolio, particularly in credit cards, driving upside surprises.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_38504.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **Emerging Markets ex China Growth Fund Class R6** | 8.69% | 8.36% | 13.56% |
| **MSCI Emerging Markets ex-China IMI (net)** | 13.62% | 8.71% | 12.53% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$37233 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;111 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;42% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Taiwan Semiconductor Manufacturing Co. Ltd. | 16.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;SK Hynix, Inc. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;MercadoLibre, Inc. | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Sea Ltd. | 2.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;MediaTek, Inc. | 2.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;HDFC Bank Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;ICICI Bank Ltd. | 2.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bharti Airtel Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Bajaj Finance Limited | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Emaar Properties PJSC | 1.4% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38501.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38493.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets Small Cap Growth Fund

#### Class I / BESIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets Small Cap Growth Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets Small Cap Growth Fund Class I | $59 | 1.15% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 4.35% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets Small Cap Index (net), which returned 10.74% and underperformed the MSCI Emerging Markets IMI (net), a broad measure of market performance, which returned 14.62%.

Underperformance versus the index year-to-date was primarily driven by weak performance in the first quarter amid strong style headwinds and sharp country rotation. From a sector perspective, the underperformance was primarily driven by negative stock selection within Industrials and Financials.

#### TOP PERFORMANCE DETRACTORS
**HD Hyundai Marine Solution**, a Korean ship engine services provider, declined following softer-than-expected earnings and a share placement, despite long-term tailwinds from the shipbuilding cycle and the shift to dual-fuel engines.

**Transformers & Rectifiers India**, a power equipment manufacturer, fell on weaker-than-expected order inflows and margin compression, reflecting a broader slowdown in infrastructure-related capital expenditure as well as a broader rotation out of electrical equipment names.

**Apar Industries**, a leading Indian manufacturer of conductors, cables, and specialty oils, also corrected sharply. Despite strong fundamentals and a robust order book, the stock was impacted by profit-taking and concerns over near-term visibility in the power transmission segment.

**Central Depository Services India Ltd**, a key infrastructure provider for India's capital markets, underperformed due to slowing transaction volumes and elevated technology costs, which pressured margins.

**Grupo Supervielle**, an Argentine bank, corrected sharply after a strong 2024, as macro volatility, inflation concerns, and renewed currency pressures resurfaced in 2025.

**Kaynes Technology**, an Indian electronics manufacturing services firm, also corrected after a strong 2024 rally. The stock was pressured by valuation concerns and a slight miss in operating performance, as investor sentiment turned more cautious toward high-growth, high-multiple names.

**PG Electroplast**, a contract manufacturer of consumer electronics and appliances, also detracted as earnings momentum slowed and margin pressures emerged amid rising input costs.

#### TOP PERFORMANCE CONTRIBUTORS
**Cencosud SA**, a leading Chilean operator of supermarkets and multi-format retail stores, rallied on improved investor sentiment and expectations of a consumption recovery amid rising real wages and interest rate cuts in Chile.

**Gambol Pet Group** and **Yantai China Pet Foods Co**, Chinese pet food companies, delivered strong returns supported by robust sales momentum and growing demand for high-quality pet nutrition.

Within Taiwan, **ASPEED Technology** contributed the most amid strong performance in the second quarter, as the company benefited from accelerating demand for artificial intelligence ("AI") server infrastructure and continued strength in enterprise cloud spending.

**Elite Materials** added to relative results as the stock outperformed on the back of strong demand from AI server and automotive electronics customers. The company delivered robust first-quarter earnings growth, boosted by favorable product mix, margin expansion, and operational leverage.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_38576.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Small Cap Growth Fund Class I** | 4.35% | 2.50% | 8.58% | 5.28% |
| **MSCI Emerging Markets IMI (net)** | 14.62% | 14.28% | 7.61% | 4.95% |
| **MSCI Emerging Markets Small Cap Index (net)** | 10.74% | 8.40% | 13.86% | 5.97% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$369576 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;141 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1434 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;135% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corporation | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvama Wealth Management Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gentera SAB de CV | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samyangfoods Co., Ltd | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Financial Group Co. Ltd. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Direcional Engenharia SA | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;KFin Technologies Ltd. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | 1.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38573.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38567.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets Small Cap Growth Fund

#### Class N / WESNX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets Small Cap Growth Fund Class N (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets Small Cap Growth Fund Class N | $71 | 1.40% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 4.24% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets Small Cap Index (net), which returned 10.74% and underperformed the MSCI Emerging Markets IMI (net), a broad measure of market performance, which returned 14.62%.

Underperformance versus the index year-to-date was primarily driven by weak performance in the first quarter amid strong style headwinds and sharp country rotation. From a sector perspective, the underperformance was primarily driven by negative stock selection within Industrials and Financials.

#### TOP PERFORMANCE DETRACTORS
**HD Hyundai Marine Solution**, a Korean ship engine services provider, declined following softer-than-expected earnings and a share placement, despite long-term tailwinds from the shipbuilding cycle and the shift to dual-fuel engines.

**Transformers & Rectifiers India**, a power equipment manufacturer, fell on weaker-than-expected order inflows and margin compression, reflecting a broader slowdown in infrastructure-related capital expenditure as well as a broader rotation out of electrical equipment names.

**Apar Industries**, a leading Indian manufacturer of conductors, cables, and specialty oils, also corrected sharply. Despite strong fundamentals and a robust order book, the stock was impacted by profit-taking and concerns over near-term visibility in the power transmission segment.

**Central Depository Services India Ltd**, a key infrastructure provider for India's capital markets, underperformed due to slowing transaction volumes and elevated technology costs, which pressured margins.

**Grupo Supervielle**, an Argentine bank, corrected sharply after a strong 2024, as macro volatility, inflation concerns, and renewed currency pressures resurfaced in 2025.

**Kaynes Technology**, an Indian electronics manufacturing services firm, also corrected after a strong 2024 rally. The stock was pressured by valuation concerns and a slight miss in operating performance, as investor sentiment turned more cautious toward high-growth, high-multiple names.

**PG Electroplast**, a contract manufacturer of consumer electronics and appliances, also detracted as earnings momentum slowed and margin pressures emerged amid rising input costs.

#### TOP PERFORMANCE CONTRIBUTORS
**Cencosud SA**, a leading Chilean operator of supermarkets and multi-format retail stores, rallied on improved investor sentiment and expectations of a consumption recovery amid rising real wages and interest rate cuts in Chile.

**Gambol Pet Group** and **Yantai China Pet Foods Co**, Chinese pet food companies, delivered strong returns supported by robust sales momentum and growing demand for high-quality pet nutrition.

Within Taiwan, **ASPEED Technology** contributed the most amid strong performance in the second quarter, as the company benefited from accelerating demand for artificial intelligence ("AI") server infrastructure and continued strength in enterprise cloud spending.

**Elite Materials** added to relative results as the stock outperformed on the back of strong demand from AI server and automotive electronics customers. The company delivered robust first-quarter earnings growth, boosted by favorable product mix, margin expansion, and operational leverage.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $10,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $10,000
![Fund Performance - Growth of 10K](chartimages_38546.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Small Cap Growth Fund Class N** | 4.24% | 2.22% | 8.30% | 4.99% |
| **MSCI Emerging Markets IMI (net)** | 14.62% | 14.28% | 7.61% | 4.95% |
| **MSCI Emerging Markets Small Cap Index (net)** | 10.74% | 8.40% | 13.86% | 5.97% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$369576 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;141 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1434 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;135% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corporation | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvama Wealth Management Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gentera SAB de CV | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samyangfoods Co., Ltd | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Financial Group Co. Ltd. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Direcional Engenharia SA | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;KFin Technologies Ltd. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | 1.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38529.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38535.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets Small Cap Growth Fund

#### Class R6 / WESJX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets Small Cap Growth Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets Small Cap Growth Fund Class R6 | $56 | 1.10% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 4.38% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI Emerging Markets Small Cap Index (net), which returned 10.74% and underperformed the MSCI Emerging Markets IMI (net), a broad measure of market performance, which returned 14.62%.

Underperformance versus the index year-to-date was primarily driven by weak performance in the first quarter amid strong style headwinds and sharp country rotation. From a sector perspective, the underperformance was primarily driven by negative stock selection within Industrials and Financials.

#### TOP PERFORMANCE DETRACTORS
**HD Hyundai Marine Solution**, a Korean ship engine services provider, declined following softer-than-expected earnings and a share placement, despite long-term tailwinds from the shipbuilding cycle and the shift to dual-fuel engines.

**Transformers & Rectifiers India**, a power equipment manufacturer, fell on weaker-than-expected order inflows and margin compression, reflecting a broader slowdown in infrastructure-related capital expenditure as well as a broader rotation out of electrical equipment names.

**Apar Industries**, a leading Indian manufacturer of conductors, cables, and specialty oils, also corrected sharply. Despite strong fundamentals and a robust order book, the stock was impacted by profit-taking and concerns over near-term visibility in the power transmission segment.

**Central Depository Services India Ltd**, a key infrastructure provider for India's capital markets, underperformed due to slowing transaction volumes and elevated technology costs, which pressured margins.

**Grupo Supervielle**, an Argentine bank, corrected sharply after a strong 2024, as macro volatility, inflation concerns, and renewed currency pressures resurfaced in 2025.

**Kaynes Technology**, an Indian electronics manufacturing services firm, also corrected after a strong 2024 rally. The stock was pressured by valuation concerns and a slight miss in operating performance, as investor sentiment turned more cautious toward high-growth, high-multiple names.

**PG Electroplast**, a contract manufacturer of consumer electronics and appliances, also detracted as earnings momentum slowed and margin pressures emerged amid rising input costs.

#### TOP PERFORMANCE CONTRIBUTORS
**Cencosud SA**, a leading Chilean operator of supermarkets and multi-format retail stores, rallied on improved investor sentiment and expectations of a consumption recovery amid rising real wages and interest rate cuts in Chile.

**Gambol Pet Group** and **Yantai China Pet Foods Co**, Chinese pet food companies, delivered strong returns supported by robust sales momentum and growing demand for high-quality pet nutrition.

Within Taiwan, **ASPEED Technology** contributed the most amid strong performance in the second quarter, as the company benefited from accelerating demand for artificial intelligence ("AI") server infrastructure and continued strength in enterprise cloud spending.

**Elite Materials** added to relative results as the stock outperformed on the back of strong demand from AI server and automotive electronics customers. The company delivered robust first-quarter earnings growth, boosted by favorable product mix, margin expansion, and operational leverage.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_38618.jpg)

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **5 Years** | **10 Years** |
| **Emerging Markets Small Cap Growth Fund Class R6** | 4.38% | 2.54% | 8.64% | 5.34% |
| **MSCI Emerging Markets IMI (net)** | 14.62% | 14.28% | 7.61% | 4.95% |
| **MSCI Emerging Markets Small Cap Index (net)** | 10.74% | 8.40% | 13.86% | 5.97% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$369576 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;141 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1434 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;135% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;ASPEED Technology, Inc. | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Hyosung Heavy Industries Corporation | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Nuvama Wealth Management Ltd. | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Grupo Aeroportuario del Centro Norte SAB de CV | 1.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;Gentera SAB de CV | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Samyangfoods Co., Ltd | 1.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;JB Financial Group Co. Ltd. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Direcional Engenharia SA | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;KFin Technologies Ltd. | 1.6% |
| &nbsp;&nbsp;&nbsp;&nbsp;Chroma ATE, Inc. | 1.5% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38600.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38607.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair China Growth Fund

#### Class I / WICGX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair China Growth Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| China Growth Fund Class I | $52 | 0.99% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 11.32% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI China All Shares Index (net), which returned 11.77%. The Fund's benchmark is also a broad measure of market performance.

Underperformance versus the index was driven by a combination of allocation and stock selection effects. An overweight allocation to Consumer Sectors and Industrials coupled with negative stock selection within Industrials and Financials were the primary drivers of underperformance.

#### TOP PERFORMANCE DETRACTORS
**Shenzhen Envicool** is a leading precision temperature cooling and energy-saving equipment supplier in China. The stock declined during the period on weaker-than-expected full year 2024 results, with revenue up 30% year-over-year, missing consensus expectations by 3%. This was primarily due to delayed revenue recognition of certain room cooling projects in the fourth quarter of 2024. The company was also negatively affected by tariff impacts. In response, the company has established a small-scale U.S. production line as a contingency measure, although it currently lacks cost efficiency compared with its China-based operations. The company is also exploring Southeast Asia as a potential manufacturing base amid heightened geopolitical risks.

**East Money Information** is a leading company in the brokerage and wealth management market. Despite reporting in-line results, mixed mutual fund sales and distribution fee rate pressure weighed on earnings.

#### TOP PERFORMANCE CONTRIBUTORS
**Xiaomi** is a global leader in consumer electronics and technology. The company is executing well on its Human x Car x Home strategy with the electric vehicle success supporting Xiaomi's brand image and helping accelerate its high-end smartphone penetration and "AI Internet of Things" product growth momentum.

**Meitu** specializes in developing image and video editing software, with its flagship product the Meitu App. Meitu has transitioned to a sustainable business model centered on subscription services, complemented by its advertising businesses. Amid the rapid advancement of artificial intelligence ("AI"), the company has introduced a series of AI-generated content productivity tools since late 2022. The company is a leading provider of image and video editing software in China, commanding a 50% market share while actively expanding into select overseas markets.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_38648.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **China Growth Fund Class I** | 11.32% | 18.93% | -12.41% |
| **MSCI China All Shares Index (net)** | 11.77% | 27.18% | -4.11% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1951 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 13.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corporation | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pop Mart International Group Ltd. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;BYD Company Limited | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastroc Beverage Group Co. Ltd. | 2.7% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38642.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38639.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair China Growth Fund

#### Class R6 / WRCGX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair China Growth Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| China Growth Fund Class R6 | $50 | 0.94% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 11.17% (net of fees) for the 6 months ended June 30, 2025. The Fund underperformed its benchmark, the MSCI China All Shares Index (net), which returned 11.77%. The Fund's benchmark is also a broad measure of market performance.

Underperformance versus the index was driven by a combination of allocation and stock selection effects. An overweight allocation to Consumer Sectors and Industrials coupled with negative stock selection within Industrials and Financials were the primary drivers of underperformance.

#### TOP PERFORMANCE DETRACTORS
**Shenzhen Envicool** is a leading precision temperature cooling and energy-saving equipment supplier in China. The stock declined during the period on weaker-than-expected full year 2024 results, with revenue up 30% year-over-year, missing consensus expectations by 3%. This was primarily due to delayed revenue recognition of certain room cooling projects in the fourth quarter of 2024. The company was also negatively affected by tariff impacts. In response, the company has established a small-scale U.S. production line as a contingency measure, although it currently lacks cost efficiency compared with its China-based operations. The company is also exploring Southeast Asia as a potential manufacturing base amid heightened geopolitical risks.

**East Money Information** is a leading company in the brokerage and wealth management market. Despite reporting in-line results, mixed mutual fund sales and distribution fee rate pressure weighed on earnings.

#### TOP PERFORMANCE CONTRIBUTORS
**Xiaomi** is a global leader in consumer electronics and technology. The company is executing well on its Human x Car x Home strategy with the electric vehicle success supporting Xiaomi's brand image and helping accelerate its high-end smartphone penetration and "AI Internet of Things" product growth momentum.

**Meitu** specializes in developing image and video editing software, with its flagship product the Meitu App. Meitu has transitioned to a sustainable business model centered on subscription services, complemented by its advertising businesses. Amid the rapid advancement of artificial intelligence ("AI"), the company has introduced a series of AI-generated content productivity tools since late 2022. The company is a leading provider of image and video editing software in China, commanding a 50% market share while actively expanding into select overseas markets.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index which is also generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_38690.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **China Growth Fund Class R6** | 11.17% | 18.89% | -12.47% |
| **MSCI China All Shares Index (net)** | 11.77% | 27.18% | -4.11% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$1951 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;42 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$0 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;33% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Tencent Holdings Ltd. | 13.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Alibaba Group Holding Ltd. | 7.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Xiaomi Corporation | 7.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Pop Mart International Group Ltd. | 4.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;BYD Company Limited | 3.8% |
| &nbsp;&nbsp;&nbsp;&nbsp;NetEase, Inc. | 3.5% |
| &nbsp;&nbsp;&nbsp;&nbsp;Contemporary Amperex Technology Co. Ltd. | 3.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;China Merchants Bank Co. Ltd. | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Meituan | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Eastroc Beverage Group Co. Ltd. | 2.7% |

---

Sector Allocation

![Graphical Representation - Allocation 1 Chart](chartimages_38671.jpg)

Geographic Diversification

![Graphical Representation - Allocation 2 Chart](chartimages_38678.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets Debt Fund

#### Class I / WEDIX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets Debt Fund Class I (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets Debt Fund Class I | $36 | 0.70% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 6.64% (net of fees) for the 6 months ended June 30, 2025. The Fund outperformed its benchmark, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index (the "Index"), which returned 5.64% and underperformed the Bloomberg Global Aggregate Index, a broad measure of market performance, which returned 7.27%.

The Fund had positive contributions from all three "beta buckets," (or risk categories) particularly the high-beta (higher-risk) bucket. For all three groups, positive performance was the result of both the country allocation and security selection. Performance in the higher-risk and lower-risk buckets were predominately driven by country allocation while security selection drove performance in the medium-risk bucket.

#### Higher-Risk Countries
In **Lebanon**, our overweight position outperformed as bonds rallied on the appointment of a new prime minister and central bank governor. Additionally, potential de-escalation of regional conflict further supported Lebanese bonds.

In **Ecuador**, our overweight position added to performance. Valuations were overly depressed going into the second-round elections, and the win by incumbent Daniel Noboa led to a rapid increase in bond prices.

In **Ukraine**, our overweight position underperformed as assets priced out a ceasefire agreement with Russia. There was also disappointment when Ukraine missed the deadline for its warrant payment; however, negotiations with bondholders remain ongoing.

In **Bolivia**, our underweight position detracted from performance. Bolivian asset prices rose on the prospect of regime change in the Presidential elections in the fall.

#### Medium-Risk Countries
In **Turkey**, our overweight in the local currency carry trade contributed positively to performance in the second quarter, with a small contribution from our underweight in sovereign hard currency bonds and CDS position. This more than offset the marginal loss from exposure to hard currency corporate bonds.

In **Colombia**, our overweight position in local currency instruments added to performance via security selection. Both our positions in the 2042 bonds and a supranational position outperformed duration matched USD-denominated bond.

We participated in **Kyrgyzstan**'s inaugural new issue at the end of May, which was well received by the market. Although it currently trades marginally above the offer price, it has not been able to deliver a strong rally like the wider market.

In **Jordan** our position marginally underperformed as geopolitical tensions in the region eased and Jordan continued to make good progress on its reform efforts under the guidance of the International Monetary Fund.

#### Lower-Risk Countries
In **Hungary** our underweight exposure outperformed. The opposition is polling well ahead of next year's election and the market is concerned about the implications for fiscal policy. Monetary policy has also been kept fairly tight as inflation has not reverted back to target as quickly as previously expected.

In **Saudi Arabia**, our underweight position outperformed. Spreads were not helped by a decline in oil prices as the market focused more on supply and demand dynamics as opposed to increased volatility in regional geopolitics.

In **Trinidad and Tobago**, our investments underperformed due to a more hawkish policy from the Trump administration toward Venezuela. The Trump administration revoked the OFAC licenses to operate the Dragon gas field, off the coast of Venezuela and Trinidad. This led to concerns about fundamentals within Trinidad.

In **India**, our underweight exposure to quasi-sovereign bonds contributed marginally to performance as spreads in India compressed less than other index countries. However, our exposure to select corporate issuers detracted from performance amid market volatility early in the second quarter.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $500,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $500,000
![Fund Performance - Growth of 10K](chartimages_38719.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **Emerging Markets Debt Fund Class I** | 6.64% | 11.81% | 1.90% |
| **Bloomberg Global Aggregate Index** | 7.27% | 8.91% | -2.24% |
| **J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index** | 5.64% | 9.97% | 0.62% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$59345 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;237 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$46 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. Credit quality designations range from AAA (highest) to D (lowest). Credit quality ratings on underlying securities are received from S&P and Moody's which are converted to the equivalent S&P major rating category for presentation purposes only.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina Government International Bond | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Romania Government International Bond | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ukraine Government International Bond | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paraguay Government International Bond | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecuador Government International Bond | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkey Government International Bond | 1.7% |

---

Geographic Diversification

![](chartimages_38714.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_38711.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

### William Blair Emerging Markets Debt Fund

#### Class R6 / WEDRX
![WB - TSR - Fund Logo](images_574.jpg)

#### SEMI-ANNUAL SHAREHOLDER REPORT \| June 30, 2025
This semi-annual shareholder report contains important information about William Blair Emerging Markets Debt Fund Class R6 (the "Fund") for the period of January 1, 2025, to June 30, 2025.

You can find additional information about the Fund at https://www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### What were the Fund costs for the last six months?
(Based on a hypothetical $10,000 investment)

---

| | | |
|:---|:---|:---|
| **Fund** | **Cost of $10,000 Investment** | **Cost of $10,000 Investment as a percentage** |
| Emerging Markets Debt Fund Class R6 | $34 | 0.65% |

---

#### Management's Discussion of Fund Performance

#### SUMMARY OF RESULTS
The Fund returned 6.68% (net of fees) for the 6 months ended June 30, 2025. The Fund outperformed its benchmark, the J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index (the "Index"), which returned 5.64% and underperformed the Bloomberg Global Aggregate Index, a broad measure of market performance, which returned 7.27%.

The Fund had positive contributions from all three "beta buckets," (or risk categories) particularly the high-beta (higher-risk) bucket. For all three groups, positive performance was the result of both the country allocation and security selection. Performance in the higher-risk and lower-risk buckets were predominately driven by country allocation while security selection drove performance in the medium-risk bucket.

#### Higher-Risk Countries
In **Lebanon**, our overweight position outperformed as bonds rallied on the appointment of a new prime minister and central bank governor. Additionally, potential de-escalation of regional conflict further supported Lebanese bonds.

In **Ecuador**, our overweight position added to performance. Valuations were overly depressed going into the second-round elections, and the win by incumbent Daniel Noboa led to a rapid increase in bond prices.

In **Ukraine**, our overweight position underperformed as assets priced out a ceasefire agreement with Russia. There was also disappointment when Ukraine missed the deadline for its warrant payment; however, negotiations with bondholders remain ongoing.

In **Bolivia**, our underweight position detracted from performance. Bolivian asset prices rose on the prospect of regime change in the Presidential elections in the fall.

#### Medium-Risk Countries
In **Turkey**, our overweight in the local currency carry trade contributed positively to performance in the second quarter, with a small contribution from our underweight in sovereign hard currency bonds and CDS position. This more than offset the marginal loss from exposure to hard currency corporate bonds.

In **Colombia**, our overweight position in local currency instruments added to performance via security selection. Both our positions in the 2042 bonds and a supranational position outperformed duration matched USD-denominated bond.

We participated in **Kyrgyzstan**'s inaugural new issue at the end of May, which was well received by the market. Although it currently trades marginally above the offer price, it has not been able to deliver a strong rally like the wider market.

In **Jordan** our position marginally underperformed as geopolitical tensions in the region eased and Jordan continued to make good progress on its reform efforts under the guidance of the International Monetary Fund.

#### Lower-Risk Countries
In **Hungary** our underweight exposure outperformed. The opposition is polling well ahead of next year's election and the market is concerned about the implications for fiscal policy. Monetary policy has also been kept fairly tight as inflation has not reverted back to target as quickly as previously expected.

In **Saudi Arabia**, our underweight position outperformed. Spreads were not helped by a decline in oil prices as the market focused more on supply and demand dynamics as opposed to increased volatility in regional geopolitics.

In **Trinidad and Tobago**, our investments underperformed due to a more hawkish policy from the Trump administration toward Venezuela. The Trump administration revoked the OFAC licenses to operate the Dragon gas field, off the coast of Venezuela and Trinidad. This led to concerns about fundamentals within Trinidad.

In **India**, our underweight exposure to quasi-sovereign bonds contributed marginally to performance as spreads in India compressed less than other index countries. However, our exposure to select corporate issuers detracted from performance amid market volatility early in the second quarter.

#### Fund Performance
The following graph compares the initial and subsequent account values for the 10-year period ended June 30, 2025 (or for the life of the Fund, if shorter). It assumes a $1,000,000 initial investment at the beginning of the period and compares the Fund's performance to a broad-based securities market index and an additional index for the same period. The additional index is generally representative of the market sectors or types of investments in which the Fund invests.

#### GROWTH OF $1,000,000
![Fund Performance - Growth of 10K](chartimages_38762.jpg)

---

| | | | |
|:---|:---|:---|:---|
| **Average Annual Total Returns** | **6 Months** | **1 Year** | **Since Inception** |
| **Emerging Markets Debt Fund Class R6** | 6.68% | 11.90% | 1.96% |
| **Bloomberg Global Aggregate Index** | 7.27% | 8.91% | -2.24% |
| **J.P. Morgan Emerging Markets Bond Index (EMBI) Global Diversified Index** | 5.64% | 9.97% | 0.62% |

---

Keep in mind that the Fund's past performance is not a good predictor of how the Fund will perform in the future.

The graph and table do not reflect the deduction of taxes that a shareholder would pay on Fund distributions or redemption of Fund shares.

Visit www.williamblairfunds.com/funds/total-returns for the most recent performance information.

Key Fund Statistics

---

| | |
|:---|:---|
| **Fund net assets (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$59345 |
| **Number of portfolio holdings** | &nbsp;&nbsp;&nbsp;&nbsp;237 |
| **Net advisory fees paid (in $000s)** | &nbsp;&nbsp;&nbsp;&nbsp;$46 |
| **Portfolio turnover rate (six months)** | &nbsp;&nbsp;&nbsp;&nbsp;77% |

---

#### Graphical Representation of Holdings
The tables below show the investment makeup of the Fund, representing percentage of the total net assets of the Fund. Credit quality designations range from AAA (highest) to D (lowest). Credit quality ratings on underlying securities are received from S&P and Moody's which are converted to the equivalent S&P major rating category for presentation purposes only.

Top Ten Holdings

---

| | |
|:---|:---|
| &nbsp;&nbsp;&nbsp;&nbsp;Petroleos Mexicanos | 3.2% |
| &nbsp;&nbsp;&nbsp;&nbsp;Oman Government International Bond | 3.1% |
| &nbsp;&nbsp;&nbsp;&nbsp;Argentina Government International Bond | 3.0% |
| &nbsp;&nbsp;&nbsp;&nbsp;Egypt Government International Bond | 2.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Romania Government International Bond | 2.7% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ukraine Government International Bond | 2.4% |
| &nbsp;&nbsp;&nbsp;&nbsp;Paraguay Government International Bond | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Dominican Republic International Bond | 2.3% |
| &nbsp;&nbsp;&nbsp;&nbsp;Ecuador Government International Bond | 1.9% |
| &nbsp;&nbsp;&nbsp;&nbsp;Turkey Government International Bond | 1.7% |

---

Geographic Diversification

![](chartimages_38744.jpg)

Credit Quality

![Graphical Representation - Allocation 2 Chart](chartimages_38748.jpg)

#### Availability of Additional Information
You can find additional information about the Fund such as the prospectus, financial information, holdings and proxy voting information at www.williamblairfunds.com/literature/forms. You can also request this information by contacting us at 1-800-742-7272.

#### Householding
In order to reduce expenses, we will deliver a single copy of prospectuses, proxies, financial reports and other communication to shareholders with the same residential address, provided they have the same last name or we reasonably believe them to be members of the same family. Unless we are notified otherwise, we will continue to send recipients only one copy of these materials for as long as they remain a shareholder of the Fund. If you would like to receive individual mailings, please call 1-800-742-7272 and we will begin sending you separate copies of these materials within 30 days after receiving your request.

![WB - TSR - QR Code](images_572.jpg)

For additional information, please scan the QR code at left to navigate to additional hosted material at www.williamblairfunds.com/literature/forms.

WILLIAM BLAIR FUNDS

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 2. Code of Ethics** 

Not applicable to this filing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 3. Audit Committee Financial Expert**

Not applicable to this filing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 4. Principal Accountant Fees and Services**

Not applicable to this filing.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 5. Audit Committee of Listed Registrants** 

Not applicable to this Registrant, insofar as the Registrant is not a listed company.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 6. Schedule of Investments** 

(a) The complete Schedule of Investments is included in Item 7 of this Form N-CSR.

(b) Not applicable.

------

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 7. Financial Statements and Financial Highlights for Open-End Management Investment Companies.**

------

![](img7b30f6ef1.jpg)

June 30, 2025

William Blair Funds

Semi-Annual Financial Statements and Other Information

------

**Table of Contents**

------

---

| | |
|:---|:---|
| **[Growth Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-2_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-2_1)* | 2 |
| **[Large Cap Growth Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-3_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-3_1)* | 4 |
| **[Mid Cap Value Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-4_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-4_1)* | 6 |
| **[Small-Mid Cap Core Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-5_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-5_1)* | 8 |
| **[Small-Mid Cap Growth Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-6_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-6_1)* | 10 |
| **[Small-Mid Cap Value Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-7_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-7_1)* | 12 |
| **[Small Cap Growth Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-8_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-8_1)* | 14 |
| **[Small Cap Value Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-9_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-9_1)* | 17 |
| **[Global Leaders Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-10_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-10_1)* | 19 |
| **[International Leaders Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-11_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-11_1)* | 22 |
| **[International Growth Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-12_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-12_1)* | 25 |
| **[Institutional International Growth Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-13_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-13_1)* | 30 |
| **[International Small Cap Growth Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-14_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-14_1)* | 35 |
| **[Emerging Markets Leaders Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-15_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-15_1)* | 39 |
| **[Emerging Markets Growth Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-16_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-16_1)* | 42 |
| **[Emerging Markets ex China Growth Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-17_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-17_1)* | 46 |
| **[Emerging Markets Small Cap Growth Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-18_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-18_1)* | 50 |
| **[China Growth Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-19_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-19_1)* | 54 |
| **[Emerging Markets Debt Fund](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-20_1)** |  |
| *[Portfolio of Investments](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_SOI-TOC-ScheduleofInvestments-20_1)* | 56 |
| **[Financial Statements](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_FS-StatementofAssetsandLiabilities_1)** | 65 |
| **[Notes to Financial Statements](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_NTF-NotestoFinancialStatements_1)** | 80 |
| **[Financial Highlights](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_FIHI-TOC-FinancialHighlights-2_1)** | 97 |
| **[Renewal of the Management Agreement](#xx_c55298ed-be1a-48b7-b028-bd1a55af5a44_RMA-TOC-RenewaloftheManagementAgreement-2_1)** | 135 |

---

**This report is submitted for the general information of the shareholders of William Blair Funds. It is not authorized for distribution to prospective Fund investors unless accompanied or preceded by the Fund's prospectus. Please carefully consider a Fund's investment objectives, risks, charges, and expenses before investing. This and other information is contained in the Fund's prospectus, which you may obtain by calling 1-800-742-7272. Read it carefully before you invest or send money.**

*June 30, 2025*

**1**

*William Blair Funds*

------

**Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Information Technology—49.8%** | **Information Technology—49.8%** | **Information Technology—49.8%** |
| \* <br>| Advanced Micro Devices, Inc. | 40737 | &nbsp;&nbsp; $5781 |
|  | Apple, Inc. | 56143 | &nbsp;&nbsp; 11519 |
|  | Broadcom, Inc. | 41433 | &nbsp;&nbsp; 11421 |
| \* <br>| Clearwater Analytics Holdings, Inc. | 78679 | &nbsp;&nbsp; 1725 |
| \* <br>| Confluent, Inc. | 110831 | &nbsp;&nbsp; 2763 |
| \* <br>| Dynatrace, Inc. | 62277 | &nbsp;&nbsp; 3438 |
| \* <br>| EPAM Systems, Inc. | 15399 | &nbsp;&nbsp; 2723 |
|  | Intuit, Inc. | 8482 | &nbsp;&nbsp; 6681 |
|  | Microsoft Corp. | 41567 | &nbsp;&nbsp; 20676 |
|  | NVIDIA Corp. | 160755 | &nbsp;&nbsp; 25397 |
|  | Oracle Corporation | 28860 | &nbsp;&nbsp; 6310 |
| \* <br>| PDF Solutions, Inc. | 68297 | &nbsp;&nbsp; 1460 |
| \* <br>| Pure Storage, Inc. | 56849 | &nbsp;&nbsp; 3273 |
| \* <br>| Q2 Holdings, Inc. | 27206 | &nbsp;&nbsp; 2546 |
| \* <br>| ServiceNow, Inc. | 6944 | &nbsp;&nbsp; 7139 |
| \* <br>| Tyler Technologies, Inc. | 5133 | &nbsp;&nbsp; 3043 |
| \* <br>| Workday, Inc. | 9160 | &nbsp;&nbsp; 2198 |
|  |  |  | &nbsp;&nbsp; 118093 |
|  | **Communication Services—8.9%** | **Communication Services—8.9%** | **Communication Services—8.9%** |
|  | Alphabet, Inc.—Class A | 47354 | &nbsp;&nbsp; 8345 |
| \* <br>| Gogo, Inc. | 121171 | &nbsp;&nbsp; 1779 |
|  | Meta Platforms, Inc. | 13685 | &nbsp;&nbsp; 10101 |
| \* <br>| ZipRecruiter, Inc. | 185463 | &nbsp;&nbsp; 929 |
|  |  |  | &nbsp;&nbsp; 21154 |
|  | **Industrials—8.4%** | **Industrials—8.4%** | **Industrials—8.4%** |
| \* <br>| ACV Auctions, Inc. | 160522 | &nbsp;&nbsp; 2604 |
|  | Advanced Drainage Systems, Inc. | 16528 | &nbsp;&nbsp; 1898 |
|  | Brink's Co. | 24781 | &nbsp;&nbsp; 2213 |
| \* <br>| Copart, Inc. | 70438 | &nbsp;&nbsp; 3456 |
|  | Hammond Power Solutions Inc. | 18486 | &nbsp;&nbsp; 1703 |
| \* <br>| Montrose Environmental Group, Inc. | 104513 | &nbsp;&nbsp; 2288 |
|  | TransUnion | 42847 | &nbsp;&nbsp; 3770 |
| \* <br>| Verra Mobility Corp. | 73910 | &nbsp;&nbsp; 1877 |
|  |  |  | &nbsp;&nbsp; 19809 |
|  | **Health Care—8.2%** | **Health Care—8.2%** | **Health Care—8.2%** |
|  | Abbott Laboratories | 21894 | &nbsp;&nbsp; 2978 |
|  | Agilent Technologies, Inc. | 48448 | &nbsp;&nbsp; 5717 |
| \* <br>| Doximity, Inc. | 32795 | &nbsp;&nbsp; 2012 |
| \* <br>| IDEXX Laboratories, Inc. | 5512 | &nbsp;&nbsp; 2956 |
|  | UnitedHealth Group, Inc. | 9813 | &nbsp;&nbsp; 3062 |
|  | West Pharmaceutical Services, Inc. | 12437 | &nbsp;&nbsp; 2721 |
|  |  |  | &nbsp;&nbsp; 19446 |
|  | **Consumer Discretionary—7.7%** | **Consumer Discretionary—7.7%** | **Consumer Discretionary—7.7%** |
| \* <br>| Amazon.com, Inc. | 56815 | &nbsp;&nbsp; 12465 |
| \* <br>| Chipotle Mexican Grill, Inc. | 81307 | &nbsp;&nbsp; 4565 |
| \* <br>| Skyline Champion Corp. | 21144 | &nbsp;&nbsp; 1324 |
|  |  |  | &nbsp;&nbsp; 18354 |
|  | **Financials—7.3%** | **Financials—7.3%** | **Financials—7.3%** |
| \* <br>| Baldwin Insurance Group, Inc. | 60044 | &nbsp;&nbsp; 2570 |
|  | Carlyle Group, Inc. | 91145 | &nbsp;&nbsp; 4685 |
|  | Evercore Inc. | 7451 | &nbsp;&nbsp; 2012 |
|  | Mastercard, Inc. | 14412 | &nbsp;&nbsp; 8099 |
|  |  |  | &nbsp;&nbsp; 17366 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal** <br> **Amount** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Consumer Staples—5.4%** | **Consumer Staples—5.4%** | **Consumer Staples—5.4%** |
| \* <br>| e.l.f. Beauty, Inc. | 12436 | &nbsp;&nbsp; $1548 |
| \* <br>| The Simply Good Foods Company | 37968 | &nbsp;&nbsp; 1199 |
| \* <br>| Vital Farms, Inc. | 57714 | &nbsp;&nbsp; 2223 |
|  | Walmart, Inc. | 79244 | &nbsp;&nbsp; 7748 |
|  |  |  | &nbsp;&nbsp; 12718 |
|  | **Energy—2.6%** | **Energy—2.6%** | **Energy—2.6%** |
|  | Cameco Corp. | 82741 | &nbsp;&nbsp; 6142 |
|  | **Total Common Stocks—98.3%** <br>(cost $162,603)<br>|  | &nbsp;&nbsp; 233082 |

---

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing Corporation, 1.600% <br> dated 06/30/25, due 07/01/25, repurchase <br> price $3,935, collateralized by <br> U.S. Treasury Note, 4.125%, due <br> 09/30/2027, valued at $4,013<br>| $3935 | &nbsp;&nbsp; 3935 |
| **Total Repurchase Agreements—1.7%** <br>(cost $3,935)<br>|  | &nbsp;&nbsp; 3935 |
| **Total Investments—100.0%** <br>(cost $166,538)<br>|  | &nbsp;&nbsp; 237017 |
| **Liabilities, plus cash and** <br>**other assets—(0.0)%**<br>|  | &nbsp;&nbsp; (15)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $237002 |

---

------

\* Non-income producing security.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**2**

*Semi-Annual*

------

**Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $233082 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $233082 |
| Repurchase Agreements |  | &nbsp;&nbsp; 3935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3935 |
| **Total Investments in Securities** | $233082 | &nbsp;&nbsp; $3935 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $237017 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**3**

*William Blair Funds*

------

**Large Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Information Technology—51.9%** | **Information Technology—51.9%** | **Information Technology—51.9%** |
| \* <br>| Advanced Micro Devices, Inc. | 98630 | &nbsp;&nbsp; $13996 |
|  | Apple, Inc. | 991860 | &nbsp;&nbsp; 203500 |
|  | Broadcom, Inc. | 498310 | &nbsp;&nbsp; 137359 |
| \* <br>| Datadog, Inc. | 428460 | &nbsp;&nbsp; 57555 |
|  | Intuit, Inc. | 88640 | &nbsp;&nbsp; 69815 |
|  | Lam Research Corporation | 356350 | &nbsp;&nbsp; 34687 |
|  | Microsoft Corp. | 780060 | &nbsp;&nbsp; 388010 |
|  | NVIDIA Corp. | 2366980 | &nbsp;&nbsp; 373959 |
|  | Oracle Corporation | 145360 | &nbsp;&nbsp; 31780 |
|  | Salesforce, Inc. | 130440 | &nbsp;&nbsp; 35570 |
| \* <br>| ServiceNow, Inc. | 62530 | &nbsp;&nbsp; 64286 |
| \* <br>| Tyler Technologies, Inc. | 65820 | &nbsp;&nbsp; 39021 |
|  |  |  | &nbsp;&nbsp; 1449538 |
|  | **Consumer Discretionary—12.4%** | **Consumer Discretionary—12.4%** | **Consumer Discretionary—12.4%** |
| \* <br>| Amazon.com, Inc. | 1013990 | &nbsp;&nbsp; 222459 |
| \* <br>| Chipotle Mexican Grill, Inc. | 1135470 | &nbsp;&nbsp; 63757 |
| \* <br>| O'Reilly Automotive, Inc. | 679490 | &nbsp;&nbsp; 61242 |
|  |  |  | &nbsp;&nbsp; 347458 |
|  | **Communication Services—8.7%** | **Communication Services—8.7%** | **Communication Services—8.7%** |
| \* <br>| Live Nation Entertainment, Inc. | 320742 | &nbsp;&nbsp; 48522 |
|  | Meta Platforms, Inc. | 262700 | &nbsp;&nbsp; 193896 |
|  |  |  | &nbsp;&nbsp; 242418 |
|  | **Health Care—7.6%** | **Health Care—7.6%** | **Health Care—7.6%** |
|  | Agilent Technologies, Inc. | 424570 | &nbsp;&nbsp; 50104 |
| \* <br>| IDEXX Laboratories, Inc. | 131950 | &nbsp;&nbsp; 70770 |
|  | UnitedHealth Group, Inc. | 132845 | &nbsp;&nbsp; 41444 |
| \* <br>| Veeva Systems, Inc. | 119680 | &nbsp;&nbsp; 34465 |
|  | West Pharmaceutical Services, Inc. | 65530 | &nbsp;&nbsp; 14338 |
|  |  |  | &nbsp;&nbsp; 211121 |
|  | **Financials—7.4%** | **Financials—7.4%** | **Financials—7.4%** |
|  | Apollo Global Management, Inc. | 180121 | &nbsp;&nbsp; 25554 |
|  | Carlyle Group, Inc. | 1072047 | &nbsp;&nbsp; 55103 |
|  | Mastercard, Inc. | 224100 | &nbsp;&nbsp; 125931 |
|  |  |  | &nbsp;&nbsp; 206588 |
|  | **Industrials—4.8%** | **Industrials—4.8%** | **Industrials—4.8%** |
| \* <br>| Copart, Inc. | 749800 | &nbsp;&nbsp; 36792 |
|  | TransUnion | 549340 | &nbsp;&nbsp; 48342 |
| \* <br>| Uber Technologies, Inc. | 523600 | &nbsp;&nbsp; 48852 |
|  |  |  | &nbsp;&nbsp; 133986 |
|  | **Consumer Staples—4.0%** | **Consumer Staples—4.0%** | **Consumer Staples—4.0%** |
|  | Costco Wholesale Corp. | 74800 | &nbsp;&nbsp; 74048 |
| \* <br>| Monster Beverage Corp. | 609180 | &nbsp;&nbsp; 38159 |
|  |  |  | &nbsp;&nbsp; 112207 |
|  | **Materials—2.4%** | **Materials—2.4%** | **Materials—2.4%** |
|  | Linde PLC<sup>†</sup> | 79890 | &nbsp;&nbsp; 37483 |
|  | Martin Marietta Materials, Inc. | 56550 | &nbsp;&nbsp; 31043 |
|  |  |  | &nbsp;&nbsp; 68526 |
|  | **Total Common Stocks—99.2%** <br>(cost $2,011,660)<br>|  | &nbsp;&nbsp; 2771842 |

---

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Principal Amount** | <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing <br> Corporation, 1.600% dated <br> 06/30/25, due 07/01/25, <br> repurchase price $18,949, <br> collateralized by U.S. Treasury <br> Note, 4.125%, due 09/30/2027, <br> valued at $19,327<br>| $18948 | &nbsp;&nbsp; $18948 |
| **Total Repurchase** <br> **Agreements—0.7%** <br>(cost $18,948)<br>|  | &nbsp;&nbsp; 18948 |
| **Total Investments—99.9%** <br>(cost $2,030,608)<br>|  | &nbsp;&nbsp; 2790790 |
| **Cash and other assets,** <br>**less liabilities—0.1%**<br>|  | &nbsp;&nbsp; 2420 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $2793210 |

---

------

PLC Public Limited Company

\* Non-income producing security. <br> † U.S. listed foreign security

See accompanying Notes to Financial Statements.

*June 30, 2025*

**4**

*Semi-Annual*

------

**Large Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $2771842 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2771842 |
| Repurchase Agreements |  | &nbsp;&nbsp; 18948 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18948 |
| **Total Investments in Securities** | $2771842 | &nbsp;&nbsp; $18948 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2790790 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**5**

*William Blair Funds*

------

**Mid Cap Value Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Industrials—18.3%** | **Industrials—18.3%** | **Industrials—18.3%** |
|  | AGCO Corp. | 177 | &nbsp;&nbsp; $18 |
| \* <br>| Alaska Air Group, Inc. | 679 | &nbsp;&nbsp; 34 |
|  | Allegion PLC<sup>†</sup> | 229 | &nbsp;&nbsp; 33 |
|  | Allison Transmission Holdings, Inc. | 311 | &nbsp;&nbsp; 29 |
| \* <br>| CACI International, Inc. | 61 | &nbsp;&nbsp; 29 |
|  | Donaldson Company, Inc. | 430 | &nbsp;&nbsp; 30 |
|  | Genpact Ltd.<sup>†</sup> | 687 | &nbsp;&nbsp; 30 |
|  | JB Hunt Transport Services, Inc. | 171 | &nbsp;&nbsp; 25 |
| \* <br>| Kirby Corporation | 311 | &nbsp;&nbsp; 35 |
|  | Knight-Swift Transportation Holdings, Inc. | 372 | &nbsp;&nbsp; 16 |
|  | Timken Co. | 394 | &nbsp;&nbsp; 29 |
|  |  |  | &nbsp;&nbsp; 308 |
|  | **Financials—16.9%** | **Financials—16.9%** | **Financials—16.9%** |
|  | Arch Capital Group Ltd.<sup>†</sup> | 324 | &nbsp;&nbsp; 29 |
|  | East West Bancorp, Inc. | 300 | &nbsp;&nbsp; 30 |
|  | Everest Group Ltd. | 100 | &nbsp;&nbsp; 34 |
|  | Hartford Financial Services Group, Inc. | 229 | &nbsp;&nbsp; 29 |
|  | Huntington Bancshares, Inc. | 1662 | &nbsp;&nbsp; 28 |
|  | KKR & Co., Inc. | 261 | &nbsp;&nbsp; 35 |
|  | State Street Corporation | 320 | &nbsp;&nbsp; 34 |
| \* <br>| WEX, Inc. | 212 | &nbsp;&nbsp; 31 |
|  | Willis Towers Watson PLC<sup>†</sup> | 111 | &nbsp;&nbsp; 34 |
|  |  |  | &nbsp;&nbsp; 284 |
|  | **Information Technology—12.3%** | **Information Technology—12.3%** | **Information Technology—12.3%** |
|  | Amdocs Ltd.<sup>†</sup> | 378 | &nbsp;&nbsp; 35 |
| \* <br>| Check Point Software Technologies Ltd.<sup>†</sup> | 119 | &nbsp;&nbsp; 26 |
|  | Cognizant Technology Solutions Corp. | 269 | &nbsp;&nbsp; 21 |
| \* <br>| Flex Ltd.<sup>†</sup> | 686 | &nbsp;&nbsp; 34 |
|  | Hewlett Packard Enterprise Co. | 1439 | &nbsp;&nbsp; 30 |
|  | Jabil, Inc. | 112 | &nbsp;&nbsp; 24 |
|  | STMicroelectronics N.V. | 1217 | &nbsp;&nbsp; 37 |
|  |  |  | &nbsp;&nbsp; 207 |
|  | **Health Care—9.7%** | **Health Care—9.7%** | **Health Care—9.7%** |
|  | Cencora, Inc. | 108 | &nbsp;&nbsp; 32 |
| \* <br>| Centene Corp. | 453 | &nbsp;&nbsp; 25 |
|  | Encompass Health Corp. | 277 | &nbsp;&nbsp; 34 |
| \* <br>| Globus Medical, Inc. | 483 | &nbsp;&nbsp; 28 |
| \* <br>| ICON PLC | 145 | &nbsp;&nbsp; 21 |
|  | Labcorp Holdings, Inc. | 87 | &nbsp;&nbsp; 23 |
|  |  |  | &nbsp;&nbsp; 163 |
|  | **Materials—8.7%** | **Materials—8.7%** | **Materials—8.7%** |
| \* <br>| Axalta Coating Systems Ltd.<sup>†</sup> | 1082 | &nbsp;&nbsp; 32 |
|  | CRH PLC<sup>†</sup> | 287 | &nbsp;&nbsp; 26 |
|  | Crown Holdings, Inc. | 309 | &nbsp;&nbsp; 32 |
|  | International Paper Company | 621 | &nbsp;&nbsp; 29 |
|  | Royal Gold, Inc. | 154 | &nbsp;&nbsp; 28 |
|  |  |  | &nbsp;&nbsp; 147 |
|  | **Real Estate—8.2%** | **Real Estate—8.2%** | **Real Estate—8.2%** |
|  | Camden Property Trust | 196 | &nbsp;&nbsp; 22 |
|  | Healthpeak Properties, Inc. | 1441 | &nbsp;&nbsp; 25 |
|  | Host Hotels & Resorts, Inc. | 1571 | &nbsp;&nbsp; 24 |
|  | Regency Centers Corp. | 483 | &nbsp;&nbsp; 35 |
|  | VICI Properties, Inc. | 1008 | &nbsp;&nbsp; 33 |
|  |  |  | &nbsp;&nbsp; 139 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Utilities—5.8%** | **Utilities—5.8%** | **Utilities—5.8%** |
|  | Entergy Corp. | 406 | &nbsp;&nbsp; $34 |
|  | NiSource, Inc. | 756 | &nbsp;&nbsp; 30 |
|  | PPL Corp. | 993 | &nbsp;&nbsp; 34 |
|  |  |  | &nbsp;&nbsp; 98 |
|  | **Consumer Staples—5.8%** | **Consumer Staples—5.8%** | **Consumer Staples—5.8%** |
|  | Ingredion, Inc. | 178 | &nbsp;&nbsp; 24 |
|  | Molson Coors Beverage Co. | 529 | &nbsp;&nbsp; 25 |
|  | Tyson Foods, Inc. | 428 | &nbsp;&nbsp; 24 |
| \* <br>| U.S. Foods Holding Corp. | 305 | &nbsp;&nbsp; 24 |
|  |  |  | &nbsp;&nbsp; 97 |
|  | **Energy—5.3%** | **Energy—5.3%** | **Energy—5.3%** |
|  | Coterra Energy, Inc. | 468 | &nbsp;&nbsp; 12 |
|  | Diamondback Energy, Inc. | 104 | &nbsp;&nbsp; 14 |
|  | Expand Energy Corporation | 209 | &nbsp;&nbsp; 24 |
|  | Permian Resources Corp. | 846 | &nbsp;&nbsp; 12 |
|  | Phillips 66 | 223 | &nbsp;&nbsp; 27 |
|  |  |  | &nbsp;&nbsp; 89 |
|  | **Consumer Discretionary—5.0%** | **Consumer Discretionary—5.0%** | **Consumer Discretionary—5.0%** |
|  | Brunswick Corp. | 355 | &nbsp;&nbsp; 20 |
|  | LKQ Corp. | 883 | &nbsp;&nbsp; 33 |
|  | Toll Brothers, Inc. | 284 | &nbsp;&nbsp; 32 |
|  |  |  | &nbsp;&nbsp; 85 |
|  | **Total Common Stocks—96.0%** <br>(cost $1,417)<br>|  | &nbsp;&nbsp; 1617 |
|  | **Total Investments—96.0%** <br>(cost $1,417)<br>|  | &nbsp;&nbsp; 1617 |
|  | **Cash and other assets,** <br>**less liabilities—4.0%**<br>|  | &nbsp;&nbsp; 67 |
|  | **Net Assets—100.0%** |  | &nbsp;&nbsp; $1684 |

---

------

PLC Public Limited Company

\* Non-income producing security. <br> † U.S. listed foreign security

See accompanying Notes to Financial Statements.

*June 30, 2025*

**6**

*Semi-Annual*

------

**Mid Cap Value Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1617 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1617 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**7**

*William Blair Funds*

------

**Small-Mid Cap Core Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Industrials—24.8%** | **Industrials—24.8%** | **Industrials—24.8%** |
| \* <br>| ACV Auctions, Inc. | 106907 | &nbsp;&nbsp; $1734 |
|  | Applied Industrial Technologies, Inc. | 5277 | &nbsp;&nbsp; 1227 |
|  | Brink's Co. | 13760 | &nbsp;&nbsp; 1229 |
|  | BWX Technologies, Inc. | 11894 | &nbsp;&nbsp; 1713 |
| \* <br>| CACI International, Inc. | 5204 | &nbsp;&nbsp; 2481 |
| \* <br>| Casella Waste Systems, Inc. | 13898 | &nbsp;&nbsp; 1604 |
| \* <br>| CBIZ, Inc. | 14036 | &nbsp;&nbsp; 1006 |
|  | Curtiss-Wright Corporation | 3873 | &nbsp;&nbsp; 1892 |
| \* <br>| ExlService Holdings, Inc. | 28724 | &nbsp;&nbsp; 1258 |
|  | Flowserve Corp. | 19738 | &nbsp;&nbsp; 1033 |
| \* <br>| GXO Logistics, Inc. | 24445 | &nbsp;&nbsp; 1190 |
|  | JBT Marel Corp | 13223 | &nbsp;&nbsp; 1590 |
| \* <br>| Mercury Systems, Inc. | 34577 | &nbsp;&nbsp; 1862 |
|  | Mueller Industries, Inc. | 13696 | &nbsp;&nbsp; 1088 |
|  | nVent Electric PLC | 22254 | &nbsp;&nbsp; 1630 |
|  | Owens Corning | 8215 | &nbsp;&nbsp; 1130 |
| \* <br>| Paylocity Holding Corporation | 4233 | &nbsp;&nbsp; 767 |
|  | Tecnoglass, Inc.<sup>†</sup> | 11271 | &nbsp;&nbsp; 872 |
|  | TransUnion | 25214 | &nbsp;&nbsp; 2219 |
|  | UL Solutions Inc. | 20323 | &nbsp;&nbsp; 1481 |
| \* <br>| Verra Mobility Corp. | 55376 | &nbsp;&nbsp; 1406 |
|  | WillScot Mobile Mini Holdings Corp. | 52557 | &nbsp;&nbsp; 1440 |
|  |  |  | &nbsp;&nbsp; 31852 |
|  | **Financials—13.8%** | **Financials—13.8%** | **Financials—13.8%** |
| \* <br>| Baldwin Insurance Group, Inc. | 60150 | &nbsp;&nbsp; 2575 |
|  | Banner Corp. | 28700 | &nbsp;&nbsp; 1841 |
|  | Cadence Bank | 39339 | &nbsp;&nbsp; 1258 |
|  | Carlyle Group, Inc. | 45474 | &nbsp;&nbsp; 2337 |
|  | East West Bancorp, Inc. | 16016 | &nbsp;&nbsp; 1617 |
|  | Everest Group Ltd.<sup>†</sup> | 7552 | &nbsp;&nbsp; 2567 |
|  | Marex Group PLC<sup>†</sup> | 15842 | &nbsp;&nbsp; 625 |
|  | Old National Bancorp | 92860 | &nbsp;&nbsp; 1982 |
|  | Perella Weinberg Partners | 35934 | &nbsp;&nbsp; 698 |
|  | Western Alliance Bancorp | 29235 | &nbsp;&nbsp; 2280 |
|  |  |  | &nbsp;&nbsp; 17780 |
|  | **Information Technology—12.7%** | **Information Technology—12.7%** | **Information Technology—12.7%** |
| \* <br>| Agilysys, Inc. | 12227 | &nbsp;&nbsp; 1402 |
| \* <br>| Ciena Corporation | 22338 | &nbsp;&nbsp; 1817 |
| \* <br>| Clearwater Analytics Holdings, Inc. | 54780 | &nbsp;&nbsp; 1201 |
| \* <br>| Coherent Corp. | 19830 | &nbsp;&nbsp; 1769 |
| \* <br>| Confluent, Inc. | 68204 | &nbsp;&nbsp; 1700 |
| \* <br>| Descartes Systems Group, Inc. | 6944 | &nbsp;&nbsp; 706 |
| \* <br>| Diebold Nixdorf, Inc. | 43097 | &nbsp;&nbsp; 2388 |
| \* <br>| Dynatrace, Inc. | 31297 | &nbsp;&nbsp; 1728 |
| \* <br>| EPAM Systems, Inc. | 5735 | &nbsp;&nbsp; 1014 |
| \* <br>| Gitlab, Inc. | 26730 | &nbsp;&nbsp; 1206 |
| \* <br>| Pure Storage, Inc. | 25397 | &nbsp;&nbsp; 1462 |
|  |  |  | &nbsp;&nbsp; 16393 |
|  | **Consumer Discretionary—12.0%** | **Consumer Discretionary—12.0%** | **Consumer Discretionary—12.0%** |
|  | Academy Sports and Outdoors, Inc. | 41562 | &nbsp;&nbsp; 1862 |
|  | ADT, Inc. | 117778 | &nbsp;&nbsp; 998 |
| \* <br>| Bright Horizons Family Solutions, Inc. | 15739 | &nbsp;&nbsp; 1945 |
|  | Garrett Motion, Inc. | 120980 | &nbsp;&nbsp; 1272 |
| \* <br>| National Vision Holdings, Inc. | 31284 | &nbsp;&nbsp; 720 |
|  | Pool Corp. | 5253 | &nbsp;&nbsp; 1531 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Consumer Discretionary—(continued)** | **Consumer Discretionary—(continued)** | **Consumer Discretionary—(continued)** |
| \* <br>| Revolve Group, Inc. | 59323 | &nbsp;&nbsp; $1190 |
| \* <br>| SharkNinja, Inc.<sup>†</sup> | 22592 | &nbsp;&nbsp; 2236 |
|  | Signet Jewelers Ltd.<sup>†</sup> | 13994 | &nbsp;&nbsp; 1113 |
| \* <br>| Skyline Champion Corp. | 15687 | &nbsp;&nbsp; 982 |
| \* <br>| Stride, Inc. | 10849 | &nbsp;&nbsp; 1575 |
|  |  |  | &nbsp;&nbsp; 15424 |
|  | **Health Care—10.7%** | **Health Care—10.7%** | **Health Care—10.7%** |
|  | Chemed Corp. | 3788 | &nbsp;&nbsp; 1845 |
| \* <br>| Doximity, Inc. | 37427 | &nbsp;&nbsp; 2296 |
|  | Embecta Corp. | 91453 | &nbsp;&nbsp; 886 |
|  | Encompass Health Corp. | 10390 | &nbsp;&nbsp; 1274 |
| \* <br>| Exact Sciences Corp. | 25614 | &nbsp;&nbsp; 1361 |
| \* <br>| GeneDx Holdings Corp. | 17138 | &nbsp;&nbsp; 1582 |
| \* <br>| Insulet Corp. | 2232 | &nbsp;&nbsp; 701 |
| \* <br>| Merit Medical Systems, Inc. | 16583 | &nbsp;&nbsp; 1550 |
| \* <br>| Vericel Corp. | 18198 | &nbsp;&nbsp; 775 |
| \* <br>| Waystar Holding Corp. | 35851 | &nbsp;&nbsp; 1465 |
|  |  |  | &nbsp;&nbsp; 13735 |
|  | **Real Estate—6.7%** | **Real Estate—6.7%** | **Real Estate—6.7%** |
|  | Agree Realty Corp. | 17488 | &nbsp;&nbsp; 1278 |
|  | Americold Realty Trust, Inc. | 64649 | &nbsp;&nbsp; 1075 |
|  | Equity LifeStyle Properties, Inc. | 29577 | &nbsp;&nbsp; 1824 |
|  | Healthcare Realty Trust, Inc. | 107114 | &nbsp;&nbsp; 1699 |
| \* <br>| Jones Lang LaSalle Incorporated | 5262 | &nbsp;&nbsp; 1346 |
|  | Rexford Industrial Realty, Inc. | 40204 | &nbsp;&nbsp; 1430 |
|  |  |  | &nbsp;&nbsp; 8652 |
|  | **Consumer Staples—5.6%** | **Consumer Staples—5.6%** | **Consumer Staples—5.6%** |
| \* <br>| Freshpet, Inc. | 9389 | &nbsp;&nbsp; 638 |
|  | Lancaster Colony Corp. | 8430 | &nbsp;&nbsp; 1457 |
| \* <br>| Maplebear Inc. | 35875 | &nbsp;&nbsp; 1623 |
|  | Primo Brands Corporation | 81073 | &nbsp;&nbsp; 2401 |
| \* <br>| The Simply Good Foods Company | 34153 | &nbsp;&nbsp; 1079 |
|  |  |  | &nbsp;&nbsp; 7198 |
|  | **Energy—4.0%** | **Energy—4.0%** | **Energy—4.0%** |
| \* <br>| Antero Resources Corp. | 23626 | &nbsp;&nbsp; 952 |
|  | Cameco Corp. | 29134 | &nbsp;&nbsp; 2162 |
|  | Weatherford International PLC<sup>†</sup> | 14135 | &nbsp;&nbsp; 711 |
|  | Whitecap Resources, Inc. | 186185 | &nbsp;&nbsp; 1251 |
|  |  |  | &nbsp;&nbsp; 5076 |
|  | **Utilities—3.7%** | **Utilities—3.7%** | **Utilities—3.7%** |
|  | IDACORP, Inc. | 17386 | &nbsp;&nbsp; 2007 |
| \* <br>| Talen Energy Corporation | 9657 | &nbsp;&nbsp; 2808 |
|  |  |  | &nbsp;&nbsp; 4815 |
|  | **Materials—2.7%** | **Materials—2.7%** | **Materials—2.7%** |
|  | Carpenter Technology Corporation | 5210 | &nbsp;&nbsp; 1440 |
|  | Eagle Materials, Inc. | 6048 | &nbsp;&nbsp; 1222 |
|  | Louisiana-Pacific Corp. | 10083 | &nbsp;&nbsp; 867 |
|  |  |  | &nbsp;&nbsp; 3529 |
|  | **Communication Services—1.4%** | **Communication Services—1.4%** | **Communication Services—1.4%** |
| \* <br>| Gogo, Inc. | 124579 | &nbsp;&nbsp; 1829 |
|  | **Total Common Stocks—98.1%** <br>(cost $114,108)<br>|  | &nbsp;&nbsp; 126283 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**8**

*Semi-Annual*

------

**Small-Mid Cap Core Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Principal Amount** | <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing Corporation, <br> 1.600% dated 06/30/25, due <br> 07/01/25, repurchase price $2,877, <br> collateralized by U.S. Treasury <br> Note, 4.125%, due 09/30/2027, <br> valued at $2,934<br>| $2877 | &nbsp;&nbsp; $2877 |
| **Total Repurchase** <br> **Agreements—2.2%** <br>(cost $2,877)<br>|  | &nbsp;&nbsp; 2877 |
| **Total Investments—100.3%** <br>(cost $116,985)<br>|  | &nbsp;&nbsp; 129160 |
| **Liabilities, plus cash and** <br>**other assets—(0.3)%**<br>|  | &nbsp;&nbsp; (450)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $128710 |

---

------

PLC Public Limited Company

\* Non-income producing security. <br> † U.S. listed foreign security

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $126283 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $126283 |
| Repurchase Agreements |  | &nbsp;&nbsp; 2877 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2877 |
| **Total Investments in Securities** | $126283 | &nbsp;&nbsp; $2877 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $129160 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**9**

*William Blair Funds*

------

**Small-Mid Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Industrials—21.3%** | **Industrials—21.3%** | **Industrials—21.3%** |
| \* <br>| ACV Auctions, Inc. | 965182 | &nbsp;&nbsp; $15655 |
|  | Advanced Drainage Systems, Inc. | 130600 | &nbsp;&nbsp; 15001 |
|  | Brink's Co. | 164938 | &nbsp;&nbsp; 14727 |
|  | BWX Technologies, Inc. | 166149 | &nbsp;&nbsp; 23935 |
| \* <br>| Casella Waste Systems, Inc. | 163761 | &nbsp;&nbsp; 18895 |
| \* <br>| Clean Harbors, Inc. | 64400 | &nbsp;&nbsp; 14888 |
|  | Curtiss-Wright Corporation | 44200 | &nbsp;&nbsp; 21594 |
| \* <br>| ExlService Holdings, Inc. | 402200 | &nbsp;&nbsp; 17612 |
|  | FTAI Aviation Ltd. | 151400 | &nbsp;&nbsp; 17417 |
| \* <br>| Mercury Systems, Inc. | 536051 | &nbsp;&nbsp; 28872 |
|  | Mueller Industries, Inc. | 316300 | &nbsp;&nbsp; 25136 |
|  | nVent Electric PLC<sup>†</sup> | 411900 | &nbsp;&nbsp; 30172 |
| \* <br>| Parsons Corp. | 296400 | &nbsp;&nbsp; 21273 |
| \* <br>| Paylocity Holding Corporation | 60500 | &nbsp;&nbsp; 10962 |
|  | TransUnion | 201800 | &nbsp;&nbsp; 17758 |
|  | WillScot Mobile Mini Holdings Corp. | 502900 | &nbsp;&nbsp; 13780 |
|  |  |  | &nbsp;&nbsp; 307677 |
|  | **Information Technology—19.9%** | **Information Technology—19.9%** | **Information Technology—19.9%** |
| \* <br>| AppFolio, Inc. | 94000 | &nbsp;&nbsp; 21646 |
| \* <br>| Ciena Corporation | 348700 | &nbsp;&nbsp; 28360 |
| \* <br>| Clearwater Analytics Holdings, Inc. | 944569 | &nbsp;&nbsp; 20714 |
| \* <br>| Confluent, Inc. | 951715 | &nbsp;&nbsp; 23726 |
| \* <br>| Dynatrace, Inc. | 517486 | &nbsp;&nbsp; 28571 |
| \* <br>| EPAM Systems, Inc. | 105900 | &nbsp;&nbsp; 18725 |
| \* <br>| Guidewire Software, Inc. | 74955 | &nbsp;&nbsp; 17648 |
| \* <br>| Manhattan Associates, Inc. | 142200 | &nbsp;&nbsp; 28080 |
| \* <br>| Nice Ltd.—ADR | 85968 | &nbsp;&nbsp; 14521 |
| \* <br>| Novanta, Inc.<sup>†</sup> | 101154 | &nbsp;&nbsp; 13042 |
| \* <br>| Onto Innovation, Inc. | 134500 | &nbsp;&nbsp; 13575 |
| \* <br>| Pure Storage, Inc. | 639600 | &nbsp;&nbsp; 36828 |
| \* <br>| Q2 Holdings, Inc. | 227200 | &nbsp;&nbsp; 21264 |
|  |  |  | &nbsp;&nbsp; 286700 |
|  | **Health Care—19.6%** | **Health Care—19.6%** | **Health Care—19.6%** |
| \* <br>| Amicus Therapeutics, Inc. | 1725900 | &nbsp;&nbsp; 9889 |
|  | Bio-Techne Corp. | 152100 | &nbsp;&nbsp; 7826 |
|  | Chemed Corp. | 40166 | &nbsp;&nbsp; 19558 |
| \* <br>| Doximity, Inc. | 565752 | &nbsp;&nbsp; 34703 |
|  | Encompass Health Corp. | 149517 | &nbsp;&nbsp; 18335 |
| \* <br>| Evolent Health, Inc. | 676400 | &nbsp;&nbsp; 7616 |
| \* <br>| Exact Sciences Corp. | 228660 | &nbsp;&nbsp; 12151 |
| \* <br>| GeneDx Holdings Corp. | 151280 | &nbsp;&nbsp; 13965 |
| \* <br>| Glaukos Corporation | 154900 | &nbsp;&nbsp; 16000 |
| \* <br>| Globus Medical, Inc. | 287395 | &nbsp;&nbsp; 16962 |
| \* <br>| Insmed, Inc. | 260651 | &nbsp;&nbsp; 26232 |
| \* <br>| Inspire Medical Systems, Inc. | 87842 | &nbsp;&nbsp; 11399 |
| \* <br>| Insulet Corp. | 83565 | &nbsp;&nbsp; 26254 |
| \* <br>| Madrigal Pharmaceuticals, Inc. | 40500 | &nbsp;&nbsp; 12257 |
| \* <br>| Neogen Corp. | 1464600 | &nbsp;&nbsp; 7001 |
| \* <br>| Twist Bioscience Corp. | 450473 | &nbsp;&nbsp; 16573 |
| \* <br>| Waystar Holding Corp. | 636185 | &nbsp;&nbsp; 26001 |
|  |  |  | &nbsp;&nbsp; 282722 |
|  | **Consumer Discretionary—10.4%** | **Consumer Discretionary—10.4%** | **Consumer Discretionary—10.4%** |
| \* <br>| Bright Horizons Family Solutions, Inc. | 172778 | &nbsp;&nbsp; 21354 |
| \* <br>| Burlington Stores, Inc. | 49761 | &nbsp;&nbsp; 11576 |
|  | Churchill Downs, Inc. | 149500 | &nbsp;&nbsp; 15100 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Consumer Discretionary—(continued)** | **Consumer Discretionary—(continued)** | **Consumer Discretionary—(continued)** |
| \* <br>| Fox Factory Holding Corp. | 262402 | &nbsp;&nbsp; $6807 |
| \* <br>| National Vision Holdings, Inc. | 358472 | &nbsp;&nbsp; 8248 |
| \* <br>| Planet Fitness, Inc. | 224500 | &nbsp;&nbsp; 24482 |
|  | Pool Corp. | 73900 | &nbsp;&nbsp; 21540 |
| \* <br>| SharkNinja, Inc.<sup>†</sup> | 266100 | &nbsp;&nbsp; 26341 |
| \* <br>| Stride, Inc. | 101200 | &nbsp;&nbsp; 14693 |
|  |  |  | &nbsp;&nbsp; 150141 |
|  | **Financials—9.1%** | **Financials—9.1%** | **Financials—9.1%** |
| \* <br>| Baldwin Insurance Group, Inc. | 486900 | &nbsp;&nbsp; 20844 |
|  | Carlyle Group, Inc. | 488493 | &nbsp;&nbsp; 25109 |
|  | Evercore Inc. | 59000 | &nbsp;&nbsp; 15931 |
|  | Everest Group Ltd.<sup>†</sup> | 80332 | &nbsp;&nbsp; 27301 |
|  | First Horizon Corporation | 590999 | &nbsp;&nbsp; 12529 |
|  | TPG, Inc. | 272524 | &nbsp;&nbsp; 14294 |
|  | Western Alliance Bancorp | 200172 | &nbsp;&nbsp; 15609 |
|  |  |  | &nbsp;&nbsp; 131617 |
|  | **Consumer Staples—7.1%** | **Consumer Staples—7.1%** | **Consumer Staples—7.1%** |
| \* <br>| BellRing Brands, Inc. | 340100 | &nbsp;&nbsp; 19702 |
| \* <br>| Freshpet, Inc. | 167079 | &nbsp;&nbsp; 11355 |
|  | Lancaster Colony Corp. | 108016 | &nbsp;&nbsp; 18662 |
| \* <br>| Maplebear Inc. | 402300 | &nbsp;&nbsp; 18200 |
|  | Primo Brands Corporation | 1181043 | &nbsp;&nbsp; 34982 |
|  |  |  | &nbsp;&nbsp; 102901 |
|  | **Materials—3.8%** | **Materials—3.8%** | **Materials—3.8%** |
|  | Carpenter Technology Corporation | 59100 | &nbsp;&nbsp; 16334 |
|  | Eagle Materials, Inc. | 83087 | &nbsp;&nbsp; 16793 |
|  | Louisiana-Pacific Corp. | 118400 | &nbsp;&nbsp; 10181 |
|  | Reliance, Inc. | 36100 | &nbsp;&nbsp; 11332 |
|  |  |  | &nbsp;&nbsp; 54640 |
|  | **Energy—3.6%** | **Energy—3.6%** | **Energy—3.6%** |
|  | Cameco Corp. | 476247 | &nbsp;&nbsp; 35352 |
|  | Whitecap Resources, Inc. | 2442400 | &nbsp;&nbsp; 16413 |
|  |  |  | &nbsp;&nbsp; 51765 |
|  | **Utilities—3.1%** | **Utilities—3.1%** | **Utilities—3.1%** |
| \* <br>| Talen Energy Corporation | 153500 | &nbsp;&nbsp; 44633 |
|  | **Real Estate—0.5%** | **Real Estate—0.5%** | **Real Estate—0.5%** |
|  | FirstService Corp. | 44135 | &nbsp;&nbsp; 7707 |
|  | **Total Common Stocks—98.4%** <br>(cost $1,264,024)<br>|  | &nbsp;&nbsp; 1420503 |
|  | ***Rights*** | ***Rights*** | ***Rights*** |
|  | **Health Care—0.0%** | **Health Care—0.0%** | **Health Care—0.0%** |
| \* <br>| Abiomed, Inc. \*\* | 80133 | &nbsp;&nbsp; — |
|  | **Total Rights—0.0%** <br>(cost $82)<br>|  | &nbsp;&nbsp; — |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**10**

*Semi-Annual*

------

**Small-Mid Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Principal Amount** | <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing <br> Corporation, 1.600% dated <br> 06/30/25, due 07/01/25, <br> repurchase price $28,941, <br> collateralized by U.S. Treasury <br> Note, 4.125%, due 09/30/2027, <br> valued at $29,519<br>| $28940 | &nbsp;&nbsp; $28940 |
| **Total Repurchase** <br> **Agreements—2.0%** <br>(cost $28,940)<br>|  | &nbsp;&nbsp; 28940 |
| **Total Investments—100.4%** <br>(cost $1,293,046)<br>|  | &nbsp;&nbsp; 1449443 |
| **Liabilities, plus cash and** <br>**other assets—(0.4)%**<br>|  | &nbsp;&nbsp; (6144)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $1443299 |

---

------

ADR American Depositary Receipt <br> PLC Public Limited Company

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| † | U.S. listed foreign security |
| \*\* | Fair valued pursuant to the Fund's Valuation Procedures. This <br> holding represents 0.00% of the Fund's net assets at June 30, 2025.<br>|

---

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1420503 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1420503 |
| Repurchase Agreements |  | &nbsp;&nbsp; 28940 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28940 |
| Rights |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Investments in Securities** | $1420503 | &nbsp;&nbsp; $28940 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1449443 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**11**

*William Blair Funds*

------

**Small-Mid Cap Value Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Industrials—29.0%** | **Industrials—29.0%** | **Industrials—29.0%** |
|  | ABM Industries, Inc. | 746 | &nbsp;&nbsp; $35 |
|  | AGCO Corp. | 269 | &nbsp;&nbsp; 28 |
|  | Air Lease Corp. | 676 | &nbsp;&nbsp; 40 |
| \* <br>| Alaska Air Group, Inc. | 865 | &nbsp;&nbsp; 43 |
|  | Albany International Corp. | 548 | &nbsp;&nbsp; 38 |
|  | Allegion PLC<sup>†</sup> | 326 | &nbsp;&nbsp; 47 |
|  | Allison Transmission Holdings, Inc. | 500 | &nbsp;&nbsp; 48 |
|  | Armstrong World Industries, Inc. | 208 | &nbsp;&nbsp; 34 |
|  | Atmus Filtration Technologies Inc. | 1090 | &nbsp;&nbsp; 40 |
| \* <br>| CACI International, Inc. | 67 | &nbsp;&nbsp; 32 |
|  | Donaldson Company, Inc. | 619 | &nbsp;&nbsp; 43 |
|  | Genpact Ltd. | 936 | &nbsp;&nbsp; 41 |
| \* <br>| Janus International Group, Inc. | 4967 | &nbsp;&nbsp; 40 |
|  | JB Hunt Transport Services, Inc. | 252 | &nbsp;&nbsp; 36 |
| \* <br>| Kirby Corporation | 396 | &nbsp;&nbsp; 45 |
|  | Knight-Swift Transportation Holdings, Inc. | 595 | &nbsp;&nbsp; 26 |
|  | Korn Ferry | 599 | &nbsp;&nbsp; 44 |
|  | Matson, Inc. | 277 | &nbsp;&nbsp; 31 |
|  | Maximus, Inc. | 607 | &nbsp;&nbsp; 43 |
| \* <br>| Openlane, Inc. | 1875 | &nbsp;&nbsp; 46 |
|  | Rush Enterprises, Inc. | 746 | &nbsp;&nbsp; 38 |
|  | Tecnoglass, Inc.<sup>†</sup> | 543 | &nbsp;&nbsp; 42 |
|  | Timken Co. | 496 | &nbsp;&nbsp; 36 |
|  | TriNet Group, Inc. | 525 | &nbsp;&nbsp; 38 |
|  |  |  | &nbsp;&nbsp; 934 |
|  | **Financials—16.0%** | **Financials—16.0%** | **Financials—16.0%** |
|  | American Financial Group, Inc. | 381 | &nbsp;&nbsp; 49 |
|  | Ameris Bancorp | 684 | &nbsp;&nbsp; 44 |
|  | Carlyle Group, Inc. | 921 | &nbsp;&nbsp; 47 |
|  | Columbia Banking System, Inc. | 1497 | &nbsp;&nbsp; 35 |
|  | East West Bancorp, Inc. | 432 | &nbsp;&nbsp; 44 |
|  | Eastern Bankshares, Inc. | 2478 | &nbsp;&nbsp; 38 |
|  | Everest Group Ltd. | 139 | &nbsp;&nbsp; 47 |
|  | Pinnacle Financial Partners, Inc. | 353 | &nbsp;&nbsp; 39 |
|  | Selective Insurance Group, Inc. | 554 | &nbsp;&nbsp; 48 |
|  | SouthState Corporation | 449 | &nbsp;&nbsp; 41 |
|  | Webster Financial Corp | 744 | &nbsp;&nbsp; 41 |
| \* <br>| WEX, Inc. | 292 | &nbsp;&nbsp; 43 |
|  |  |  | &nbsp;&nbsp; 516 |
|  | **Information Technology—10.7%** | **Information Technology—10.7%** | **Information Technology—10.7%** |
|  | Amdocs Ltd.<sup>†</sup> | 506 | &nbsp;&nbsp; 46 |
|  | Avnet, Inc. | 826 | &nbsp;&nbsp; 44 |
|  | Belden, Inc. | 336 | &nbsp;&nbsp; 39 |
| \* <br>| Diodes, Inc. | 667 | &nbsp;&nbsp; 35 |
| \* <br>| Flex Ltd. | 949 | &nbsp;&nbsp; 47 |
|  | Jabil, Inc. | 118 | &nbsp;&nbsp; 26 |
| \* <br>| Tower Semiconductor Ltd. | 1035 | &nbsp;&nbsp; 45 |
| \* <br>| Verint Systems, Inc. | 1138 | &nbsp;&nbsp; 22 |
|  | Vishay Intertechnology, Inc. | 2556 | &nbsp;&nbsp; 41 |
|  |  |  | &nbsp;&nbsp; 345 |
|  | **Health Care—8.9%** | **Health Care—8.9%** | **Health Care—8.9%** |
| \* <br>| Acadia Healthcare Co., Inc. | 1103 | &nbsp;&nbsp; 25 |
|  | Encompass Health Corp. | 308 | &nbsp;&nbsp; 38 |
| \* <br>| Globus Medical, Inc. | 659 | &nbsp;&nbsp; 39 |
| \* <br>| Haemonetics Corp. | 515 | &nbsp;&nbsp; 38 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Health Care—(continued)** | **Health Care—(continued)** | **Health Care—(continued)** |
| \* <br>| ICON PLC | 210 | &nbsp;&nbsp; $31 |
| \* <br>| ICU Medical, Inc. | 295 | &nbsp;&nbsp; 39 |
|  | Labcorp Holdings, Inc. | 138 | &nbsp;&nbsp; 36 |
| \* <br>| Lantheus Holdings, Inc. | 490 | &nbsp;&nbsp; 40 |
|  |  |  | &nbsp;&nbsp; 286 |
|  | **Real Estate—8.8%** | **Real Estate—8.8%** | **Real Estate—8.8%** |
|  | Camden Property Trust | 258 | &nbsp;&nbsp; 29 |
|  | Elme Communities | 1820 | &nbsp;&nbsp; 29 |
|  | Four Corners Property Trust, Inc. | 1409 | &nbsp;&nbsp; 38 |
|  | Healthpeak Properties, Inc. | 2099 | &nbsp;&nbsp; 37 |
|  | Host Hotels & Resorts, Inc. | 1937 | &nbsp;&nbsp; 30 |
|  | Kite Realty Group Trust | 1616 | &nbsp;&nbsp; 36 |
|  | Regency Centers Corp. | 572 | &nbsp;&nbsp; 41 |
|  | STAG Industrial, Inc. | 1213 | &nbsp;&nbsp; 44 |
|  |  |  | &nbsp;&nbsp; 284 |
|  | **Materials—6.4%** | **Materials—6.4%** | **Materials—6.4%** |
| \* <br>| Axalta Coating Systems Ltd.<sup>†</sup> | 1219 | &nbsp;&nbsp; 36 |
|  | Commercial Metals Co. | 838 | &nbsp;&nbsp; 41 |
|  | Crown Holdings, Inc. | 445 | &nbsp;&nbsp; 46 |
|  | Royal Gold, Inc. | 246 | &nbsp;&nbsp; 44 |
|  | Silgan Holdings, Inc. | 733 | &nbsp;&nbsp; 39 |
|  |  |  | &nbsp;&nbsp; 206 |
|  | **Energy—4.5%** | **Energy—4.5%** | **Energy—4.5%** |
|  | Expand Energy Corporation | 332 | &nbsp;&nbsp; 39 |
| \* <br>| Expro Group Holdings NV<sup>†</sup> | 3358 | &nbsp;&nbsp; 29 |
|  | Matador Resources Co. | 623 | &nbsp;&nbsp; 30 |
|  | PBF Energy, Inc. | 1069 | &nbsp;&nbsp; 23 |
|  | Permian Resources Corp. | 1612 | &nbsp;&nbsp; 22 |
|  |  |  | &nbsp;&nbsp; 143 |
|  | **Consumer Discretionary—3.9%** | **Consumer Discretionary—3.9%** | **Consumer Discretionary—3.9%** |
|  | Brunswick Corp. | 481 | &nbsp;&nbsp; 27 |
|  | LKQ Corp. | 1110 | &nbsp;&nbsp; 41 |
| \* <br>| Taylor Morrison Home Corp. | 737 | &nbsp;&nbsp; 45 |
|  | Winnebago Industries, Inc. | 445 | &nbsp;&nbsp; 13 |
|  |  |  | &nbsp;&nbsp; 126 |
|  | **Utilities—3.8%** | **Utilities—3.8%** | **Utilities—3.8%** |
|  | IDACORP, Inc. | 357 | &nbsp;&nbsp; 41 |
|  | NiSource, Inc. | 1070 | &nbsp;&nbsp; 43 |
|  | PPL Corp. | 1151 | &nbsp;&nbsp; 39 |
|  |  |  | &nbsp;&nbsp; 123 |
|  | **Consumer Staples—3.0%** | **Consumer Staples—3.0%** | **Consumer Staples—3.0%** |
|  | Ingredion, Inc. | 242 | &nbsp;&nbsp; 33 |
|  | Molson Coors Beverage Co. | 775 | &nbsp;&nbsp; 37 |
| \* <br>| U.S. Foods Holding Corp. | 335 | &nbsp;&nbsp; 26 |
|  |  |  | &nbsp;&nbsp; 96 |
|  | **Communication Services—1.2%** | **Communication Services—1.2%** | **Communication Services—1.2%** |
|  | John Wiley & Sons, Inc. | 884 | &nbsp;&nbsp; 39 |
|  | **Total Common Stocks—96.2%** <br>(cost $3,022)<br>|  | &nbsp;&nbsp; 3098 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**12**

*Semi-Annual*

------

**Small-Mid Cap Value Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Principal Amount** | <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing Corporation, <br> 1.600% dated 06/30/25, due <br> 07/01/25, repurchase price $147, <br> collateralized by U.S. Treasury <br> Note, 4.125%, due 09/30/2027, <br> valued at $151<br>| $147 | &nbsp;&nbsp; $147 |
| **Total Repurchase** <br> **Agreements—4.5%** <br>(cost $147)<br>|  | &nbsp;&nbsp; 147 |
| **Total Investments—100.7%** <br>(cost $3,169)<br>|  | &nbsp;&nbsp; 3245 |
| **Liabilities, plus cash and** <br>**other assets—(0.7)%**<br>|  | &nbsp;&nbsp; (24)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $3221 |

---

------

PLC Public Limited Company

\* Non-income producing security. <br> † U.S. listed foreign security

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $3098 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3098 |
| Repurchase Agreements |  | &nbsp;&nbsp; 147 | &nbsp;&nbsp; — | &nbsp;&nbsp; 147 |
| **Total Investments in Securities** | $3098 | &nbsp;&nbsp; $147 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $3245 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**13**

*William Blair Funds*

------

**Small Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Information Technology—20.9%** | **Information Technology—20.9%** | **Information Technology—20.9%** |
| \* <br>| Agilysys, Inc. | 85230 | &nbsp;&nbsp; $9771 |
| \* <br>| AppFolio, Inc. | 45660 | &nbsp;&nbsp; 10515 |
| \* <br>| Clearwater Analytics Holdings, Inc. | 470031 | &nbsp;&nbsp; 10308 |
|  | Cognex Corp. | 261760 | &nbsp;&nbsp; 8303 |
| \* <br>| Confluent, Inc. | 620170 | &nbsp;&nbsp; 15461 |
| \* <br>| Diebold Nixdorf, Inc. | 236137 | &nbsp;&nbsp; 13082 |
| \* <br>| Grid Dynamics Holdings, Inc. | 499260 | &nbsp;&nbsp; 5766 |
| \* <br>| JFrog Ltd.<sup>†</sup> | 288400 | &nbsp;&nbsp; 12655 |
| \* <br>| Lumentum Holdings Inc. | 123270 | &nbsp;&nbsp; 11718 |
| \* <br>| Mirion Technologies, Inc. | 344710 | &nbsp;&nbsp; 7422 |
| \* <br>| Novanta, Inc.<sup>†</sup> | 96790 | &nbsp;&nbsp; 12479 |
| \* <br>| Onto Innovation, Inc. | 82180 | &nbsp;&nbsp; 8294 |
| \* <br>| PDF Solutions, Inc. | 348051 | &nbsp;&nbsp; 7441 |
| \* <br>| Q2 Holdings, Inc. | 152950 | &nbsp;&nbsp; 14315 |
| \* <br>| SiTime Corp. | 38655 | &nbsp;&nbsp; 8237 |
| \* <br>| Varonis Systems, Inc. | 323170 | &nbsp;&nbsp; 16401 |
| \* <br>| Vertex, Inc. | 261000 | &nbsp;&nbsp; 9222 |
| \* <br>| Zeta Global Holdings Corp. | 427650 | &nbsp;&nbsp; 6624 |
|  |  |  | &nbsp;&nbsp; 188014 |
|  | **Industrials—20.3%** | **Industrials—20.3%** | **Industrials—20.3%** |
| \* <br>| ACV Auctions, Inc. | 756380 | &nbsp;&nbsp; 12269 |
|  | Albany International Corp. | 100445 | &nbsp;&nbsp; 7044 |
|  | Brink's Co. | 189856 | &nbsp;&nbsp; 16952 |
|  | BWX Technologies, Inc. | 124414 | &nbsp;&nbsp; 17923 |
| \* <br>| Casella Waste Systems, Inc. | 155990 | &nbsp;&nbsp; 17998 |
| \* <br>| CECO Environmental Corp. | 324160 | &nbsp;&nbsp; 9177 |
|  | FTAI Aviation Ltd. | 113380 | &nbsp;&nbsp; 13043 |
|  | Hammond Power Solutions Inc. | 103335 | &nbsp;&nbsp; 9518 |
|  | Helios Technologies, Inc. | 216110 | &nbsp;&nbsp; 7212 |
| \* <br>| Mercury Systems, Inc. | 209158 | &nbsp;&nbsp; 11265 |
| \* <br>| Montrose Environmental Group, Inc. | 702196 | &nbsp;&nbsp; 15371 |
|  | Rush Enterprises, Inc. | 169690 | &nbsp;&nbsp; 8741 |
|  | Tecnoglass, Inc.<sup>†</sup> | 89790 | &nbsp;&nbsp; 6946 |
| \* <br>| Verra Mobility Corp. | 408249 | &nbsp;&nbsp; 10366 |
|  | WillScot Mobile Mini Holdings Corp. | 378190 | &nbsp;&nbsp; 10362 |
| \* <br>| WNS Holdings Ltd.<sup>†</sup> | 127080 | &nbsp;&nbsp; 8037 |
|  |  |  | &nbsp;&nbsp; 182224 |
|  | **Health Care—17.6%** | **Health Care—17.6%** | **Health Care—17.6%** |
| \* <br>| Alignment Healthcare, Inc. | 506708 | &nbsp;&nbsp; 7094 |
| \* <br>| Amicus Therapeutics, Inc. | 1238060 | &nbsp;&nbsp; 7094 |
| \* <br>| Doximity, Inc. | 242740 | &nbsp;&nbsp; 14890 |
|  | Encompass Health Corp. | 73050 | &nbsp;&nbsp; 8958 |
| \* <br>| Establishment Labs Holdings, Inc.<sup>†</sup> | 315565 | &nbsp;&nbsp; 13478 |
| \* <br>| GeneDx Holdings Corp. | 100445 | &nbsp;&nbsp; 9272 |
| \* <br>| Glaukos Corporation | 50220 | &nbsp;&nbsp; 5187 |
| \* <br>| Globus Medical, Inc. | 192593 | &nbsp;&nbsp; 11367 |
| \* <br>| Inspire Medical Systems, Inc. | 71150 | &nbsp;&nbsp; 9233 |
| \* <br>| Krystal Biotech, Inc. | 31200 | &nbsp;&nbsp; 4289 |
| \* <br>| Madrigal Pharmaceuticals, Inc. | 31278 | &nbsp;&nbsp; 9466 |
| \* <br>| Merit Medical Systems, Inc. | 130120 | &nbsp;&nbsp; 12163 |
| \* <br>| Procept BioRobotics Corp. | 112620 | &nbsp;&nbsp; 6487 |
| \* <br>| Quanterix Corporation | 386560 | &nbsp;&nbsp; 2571 |
| \* <br>| Treace Medical Concepts, Inc. | 1062381 | &nbsp;&nbsp; 6247 |
| \* <br>| Twist Bioscience Corp. | 352466 | &nbsp;&nbsp; 12967 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Health Care—(continued)** | **Health Care—(continued)** | **Health Care—(continued)** |
| \* <br>| Vericel Corp. | 262369 | &nbsp;&nbsp; $11164 |
| \* <br>| Waystar Holding Corp. | 141537 | &nbsp;&nbsp; 5784 |
|  |  |  | &nbsp;&nbsp; 157711 |
|  | **Consumer Discretionary—13.4%** | **Consumer Discretionary—13.4%** | **Consumer Discretionary—13.4%** |
|  | Academy Sports and Outdoors, Inc. | 193280 | &nbsp;&nbsp; 8661 |
|  | Cheesecake Factory, Inc. | 155230 | &nbsp;&nbsp; 9727 |
| \* <br>| Fox Factory Holding Corp. | 274700 | &nbsp;&nbsp; 7126 |
|  | Garrett Motion, Inc. | 902479 | &nbsp;&nbsp; 9485 |
| \* <br>| Grand Canyon Education, Inc. | 35760 | &nbsp;&nbsp; 6758 |
| \* <br>| Modine Manufacturing Co. | 82180 | &nbsp;&nbsp; 8095 |
| \* <br>| National Vision Holdings, Inc. | 219044 | &nbsp;&nbsp; 5040 |
|  | OneSpaWorld Holdings Ltd.<sup>†</sup> | 509070 | &nbsp;&nbsp; 10380 |
| \* <br>| Planet Fitness, Inc. | 104250 | &nbsp;&nbsp; 11368 |
| \* <br>| Revolve Group, Inc. | 166187 | &nbsp;&nbsp; 3332 |
| \* <br>| Rush Street Interactive, Inc. | 916940 | &nbsp;&nbsp; 13662 |
| \* <br>| Skyline Champion Corp. | 129209 | &nbsp;&nbsp; 8090 |
| \* <br>| Stride, Inc. | 75330 | &nbsp;&nbsp; 10937 |
|  | Winmark Corp | 20852 | &nbsp;&nbsp; 7874 |
|  |  |  | &nbsp;&nbsp; 120535 |
|  | **Financials—8.9%** | **Financials—8.9%** | **Financials—8.9%** |
| \* <br>| Aspen Insurance Holdings Limited | 190994 | &nbsp;&nbsp; 6011 |
| \* <br>| Baldwin Insurance Group, Inc. | 281849 | &nbsp;&nbsp; 12066 |
| \* <br>| Donnelley Financial Solutions, Inc. | 140770 | &nbsp;&nbsp; 8679 |
| \* <br>| Jefferson Capital, Inc. | 331242 | &nbsp;&nbsp; 6111 |
|  | Marex Group PLC | 162079 | &nbsp;&nbsp; 6397 |
|  | Old National Bancorp | 470260 | &nbsp;&nbsp; 10035 |
|  | OneMain Holdings, Inc. | 171210 | &nbsp;&nbsp; 9759 |
|  | StepStone Group, Inc. | 183390 | &nbsp;&nbsp; 10178 |
|  | Western Alliance Bancorp | 136055 | &nbsp;&nbsp; 10610 |
|  |  |  | &nbsp;&nbsp; 79846 |
|  | **Consumer Staples—5.0%** | **Consumer Staples—5.0%** | **Consumer Staples—5.0%** |
| \* <br>| e.l.f. Beauty, Inc. | 58210 | &nbsp;&nbsp; 7244 |
| \* <br>| Freshpet, Inc. | 87890 | &nbsp;&nbsp; 5973 |
|  | Primo Brands Corporation | 442870 | &nbsp;&nbsp; 13118 |
| \* <br>| The Simply Good Foods Company | 241220 | &nbsp;&nbsp; 7620 |
| \* <br>| Vita Coco Co., Inc. | 70258 | &nbsp;&nbsp; 2536 |
| \* <br>| Vital Farms, Inc. | 227520 | &nbsp;&nbsp; 8764 |
|  |  |  | &nbsp;&nbsp; 45255 |
|  | **Energy—3.1%** | **Energy—3.1%** | **Energy—3.1%** |
| \* <br>| Antero Resources Corp. | 150670 | &nbsp;&nbsp; 6069 |
| \* <br>| BKV Corporation | 302860 | &nbsp;&nbsp; 7305 |
|  | Weatherford International PLC<sup>†</sup> | 153710 | &nbsp;&nbsp; 7733 |
|  | Whitecap Resources, Inc. | 948900 | &nbsp;&nbsp; 6377 |
|  |  |  | &nbsp;&nbsp; 27484 |
|  | **Materials—2.9%** | **Materials—2.9%** | **Materials—2.9%** |
|  | Balchem Corp. | 80890 | &nbsp;&nbsp; 12878 |
|  | U.S. Lime & Minerals, Inc. | 128600 | &nbsp;&nbsp; 12834 |
|  |  |  | &nbsp;&nbsp; 25712 |
|  | **Real Estate—2.4%** | **Real Estate—2.4%** | **Real Estate—2.4%** |
|  | Americold Realty Trust, Inc. | 402540 | &nbsp;&nbsp; 6694 |
|  | FirstService Corp. | 83777 | &nbsp;&nbsp; 14629 |
|  |  |  | &nbsp;&nbsp; 21323 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**14**

*Semi-Annual*

------

**Small Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal** <br> **Amount** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Communication Services—2.1%** | **Communication Services—2.1%** | **Communication Services—2.1%** |
| \* <br>| Gogo, Inc. | 906280 | &nbsp;&nbsp; $13304 |
| \* <br>| ZipRecruiter, Inc. | 1078260 | &nbsp;&nbsp; 5402 |
|  |  |  | &nbsp;&nbsp; 18706 |
|  | **Total Common Stocks—96.6%** <br>(cost $794,080)<br>|  | &nbsp;&nbsp; 866810 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | ***Exchange-Traded Funds*** | ***Exchange-Traded Funds*** | ***Exchange-Traded Funds*** |
|  | **Exchange-Traded Funds—1.0%** |  |  |
|  | iShares Russell 2000 Growth ETF | 31850 | &nbsp;&nbsp; 9105 |
|  | **Total Exchange-Traded Funds—1.0%** <br>(cost $8,700)<br>|  | &nbsp;&nbsp; 9105 |
|  | ***Other Assets*** |  |  |
|  | **Health Care—0.0%** |  |  |
| \* <br>| OmniAb, Inc. 12.50 Earnout (Acquired <br> 11/02/22, Cost $0)\*\*<sup>,</sup>#<br>| 23037 | &nbsp;&nbsp; — |
| \* <br>| OmniAb, Inc. 15.00 Earnout (Acquired <br> 11/02/22, Cost $0)\*\*<sup>,</sup>#<br>| 23037 | &nbsp;&nbsp; — |
|  | **Total Other Assets—0.0%** <br>(cost $—)<br>|  | &nbsp;&nbsp; — |
|  | ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
|  | Fixed Income Clearing Corporation, <br> 1.600% dated 06/30/25, due 07/01/25, <br> repurchase price $34,404, collateralized <br> by U.S. Treasury Note, 4.125%, <br> due 09/30/2027 and U.S. Treasury <br> Inflation – Indexed Note, 2.125%, due <br> 04/15/2029, valued at $35,090<br>| $34402 | &nbsp;&nbsp; 34402 |
|  | **Total Repurchase Agreements—3.8%** <br>(cost $34,402)<br>|  | &nbsp;&nbsp; 34402 |
|  | **Total Investments—101.4%** <br>(cost $837,182)<br>|  | &nbsp;&nbsp; 910317 |
|  | **Liabilities, plus cash and** <br>**other assets—(1.4)%**<br>|  | &nbsp;&nbsp; (13010)<br>|
|  | **Net Assets—100.0%** |  | &nbsp;&nbsp; $897307 |

---

------

ETF Exchange-Traded Fund <br> PLC Public Limited Company

---

| | |
|:---|:---|
| \* | Non-income producing security. |
| † | U.S. listed foreign security |
| \*\* | Fair valued pursuant to the Fund's Valuation Procedures. This <br> holding represents 0.00% of the Fund's net assets at June 30, 2025.<br>|
| # | Investment in securities not registered under the Securities Act of <br> 1933 (excluding securities acquired pursuant to Rule 144A and <br> Regulation S). The value of such restricted securities represents <br> 0.00% of the Fund's net assets at June 30, 2025.<br>|

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**15**

*William Blair Funds*

------

**Small Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $866810 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $866810 |
| Repurchase Agreements |  | &nbsp;&nbsp; 34402 | &nbsp;&nbsp; — | &nbsp;&nbsp; 34402 |
| Exchange-Traded Funds | 9105 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 9105 |
| Other Assets |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| **Total Investments in Securities** | $875915 | &nbsp;&nbsp; $34402 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $910317 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**16**

*Semi-Annual*

------

**Small Cap Value Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | **Industrials—24.9%** | **Industrials—24.9%** | **Industrials—24.9%** |
|  | ABM Industries, Inc. | 271493 | &nbsp;&nbsp; $12817 |
|  | Air Lease Corp. | 184692 | &nbsp;&nbsp; 10803 |
| \* <br>| Alaska Air Group, Inc. | 233195 | &nbsp;&nbsp; 11538 |
|  | Albany International Corp. | 153318 | &nbsp;&nbsp; 10752 |
|  | Armstrong World Industries, Inc. | 53377 | &nbsp;&nbsp; 8671 |
|  | Atmus Filtration Technologies Inc. | 298908 | &nbsp;&nbsp; 10886 |
|  | Brady Corp. | 156039 | &nbsp;&nbsp; 10606 |
|  | CSG Systems International, Inc. | 183844 | &nbsp;&nbsp; 12007 |
|  | ESCO Technologies, Inc. | 67969 | &nbsp;&nbsp; 13041 |
|  | Granite Construction, Inc. | 113331 | &nbsp;&nbsp; 10598 |
|  | Hub Group, Inc. | 276891 | &nbsp;&nbsp; 9256 |
| \* <br>| Huron Consulting Group, Inc. | 86005 | &nbsp;&nbsp; 11829 |
| \* <br>| Janus International Group, Inc. | 1363705 | &nbsp;&nbsp; 11101 |
| \* <br>| Kirby Corporation | 107823 | &nbsp;&nbsp; 12228 |
|  | Korn Ferry | 157801 | &nbsp;&nbsp; 11572 |
|  | Marten Transport Ltd. | 499166 | &nbsp;&nbsp; 6484 |
|  | Matson, Inc. | 70889 | &nbsp;&nbsp; 7894 |
|  | Maximus, Inc. | 172843 | &nbsp;&nbsp; 12134 |
| \* <br>| Openlane, Inc. | 495096 | &nbsp;&nbsp; 12105 |
|  | Rush Enterprises, Inc. | 208066 | &nbsp;&nbsp; 10717 |
|  | Tecnoglass, Inc.<sup>†</sup> | 153856 | &nbsp;&nbsp; 11902 |
| \* <br>| Thermon Group Holdings, Inc. | 392604 | &nbsp;&nbsp; 11024 |
| \* <br>| Titan Machinery, Inc. | 308597 | &nbsp;&nbsp; 6113 |
|  | TriNet Group, Inc. | 146549 | &nbsp;&nbsp; 10719 |
|  | Werner Enterprises, Inc. | 198842 | &nbsp;&nbsp; 5440 |
| \* <br>| WNS Holdings Ltd.<sup>†</sup> | 172371 | &nbsp;&nbsp; 10901 |
|  |  |  | &nbsp;&nbsp; 273138 |
|  | **Financials—24.2%** | **Financials—24.2%** | **Financials—24.2%** |
|  | Ameris Bancorp | 261746 | &nbsp;&nbsp; 16935 |
|  | Atlantic Union Bankshares Corp. | 367364 | &nbsp;&nbsp; 11491 |
|  | Banc Of California, Inc. | 853243 | &nbsp;&nbsp; 11988 |
|  | Brightsphere Investment Group, Inc. | 269591 | &nbsp;&nbsp; 9500 |
|  | Columbia Banking System, Inc. | 419229 | &nbsp;&nbsp; 9802 |
|  | DigitalBridge Group, Inc. | 1001399 | &nbsp;&nbsp; 10365 |
|  | Eastern Bankshares, Inc. | 830554 | &nbsp;&nbsp; 12683 |
|  | Enterprise Financial Services Corp. | 231529 | &nbsp;&nbsp; 12757 |
|  | First Bancorp | 266450 | &nbsp;&nbsp; 11748 |
|  | First Merchants Corp. | 273669 | &nbsp;&nbsp; 10482 |
|  | Hancock Whitney Corp. | 235179 | &nbsp;&nbsp; 13499 |
|  | MGIC Investment Corp. | 351172 | &nbsp;&nbsp; 9777 |
|  | Old National Bancorp | 689889 | &nbsp;&nbsp; 14722 |
|  | Pacific Premier Bancorp, Inc. | 435628 | &nbsp;&nbsp; 9187 |
|  | Perella Weinberg Partners | 562106 | &nbsp;&nbsp; 10916 |
|  | Pinnacle Financial Partners, Inc. | 98768 | &nbsp;&nbsp; 10905 |
|  | Renasant Corporation | 345487 | &nbsp;&nbsp; 12413 |
|  | Seacoast Banking Corp. of Florida | 489691 | &nbsp;&nbsp; 13525 |
|  | Selective Insurance Group, Inc. | 157162 | &nbsp;&nbsp; 13618 |
|  | Stellar Bancorp, Inc. | 403649 | &nbsp;&nbsp; 11294 |
| \* <br>| Texas Capital Bancshares, Inc. | 209416 | &nbsp;&nbsp; 16628 |
|  | WaFd, Inc. | 365144 | &nbsp;&nbsp; 10691 |
|  |  |  | &nbsp;&nbsp; 264926 |
|  | **Information Technology—11.6%** | **Information Technology—11.6%** | **Information Technology—11.6%** |
| \* <br>| ADTRAN Holdings, Inc. | 1096053 | &nbsp;&nbsp; 9832 |
|  | Avnet, Inc. | 227621 | &nbsp;&nbsp; 12082 |
|  | Belden, Inc. | 94315 | &nbsp;&nbsp; 10922 |
| \* <br>| Cognyte Software Ltd.<sup>†</sup> | 538762 | &nbsp;&nbsp; 4978 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Information Technology—(continued)** | **Information Technology—(continued)** | **Information Technology—(continued)** |
| \* <br>| Diodes, Inc. | 207550 | &nbsp;&nbsp; $10977 |
| \* <br>| Extreme Networks, Inc. | 717098 | &nbsp;&nbsp; 12872 |
| \* <br>| Knowles Corp. | 619634 | &nbsp;&nbsp; 10918 |
|  | Kulicke & Soffa Industries, Inc. | 279553 | &nbsp;&nbsp; 9672 |
| \* <br>| Sanmina Corp. | 129804 | &nbsp;&nbsp; 12699 |
| \* <br>| Tower Semiconductor Ltd.<sup>†</sup> | 280998 | &nbsp;&nbsp; 12181 |
| \* <br>| Verint Systems, Inc. | 467157 | &nbsp;&nbsp; 9189 |
|  | Vishay Intertechnology, Inc. | 700367 | &nbsp;&nbsp; 11122 |
|  |  |  | &nbsp;&nbsp; 127444 |
|  | **Real Estate—9.9%** | **Real Estate—9.9%** | **Real Estate—9.9%** |
|  | CareTrust REIT, Inc. | 522466 | &nbsp;&nbsp; 15988 |
|  | Elme Communities | 642397 | &nbsp;&nbsp; 10214 |
|  | Empire State Realty Trust, Inc. | 1240168 | &nbsp;&nbsp; 10033 |
|  | Four Corners Property Trust, Inc. | 463537 | &nbsp;&nbsp; 12474 |
|  | Kite Realty Group Trust | 564082 | &nbsp;&nbsp; 12776 |
|  | LXP Industrial Trust | 1337374 | &nbsp;&nbsp; 11047 |
|  | Pebblebrook Hotel Trust | 721330 | &nbsp;&nbsp; 7206 |
|  | Sila Realty Trust, Inc. | 433541 | &nbsp;&nbsp; 10262 |
|  | Sunstone Hotel Investors, Inc. | 795781 | &nbsp;&nbsp; 6907 |
|  | UMH Properties, Inc. | 664112 | &nbsp;&nbsp; 11150 |
|  |  |  | &nbsp;&nbsp; 108057 |
|  | **Consumer Discretionary—8.1%** | **Consumer Discretionary—8.1%** | **Consumer Discretionary—8.1%** |
|  | Cracker Barrel Old Country Store, Inc. | 190502 | &nbsp;&nbsp; 11636 |
| \* <br>| El Pollo Loco Holdings, Inc. | 468713 | &nbsp;&nbsp; 5161 |
|  | Golden Entertainment, Inc. | 208228 | &nbsp;&nbsp; 6128 |
|  | La-Z-Boy, Inc. | 254866 | &nbsp;&nbsp; 9473 |
|  | Monro, Inc. | 375563 | &nbsp;&nbsp; 5600 |
|  | Oxford Industries, Inc. | 122762 | &nbsp;&nbsp; 4941 |
|  | Steven Madden Ltd. | 255736 | &nbsp;&nbsp; 6133 |
| \* <br>| Taylor Morrison Home Corp. | 258944 | &nbsp;&nbsp; 15904 |
| \* <br>| Tri Pointe Homes, Inc. | 379597 | &nbsp;&nbsp; 12128 |
|  | Winnebago Industries, Inc. | 164481 | &nbsp;&nbsp; 4770 |
| \* <br>| YETI Holdings, Inc. | 203782 | &nbsp;&nbsp; 6423 |
|  |  |  | &nbsp;&nbsp; 88297 |
|  | **Energy—4.7%** | **Energy—4.7%** | **Energy—4.7%** |
| \* <br>| Expro Group Holdings NV<sup>†</sup> | 936954 | &nbsp;&nbsp; 8048 |
| \* <br>| Gulfport Energy Corp. | 85068 | &nbsp;&nbsp; 17113 |
| \* <br>| Innovex International, Inc. | 452469 | &nbsp;&nbsp; 7068 |
|  | Matador Resources Co. | 182981 | &nbsp;&nbsp; 8732 |
|  | PBF Energy, Inc. | 371567 | &nbsp;&nbsp; 8052 |
|  | SM Energy Co. | 114349 | &nbsp;&nbsp; 2825 |
|  |  |  | &nbsp;&nbsp; 51838 |
|  | **Health Care—4.2%** | **Health Care—4.2%** | **Health Care—4.2%** |
| \* <br>| ANI Pharmaceuticals, Inc. | 185319 | &nbsp;&nbsp; 12092 |
| \* <br>| Haemonetics Corp. | 157838 | &nbsp;&nbsp; 11776 |
| \* <br>| ICU Medical, Inc. | 79243 | &nbsp;&nbsp; 10472 |
| \* <br>| Lantheus Holdings, Inc. | 146991 | &nbsp;&nbsp; 12033 |
|  |  |  | &nbsp;&nbsp; 46373 |
|  | **Materials—4.2%** | **Materials—4.2%** | **Materials—4.2%** |
|  | Commercial Metals Co. | 226788 | &nbsp;&nbsp; 11092 |
| \* <br>| Ecovyst, Inc. | 1208389 | &nbsp;&nbsp; 9945 |
|  | Greif, Inc. | 127609 | &nbsp;&nbsp; 8293 |
|  | Orion SA<sup>†</sup> | 241418 | &nbsp;&nbsp; 2533 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**17**

*William Blair Funds*

------

**Small Cap Value Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal** <br> **Amount** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | **Materials—(continued)** | **Materials—(continued)** | **Materials—(continued)** |
|  | Ryerson Holding Corp. | 126398 | &nbsp;&nbsp; $2726 |
|  | Silgan Holdings, Inc. | 202407 | &nbsp;&nbsp; 10967 |
|  |  |  | &nbsp;&nbsp; 45556 |
|  | **Utilities—2.6%** | **Utilities—2.6%** | **Utilities—2.6%** |
|  | IDACORP, Inc. | 97316 | &nbsp;&nbsp; 11235 |
|  | Northwestern Energy Group, Inc. | 182753 | &nbsp;&nbsp; 9376 |
|  | Spire, Inc. | 108059 | &nbsp;&nbsp; 7887 |
|  |  |  | &nbsp;&nbsp; 28498 |
|  | **Consumer Staples—1.8%** | **Consumer Staples—1.8%** | **Consumer Staples—1.8%** |
| \* <br>| Central Garden & Pet Co. | 311222 | &nbsp;&nbsp; 9738 |
|  | Edgewell Personal Care Co. | 294255 | &nbsp;&nbsp; 6889 |
| \* <br>| TreeHouse Foods, Inc. | 157727 | &nbsp;&nbsp; 3063 |
|  |  |  | &nbsp;&nbsp; 19690 |
|  | **Communication Services—1.4%** | **Communication Services—1.4%** | **Communication Services—1.4%** |
|  | John Wiley & Sons, Inc. | 349955 | &nbsp;&nbsp; 15619 |
|  | **Total Common Stocks—97.6%** <br>(cost $981,255)<br>|  | &nbsp;&nbsp; 1069436 |

---

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing Corporation, <br> 1.600% dated 06/30/25, due 07/01/25, <br> repurchase price $31,889, collateralized <br> by U.S. Treasury Note, 4.125%, due <br> 09/30/2027, valued at $32,526<br>| $31888 | &nbsp;&nbsp; 31888 |
| **Total Repurchase Agreements—2.9%** <br>(cost $31,888)<br>|  | &nbsp;&nbsp; 31888 |
| **Total Investments—100.5%** <br>(cost $1,013,143)<br>|  | &nbsp;&nbsp; 1101324 |
| **Liabilities, plus cash and** <br>**other assets—(0.5)%**<br>|  | &nbsp;&nbsp; (5022)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $1096302 |

---

------

REIT Real Estate Investment Trust

\* Non-income producing security. <br> † U.S. listed foreign security

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1069436 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1069436 |
| Repurchase Agreements |  | &nbsp;&nbsp; 31888 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31888 |
| **Total Investments in Securities** | $1069436 | &nbsp;&nbsp; $31888 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1101324 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**18**

*Semi-Annual*

------

**Global Leaders Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Western Hemisphere—55.9%*** |  |  |
|  | **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** |
|  | Arch Capital Group Ltd. <br>(Insurance)<br>| 3034 | &nbsp;&nbsp; $276 |
|  | **United States—55.3%** | **United States—55.3%** | **United States—55.3%** |
|  | Advanced Drainage Systems, Inc. <br>(Building Products)<br>| 2106 | &nbsp;&nbsp; 242 |
|  | Alphabet, Inc.—Class A <br>(Interactive Media & Services)<br>| 8115 | &nbsp;&nbsp; 1430 |
| \* <br>| Amazon.com, Inc. <br>(Broadline Retail)<br>| 5730 | &nbsp;&nbsp; 1257 |
|  | Apple, Inc. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 5794 | &nbsp;&nbsp; 1189 |
|  | Applied Materials, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 1765 | &nbsp;&nbsp; 323 |
|  | Arthur J. Gallagher & Co. <br>(Insurance)<br>| 1284 | &nbsp;&nbsp; 411 |
|  | Broadcom, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 4293 | &nbsp;&nbsp; 1183 |
|  | Carlyle Group, Inc. <br>(Capital Markets)<br>| 9594 | &nbsp;&nbsp; 493 |
|  | Carrier Global Corporation <br>(Building Products)<br>| 4059 | &nbsp;&nbsp; 297 |
|  | Cencora, Inc. <br>(Health Care Providers & Services)<br>| 1668 | &nbsp;&nbsp; 500 |
| \* <br>| Chipotle Mexican Grill, Inc. <br>(Hotels, Restaurants & Leisure)<br>| 12952 | &nbsp;&nbsp; 727 |
| \* <br>| Copart, Inc. <br>(Commercial Services & Supplies)<br>| 12517 | &nbsp;&nbsp; 614 |
|  | CRH PLC <br>(Construction Materials)<br>| 5765 | &nbsp;&nbsp; 529 |
|  | Eli Lilly & Co. <br>(Pharmaceuticals)<br>| 797 | &nbsp;&nbsp; 621 |
|  | Graco, Inc. <br>(Machinery)<br>| 4815 | &nbsp;&nbsp; 414 |
| \* <br>| Hims & Hers Health, Inc. <br>(Health Care Providers & Services)<br>| 8574 | &nbsp;&nbsp; 427 |
|  | Intercontinental Exchange, Inc. <br>(Capital Markets)<br>| 3600 | &nbsp;&nbsp; 661 |
|  | Intuit, Inc. <br>(Software)<br>| 713 | &nbsp;&nbsp; 562 |
| \* <br>| Intuitive Surgical, Inc. <br>(Health Care Equipment & Supplies)<br>| 1353 | &nbsp;&nbsp; 735 |
|  | JPMorgan Chase & Co. <br>(Banks)<br>| 2704 | &nbsp;&nbsp; 784 |
|  | Kinsale Capital Group, Inc. <br>(Insurance)<br>| 705 | &nbsp;&nbsp; 341 |
|  | Mastercard, Inc. <br>(Diversified Financial Services)<br>| 2067 | &nbsp;&nbsp; 1162 |
|  | Meta Platforms, Inc. <br>(Interactive Media & Services)<br>| 2033 | &nbsp;&nbsp; 1501 |
|  | Microsoft Corp. <br>(Software)<br>| 4196 | &nbsp;&nbsp; 2087 |
|  | Murphy USA, Inc. <br>(Specialty Retail)<br>| 1680 | &nbsp;&nbsp; 684 |
| \* <br>| Netflix, Inc. <br>(Entertainment)<br>| 419 | &nbsp;&nbsp; 561 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Western Hemisphere—(continued)*** |  |  |
|  | **United States—(continued)** | **United States—(continued)** | **United States—(continued)** |
|  | NextEra Energy, Inc. <br>(Electric Utilities)<br>| 6930 | &nbsp;&nbsp; $481 |
| \* <br>| Novanta, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 2154 | &nbsp;&nbsp; 278 |
|  | NVIDIA Corp. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 15077 | &nbsp;&nbsp; 2382 |
|  | Old Dominion Freight Line, Inc. <br>(Road & Rail)<br>| 2716 | &nbsp;&nbsp; 441 |
| \* <br>| O'Reilly Automotive, Inc. <br>(Specialty Retail)<br>| 4132 | &nbsp;&nbsp; 373 |
| \* <br>| Palo Alto Networks, Inc. <br>(Software)<br>| 2435 | &nbsp;&nbsp; 498 |
|  | Progressive Corp. <br>(Insurance)<br>| 2026 | &nbsp;&nbsp; 541 |
| \* <br>| Pure Storage, Inc. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 6491 | &nbsp;&nbsp; 374 |
| \* <br>| ServiceNow, Inc. <br>(Software)<br>| 504 | &nbsp;&nbsp; 518 |
|  | TKO Group Holdings, Inc. <br>(Entertainment)<br>| 2320 | &nbsp;&nbsp; 422 |
| \* <br>| Uber Technologies, Inc. <br>(Road & Rail)<br>| 3766 | &nbsp;&nbsp; 351 |
| \* <br>| Vertex Pharmaceuticals, Inc. <br>(Biotechnology)<br>| 828 | &nbsp;&nbsp; 369 |
|  | Walmart, Inc. <br>(Consumer Staples Distribution & Retail)<br>| 6486 | &nbsp;&nbsp; 634 |
|  | Watsco, Inc. <br>(Trading Companies & Distributors)<br>| 524 | &nbsp;&nbsp; 231 |
|  |  |  | &nbsp;&nbsp; 27628 |
|  | **Total Western Hemisphere** |  | &nbsp;&nbsp; 27904 |
|  | ***Europe Ex-U.K.—20.4%*** |  |  |
|  | **Denmark—0.8%** | **Denmark—0.8%** | **Denmark—0.8%** |
|  | DSV AS <br>(Air Freight & Logistics)<br>| 1665 | &nbsp;&nbsp; 400 |
|  | **France—6.5%** | **France—6.5%** | **France—6.5%** |
|  | Airbus SE <br>(Aerospace & Defense)<br>| 1868 | &nbsp;&nbsp; 390 |
|  | Hermes International SCA <br>(Textiles, Apparel & Luxury Goods)<br>| 335 | &nbsp;&nbsp; 907 |
|  | Schneider Electric SE <br>(Electrical Equipment)<br>| 2466 | &nbsp;&nbsp; 656 |
|  | Thales SA <br>(Aerospace & Defense)<br>| 882 | &nbsp;&nbsp; 259 |
|  | TotalEnergies SE <br>(Oil, Gas & Consumable Fuels)<br>| 16711 | &nbsp;&nbsp; 1026 |
|  |  |  | &nbsp;&nbsp; 3238 |
|  | **Germany—3.8%** | **Germany—3.8%** | **Germany—3.8%** |
|  | Heidelberg Materials AG <br>(Construction Materials)<br>| 1154 | &nbsp;&nbsp; 271 |
|  | Infineon Technologies AG <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 12031 | &nbsp;&nbsp; 512 |
|  | MTU Aero Engines AG <br>(Aerospace & Defense)<br>| 782 | &nbsp;&nbsp; 347 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**19**

*William Blair Funds*

------

**Global Leaders Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Germany—(continued)** | **Germany—(continued)** | **Germany—(continued)** |
|  | Rheinmetall AG <br>(Aerospace & Defense)<br>| 174 | &nbsp;&nbsp; $368 |
|  | SAP SE <br>(Software)<br>| 1383 | &nbsp;&nbsp; 421 |
|  |  |  | &nbsp;&nbsp; 1919 |
|  | **Ireland—3.0%** | **Ireland—3.0%** | **Ireland—3.0%** |
| \* <br>| Flutter Entertainment PLC <br>(Hotels, Restaurants & Leisure)<br>| 2280 | &nbsp;&nbsp; 651 |
|  | Linde PLC<sup>†</sup> <br>(Chemicals)<br>| 1786 | &nbsp;&nbsp; 838 |
|  |  |  | &nbsp;&nbsp; 1489 |
|  | **Israel—0.9%** | **Israel—0.9%** | **Israel—0.9%** |
| \* <br>| Oddity Tech Ltd <br>(Personal Care Products)<br>| 6063 | &nbsp;&nbsp; 458 |
|  | **Italy—1.6%** | **Italy—1.6%** | **Italy—1.6%** |
|  | Ferrari NV<sup>†</sup> <br>(Automobiles)<br>| 1615 | &nbsp;&nbsp; 793 |
|  | **Netherlands—0.6%** | **Netherlands—0.6%** | **Netherlands—0.6%** |
|  | ASML Holding NV <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 391 | &nbsp;&nbsp; 312 |
|  | **Spain—1.0%** | **Spain—1.0%** | **Spain—1.0%** |
|  | Banco Bilbao Vizcaya Argentaria S.A. <br>(Banks)<br>| 32978 | &nbsp;&nbsp; 507 |
|  | **Sweden—0.8%** | **Sweden—0.8%** | **Sweden—0.8%** |
| \* <br>| Spotify Technology S.A. <br>(Entertainment)<br>| 517 | &nbsp;&nbsp; 397 |
|  | **Switzerland—1.4%** | **Switzerland—1.4%** | **Switzerland—1.4%** |
|  | Chubb Ltd. <br>(Insurance)<br>| 1551 | &nbsp;&nbsp; 449 |
|  | Partners Group Holding AG <br>(Capital Markets)<br>| 194 | &nbsp;&nbsp; 253 |
|  |  |  | &nbsp;&nbsp; 702 |
|  | **Total Europe Ex-U.K.** |  | &nbsp;&nbsp; 10215 |
|  | ***United Kingdom—9.5%*** |  |  |
|  | 3i Group PLC <br>(Capital Markets)<br>| 12452 | &nbsp;&nbsp; 704 |
|  | BAE Systems PLC <br>(Aerospace & Defense)<br>| 39292 | &nbsp;&nbsp; 1018 |
|  | Compass Group PLC <br>(Hotels, Restaurants & Leisure)<br>| 11605 | &nbsp;&nbsp; 393 |
|  | Experian PLC <br>(Professional Services)<br>| 12086 | &nbsp;&nbsp; 622 |
|  | Halma PLC <br>(Electronic Equipment, Instruments & <br> Components)<br>| 16255 | &nbsp;&nbsp; 714 |
|  | Rightmove PLC <br>(Interactive Media & Services)<br>| 49288 | &nbsp;&nbsp; 534 |
|  | Unilever PLC <br>(Personal Care Products)<br>| 12369 | &nbsp;&nbsp; 751 |
|  | **Total United Kingdom** |  | &nbsp;&nbsp; 4736 |
|  | ***Emerging Asia—8.3%*** |  |  |
|  | **China—2.9%** | **China—2.9%** | **China—2.9%** |
|  | BYD Company Limited <br>(Automobiles)<br>| 30500 | &nbsp;&nbsp; 476 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **China—(continued)** | **China—(continued)** | **China—(continued)** |
|  | Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 11200 | &nbsp;&nbsp; $718 |
|  | Trip.com Group Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 4800 | &nbsp;&nbsp; 279 |
|  |  |  | &nbsp;&nbsp; 1473 |
|  | **India—1.5%** | **India—1.5%** | **India—1.5%** |
|  | HDFC Bank Ltd.—ADR <br>(Banks)<br>| 9626 | &nbsp;&nbsp; 738 |
|  | **Indonesia—1.2%** | **Indonesia—1.2%** | **Indonesia—1.2%** |
| \* <br>| Sea Ltd.—ADR <br>(Entertainment)<br>| 3754 | &nbsp;&nbsp; 600 |
|  | **South Korea—0.3%** | **South Korea—0.3%** | **South Korea—0.3%** |
|  | SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 680 | &nbsp;&nbsp; 147 |
|  | **Taiwan—2.4%** | **Taiwan—2.4%** | **Taiwan—2.4%** |
|  | Taiwan Semiconductor Manufacturing Co. <br> Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 5366 | &nbsp;&nbsp; 1215 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 4173 |
|  | ***Japan—2.4%*** |  |  |
|  | Keyence Corp. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 800 | &nbsp;&nbsp; 322 |
|  | Pan Pacific International Holdings Corp. <br>(Broadline Retail)<br>| 14000 | &nbsp;&nbsp; 482 |
|  | Sumitomo Mitsui Financial Group, Inc. <br>(Banks)<br>| 15100 | &nbsp;&nbsp; 381 |
|  | **Total Japan** |  | &nbsp;&nbsp; 1185 |
|  | ***Asia Ex-Japan—1.4%*** |  |  |
|  | **Australia—1.4%** | **Australia—1.4%** | **Australia—1.4%** |
| \* <br>| Atlassian Corporation <br>(Software)<br>| 1256 | &nbsp;&nbsp; 255 |
|  | Pro Medicus Ltd. <br>(Health Care Technology)<br>| 2253 | &nbsp;&nbsp; 423 |
|  | **Total Asia Ex-Japan** |  | &nbsp;&nbsp; 678 |
|  | **Total Common Stocks—97.9%** <br>(cost $39,299)<br>|  | &nbsp;&nbsp; 48891 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**20**

*Semi-Annual*

------

**Global Leaders Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| &nbsp;&nbsp; **Principal**<br> **Amount** | <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing Corporation, 1.600% <br> dated 06/30/25, due 07/01/25, repurchase <br> price $1,307, collateralized by U.S. Treasury <br> Note, 4.125%, due 09/30/2027, valued at <br> $1,334<br>| $1307 | &nbsp;&nbsp; $1307 |
| **Total Repurchase Agreements—2.6%** <br>(cost $1,307)<br>|  | &nbsp;&nbsp; 1307 |
| **Total Investments—100.5%** <br>(cost $40,606)<br>|  | &nbsp;&nbsp; 50198 |
| **Liabilities, plus cash and** <br>**other assets—(0.5)%**<br>|  | &nbsp;&nbsp; (243)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $49955 |

---

------

ADR American Depositary Receipt <br> PLC Public Limited Company

\* Non-income producing security. <br> † U.S. listed foreign security

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $48891 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $48891 |
| Repurchase Agreements |  | &nbsp;&nbsp; 1307 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1307 |
| **Total Investments in Securities** | $48891 | &nbsp;&nbsp; $1307 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $50198 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**21**

*William Blair Funds*

------

**International Leaders Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Europe Ex-U.K.—40.7%*** |  |  |
|  | **Belgium—1.3%** | **Belgium—1.3%** | **Belgium—1.3%** |
|  | UCB SA <br>(Pharmaceuticals)<br>| 73886 | &nbsp;&nbsp; $14530 |
|  | **France—8.8%** | **France—8.8%** | **France—8.8%** |
|  | L'Air Liquide SA <br>(Chemicals)<br>| 78229 | &nbsp;&nbsp; 16139 |
|  | Safran SA <br>(Aerospace & Defense)<br>| 57873 | &nbsp;&nbsp; 18809 |
|  | Schneider Electric SE <br>(Electrical Equipment)<br>| 73448 | &nbsp;&nbsp; 19536 |
|  | Thales SA <br>(Aerospace & Defense)<br>| 85086 | &nbsp;&nbsp; 25017 |
|  | Vinci SA <br>(Construction & Engineering)<br>| 130877 | &nbsp;&nbsp; 19286 |
|  |  |  | &nbsp;&nbsp; 98787 |
|  | **Germany—8.6%** | **Germany—8.6%** | **Germany—8.6%** |
|  | Heidelberg Materials AG <br>(Construction Materials)<br>| 97351 | &nbsp;&nbsp; 22872 |
|  | Muenchener Rueckversicherungs-<br> Gesellschaft AG in Muenchen <br>(Insurance)<br>| 25561 | &nbsp;&nbsp; 16578 |
|  | Rheinmetall AG <br>(Aerospace & Defense)<br>| 7996 | &nbsp;&nbsp; 16926 |
|  | SAP SE <br>(Software)<br>| 88103 | &nbsp;&nbsp; 26791 |
|  | Symrise AG <br>(Chemicals)<br>| 121572 | &nbsp;&nbsp; 12766 |
|  |  |  | &nbsp;&nbsp; 95933 |
|  | **Ireland—2.5%** | **Ireland—2.5%** | **Ireland—2.5%** |
| \* <br>| Flutter Entertainment PLC <br>(Hotels, Restaurants & Leisure)<br>| 43455 | &nbsp;&nbsp; 12418 |
|  | Kingspan Group PLC <br>(Building Products)<br>| 186806 | &nbsp;&nbsp; 15887 |
|  |  |  | &nbsp;&nbsp; 28305 |
|  | **Italy—7.0%** | **Italy—7.0%** | **Italy—7.0%** |
|  | Enel SpA <br>(Electric Utilities)<br>| 2405689 | &nbsp;&nbsp; 22829 |
|  | Ferrari NV<sup>†</sup> <br>(Automobiles)<br>| 28597 | &nbsp;&nbsp; 14033 |
|  | Prysmian S.p.A. <br>(Electrical Equipment)<br>| 204993 | &nbsp;&nbsp; 14498 |
|  | UniCredit S.p.A. <br>(Banks)<br>| 406815 | &nbsp;&nbsp; 27272 |
|  |  |  | &nbsp;&nbsp; 78632 |
|  | **Netherlands—2.3%** | **Netherlands—2.3%** | **Netherlands—2.3%** |
|  | ASML Holding NV <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 15696 | &nbsp;&nbsp; 12528 |
|  | Euronext NV <br>(Capital Markets)<br>| 80991 | &nbsp;&nbsp; 13843 |
|  |  |  | &nbsp;&nbsp; 26371 |
|  | **Spain—3.1%** | **Spain—3.1%** | **Spain—3.1%** |
|  | Banco Bilbao Vizcaya Argentaria S.A. <br>(Banks)<br>| 1733878 | &nbsp;&nbsp; 26664 |
|  | Industria de Diseno Textil SA <br>(Specialty Retail)<br>| 145931 | &nbsp;&nbsp; 7594 |
|  |  |  | &nbsp;&nbsp; 34258 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Sweden—1.8%** | **Sweden—1.8%** | **Sweden—1.8%** |
| \* <br>| Spotify Technology S.A. <br>(Entertainment)<br>| 26873 | &nbsp;&nbsp; $20621 |
|  | **Switzerland—5.3%** | **Switzerland—5.3%** | **Switzerland—5.3%** |
|  | ABB Ltd. <br>(Electrical Equipment)<br>| 210078 | &nbsp;&nbsp; 12526 |
|  | Chocoladefabriken Lindt & Spruengli <br> AG <br>(Food Products)<br>| 839 | &nbsp;&nbsp; 14116 |
|  | Lonza Group AG <br>(Life Sciences Tools & Services)<br>| 17520 | &nbsp;&nbsp; 12476 |
|  | Sandoz Group AG <br>(Pharmaceuticals)<br>| 361072 | &nbsp;&nbsp; 19759 |
|  |  |  | &nbsp;&nbsp; 58877 |
|  | **Total Europe Ex-U.K.** |  | &nbsp;&nbsp; 456314 |
|  | ***Emerging Asia—19.7%*** |  |  |
|  | **China—6.8%** | **China—6.8%** | **China—6.8%** |
|  | ANTA Sports Products Ltd. <br>(Textiles, Apparel & Luxury Goods)<br>| 891200 | &nbsp;&nbsp; 10729 |
|  | BYD Company Limited <br>(Automobiles)<br>| 1069000 | &nbsp;&nbsp; 16682 |
|  | Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 352800 | &nbsp;&nbsp; 22606 |
|  | Trip.com Group Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 257300 | &nbsp;&nbsp; 14947 |
| \* <br>| Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 1487400 | &nbsp;&nbsp; 11359 |
|  |  |  | &nbsp;&nbsp; 76323 |
|  | **India—3.9%** | **India—3.9%** | **India—3.9%** |
|  | Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 3285378 | &nbsp;&nbsp; 16197 |
|  | Bharti Airtel Ltd. <br>(Wireless Telecommunication <br> Services)<br>| 500346 | &nbsp;&nbsp; 11719 |
|  | ICICI Bank Ltd. <br>(Banks)<br>| 922386 | &nbsp;&nbsp; 15585 |
|  |  |  | &nbsp;&nbsp; 43501 |
|  | **Indonesia—2.1%** | **Indonesia—2.1%** | **Indonesia—2.1%** |
| \* <br>| Sea Ltd.—ADR <br>(Entertainment)<br>| 147215 | &nbsp;&nbsp; 23546 |
|  | **South Korea—2.6%** | **South Korea—2.6%** | **South Korea—2.6%** |
|  | SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 136205 | &nbsp;&nbsp; 29469 |
|  | **Taiwan—4.3%** | **Taiwan—4.3%** | **Taiwan—4.3%** |
|  | MediaTek, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 241000 | &nbsp;&nbsp; 10313 |
|  | Taiwan Semiconductor Manufacturing <br> Co. Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 1047000 | &nbsp;&nbsp; 37991 |
|  |  |  | &nbsp;&nbsp; 48304 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 221143 |
|  | ***United Kingdom—12.7%*** |  |  |
|  | 3i Group PLC <br>(Capital Markets)<br>| 398122 | &nbsp;&nbsp; 22515 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**22**

*Semi-Annual*

------

**International Leaders Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***United Kingdom—(continued)*** |  |  |
| BAE Systems PLC <br>(Aerospace & Defense)<br>| 996770 | &nbsp;&nbsp; $25811 |
| Compass Group PLC <br>(Hotels, Restaurants & Leisure)<br>| 359508 | &nbsp;&nbsp; 12174 |
| Experian PLC <br>(Professional Services)<br>| 326185 | &nbsp;&nbsp; 16799 |
| Halma PLC <br>(Electronic Equipment, Instruments & <br> Components)<br>| 338502 | &nbsp;&nbsp; 14869 |
| London Stock Exchange Group PLC <br>(Capital Markets)<br>| 114437 | &nbsp;&nbsp; 16706 |
| RELX PLC <br>(Professional Services)<br>| 300154 | &nbsp;&nbsp; 16221 |
| Unilever PLC <br>(Personal Care Products)<br>| 278558 | &nbsp;&nbsp; 16919 |
| **Total United Kingdom** |  | &nbsp;&nbsp; 142014 |
| ***Western Hemisphere—8.7%*** |  |  |
| **Canada—8.7%** | **Canada—8.7%** | **Canada—8.7%** |
| Brookfield Asset Management Ltd <br>(Capital Markets)<br>| 269295 | &nbsp;&nbsp; 14887 |
| Constellation Software, Inc. <br>(Software)<br>| 4886 | &nbsp;&nbsp; 17916 |
| Dollarama, Inc. <br>(Broadline Retail)<br>| 186128 | &nbsp;&nbsp; 26225 |
| Intact Financial Corp. <br>(Insurance)<br>| 104860 | &nbsp;&nbsp; 24383 |
| Royal Bank of Canada <br>(Banks)<br>| 103697 | &nbsp;&nbsp; 13667 |
| **Total Western Hemisphere** |  | &nbsp;&nbsp; 97078 |
| ***Japan—8.0%*** |  |  |
| ASICS Corporation <br>(Textiles, Apparel & Luxury Goods)<br>| 669000 | &nbsp;&nbsp; 17096 |
| Chugai Pharmaceutical Co. Ltd. <br>(Pharmaceuticals)<br>| 237100 | &nbsp;&nbsp; 12389 |
| Pan Pacific International Holdings Corp. <br>(Broadline Retail)<br>| 506900 | &nbsp;&nbsp; 17456 |
| Sumitomo Mitsui Financial Group, Inc. <br>(Banks)<br>| 656100 | &nbsp;&nbsp; 16557 |
| Terumo Corporation <br>(Health Care Equipment & Supplies)<br>| 522000 | &nbsp;&nbsp; 9606 |
| Tokio Marine Holdings, Inc. <br>(Insurance)<br>| 401500 | &nbsp;&nbsp; 17038 |
| **Total Japan** |  | &nbsp;&nbsp; 90142 |
| ***Asia Ex-Japan—5.4%*** |  |  |
| **Australia—1.3%** | **Australia—1.3%** | **Australia—1.3%** |
| Aristocrat Leisure Limited <br>(Hotels, Restaurants & Leisure)<br>| 199410 | &nbsp;&nbsp; 8553 |
| Pro Medicus Ltd. <br>(Health Care Technology)<br>| 31644 | &nbsp;&nbsp; 5937 |
|  |  | &nbsp;&nbsp; 14490 |
| **Hong Kong—3.5%** | **Hong Kong—3.5%** | **Hong Kong—3.5%** |
| AIA Group Ltd. <br>(Insurance)<br>| 2309800 | &nbsp;&nbsp; 20715 |
| Hong Kong Exchanges & Clearing Ltd. <br>(Capital Markets)<br>| 352900 | &nbsp;&nbsp; 18827 |
|  |  | &nbsp;&nbsp; 39542 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal**<br> **Amount** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Asia Ex-Japan—(continued)*** |  |  |
|  | **New Zealand—0.6%** | **New Zealand—0.6%** | **New Zealand—0.6%** |
| \* <br>| Xero Limited <br>(Software)<br>| 54399 | &nbsp;&nbsp; $6438 |
|  | **Total Asia Ex-Japan** |  | &nbsp;&nbsp; 60470 |
|  | ***Emerging Latin America—2.1%*** |  |  |
|  | **Brazil—2.1%** | **Brazil—2.1%** | **Brazil—2.1%** |
| \* <br>| MercadoLibre, Inc. <br>(Broadline Retail)<br>| 8892 | &nbsp;&nbsp; 23240 |
|  | **Total Common Stocks—97.3%** <br>(cost $836,066)<br>|  | &nbsp;&nbsp; 1090401 |

---

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing Corporation, <br> 1.600% dated 06/30/25, due 07/01/25, <br> repurchase price $18,875, collateralized <br> by U.S. Treasury Note, 4.125%, due <br> 09/30/2027, valued at $19,252<br>| $18874 | &nbsp;&nbsp; 18874 |
| **Total Repurchase Agreements—1.7%** <br>(cost $18,874)<br>|  | &nbsp;&nbsp; 18874 |
| **Total Investments—99.0%** <br>(cost $854,940)<br>|  | &nbsp;&nbsp; 1109275 |
| **Cash and other assets,** <br>**less liabilities—1.0%**<br>|  | &nbsp;&nbsp; 11193 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $1120468 |

---

------

ADR American Depositary Receipt <br> PLC Public Limited Company

\* Non-income producing security. <br> † U.S. listed foreign security

See accompanying Notes to Financial Statements.

*June 30, 2025*

**23**

*William Blair Funds*

------

**International Leaders Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1090401 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1090401 |
| Repurchase Agreements |  | &nbsp;&nbsp; 18874 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18874 |
| **Total Investments in Securities** | $1090401 | &nbsp;&nbsp; $18874 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1109275 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**24**

*Semi-Annual*

------

**International Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Europe Ex-U.K.—40.1%*** |  |  |
|  | **Austria—0.6%** | **Austria—0.6%** | **Austria—0.6%** |
|  | Erste Group Bank AG <br>(Banks)<br>| 90878 | &nbsp;&nbsp; $7740 |
|  | **Belgium—0.8%** | **Belgium—0.8%** | **Belgium—0.8%** |
|  | D'ieteren Group <br>(Distributors)<br>| 14569 | &nbsp;&nbsp; 3130 |
|  | UCB SA <br>(Pharmaceuticals)<br>| 40790 | &nbsp;&nbsp; 8022 |
|  |  |  | &nbsp;&nbsp; 11152 |
|  | **Denmark—1.4%** | **Denmark—1.4%** | **Denmark—1.4%** |
|  | DSV AS <br>(Air Freight & Logistics)<br>| 51917 | &nbsp;&nbsp; 12476 |
|  | Novonesis Novozymes B <br>(Chemicals)<br>| 90529 | &nbsp;&nbsp; 6490 |
|  |  |  | &nbsp;&nbsp; 18966 |
|  | **Finland—1.2%** | **Finland—1.2%** | **Finland—1.2%** |
|  | Metso OYJ <br>(Machinery)<br>| 371730 | &nbsp;&nbsp; 4808 |
|  | Sampo OYJ <br>(Insurance)<br>| 895578 | &nbsp;&nbsp; 9632 |
|  | Valmet OYJ <br>(Machinery)<br>| 60144 | &nbsp;&nbsp; 1861 |
|  |  |  | &nbsp;&nbsp; 16301 |
|  | **France—7.6%** | **France—7.6%** | **France—7.6%** |
|  | Airbus SE <br>(Aerospace & Defense)<br>| 45243 | &nbsp;&nbsp; 9447 |
|  | Compagnie de Saint-Gobain <br>(Building Products)<br>| 85984 | &nbsp;&nbsp; 10092 |
|  | Hermes International SCA <br>(Textiles, Apparel & Luxury Goods)<br>| 5749 | &nbsp;&nbsp; 15569 |
|  | Ipsen <br>(Pharmaceuticals)<br>| 16783 | &nbsp;&nbsp; 1999 |
|  | Safran SA <br>(Aerospace & Defense)<br>| 44490 | &nbsp;&nbsp; 14459 |
|  | Schneider Electric SE <br>(Electrical Equipment)<br>| 42921 | &nbsp;&nbsp; 11416 |
|  | Thales SA <br>(Aerospace & Defense)<br>| 46627 | &nbsp;&nbsp; 13709 |
|  | TotalEnergies SE <br>(Oil, Gas & Consumable Fuels)<br>| 145474 | &nbsp;&nbsp; 8928 |
|  | Vinci SA <br>(Construction & Engineering)<br>| 94742 | &nbsp;&nbsp; 13961 |
|  | VusionGroup <br>(Electronic Equipment, Instruments <br> & Components)<br>| 13471 | &nbsp;&nbsp; 4351 |
|  |  |  | &nbsp;&nbsp; 103931 |
|  | **Germany—8.2%** | **Germany—8.2%** | **Germany—8.2%** |
| \* <br>| AUTO1 Group SE <br>(Specialty Retail)<br>| 74735 | &nbsp;&nbsp; 2409 |
|  | CTS Eventim AG & Co. KGaA <br>(Entertainment)<br>| 69720 | &nbsp;&nbsp; 8656 |
|  | flatexDEGIRO AG <br>(Capital Markets)<br>| 79964 | &nbsp;&nbsp; 2259 |
|  | Hannover Rueck SE <br>(Insurance)<br>| 31890 | &nbsp;&nbsp; 10037 |
|  | Heidelberg Materials AG <br>(Construction Materials)<br>| 42113 | &nbsp;&nbsp; 9894 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Germany—(continued)** | **Germany—(continued)** | **Germany—(continued)** |
|  | Infineon Technologies AG <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 190299 | &nbsp;&nbsp; $8096 |
|  | MTU Aero Engines AG <br>(Aerospace & Defense)<br>| 28909 | &nbsp;&nbsp; 12845 |
|  | Nemetschek SE <br>(Software)<br>| 29236 | &nbsp;&nbsp; 4236 |
|  | RENK Group AG <br>(Machinery)<br>| 45038 | &nbsp;&nbsp; 3600 |
|  | Rheinmetall AG <br>(Aerospace & Defense)<br>| 4981 | &nbsp;&nbsp; 10544 |
|  | SAP SE <br>(Software)<br>| 71009 | &nbsp;&nbsp; 21593 |
|  | Scout24 SE <br>(Interactive Media & Services)<br>| 40526 | &nbsp;&nbsp; 5590 |
| \* <br>| Siemens Energy AG <br>(Electrical Equipment)<br>| 60016 | &nbsp;&nbsp; 6932 |
|  | Symrise AG <br>(Chemicals)<br>| 41517 | &nbsp;&nbsp; 4359 |
|  |  |  | &nbsp;&nbsp; 111050 |
|  | **Ireland—2.7%** | **Ireland—2.7%** | **Ireland—2.7%** |
|  | AIB Group PLC <br>(Banks)<br>| 763445 | &nbsp;&nbsp; 6282 |
| \* <br>| Flutter Entertainment PLC <br>(Hotels, Restaurants & Leisure)<br>| 35562 | &nbsp;&nbsp; 10162 |
|  | Kingspan Group PLC <br>(Building Products)<br>| 113832 | &nbsp;&nbsp; 9681 |
|  | Linde PLC<sup>†</sup> <br>(Chemicals)<br>| 21471 | &nbsp;&nbsp; 10074 |
|  |  |  | &nbsp;&nbsp; 36199 |
|  | **Italy—4.3%** | **Italy—4.3%** | **Italy—4.3%** |
|  | Azimut Holding SpA <br>(Capital Markets)<br>| 107938 | &nbsp;&nbsp; 3456 |
|  | Brunello Cucinelli SpA <br>(Textiles, Apparel & Luxury Goods)<br>| 43880 | &nbsp;&nbsp; 5334 |
|  | Enel SpA <br>(Electric Utilities)<br>| 717033 | &nbsp;&nbsp; 6804 |
|  | Ferrari NV<sup>†</sup> <br>(Automobiles)<br>| 21563 | &nbsp;&nbsp; 10582 |
|  | Intesa Sanpaolo S.p.A <br>(Banks)<br>| 1925773 | &nbsp;&nbsp; 11096 |
|  | Lottomatica Group S.p.A. <br>(Hotels, Restaurants & Leisure)<br>| 125878 | &nbsp;&nbsp; 3494 |
|  | UniCredit S.p.A. <br>(Banks)<br>| 262690 | &nbsp;&nbsp; 17610 |
|  |  |  | &nbsp;&nbsp; 58376 |
|  | **Netherlands—2.9%** | **Netherlands—2.9%** | **Netherlands—2.9%** |
| \* <br>| Adyen N.V. <br>(Diversified Financial Services)<br>| 1677 | &nbsp;&nbsp; 3078 |
|  | ASM International N.V. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 16519 | &nbsp;&nbsp; 10574 |
|  | ASML Holding NV <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 13722 | &nbsp;&nbsp; 10953 |
|  | BE Semiconductor Industries NV <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 24378 | &nbsp;&nbsp; 3648 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**25**

*William Blair Funds*

------

**International Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Netherlands—(continued)** | **Netherlands—(continued)** | **Netherlands—(continued)** |
|  | Euronext NV <br>(Capital Markets)<br>| 40368 | &nbsp;&nbsp; $6900 |
|  | IMCD NV <br>(Trading Companies & Distributors)<br>| 35148 | &nbsp;&nbsp; 4722 |
|  |  |  | &nbsp;&nbsp; 39875 |
|  | **Norway—0.1%** | **Norway—0.1%** | **Norway—0.1%** |
|  | Gjensidige Forsikring ASA <br>(Insurance)<br>| 80858 | &nbsp;&nbsp; 2049 |
|  | **Spain—1.3%** | **Spain—1.3%** | **Spain—1.3%** |
|  | Banco Bilbao Vizcaya Argentaria S.A. <br>(Banks)<br>| 704902 | &nbsp;&nbsp; 10840 |
|  | Bankinter SA <br>(Banks)<br>| 512059 | &nbsp;&nbsp; 6683 |
|  |  |  | &nbsp;&nbsp; 17523 |
|  | **Sweden—3.3%** | **Sweden—3.3%** | **Sweden—3.3%** |
|  | AddTech AB <br>(Trading Companies & Distributors)<br>| 73375 | &nbsp;&nbsp; 2497 |
|  | Atlas Copco AB <br>(Machinery)<br>| 582926 | &nbsp;&nbsp; 9418 |
|  | Beijer Ref AB <br>(Trading Companies & Distributors)<br>| 444668 | &nbsp;&nbsp; 7020 |
|  | Hemnet Group AB <br>(Interactive Media & Services)<br>| 108764 | &nbsp;&nbsp; 3180 |
|  | Indutrade AB <br>(Machinery)<br>| 96778 | &nbsp;&nbsp; 2641 |
|  | Lifco AB <br>(Industrial Conglomerates)<br>| 81936 | &nbsp;&nbsp; 3315 |
| \* <br>| Spotify Technology S.A. <br>(Entertainment)<br>| 18966 | &nbsp;&nbsp; 14553 |
|  | Sweco AB <br>(Construction & Engineering)<br>| 99898 | &nbsp;&nbsp; 1732 |
|  |  |  | &nbsp;&nbsp; 44356 |
|  | **Switzerland—5.7%** | **Switzerland—5.7%** | **Switzerland—5.7%** |
|  | Chocoladefabriken Lindt & Spruengli <br> AG <br>(Food Products)<br>| 269 | &nbsp;&nbsp; 4526 |
|  | Chubb Ltd.<sup>†</sup> <br>(Insurance)<br>| 31940 | &nbsp;&nbsp; 9254 |
|  | Galenica AG <br>(Health Care Providers & Services)<br>| 36696 | &nbsp;&nbsp; 4017 |
|  | Lonza Group AG <br>(Life Sciences Tools & Services)<br>| 25225 | &nbsp;&nbsp; 17962 |
|  | Partners Group Holding AG <br>(Capital Markets)<br>| 4242 | &nbsp;&nbsp; 5533 |
|  | Sandoz Group AG <br>(Pharmaceuticals)<br>| 194355 | &nbsp;&nbsp; 10636 |
|  | Siegfried Holding AG <br>(Life Sciences Tools & Services)<br>| 27782 | &nbsp;&nbsp; 3127 |
|  | Sika AG <br>(Chemicals)<br>| 36809 | &nbsp;&nbsp; 9992 |
| \* <br>| Sportradar Group AG <br>(Hotels, Restaurants & Leisure)<br>| 90443 | &nbsp;&nbsp; 2539 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Switzerland—(continued)** | **Switzerland—(continued)** | **Switzerland—(continued)** |
|  | Swissquote Group Holding SA <br>(Capital Markets)<br>| 6953 | &nbsp;&nbsp; $3938 |
|  | VAT Group AG <br>(Machinery)<br>| 13014 | &nbsp;&nbsp; 5490 |
|  |  |  | &nbsp;&nbsp; 77014 |
|  | **Total Europe Ex-U.K.** |  | &nbsp;&nbsp; 544532 |
|  | ***Emerging Asia—20.1%*** |  |  |
|  | **China—5.6%** | **China—5.6%** | **China—5.6%** |
|  | Airtac International Group <br>(Machinery)<br>| 79713 | &nbsp;&nbsp; 2377 |
|  | Alibaba Group Holding Ltd. <br>(Broadline Retail)<br>| 939800 | &nbsp;&nbsp; 13145 |
|  | ANTA Sports Products Ltd. <br>(Textiles, Apparel & Luxury Goods)<br>| 605000 | &nbsp;&nbsp; 7283 |
|  | BYD Company Limited <br>(Automobiles)<br>| 462000 | &nbsp;&nbsp; 7210 |
|  | Fuyao Glass Industry Group Co. Ltd <br>(Auto Components)<br>| 430310 | &nbsp;&nbsp; 3427 |
|  | Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 482400 | &nbsp;&nbsp; 30911 |
| \* <br>| Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 1478600 | &nbsp;&nbsp; 11292 |
|  |  |  | &nbsp;&nbsp; 75645 |
|  | **India—6.4%** | **India—6.4%** | **India—6.4%** |
|  | Apollo Hospitals Enterprise Ltd. <br>(Health Care Providers & Services)<br>| 24806 | &nbsp;&nbsp; 2094 |
|  | Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 954012 | &nbsp;&nbsp; 4703 |
|  | Bharti Airtel Ltd. <br>(Wireless Telecommunication <br> Services)<br>| 449570 | &nbsp;&nbsp; 10530 |
|  | Computer Age Management Services <br> Ltd. <br>(Professional Services)<br>| 42473 | &nbsp;&nbsp; 2128 |
|  | Eicher Motors Limited <br>(Automobiles)<br>| 52347 | &nbsp;&nbsp; 3443 |
|  | HDFC Asset Management Co. Ltd. <br>(Capital Markets)<br>| 36345 | &nbsp;&nbsp; 2201 |
|  | HDFC Bank Ltd. <br>(Banks)<br>| 664583 | &nbsp;&nbsp; 15499 |
|  | Hindustan Aeronautics Ltd. <br>(Aerospace & Defense)<br>| 78828 | &nbsp;&nbsp; 4484 |
|  | ICICI Bank Ltd. <br>(Banks)<br>| 908374 | &nbsp;&nbsp; 15348 |
|  | Indian Hotels Co. Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 426510 | &nbsp;&nbsp; 3779 |
| \* <br>| InterGlobe Aviation Ltd. <br>(Airlines)<br>| 70942 | &nbsp;&nbsp; 4932 |
|  | Macrotech Developers Ltd. <br>(Real Estate Management & <br> Development)<br>| 195251 | &nbsp;&nbsp; 3153 |
|  | Mahindra & Mahindra Ltd. <br>(Automobiles)<br>| 173298 | &nbsp;&nbsp; 6423 |
| \* <br>| MakeMyTrip Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 17519 | &nbsp;&nbsp; 1717 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**26**

*Semi-Annual*

------

**International Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—(continued)** | **India—(continued)** | **India—(continued)** |
|  | Max Healthcare Institute Ltd. <br>(Health Care Providers & Services)<br>| 248032 | &nbsp;&nbsp; $3687 |
| \* <br>| Zomato Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 987804 | &nbsp;&nbsp; 3040 |
|  |  |  | &nbsp;&nbsp; 87161 |
|  | **Indonesia—2.1%** | **Indonesia—2.1%** | **Indonesia—2.1%** |
|  | Bank Central Asia Tbk. PT <br>(Banks)<br>| 20806600 | &nbsp;&nbsp; 11118 |
| \* <br>| Sea Ltd.—ADR <br>(Entertainment)<br>| 106985 | &nbsp;&nbsp; 17111 |
|  |  |  | &nbsp;&nbsp; 28229 |
|  | **South Korea—1.3%** | **South Korea—1.3%** | **South Korea—1.3%** |
|  | SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 79331 | &nbsp;&nbsp; 17164 |
|  | **Taiwan—4.7%** | **Taiwan—4.7%** | **Taiwan—4.7%** |
|  | Advantech Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 235000 | &nbsp;&nbsp; 2735 |
|  | Delta Electronics, Inc. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 307000 | &nbsp;&nbsp; 4340 |
|  | eMemory Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 30000 | &nbsp;&nbsp; 2424 |
|  | MediaTek, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 151000 | &nbsp;&nbsp; 6461 |
|  | Taiwan Semiconductor Manufacturing <br> Co. Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 204842 | &nbsp;&nbsp; 46395 |
|  | Voltronic Power Technology Corp. <br>(Electrical Equipment)<br>| 42000 | &nbsp;&nbsp; 1812 |
|  |  |  | &nbsp;&nbsp; 64167 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 272366 |
|  | ***United Kingdom—12.5%*** |  |  |
|  | 3i Group PLC <br>(Capital Markets)<br>| 431389 | &nbsp;&nbsp; 24396 |
|  | BAE Systems PLC <br>(Aerospace & Defense)<br>| 777706 | &nbsp;&nbsp; 20139 |
|  | Barclays PLC <br>(Banks)<br>| 520359 | &nbsp;&nbsp; 2409 |
|  | Beazley PLC <br>(Insurance)<br>| 516707 | &nbsp;&nbsp; 6632 |
|  | Coca-Cola Europacific Partners PLC <br>(Beverages)<br>| 72779 | &nbsp;&nbsp; 6748 |
|  | Compass Group PLC <br>(Hotels, Restaurants & Leisure)<br>| 323683 | &nbsp;&nbsp; 10961 |
|  | Diploma PLC <br>(Trading Companies & Distributors)<br>| 146138 | &nbsp;&nbsp; 9805 |
|  | Experian PLC <br>(Professional Services)<br>| 209292 | &nbsp;&nbsp; 10779 |
|  | Haleon PLC <br>(Personal Care Products)<br>| 1875200 | &nbsp;&nbsp; 9637 |
|  | Halma PLC <br>(Electronic Equipment, Instruments <br> & Components)<br>| 285149 | &nbsp;&nbsp; 12525 |

---

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***United Kingdom—(continued)*** |  |  |
| Hill & Smith PLC <br>(Metals & Mining)<br>| 63149 | &nbsp;&nbsp; $1553 |
| Intermediate Capital Group PLC <br>(Capital Markets)<br>| 194316 | &nbsp;&nbsp; 5142 |
| London Stock Exchange Group PLC <br>(Capital Markets)<br>| 112740 | &nbsp;&nbsp; 16458 |
| QinetiQ Group PLC <br>(Aerospace & Defense)<br>| 198105 | &nbsp;&nbsp; 1402 |
| RELX PLC <br>(Professional Services)<br>| 182110 | &nbsp;&nbsp; 9841 |
| Rotork PLC <br>(Machinery)<br>| 790431 | &nbsp;&nbsp; 3485 |
| Softcat PLC <br>(IT Services)<br>| 110531 | &nbsp;&nbsp; 2605 |
| Spirax-Sarco Engineering PLC <br>(Machinery)<br>| 32022 | &nbsp;&nbsp; 2618 |
| Unilever PLC <br>(Personal Care Products)<br>| 143021 | &nbsp;&nbsp; 8687 |
| Weir Group PLC <br>(Machinery)<br>| 120647 | &nbsp;&nbsp; 4124 |
| **Total United Kingdom** |  | &nbsp;&nbsp; 169946 |
| ***Japan—10.5%*** |  |  |
| ABC-Mart, Inc. <br>(Specialty Retail)<br>| 103700 | &nbsp;&nbsp; 2133 |
| ASICS Corporation <br>(Textiles, Apparel & Luxury Goods)<br>| 293900 | &nbsp;&nbsp; 7510 |
| BayCurrent Consulting, Inc. <br>(Professional Services)<br>| 66000 | &nbsp;&nbsp; 3401 |
| Chugai Pharmaceutical Co. Ltd. <br>(Pharmaceuticals)<br>| 248000 | &nbsp;&nbsp; 12959 |
| Daifuku Co. Ltd. <br>(Machinery)<br>| 199000 | &nbsp;&nbsp; 5143 |
| Disco Corp. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 14700 | &nbsp;&nbsp; 4352 |
| Hoya Corp. <br>(Health Care Equipment & Supplies)<br>| 63500 | &nbsp;&nbsp; 7565 |
| Internet Initiative Japan, Inc. <br>(Diversified Telecommunication <br> Services)<br>| 117500 | &nbsp;&nbsp; 2320 |
| Japan Elevator Service Holdings Co. <br> Ltd. <br>(Commercial Services & Supplies)<br>| 109300 | &nbsp;&nbsp; 3154 |
| Keyence Corp. <br>(Electronic Equipment, Instruments <br> & Components)<br>| 24200 | &nbsp;&nbsp; 9720 |
| Kurita Water Industries Ltd. <br>(Machinery)<br>| 57400 | &nbsp;&nbsp; 2271 |
| MatsukiyoCocokara & Co. <br>(Consumer Staples Distribution & <br> Retail)<br>| 189900 | &nbsp;&nbsp; 3913 |
| MonotaRO Co. Ltd. <br>(Trading Companies & Distributors)<br>| 283800 | &nbsp;&nbsp; 5607 |
| Nintendo Co., Ltd. <br>(Entertainment)<br>| 90700 | &nbsp;&nbsp; 8742 |
| Nomura Research Institute Ltd. <br>(IT Services)<br>| 101000 | &nbsp;&nbsp; 4056 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**27**

*William Blair Funds*

------

**International Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Japan—(continued)*** |  |  |
|  | Pan Pacific International Holdings <br> Corp. <br>(Broadline Retail)<br>| 340500 | &nbsp;&nbsp; $11725 |
| \* <br>| Rakuten Bank Ltd. <br>(Banks)<br>| 83500 | &nbsp;&nbsp; 3836 |
|  | Sanwa Holdings Corporation <br>(Building Products)<br>| 95200 | &nbsp;&nbsp; 3166 |
|  | Shimamura Co. Ltd. <br>(Specialty Retail)<br>| 26800 | &nbsp;&nbsp; 1883 |
|  | Sumitomo Mitsui Financial Group, Inc. <br>(Banks)<br>| 426700 | &nbsp;&nbsp; 10768 |
|  | TechnoPro Holdings, Inc. <br>(Professional Services)<br>| 136000 | &nbsp;&nbsp; 3973 |
|  | Tokio Marine Holdings, Inc. <br>(Insurance)<br>| 235800 | &nbsp;&nbsp; 10006 |
|  | Tokyo Electron Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 61200 | &nbsp;&nbsp; 11764 |
|  | Zozo, Inc. <br>(Specialty Retail)<br>| 268300 | &nbsp;&nbsp; 2901 |
|  | **Total Japan** |  | &nbsp;&nbsp; 142868 |
|  | ***Western Hemisphere—7.6%*** |  |  |
|  | **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** |
|  | Arch Capital Group Ltd.<sup>†</sup> <br>(Insurance)<br>| 94345 | &nbsp;&nbsp; 8590 |
|  | **Canada—7.0%** | **Canada—7.0%** | **Canada—7.0%** |
|  | Boyd Group Services, Inc. <br>(Commercial Services & Supplies)<br>| 10533 | &nbsp;&nbsp; 1654 |
|  | Brookfield Asset Management Ltd <br>(Capital Markets)<br>| 187370 | &nbsp;&nbsp; 10358 |
|  | Canadian Pacific Kansas City Ltd. <br>(Road & Rail)<br>| 87641 | &nbsp;&nbsp; 6947 |
|  | Constellation Software, Inc. <br>(Software)<br>| 3046 | &nbsp;&nbsp; 11169 |
|  | Dollarama, Inc. <br>(Broadline Retail)<br>| 99409 | &nbsp;&nbsp; 14007 |
|  | Intact Financial Corp. <br>(Insurance)<br>| 44715 | &nbsp;&nbsp; 10398 |
|  | Parkland Corp. <br>(Oil, Gas & Consumable Fuels)<br>| 113161 | &nbsp;&nbsp; 3201 |
|  | Royal Bank of Canada <br>(Banks)<br>| 81417 | &nbsp;&nbsp; 10730 |
|  | Toromont Industries Ltd. <br>(Trading Companies & Distributors)<br>| 70774 | &nbsp;&nbsp; 6361 |
|  | Waste Connections, Inc. <br>(Commercial Services & Supplies)<br>| 48649 | &nbsp;&nbsp; 9084 |
|  | WSP Global Inc. <br>(Construction & Engineering)<br>| 52321 | &nbsp;&nbsp; 10672 |
|  |  |  | &nbsp;&nbsp; 94581 |
|  | **Total Western Hemisphere** |  | &nbsp;&nbsp; 103171 |
|  | ***Asia Ex-Japan—4.4%*** |  |  |
|  | **Australia—1.8%** | **Australia—1.8%** | **Australia—1.8%** |
|  | Aristocrat Leisure Limited <br>(Hotels, Restaurants & Leisure)<br>| 107802 | &nbsp;&nbsp; 4624 |
|  | Pro Medicus Ltd. <br>(Health Care Technology)<br>| 38604 | &nbsp;&nbsp; 7243 |
|  | QBE Insurance Group Limited <br>(Insurance)<br>| 301202 | &nbsp;&nbsp; 4637 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Asia Ex-Japan—(continued)*** |  |  |
|  | **Australia—(continued)** | **Australia—(continued)** | **Australia—(continued)** |
|  | Steadfast Group Ltd. <br>(Insurance)<br>| 829990 | &nbsp;&nbsp; $3283 |
|  | Technology One Ltd. <br>(Software)<br>| 172146 | &nbsp;&nbsp; 4646 |
|  |  |  | &nbsp;&nbsp; 24433 |
|  | **Hong Kong—1.5%** | **Hong Kong—1.5%** | **Hong Kong—1.5%** |
|  | AIA Group Ltd. <br>(Insurance)<br>| 1031200 | &nbsp;&nbsp; 9248 |
|  | Hong Kong Exchanges & Clearing Ltd. <br>(Capital Markets)<br>| 202300 | &nbsp;&nbsp; 10793 |
|  |  |  | &nbsp;&nbsp; 20041 |
|  | **New Zealand—0.6%** | **New Zealand—0.6%** | **New Zealand—0.6%** |
|  | Fisher & Paykel Healthcare Corporation <br> Limited <br>(Health Care Equipment & Supplies)<br>| 113382 | &nbsp;&nbsp; 2492 |
| \* <br>| Xero Limited <br>(Software)<br>| 43607 | &nbsp;&nbsp; 5160 |
|  |  |  | &nbsp;&nbsp; 7652 |
|  | **Singapore—0.5%** | **Singapore—0.5%** | **Singapore—0.5%** |
|  | DBS Group Holdings Ltd. <br>(Banks)<br>| 190510 | &nbsp;&nbsp; 6729 |
|  | **Total Asia Ex-Japan** |  | &nbsp;&nbsp; 58855 |
|  | ***Emerging Latin America—2.2%*** |  |  |
|  | **Brazil—1.5%** | **Brazil—1.5%** | **Brazil—1.5%** |
|  | Embraer S.A. <br>(Aerospace & Defense)<br>| 234700 | &nbsp;&nbsp; 3327 |
| \* <br>| MercadoLibre, Inc. <br>(Broadline Retail)<br>| 4026 | &nbsp;&nbsp; 10523 |
| \* <br>| NU Holdings Ltd. <br>(Banks)<br>| 178750 | &nbsp;&nbsp; 2452 |
|  | WEG SA <br>(Electrical Equipment)<br>| 493000 | &nbsp;&nbsp; 3882 |
|  |  |  | &nbsp;&nbsp; 20184 |
|  | **Mexico—0.5%** | **Mexico—0.5%** | **Mexico—0.5%** |
|  | Arca Continental SAB de CV <br>(Beverages)<br>| 179700 | &nbsp;&nbsp; 1904 |
|  | Grupo Aeroportuario del Centro Norte <br> SAB de CV <br>(Transportation Infrastructure)<br>| 163500 | &nbsp;&nbsp; 2150 |
|  | Grupo Aeroportuario del Sureste SAB <br> de CV—ADR <br>(Transportation Infrastructure)<br>| 8446 | &nbsp;&nbsp; 2693 |
|  |  |  | &nbsp;&nbsp; 6747 |
|  | **Peru—0.2%** | **Peru—0.2%** | **Peru—0.2%** |
|  | Credicorp Ltd.<sup>†</sup> <br>(Banks)<br>| 15174 | &nbsp;&nbsp; 3392 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 30323 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—1.1%*** |  |  |
|  | **Poland—0.1%** | **Poland—0.1%** | **Poland—0.1%** |
|  | LPP SA <br>(Textiles, Apparel & Luxury Goods)<br>| 389 | &nbsp;&nbsp; 1583 |
|  | **South Africa—0.8%** | **South Africa—0.8%** | **South Africa—0.8%** |
|  | Bid Corp. Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 199546 | &nbsp;&nbsp; 5269 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**28**

*Semi-Annual*

------

**International Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal**<br> **Amount** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Emerging Europe, Mid-East,*** <br> ***Africa—(continued)***<br>|  |  |
| **South Africa—(continued)** | **South Africa—(continued)** | **South Africa—(continued)** |
| Capitec Bank Holdings Ltd. <br>(Banks)<br>| 17297 | &nbsp;&nbsp; $3469 |
| Clicks Group Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 101555 | &nbsp;&nbsp; 2128 |
|  |  | &nbsp;&nbsp; 10866 |
| **United Arab Emirates—0.2%** | **United Arab Emirates—0.2%** | **United Arab Emirates—0.2%** |
| Aldar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 854092 | &nbsp;&nbsp; 2075 |
| **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 14524 |
| **Total Common Stocks—98.5%** <br>(cost $947,625)<br>|  | &nbsp;&nbsp; 1336585 |

---

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing Corporation, <br> 1.600% dated 06/30/25, due 07/01/25, <br> repurchase price $13,913, <br> collateralized by U.S. Treasury Note, <br> 4.125%, due 09/30/2027, valued at <br> $14,191<br>| $13913 | &nbsp;&nbsp; 13913 |
| **Total Repurchase Agreements—1.0%** <br>(cost $13,913)<br>|  | &nbsp;&nbsp; 13913 |
| **Total Investments—99.5%** <br>(cost $961,538)<br>|  | &nbsp;&nbsp; 1350498 |
| **Cash and other assets,** <br>**less liabilities—0.5%**<br>|  | &nbsp;&nbsp; 6579 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $1357077 |

---

------

ADR American Depositary Receipt <br> PLC Public Limited Company

\* Non-income producing security. <br> † U.S. listed foreign security

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1336585 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1336585 |
| Repurchase Agreements |  | &nbsp;&nbsp; 13913 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13913 |
| **Total Investments in Securities** | $1336585 | &nbsp;&nbsp; $13913 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1350498 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**29**

*William Blair Funds*

------

**Institutional International Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Europe Ex-U.K.—39.8%*** |  |  |
|  | **Austria—0.6%** | **Austria—0.6%** | **Austria—0.6%** |
|  | Erste Group Bank AG <br>(Banks)<br>| 64802 | &nbsp;&nbsp; $5519 |
|  | **Belgium—0.8%** | **Belgium—0.8%** | **Belgium—0.8%** |
|  | D'ieteren Group <br>(Distributors)<br>| 10388 | &nbsp;&nbsp; 2232 |
|  | UCB SA <br>(Pharmaceuticals)<br>| 29180 | &nbsp;&nbsp; 5739 |
|  |  |  | &nbsp;&nbsp; 7971 |
|  | **Denmark—1.4%** | **Denmark—1.4%** | **Denmark—1.4%** |
|  | DSV AS <br>(Air Freight & Logistics)<br>| 37020 | &nbsp;&nbsp; 8896 |
|  | Novonesis Novozymes B <br>(Chemicals)<br>| 65030 | &nbsp;&nbsp; 4662 |
|  |  |  | &nbsp;&nbsp; 13558 |
|  | **Finland—1.2%** | **Finland—1.2%** | **Finland—1.2%** |
|  | Metso OYJ <br>(Machinery)<br>| 265065 | &nbsp;&nbsp; 3428 |
|  | Sampo OYJ <br>(Insurance)<br>| 638599 | &nbsp;&nbsp; 6868 |
|  | Valmet OYJ <br>(Machinery)<br>| 42886 | &nbsp;&nbsp; 1327 |
|  |  |  | &nbsp;&nbsp; 11623 |
|  | **France—7.6%** | **France—7.6%** | **France—7.6%** |
|  | Airbus SE <br>(Aerospace & Defense)<br>| 32261 | &nbsp;&nbsp; 6736 |
|  | Compagnie de Saint-Gobain <br>(Building Products)<br>| 61312 | &nbsp;&nbsp; 7196 |
|  | Hermes International SCA <br>(Textiles, Apparel & Luxury Goods)<br>| 4100 | &nbsp;&nbsp; 11103 |
|  | Ipsen <br>(Pharmaceuticals)<br>| 11967 | &nbsp;&nbsp; 1425 |
|  | Safran SA <br>(Aerospace & Defense)<br>| 31724 | &nbsp;&nbsp; 10310 |
|  | Schneider Electric SE <br>(Electrical Equipment)<br>| 30605 | &nbsp;&nbsp; 8141 |
|  | Thales SA <br>(Aerospace & Defense)<br>| 33539 | &nbsp;&nbsp; 9861 |
|  | TotalEnergies SE <br>(Oil, Gas & Consumable Fuels)<br>| 103731 | &nbsp;&nbsp; 6366 |
|  | Vinci SA <br>(Construction & Engineering)<br>| 67557 | &nbsp;&nbsp; 9956 |
|  | VusionGroup <br>(Electronic Equipment, Instruments & <br> Components)<br>| 9606 | &nbsp;&nbsp; 3103 |
|  |  |  | &nbsp;&nbsp; 74197 |
|  | **Germany—8.1%** | **Germany—8.1%** | **Germany—8.1%** |
| \* <br>| AUTO1 Group SE <br>(Specialty Retail)<br>| 53290 | &nbsp;&nbsp; 1717 |
|  | CTS Eventim AG & Co. KGaA <br>(Entertainment)<br>| 49714 | &nbsp;&nbsp; 6172 |
|  | flatexDEGIRO AG <br>(Capital Markets)<br>| 57019 | &nbsp;&nbsp; 1611 |
|  | Hannover Rueck SE <br>(Insurance)<br>| 22740 | &nbsp;&nbsp; 7157 |
|  | Heidelberg Materials AG <br>(Construction Materials)<br>| 30029 | &nbsp;&nbsp; 7055 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Germany—(continued)** | **Germany—(continued)** | **Germany—(continued)** |
|  | Infineon Technologies AG <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 135694 | &nbsp;&nbsp; $5773 |
|  | MTU Aero Engines AG <br>(Aerospace & Defense)<br>| 20614 | &nbsp;&nbsp; 9159 |
|  | Nemetschek SE <br>(Software)<br>| 20847 | &nbsp;&nbsp; 3020 |
|  | RENK Group AG <br>(Machinery)<br>| 32115 | &nbsp;&nbsp; 2567 |
|  | Rheinmetall AG <br>(Aerospace & Defense)<br>| 3552 | &nbsp;&nbsp; 7519 |
|  | SAP SE <br>(Software)<br>| 50634 | &nbsp;&nbsp; 15397 |
|  | Scout24 SE <br>(Interactive Media & Services)<br>| 28897 | &nbsp;&nbsp; 3986 |
| \* <br>| Siemens Energy AG <br>(Electrical Equipment)<br>| 43170 | &nbsp;&nbsp; 4987 |
|  | Symrise AG <br>(Chemicals)<br>| 29604 | &nbsp;&nbsp; 3109 |
|  |  |  | &nbsp;&nbsp; 79229 |
|  | **Ireland—2.6%** | **Ireland—2.6%** | **Ireland—2.6%** |
|  | AIB Group PLC <br>(Banks)<br>| 544381 | &nbsp;&nbsp; 4479 |
| \* <br>| Flutter Entertainment PLC <br>(Hotels, Restaurants & Leisure)<br>| 25358 | &nbsp;&nbsp; 7247 |
|  | Kingspan Group PLC <br>(Building Products)<br>| 81169 | &nbsp;&nbsp; 6903 |
|  | Linde PLC<sup>†</sup> <br>(Chemicals)<br>| 15310 | &nbsp;&nbsp; 7183 |
|  |  |  | &nbsp;&nbsp; 25812 |
|  | **Italy—4.3%** | **Italy—4.3%** | **Italy—4.3%** |
|  | Azimut Holding SpA <br>(Capital Markets)<br>| 76966 | &nbsp;&nbsp; 2464 |
|  | Brunello Cucinelli SpA <br>(Textiles, Apparel & Luxury Goods)<br>| 31289 | &nbsp;&nbsp; 3804 |
|  | Enel SpA <br>(Electric Utilities)<br>| 511286 | &nbsp;&nbsp; 4852 |
|  | Ferrari NV<sup>†</sup> <br>(Automobiles)<br>| 15376 | &nbsp;&nbsp; 7546 |
|  | Intesa Sanpaolo S.p.A <br>(Banks)<br>| 1373188 | &nbsp;&nbsp; 7912 |
|  | Lottomatica Group S.p.A. <br>(Hotels, Restaurants & Leisure)<br>| 89758 | &nbsp;&nbsp; 2491 |
|  | UniCredit S.p.A. <br>(Banks)<br>| 187313 | &nbsp;&nbsp; 12557 |
|  |  |  | &nbsp;&nbsp; 41626 |
|  | **Netherlands—2.9%** | **Netherlands—2.9%** | **Netherlands—2.9%** |
| \* <br>| Adyen N.V. <br>(Diversified Financial Services)<br>| 1196 | &nbsp;&nbsp; 2196 |
|  | ASM International N.V. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 11779 | &nbsp;&nbsp; 7540 |
|  | ASML Holding NV <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 9784 | &nbsp;&nbsp; 7809 |
|  | BE Semiconductor Industries NV <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 17383 | &nbsp;&nbsp; 2601 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**30**

*Semi-Annual*

------

**Institutional International Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Netherlands—(continued)** | **Netherlands—(continued)** | **Netherlands—(continued)** |
|  | Euronext NV <br>(Capital Markets)<br>| 28785 | &nbsp;&nbsp; $4920 |
|  | IMCD NV <br>(Trading Companies & Distributors)<br>| 25062 | &nbsp;&nbsp; 3367 |
|  |  |  | &nbsp;&nbsp; 28433 |
|  | **Norway—0.2%** | **Norway—0.2%** | **Norway—0.2%** |
|  | Gjensidige Forsikring ASA <br>(Insurance)<br>| 57656 | &nbsp;&nbsp; 1461 |
|  | **Spain—1.3%** | **Spain—1.3%** | **Spain—1.3%** |
|  | Banco Bilbao Vizcaya Argentaria S.A. <br>(Banks)<br>| 502636 | &nbsp;&nbsp; 7730 |
|  | Bankinter SA <br>(Banks)<br>| 365128 | &nbsp;&nbsp; 4765 |
|  |  |  | &nbsp;&nbsp; 12495 |
|  | **Sweden—3.2%** | **Sweden—3.2%** | **Sweden—3.2%** |
|  | AddTech AB <br>(Trading Companies & Distributors)<br>| 52321 | &nbsp;&nbsp; 1781 |
|  | Atlas Copco AB <br>(Machinery)<br>| 415660 | &nbsp;&nbsp; 6715 |
|  | Beijer Ref AB <br>(Trading Companies & Distributors)<br>| 317074 | &nbsp;&nbsp; 5005 |
|  | Hemnet Group AB <br>(Interactive Media & Services)<br>| 77555 | &nbsp;&nbsp; 2267 |
|  | Indutrade AB <br>(Machinery)<br>| 69008 | &nbsp;&nbsp; 1883 |
|  | Lifco AB <br>(Industrial Conglomerates)<br>| 58425 | &nbsp;&nbsp; 2364 |
| \* <br>| Spotify Technology S.A. <br>(Entertainment)<br>| 13524 | &nbsp;&nbsp; 10378 |
|  | Sweco AB <br>(Construction & Engineering)<br>| 71233 | &nbsp;&nbsp; 1235 |
|  |  |  | &nbsp;&nbsp; 31628 |
|  | **Switzerland—5.6%** | **Switzerland—5.6%** | **Switzerland—5.6%** |
|  | Chocoladefabriken Lindt & Spruengli AG <br>(Food Products)<br>| 192 | &nbsp;&nbsp; 3230 |
|  | Chubb Ltd. <br>(Insurance)<br>| 22775 | &nbsp;&nbsp; 6598 |
|  | Galenica AG <br>(Health Care Providers & Services)<br>| 26166 | &nbsp;&nbsp; 2864 |
|  | Lonza Group AG <br>(Life Sciences Tools & Services)<br>| 17987 | &nbsp;&nbsp; 12808 |
|  | Partners Group Holding AG <br>(Capital Markets)<br>| 3025 | &nbsp;&nbsp; 3946 |
|  | Sandoz Group AG <br>(Pharmaceuticals)<br>| 138587 | &nbsp;&nbsp; 7584 |
|  | Siegfried Holding AG <br>(Life Sciences Tools & Services)<br>| 19810 | &nbsp;&nbsp; 2230 |
|  | Sika AG <br>(Chemicals)<br>| 26247 | &nbsp;&nbsp; 7125 |
| \* <br>| Sportradar Group AG <br>(Hotels, Restaurants & Leisure)<br>| 64491 | &nbsp;&nbsp; 1811 |
|  | Swissquote Group Holding SA <br>(Capital Markets)<br>| 4958 | &nbsp;&nbsp; 2808 |
|  | VAT Group AG <br>(Machinery)<br>| 9280 | &nbsp;&nbsp; 3915 |
|  |  |  | &nbsp;&nbsp; 54919 |
|  | **Total Europe Ex-U.K.** |  | &nbsp;&nbsp; 388471 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—19.9%*** |  |  |
|  | **China—5.5%** | **China—5.5%** | **China—5.5%** |
|  | Airtac International Group <br>(Machinery)<br>| 57204 | &nbsp;&nbsp; $1706 |
|  | Alibaba Group Holding Ltd. <br>(Broadline Retail)<br>| 676000 | &nbsp;&nbsp; 9456 |
|  | ANTA Sports Products Ltd. <br>(Textiles, Apparel & Luxury Goods)<br>| 431400 | &nbsp;&nbsp; 5193 |
|  | BYD Company Limited <br>(Automobiles)<br>| 332000 | &nbsp;&nbsp; 5181 |
|  | Fuyao Glass Industry Group Co. Ltd <br>(Auto Components)<br>| 306900 | &nbsp;&nbsp; 2444 |
|  | Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 344000 | &nbsp;&nbsp; 22042 |
| \* <br>| Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 1057600 | &nbsp;&nbsp; 8077 |
|  |  |  | &nbsp;&nbsp; 54099 |
|  | **India—6.4%** | **India—6.4%** | **India—6.4%** |
|  | Apollo Hospitals Enterprise Ltd. <br>(Health Care Providers & Services)<br>| 17688 | &nbsp;&nbsp; 1493 |
|  | Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 680266 | &nbsp;&nbsp; 3354 |
|  | Bharti Airtel Ltd. <br>(Wireless Telecommunication Services)<br>| 320570 | &nbsp;&nbsp; 7509 |
|  | Computer Age Management Services Ltd. <br>(Professional Services)<br>| 30286 | &nbsp;&nbsp; 1517 |
|  | Eicher Motors Limited <br>(Automobiles)<br>| 37326 | &nbsp;&nbsp; 2455 |
|  | HDFC Asset Management Co. Ltd. <br>(Capital Markets)<br>| 25916 | &nbsp;&nbsp; 1570 |
|  | HDFC Bank Ltd. <br>(Banks)<br>| 473886 | &nbsp;&nbsp; 11051 |
|  | Hindustan Aeronautics Ltd. <br>(Aerospace & Defense)<br>| 56209 | &nbsp;&nbsp; 3197 |
|  | ICICI Bank Ltd. <br>(Banks)<br>| 647724 | &nbsp;&nbsp; 10944 |
|  | Indian Hotels Co. Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 304127 | &nbsp;&nbsp; 2695 |
| \* <br>| InterGlobe Aviation Ltd. <br>(Airlines)<br>| 50586 | &nbsp;&nbsp; 3517 |
|  | Macrotech Developers Ltd. <br>(Real Estate Management & <br> Development)<br>| 139225 | &nbsp;&nbsp; 2248 |
|  | Mahindra & Mahindra Ltd. <br>(Automobiles)<br>| 123571 | &nbsp;&nbsp; 4580 |
| \* <br>| MakeMyTrip Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 12492 | &nbsp;&nbsp; 1224 |
|  | Max Healthcare Institute Ltd. <br>(Health Care Providers & Services)<br>| 176861 | &nbsp;&nbsp; 2629 |
| \* <br>| Zomato Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 704362 | &nbsp;&nbsp; 2168 |
|  |  |  | &nbsp;&nbsp; 62151 |
|  | **Indonesia—2.1%** | **Indonesia—2.1%** | **Indonesia—2.1%** |
|  | Bank Central Asia Tbk. PT <br>(Banks)<br>| 14836330 | &nbsp;&nbsp; 7927 |
| \* <br>| Sea Ltd.—ADR <br>(Entertainment)<br>| 76535 | &nbsp;&nbsp; 12241 |
|  |  |  | &nbsp;&nbsp; 20168 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**31**

*William Blair Funds*

------

**Institutional International Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Emerging Asia—(continued)*** |  |  |
| **South Korea—1.2%** | **South Korea—1.2%** | **South Korea—1.2%** |
| SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 56752 | &nbsp;&nbsp; $12279 |
| **Taiwan—4.7%** | **Taiwan—4.7%** | **Taiwan—4.7%** |
| Advantech Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 168000 | &nbsp;&nbsp; 1955 |
| Delta Electronics, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 219000 | &nbsp;&nbsp; 3096 |
| eMemory Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 21000 | &nbsp;&nbsp; 1697 |
| MediaTek, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 107000 | &nbsp;&nbsp; 4579 |
| Taiwan Semiconductor Manufacturing <br> Co. Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 146065 | &nbsp;&nbsp; 33082 |
| Voltronic Power Technology Corp. <br>(Electrical Equipment)<br>| 30000 | &nbsp;&nbsp; 1294 |
|  |  | &nbsp;&nbsp; 45703 |
| **Total Emerging Asia** |  | &nbsp;&nbsp; 194400 |
| ***United Kingdom—12.4%*** |  |  |
| 3i Group PLC <br>(Capital Markets)<br>| 307606 | &nbsp;&nbsp; 17396 |
| BAE Systems PLC <br>(Aerospace & Defense)<br>| 554550 | &nbsp;&nbsp; 14360 |
| Barclays PLC <br>(Banks)<br>| 371046 | &nbsp;&nbsp; 1718 |
| Beazley PLC <br>(Insurance)<br>| 368442 | &nbsp;&nbsp; 4729 |
| Coca-Cola Europacific Partners PLC <br>(Beverages)<br>| 51896 | &nbsp;&nbsp; 4812 |
| Compass Group PLC <br>(Hotels, Restaurants & Leisure)<br>| 230805 | &nbsp;&nbsp; 7816 |
| Diploma PLC <br>(Trading Companies & Distributors)<br>| 104205 | &nbsp;&nbsp; 6992 |
| Experian PLC <br>(Professional Services)<br>| 149238 | &nbsp;&nbsp; 7686 |
| Haleon PLC <br>(Personal Care Products)<br>| 1337127 | &nbsp;&nbsp; 6872 |
| Halma PLC <br>(Electronic Equipment, Instruments & <br> Components)<br>| 203328 | &nbsp;&nbsp; 8931 |
| Hill & Smith PLC <br>(Metals & Mining)<br>| 45029 | &nbsp;&nbsp; 1108 |
| Intermediate Capital Group PLC <br>(Capital Markets)<br>| 138559 | &nbsp;&nbsp; 3667 |
| London Stock Exchange Group PLC <br>(Capital Markets)<br>| 80390 | &nbsp;&nbsp; 11735 |
| QinetiQ Group PLC <br>(Aerospace & Defense)<br>| 141260 | &nbsp;&nbsp; 1000 |
| RELX PLC <br>(Professional Services)<br>| 129855 | &nbsp;&nbsp; 7017 |
| Rotork PLC <br>(Machinery)<br>| 563623 | &nbsp;&nbsp; 2485 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***United Kingdom—(continued)*** |  |  |
|  | Softcat PLC <br>(IT Services)<br>| 78815 | &nbsp;&nbsp; $1858 |
|  | Spirax-Sarco Engineering PLC <br>(Machinery)<br>| 22834 | &nbsp;&nbsp; 1866 |
|  | Unilever PLC <br>(Personal Care Products)<br>| 101982 | &nbsp;&nbsp; 6194 |
|  | Weir Group PLC <br>(Machinery)<br>| 86028 | &nbsp;&nbsp; 2940 |
|  | **Total United Kingdom** |  | &nbsp;&nbsp; 121182 |
|  | ***Japan—10.5%*** |  |  |
|  | ABC-Mart, Inc. <br>(Specialty Retail)<br>| 73900 | &nbsp;&nbsp; 1520 |
|  | ASICS Corporation <br>(Textiles, Apparel & Luxury Goods)<br>| 209500 | &nbsp;&nbsp; 5354 |
|  | BayCurrent Consulting, Inc. <br>(Professional Services)<br>| 47100 | &nbsp;&nbsp; 2427 |
|  | Chugai Pharmaceutical Co. Ltd. <br>(Pharmaceuticals)<br>| 176800 | &nbsp;&nbsp; 9239 |
|  | Daifuku Co. Ltd. <br>(Machinery)<br>| 141900 | &nbsp;&nbsp; 3668 |
|  | Disco Corp. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 10500 | &nbsp;&nbsp; 3108 |
|  | Hoya Corp. <br>(Health Care Equipment & Supplies)<br>| 45300 | &nbsp;&nbsp; 5396 |
|  | Internet Initiative Japan, Inc. <br>(Diversified Telecommunication <br> Services)<br>| 83800 | &nbsp;&nbsp; 1654 |
|  | Japan Elevator Service Holdings Co. Ltd. <br>(Commercial Services & Supplies)<br>| 78000 | &nbsp;&nbsp; 2251 |
|  | Keyence Corp. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 17300 | &nbsp;&nbsp; 6949 |
|  | Kurita Water Industries Ltd. <br>(Machinery)<br>| 40900 | &nbsp;&nbsp; 1618 |
|  | MatsukiyoCocokara & Co. <br>(Consumer Staples Distribution & <br> Retail)<br>| 135400 | &nbsp;&nbsp; 2790 |
|  | MonotaRO Co. Ltd. <br>(Trading Companies & Distributors)<br>| 202300 | &nbsp;&nbsp; 3997 |
|  | Nintendo Co., Ltd. <br>(Entertainment)<br>| 65200 | &nbsp;&nbsp; 6284 |
|  | Nomura Research Institute Ltd. <br>(IT Services)<br>| 72000 | &nbsp;&nbsp; 2891 |
|  | Pan Pacific International Holdings Corp. <br>(Broadline Retail)<br>| 242800 | &nbsp;&nbsp; 8361 |
| \* <br>| Rakuten Bank Ltd. <br>(Banks)<br>| 59600 | &nbsp;&nbsp; 2738 |
|  | Sanwa Holdings Corporation <br>(Building Products)<br>| 67900 | &nbsp;&nbsp; 2258 |
|  | Shimamura Co. Ltd. <br>(Specialty Retail)<br>| 19100 | &nbsp;&nbsp; 1342 |
|  | Sumitomo Mitsui Financial Group, Inc. <br>(Banks)<br>| 304300 | &nbsp;&nbsp; 7679 |
|  | TechnoPro Holdings, Inc. <br>(Professional Services)<br>| 97000 | &nbsp;&nbsp; 2834 |
|  | Tokio Marine Holdings, Inc. <br>(Insurance)<br>| 168100 | &nbsp;&nbsp; 7134 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**32**

*Semi-Annual*

------

**Institutional International Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Japan—(continued)*** |  |  |
| Tokyo Electron Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 43600 | &nbsp;&nbsp; $8381 |
| Zozo, Inc. <br>(Specialty Retail)<br>| 191300 | &nbsp;&nbsp; 2068 |
| **Total Japan** |  | &nbsp;&nbsp; 101941 |
| ***Western Hemisphere—7.5%*** |  |  |
| **Bermuda—0.6%** | **Bermuda—0.6%** | **Bermuda—0.6%** |
| Arch Capital Group Ltd. <br>(Insurance)<br>| 67274 | &nbsp;&nbsp; 6125 |
| **Canada—6.9%** | **Canada—6.9%** | **Canada—6.9%** |
| Boyd Group Services, Inc. <br>(Commercial Services & Supplies)<br>| 7511 | &nbsp;&nbsp; 1180 |
| Brookfield Asset Management Ltd <br>(Capital Markets)<br>| 133606 | &nbsp;&nbsp; 7386 |
| Canadian Pacific Kansas City Ltd. <br>(Road & Rail)<br>| 62493 | &nbsp;&nbsp; 4954 |
| Constellation Software, Inc. <br>(Software)<br>| 2172 | &nbsp;&nbsp; 7964 |
| Dollarama, Inc. <br>(Broadline Retail)<br>| 70884 | &nbsp;&nbsp; 9988 |
| Intact Financial Corp. <br>(Insurance)<br>| 31884 | &nbsp;&nbsp; 7414 |
| Parkland Corp. <br>(Oil, Gas & Consumable Fuels)<br>| 80690 | &nbsp;&nbsp; 2282 |
| Royal Bank of Canada <br>(Banks)<br>| 58055 | &nbsp;&nbsp; 7651 |
| Toromont Industries Ltd. <br>(Trading Companies & Distributors)<br>| 50466 | &nbsp;&nbsp; 4536 |
| Waste Connections, Inc. <br>(Commercial Services & Supplies)<br>| 34689 | &nbsp;&nbsp; 6477 |
| WSP Global Inc. <br>(Construction & Engineering)<br>| 37308 | &nbsp;&nbsp; 7610 |
|  |  | &nbsp;&nbsp; 67442 |
| **Total Western Hemisphere** |  | &nbsp;&nbsp; 73567 |
| ***Asia Ex-Japan—4.3%*** |  |  |
| **Australia—1.8%** | **Australia—1.8%** | **Australia—1.8%** |
| Aristocrat Leisure Limited <br>(Hotels, Restaurants & Leisure)<br>| 76869 | &nbsp;&nbsp; 3297 |
| Pro Medicus Ltd. <br>(Health Care Technology)<br>| 27527 | &nbsp;&nbsp; 5165 |
| QBE Insurance Group Limited <br>(Insurance)<br>| 214775 | &nbsp;&nbsp; 3306 |
| Steadfast Group Ltd. <br>(Insurance)<br>| 591831 | &nbsp;&nbsp; 2341 |
| Technology One Ltd. <br>(Software)<br>| 122750 | &nbsp;&nbsp; 3313 |
|  |  | &nbsp;&nbsp; 17422 |
| **Hong Kong—1.5%** | **Hong Kong—1.5%** | **Hong Kong—1.5%** |
| AIA Group Ltd. <br>(Insurance)<br>| 735400 | &nbsp;&nbsp; 6595 |
| Hong Kong Exchanges & Clearing Ltd. <br>(Capital Markets)<br>| 144200 | &nbsp;&nbsp; 7693 |
|  |  | &nbsp;&nbsp; 14288 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Asia Ex-Japan—(continued)*** |  |  |
|  | **New Zealand—0.5%** | **New Zealand—0.5%** | **New Zealand—0.5%** |
|  | Fisher & Paykel Healthcare Corporation <br> Limited <br>(Health Care Equipment & Supplies)<br>| 80848 | &nbsp;&nbsp; $1777 |
| \* <br>| Xero Limited <br>(Software)<br>| 31094 | &nbsp;&nbsp; 3679 |
|  |  |  | &nbsp;&nbsp; 5456 |
|  | **Singapore—0.5%** | **Singapore—0.5%** | **Singapore—0.5%** |
|  | DBS Group Holdings Ltd. <br>(Banks)<br>| 135860 | &nbsp;&nbsp; 4799 |
|  | **Total Asia Ex-Japan** |  | &nbsp;&nbsp; 41965 |
|  | ***Emerging Latin America—2.2%*** |  |  |
|  | **Brazil—1.5%** | **Brazil—1.5%** | **Brazil—1.5%** |
|  | Embraer S.A. <br>(Aerospace & Defense)<br>| 167300 | &nbsp;&nbsp; 2371 |
| \* <br>| MercadoLibre, Inc. <br>(Broadline Retail)<br>| 2871 | &nbsp;&nbsp; 7504 |
| \* <br>| NU Holdings Ltd. <br>(Banks)<br>| 127459 | &nbsp;&nbsp; 1749 |
|  | WEG SA <br>(Electrical Equipment)<br>| 351600 | &nbsp;&nbsp; 2768 |
|  |  |  | &nbsp;&nbsp; 14392 |
|  | **Mexico—0.5%** | **Mexico—0.5%** | **Mexico—0.5%** |
|  | Arca Continental SAB de CV <br>(Beverages)<br>| 128100 | &nbsp;&nbsp; 1357 |
|  | Grupo Aeroportuario del Centro Norte <br> SAB de CV <br>(Transportation Infrastructure)<br>| 116600 | &nbsp;&nbsp; 1534 |
|  | Grupo Aeroportuario del Sureste SAB de <br> CV—ADR <br>(Transportation Infrastructure)<br>| 6022 | &nbsp;&nbsp; 1920 |
|  |  |  | &nbsp;&nbsp; 4811 |
|  | **Peru—0.2%** | **Peru—0.2%** | **Peru—0.2%** |
|  | Credicorp Ltd.<sup>†</sup> <br>(Banks)<br>| 10820 | &nbsp;&nbsp; 2419 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 21622 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—1.1%*** |  |  |
|  | **Poland—0.1%** | **Poland—0.1%** | **Poland—0.1%** |
|  | LPP SA <br>(Textiles, Apparel & Luxury Goods)<br>| 277 | &nbsp;&nbsp; 1128 |
|  | **South Africa—0.8%** | **South Africa—0.8%** | **South Africa—0.8%** |
|  | Bid Corp. Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 142288 | &nbsp;&nbsp; 3757 |
|  | Capitec Bank Holdings Ltd. <br>(Banks)<br>| 12334 | &nbsp;&nbsp; 2474 |
|  | Clicks Group Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 72415 | &nbsp;&nbsp; 1517 |
|  |  |  | &nbsp;&nbsp; 7748 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**33**

*William Blair Funds*

------

**Institutional International Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal**<br> **Amount** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Emerging Europe, Mid-East,*** <br> ***Africa—(continued)***<br>|  |  |
| **United Arab Emirates—0.2%** | **United Arab Emirates—0.2%** | **United Arab Emirates—0.2%** |
| Aldar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 609017 | &nbsp;&nbsp; $1479 |
| **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 10355 |
| **Total Common Stocks—97.7%** <br>(cost $688,109)<br>|  | &nbsp;&nbsp; 953503 |

---

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing Corporation, <br> 1.600% dated 06/30/25, due 07/01/25, <br> repurchase price $18,476, collateralized <br> by U.S. Treasury Note, 4.125%, due <br> 09/30/2027, valued at $18,845<br>| $18475 | &nbsp;&nbsp; 18475 |
| **Total Repurchase Agreements—1.9%** <br>(cost $18,475)<br>|  | &nbsp;&nbsp; 18475 |
| **Total Investments—99.6%** <br>(cost $706,584)<br>|  | &nbsp;&nbsp; 971978 |
| **Cash and other assets,** <br>**less liabilities—0.4%**<br>|  | &nbsp;&nbsp; 4131 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $976109 |

---

------

ADR American Depositary Receipt <br> PLC Public Limited Company

\* Non-income producing security. <br> † U.S. listed foreign security

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $953503 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $953503 |
| Repurchase Agreements |  | &nbsp;&nbsp; 18475 | &nbsp;&nbsp; — | &nbsp;&nbsp; 18475 |
| **Total Investments in Securities** | $953503 | &nbsp;&nbsp; $18475 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $971978 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**34**

*Semi-Annual*

------

**International Small Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Europe Ex-U.K.—35.7%*** |  |  |
|  | **Belgium—1.3%** | **Belgium—1.3%** | **Belgium—1.3%** |
|  | D'ieteren Group <br>(Distributors)<br>| 11058 | &nbsp;&nbsp; $2376 |
|  | **Denmark—0.5%** | **Denmark—0.5%** | **Denmark—0.5%** |
|  | INVISIO AB <br>(Aerospace & Defense)<br>| 23782 | &nbsp;&nbsp; 899 |
|  | **Finland—0.7%** | **Finland—0.7%** | **Finland—0.7%** |
|  | Puuilo OYJ <br>(Broadline Retail)<br>| 89973 | &nbsp;&nbsp; 1383 |
|  | **France—2.5%** | **France—2.5%** | **France—2.5%** |
|  | Dassault Aviation SA <br>(Aerospace & Defense)<br>| 7504 | &nbsp;&nbsp; 2653 |
|  | VusionGroup <br>(Electronic Equipment, Instruments & <br> Components)<br>| 5832 | &nbsp;&nbsp; 1884 |
|  |  |  | &nbsp;&nbsp; 4537 |
|  | **Germany—6.1%** | **Germany—6.1%** | **Germany—6.1%** |
|  | Atoss Software SE <br>(Software)<br>| 5182 | &nbsp;&nbsp; 861 |
| \* <br>| AUTO1 Group SE <br>(Specialty Retail)<br>| 25713 | &nbsp;&nbsp; 829 |
|  | CTS Eventim AG & Co. KGaA <br>(Entertainment)<br>| 24861 | &nbsp;&nbsp; 3086 |
|  | Eckert & Ziegler SE <br>(Health Care Equipment & Supplies)<br>| 13004 | &nbsp;&nbsp; 1044 |
|  | flatexDEGIRO AG <br>(Capital Markets)<br>| 104436 | &nbsp;&nbsp; 2950 |
|  | HENSOLDT AG <br>(Aerospace & Defense)<br>| 16880 | &nbsp;&nbsp; 1937 |
| \* <br>| Innoscripta SE <br>(Software)<br>| 3166 | &nbsp;&nbsp; 375 |
|  |  |  | &nbsp;&nbsp; 11082 |
|  | **Israel—1.1%** | **Israel—1.1%** | **Israel—1.1%** |
| \* <br>| Cellebrite DI Ltd. <br>(Software)<br>| 60072 | &nbsp;&nbsp; 961 |
|  | Next Vision Stabilized Systems Ltd <br>(Electronic Equipment, Instruments & <br> Components)<br>| 26839 | &nbsp;&nbsp; 1002 |
|  |  |  | &nbsp;&nbsp; 1963 |
|  | **Italy—5.2%** | **Italy—5.2%** | **Italy—5.2%** |
|  | Ariston Holding NV <br>(Building Products)<br>| 77007 | &nbsp;&nbsp; 380 |
|  | Azimut Holding SpA <br>(Capital Markets)<br>| 63789 | &nbsp;&nbsp; 2042 |
|  | Brunello Cucinelli SpA <br>(Textiles, Apparel & Luxury Goods)<br>| 20413 | &nbsp;&nbsp; 2482 |
|  | Carel Industries SpA <br>(Building Products)<br>| 50352 | &nbsp;&nbsp; 1341 |
|  | Lottomatica Group S.p.A. <br>(Hotels, Restaurants & Leisure)<br>| 36121 | &nbsp;&nbsp; 1002 |
|  | SOL SpA <br>(Chemicals)<br>| 38916 | &nbsp;&nbsp; 2205 |
|  |  |  | &nbsp;&nbsp; 9452 |
|  | **Jersey—0.7%** | **Jersey—0.7%** | **Jersey—0.7%** |
|  | JTC PLC <br>(Capital Markets)<br>| 115119 | &nbsp;&nbsp; 1343 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Europe Ex-U.K.—(continued)*** |  |  |
|  | **Norway—2.2%** | **Norway—2.2%** | **Norway—2.2%** |
|  | Europris ASA <br>(Broadline Retail)<br>| 96660 | &nbsp;&nbsp; $819 |
|  | Gjensidige Forsikring ASA <br>(Insurance)<br>| 123827 | &nbsp;&nbsp; 3137 |
|  |  |  | &nbsp;&nbsp; 3956 |
|  | **Sweden—10.1%** | **Sweden—10.1%** | **Sweden—10.1%** |
|  | AddTech AB <br>(Trading Companies & Distributors)<br>| 37932 | &nbsp;&nbsp; 1291 |
|  | AQ Group AB <br>(Electrical Equipment)<br>| 64059 | &nbsp;&nbsp; 1224 |
|  | Beijer Ref AB <br>(Trading Companies & Distributors)<br>| 74964 | &nbsp;&nbsp; 1183 |
| \* <br>| BoneSupport Holding AB <br>(Biotechnology)<br>| 52955 | &nbsp;&nbsp; 1567 |
|  | Bufab AB <br>(Trading Companies & Distributors)<br>| 216930 | &nbsp;&nbsp; 2013 |
|  | Hemnet Group AB <br>(Interactive Media & Services)<br>| 88948 | &nbsp;&nbsp; 2601 |
| \* <br>| Karnov Group AB <br>(Interactive Media & Services)<br>| 24623 | &nbsp;&nbsp; 280 |
|  | Lagercrantz Group AB <br>(Electronic Equipment, Instruments & <br> Components)<br>| 57364 | &nbsp;&nbsp; 1380 |
|  | Lifco AB <br>(Industrial Conglomerates)<br>| 26044 | &nbsp;&nbsp; 1054 |
|  | Mildef Group AB <br>(Aerospace & Defense)<br>| 71534 | &nbsp;&nbsp; 1499 |
|  | RaySearch Laboratories AB <br>(Health Care Technology)<br>| 44467 | &nbsp;&nbsp; 1575 |
|  | Rusta AB <br>(Broadline Retail)<br>| 64085 | &nbsp;&nbsp; 502 |
|  | Sectra AB <br>(Health Care Technology)<br>| 28192 | &nbsp;&nbsp; 1044 |
|  | Vitec Software Group AB <br>(Software)<br>| 15798 | &nbsp;&nbsp; 797 |
| \* <br>| XVIVO Perfusion AB <br>(Health Care Equipment & Supplies)<br>| 11441 | &nbsp;&nbsp; 342 |
|  |  |  | &nbsp;&nbsp; 18352 |
|  | **Switzerland—5.3%** | **Switzerland—5.3%** | **Switzerland—5.3%** |
|  | Galenica AG <br>(Health Care Providers & Services)<br>| 16527 | &nbsp;&nbsp; 1809 |
|  | Kardex Holding AG <br>(Machinery)<br>| 7243 | &nbsp;&nbsp; 2519 |
|  | Medacta Group SA <br>(Health Care Equipment & Supplies)<br>| 4355 | &nbsp;&nbsp; 737 |
|  | Siegfried Holding AG <br>(Life Sciences Tools & Services)<br>| 11842 | &nbsp;&nbsp; 1333 |
| \* <br>| Sportradar Group AG <br>(Hotels, Restaurants & Leisure)<br>| 69263 | &nbsp;&nbsp; 1945 |
|  | Ypsomed Holding AG <br>(Health Care Equipment & Supplies)<br>| 2401 | &nbsp;&nbsp; 1278 |
|  |  |  | &nbsp;&nbsp; 9621 |
|  | **Total Europe Ex-U.K.** |  | &nbsp;&nbsp; 64964 |
|  | ***Japan—16.6%*** |  |  |
|  | ABC-Mart, Inc. <br>(Specialty Retail)<br>| 81600 | &nbsp;&nbsp; 1678 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**35**

*William Blair Funds*

------

**International Small Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Japan—(continued)*** |  |  |
|  | AZ-COM MARUWA Holdings, Inc. <br>(Air Freight & Logistics)<br>| 79900 | &nbsp;&nbsp; $566 |
|  | BayCurrent Consulting, Inc. <br>(Professional Services)<br>| 70000 | &nbsp;&nbsp; 3607 |
|  | Canon Marketing Japan Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 46400 | &nbsp;&nbsp; 1705 |
|  | Fukuoka Financial Group, Inc. <br>(Banks)<br>| 47400 | &nbsp;&nbsp; 1270 |
| \* <br>| GENDA Inc. <br>(Hotels, Restaurants & Leisure)<br>| 63700 | &nbsp;&nbsp; 387 |
|  | Integral Corporation <br>(Capital Markets)<br>| 47100 | &nbsp;&nbsp; 1045 |
|  | Internet Initiative Japan, Inc. <br>(Diversified Telecommunication <br> Services)<br>| 104100 | &nbsp;&nbsp; 2055 |
|  | Japan Elevator Service Holdings Co. Ltd. <br>(Commercial Services & Supplies)<br>| 124700 | &nbsp;&nbsp; 3598 |
|  | Lifedrink Co., Inc. <br>(Beverages)<br>| 67100 | &nbsp;&nbsp; 987 |
|  | Nippon Television Holdings, Inc. <br>(Media)<br>| 34600 | &nbsp;&nbsp; 804 |
|  | OBIC Business Consultants Co. Ltd. <br>(Software)<br>| 46800 | &nbsp;&nbsp; 2774 |
| \* <br>| Rakuten Bank Ltd. <br>(Banks)<br>| 82600 | &nbsp;&nbsp; 3794 |
|  | Sanwa Holdings Corporation <br>(Building Products)<br>| 26900 | &nbsp;&nbsp; 895 |
|  | Shimamura Co. Ltd. <br>(Specialty Retail)<br>| 24200 | &nbsp;&nbsp; 1701 |
|  | SIGMAXYZ Holdings, Inc. <br>(Professional Services)<br>| 149200 | &nbsp;&nbsp; 1299 |
|  | TechnoPro Holdings, Inc. <br>(Professional Services)<br>| 72600 | &nbsp;&nbsp; 2121 |
|  | **Total Japan** |  | &nbsp;&nbsp; 30286 |
|  | ***Emerging Asia—15.1%*** |  |  |
|  | **China—3.1%** | **China—3.1%** | **China—3.1%** |
|  | AAC Technologies Holdings, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 112500 | &nbsp;&nbsp; 583 |
| \* <br>| DPC Dash Ltd <br>(Hotels, Restaurants & Leisure)<br>| 87900 | &nbsp;&nbsp; 1150 |
|  | Eastroc Beverage Group Co. Ltd. <br>(Beverages)<br>| 35680 | &nbsp;&nbsp; 1565 |
|  | Giant Biogene Holding Co. Ltd. <br>(Personal Care Products)<br>| 161000 | &nbsp;&nbsp; 1184 |
|  | Yutong Bus Co. Ltd. <br>(Machinery)<br>| 317800 | &nbsp;&nbsp; 1104 |
|  |  |  | &nbsp;&nbsp; 5586 |
|  | **India—7.3%** | **India—7.3%** | **India—7.3%** |
|  | AU Small Finance Bank Ltd. <br>(Banks)<br>| 113342 | &nbsp;&nbsp; 1083 |
|  | Central Depository Services India Ltd. <br>(Capital Markets)<br>| 83091 | &nbsp;&nbsp; 1740 |
|  | Cholamandalam Financial Holdings <br> Limited <br>(Consumer Finance)<br>| 67651 | &nbsp;&nbsp; 1712 |
|  | Gillette India Ltd. <br>(Personal Care Products)<br>| 7800 | &nbsp;&nbsp; 990 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—(continued)** | **India—(continued)** | **India—(continued)** |
|  | Home First Finance Co. India Ltd. <br>(Diversified Financial Services)<br>| 61189 | &nbsp;&nbsp; $982 |
| \* <br>| Inventurus Knowledge Solutions Limited <br>(Health Care Technology)<br>| 35050 | &nbsp;&nbsp; 658 |
|  | JB Chemicals & Pharmaceuticals Ltd. <br>(Pharmaceuticals)<br>| 35343 | &nbsp;&nbsp; 691 |
|  | KFin Technologies Ltd. <br>(Capital Markets)<br>| 150252 | &nbsp;&nbsp; 2362 |
|  | Poly Medicure Ltd. <br>(Health Care Equipment & Supplies)<br>| 27800 | &nbsp;&nbsp; 722 |
|  | Sundaram Finance Ltd. <br>(Consumer Finance)<br>| 29059 | &nbsp;&nbsp; 1752 |
|  | Zen Technologies Limited <br>(Electronic Equipment, Instruments & <br> Components)<br>| 28722 | &nbsp;&nbsp; 665 |
|  |  |  | &nbsp;&nbsp; 13357 |
|  | **Indonesia—0.3%** | **Indonesia—0.3%** | **Indonesia—0.3%** |
|  | Bank Syariah Indonesia Tbk. PT <br>(Banks)<br>| 3061400 | &nbsp;&nbsp; 487 |
|  | **South Korea—0.5%** | **South Korea—0.5%** | **South Korea—0.5%** |
|  | HD Hyundai Marine Solution Co., Ltd. <br>(Machinery)<br>| 5775 | &nbsp;&nbsp; 879 |
|  | **Taiwan—3.9%** | **Taiwan—3.9%** | **Taiwan—3.9%** |
|  | ASMedia Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 18000 | &nbsp;&nbsp; 1177 |
|  | ASPEED Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 13000 | &nbsp;&nbsp; 2112 |
|  | Elite Material Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 43000 | &nbsp;&nbsp; 1298 |
|  | Gudeng Precision Industrial Co. Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 71000 | &nbsp;&nbsp; 904 |
|  | Jentech Precision Industrial Co. Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 18000 | &nbsp;&nbsp; 930 |
|  | Voltronic Power Technology Corp. <br>(Electrical Equipment)<br>| 17451 | &nbsp;&nbsp; 753 |
|  |  |  | &nbsp;&nbsp; 7174 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 27483 |
|  | ***United Kingdom—8.7%*** |  |  |
|  | Beazley PLC <br>(Insurance)<br>| 192464 | &nbsp;&nbsp; 2470 |
|  | Burford Capital Ltd <br>(Diversified Financial Services)<br>| 102469 | &nbsp;&nbsp; 1201 |
|  | Diploma PLC <br>(Trading Companies & Distributors)<br>| 21666 | &nbsp;&nbsp; 1454 |
|  | Hill & Smith PLC <br>(Metals & Mining)<br>| 57244 | &nbsp;&nbsp; 1408 |
|  | QinetiQ Group PLC <br>(Aerospace & Defense)<br>| 145021 | &nbsp;&nbsp; 1026 |
|  | Rotork PLC <br>(Machinery)<br>| 461727 | &nbsp;&nbsp; 2036 |
|  | Softcat PLC <br>(IT Services)<br>| 69482 | &nbsp;&nbsp; 1638 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**36**

*Semi-Annual*

------

**International Small Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***United Kingdom—(continued)*** |  |  |
| \* <br>| Trustpilot Group PLC <br>(Interactive Media & Services)<br>| 721948 | &nbsp;&nbsp; $2400 |
|  | Volution Group PLC <br>(Building Products)<br>| 177243 | &nbsp;&nbsp; 1438 |
|  | XPS Pensions Group PLC <br>(Capital Markets)<br>| 136505 | &nbsp;&nbsp; 718 |
|  | **Total United Kingdom** |  | &nbsp;&nbsp; 15789 |
|  | ***Asia Ex-Japan—6.3%*** |  |  |
|  | **Australia—5.3%** | **Australia—5.3%** | **Australia—5.3%** |
| \* <br>| Catapult Group International Ltd <br>(Software)<br>| 418290 | &nbsp;&nbsp; 1613 |
| \* <br>| Guzman Y Gomez Limited <br>(Hotels, Restaurants & Leisure)<br>| 48096 | &nbsp;&nbsp; 895 |
|  | Pro Medicus Ltd. <br>(Health Care Technology)<br>| 18135 | &nbsp;&nbsp; 3403 |
|  | Steadfast Group Ltd. <br>(Insurance)<br>| 428008 | &nbsp;&nbsp; 1693 |
|  | Technology One Ltd. <br>(Software)<br>| 65980 | &nbsp;&nbsp; 1781 |
| \* <br>| Telix Pharmaceuticals Limited <br>(Biotechnology)<br>| 18215 | &nbsp;&nbsp; 293 |
|  |  |  | &nbsp;&nbsp; 9678 |
|  | **New Zealand—0.6%** | **New Zealand—0.6%** | **New Zealand—0.6%** |
| \* <br>| Gentrack Group Ltd. <br>(Software)<br>| 144860 | &nbsp;&nbsp; 1099 |
|  | **Singapore—0.4%** | **Singapore—0.4%** | **Singapore—0.4%** |
|  | Sheng Siong Group Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 410500 | &nbsp;&nbsp; 604 |
|  | **Total Asia Ex-Japan** |  | &nbsp;&nbsp; 11381 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—5.6%*** |  |  |
|  | **Greece—1.1%** | **Greece—1.1%** | **Greece—1.1%** |
|  | JUMBO SA <br>(Specialty Retail)<br>| 58308 | &nbsp;&nbsp; 2013 |
|  | **Lithuania—1.2%** | **Lithuania—1.2%** | **Lithuania—1.2%** |
|  | Baltic Classifieds Group PLC <br>(Interactive Media & Services)<br>| 424488 | &nbsp;&nbsp; 2173 |
|  | **Poland—1.7%** | **Poland—1.7%** | **Poland—1.7%** |
| \* <br>| Dino Polska SA <br>(Consumer Staples Distribution & <br> Retail)<br>| 7857 | &nbsp;&nbsp; 1147 |
|  | LPP SA <br>(Textiles, Apparel & Luxury Goods)<br>| 151 | &nbsp;&nbsp; 615 |
| \* <br>| Zabka Group <br>(Consumer Staples Distribution & <br> Retail)<br>| 240571 | &nbsp;&nbsp; 1444 |
|  |  |  | &nbsp;&nbsp; 3206 |
|  | **South Africa—1.2%** | **South Africa—1.2%** | **South Africa—1.2%** |
|  | OUTsurance Group Ltd. <br>(Insurance)<br>| 483257 | &nbsp;&nbsp; 2138 |
|  | **Turkey—0.4%** | **Turkey—0.4%** | **Turkey—0.4%** |
|  | ASELSAN Elektronik Sanayi ve Ticaret <br> Anonim Sirketi <br>(Aerospace & Defense)<br>| 195504 | &nbsp;&nbsp; 740 |
|  | **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 10270 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal**<br> **Amount** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Western Hemisphere—5.2%*** |  |  |
|  | **Canada—5.2%** | **Canada—5.2%** | **Canada—5.2%** |
|  | Boyd Group Services, Inc. <br>(Commercial Services & Supplies)<br>| 9582 | &nbsp;&nbsp; $1505 |
|  | Definity Financial Corp. <br>(Insurance)<br>| 55155 | &nbsp;&nbsp; 3215 |
|  | EQB, Inc. <br>(Banks)<br>| 16189 | &nbsp;&nbsp; 1231 |
|  | Exchange Income Corporation <br>(Airlines)<br>| 15761 | &nbsp;&nbsp; 726 |
|  | North West Co., Inc. <br>(Consumer Staples Distribution & <br> Retail)<br>| 52406 | &nbsp;&nbsp; 1857 |
|  | Parkland Corp. <br>(Oil, Gas & Consumable Fuels)<br>| 33510 | &nbsp;&nbsp; 948 |
|  | **Total Western Hemisphere** |  | &nbsp;&nbsp; 9482 |
|  | ***Emerging Latin America—4.2%*** |  |  |
|  | **Mexico—4.2%** | **Mexico—4.2%** | **Mexico—4.2%** |
|  | Arca Continental SAB de CV <br>(Beverages)<br>| 118500 | &nbsp;&nbsp; 1256 |
| \* <br>| BBB Foods, Inc. <sup>†</sup> <br>(Consumer Staples Distribution & <br> Retail)<br>| 65266 | &nbsp;&nbsp; 1812 |
|  | Grupo Aeroportuario del Centro Norte <br> SAB de CV <br>(Transportation Infrastructure)<br>| 114100 | &nbsp;&nbsp; 1501 |
|  | Grupo Aeroportuario del Sureste SAB de <br> CV <br>(Transportation Infrastructure)<br>| 51105 | &nbsp;&nbsp; 1631 |
|  | Qualitas Controladora SAB de CV <br>(Insurance)<br>| 144600 | &nbsp;&nbsp; 1486 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 7686 |
|  | **Total Common Stocks—97.4%** <br>(cost $128,622)<br>|  | &nbsp;&nbsp; 177341 |

---

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing Corporation, 1.600% <br> dated 06/30/25, due 07/01/25, repurchase <br> price $5,292, collateralized by <br> U.S. Treasury Note, 4.125%, due <br> 09/30/2027, valued at $5,398<br>| $5292 | &nbsp;&nbsp; 5292 |
| **Total Repurchase Agreements—2.9%** <br>(cost $5,292)<br>|  | &nbsp;&nbsp; 5292 |
| **Total Investments—100.3%** <br>(cost $133,914)<br>|  | &nbsp;&nbsp; 182633 |
| **Liabilities, plus cash and** <br>**other assets—(0.3)%**<br>|  | &nbsp;&nbsp; (506)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $182127 |

---

------

PLC Public Limited Company

\* Non-income producing security. <br> † U.S. listed foreign security

See accompanying Notes to Financial Statements.

*June 30, 2025*

**37**

*William Blair Funds*

------

**International Small Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $177341 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $177341 |
| Repurchase Agreements |  | &nbsp;&nbsp; 5292 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5292 |
| **Total Investments in Securities** | $177341 | &nbsp;&nbsp; $5292 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $182633 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**38**

*Semi-Annual*

------

**Emerging Markets Leaders Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Emerging Asia—77.1%*** |  |  |
|  | **China—23.5%** | **China—23.5%** | **China—23.5%** |
|  | Alibaba Group Holding Ltd. <br>(Broadline Retail)<br>| 166228 | &nbsp;&nbsp; $2325 |
|  | ANTA Sports Products Ltd. <br>(Textiles, Apparel & Luxury Goods)<br>| 115800 | &nbsp;&nbsp; 1394 |
|  | BYD Company Limited <br>(Automobiles)<br>| 42300 | &nbsp;&nbsp; 1961 |
|  | Contemporary Amperex Technology Co. <br> Ltd. <br>(Electrical Equipment)<br>| 76420 | &nbsp;&nbsp; 2693 |
|  | Fuyao Glass Industry Group Co. Ltd <br>(Auto Components)<br>| 269700 | &nbsp;&nbsp; 2148 |
|  | Huaming Power Equipment Co. Ltd. <br>(Machinery)<br>| 640760 | &nbsp;&nbsp; 1499 |
| \* <br>| Meituan <br>(Hotels, Restaurants & Leisure)<br>| 235300 | &nbsp;&nbsp; 3756 |
|  | NetEase, Inc. <br>(Entertainment)<br>| 172500 | &nbsp;&nbsp; 4637 |
|  | Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 171800 | &nbsp;&nbsp; 11008 |
|  | Trip.com Group Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 51500 | &nbsp;&nbsp; 2992 |
| \* <br>| Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 221600 | &nbsp;&nbsp; 1692 |
|  | Yum China Holdings, Inc. <br>(Hotels, Restaurants & Leisure)<br>| 19750 | &nbsp;&nbsp; 884 |
|  | Yum China Holdings, Inc. <br>(Hotels, Restaurants & Leisure)<br>| 13026 | &nbsp;&nbsp; 582 |
|  |  |  | &nbsp;&nbsp; 37571 |
|  | **India—22.6%** | **India—22.6%** | **India—22.6%** |
|  | Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 704791 | &nbsp;&nbsp; 3474 |
|  | Britannia Industries Ltd. <br>(Food Products)<br>| 27335 | &nbsp;&nbsp; 1857 |
|  | CG Power & Industrial Solutions Ltd. <br>(Electrical Equipment)<br>| 194381 | &nbsp;&nbsp; 1544 |
|  | HDFC Bank Ltd. <br>(Banks)<br>| 197045 | &nbsp;&nbsp; 4595 |
|  | ICICI Bank Ltd. <br>(Banks)<br>| 159264 | &nbsp;&nbsp; 2691 |
| \* <br>| InterGlobe Aviation Ltd. <br>(Airlines)<br>| 36383 | &nbsp;&nbsp; 2529 |
|  | Kotak Mahindra Bank Ltd. <br>(Banks)<br>| 119944 | &nbsp;&nbsp; 3021 |
|  | Macrotech Developers Ltd. <br>(Real Estate Management & <br> Development)<br>| 146956 | &nbsp;&nbsp; 2373 |
| \* <br>| MakeMyTrip Ltd.<sup>†</sup> <br>(Hotels, Restaurants & Leisure)<br>| 22566 | &nbsp;&nbsp; 2212 |
|  | Marico Limited <br>(Food Products)<br>| 198491 | &nbsp;&nbsp; 1671 |
|  | Oberoi Realty Ltd. <br>(Real Estate Management & <br> Development)<br>| 54111 | &nbsp;&nbsp; 1209 |
|  | Pidilite Industries Ltd. <br>(Chemicals)<br>| 47043 | &nbsp;&nbsp; 1671 |
|  | Polycab India Ltd. <br>(Electrical Equipment)<br>| 21737 | &nbsp;&nbsp; 1659 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—(continued)** | **India—(continued)** | **India—(continued)** |
|  | Supreme Industries Ltd <br>(Chemicals)<br>| 28325 | &nbsp;&nbsp; $1442 |
|  | Tata Consultancy Services Ltd. <br>(IT Services)<br>| 63373 | &nbsp;&nbsp; 2557 |
| \* <br>| Zomato Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 512677 | &nbsp;&nbsp; 1578 |
|  |  |  | &nbsp;&nbsp; 36083 |
|  | **Indonesia—5.6%** | **Indonesia—5.6%** | **Indonesia—5.6%** |
|  | Bank Central Asia Tbk. PT <br>(Banks)<br>| 7512000 | &nbsp;&nbsp; 4014 |
| \* <br>| Grab Holdings Limited <br>(Road & Rail)<br>| 467067 | &nbsp;&nbsp; 2349 |
| \* <br>| Sea Ltd.—ADR <br>(Entertainment)<br>| 15713 | &nbsp;&nbsp; 2513 |
|  |  |  | &nbsp;&nbsp; 8876 |
|  | **South Korea—6.5%** | **South Korea—6.5%** | **South Korea—6.5%** |
|  | HD Hyundai Marine Solution Co., Ltd. <br>(Machinery)<br>| 7021 | &nbsp;&nbsp; 1069 |
| \* <br>| Samsung Biologics Co. Ltd. <br>(Life Sciences Tools & Services)<br>| 3411 | &nbsp;&nbsp; 2507 |
|  | Samsung Electronics Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 29813 | &nbsp;&nbsp; 1321 |
|  | SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 25385 | &nbsp;&nbsp; 5493 |
|  |  |  | &nbsp;&nbsp; 10390 |
|  | **Taiwan—18.9%** | **Taiwan—18.9%** | **Taiwan—18.9%** |
|  | Advantech Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 116000 | &nbsp;&nbsp; 1350 |
|  | ASPEED Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 17000 | &nbsp;&nbsp; 2762 |
|  | Delta Electronics, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 212000 | &nbsp;&nbsp; 2997 |
|  | MediaTek, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 51000 | &nbsp;&nbsp; 2182 |
|  | Sinbon Electronics Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 167000 | &nbsp;&nbsp; 1249 |
|  | Taiwan Semiconductor Manufacturing Co. <br> Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 278000 | &nbsp;&nbsp; 10088 |
|  | Taiwan Semiconductor Manufacturing Co. <br> Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 35848 | &nbsp;&nbsp; 8119 |
|  | Voltronic Power Technology Corp. <br>(Electrical Equipment)<br>| 35000 | &nbsp;&nbsp; 1510 |
|  |  |  | &nbsp;&nbsp; 30257 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 123177 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**39**

*William Blair Funds*

------

**Emerging Markets Leaders Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Latin America—11.4%*** |  |  |
|  | **Brazil—6.9%** | **Brazil—6.9%** | **Brazil—6.9%** |
|  | Itau Unibanco Holding SA.—ADR <br>(Banks)<br>| 462992 | &nbsp;&nbsp; $3144 |
| \* <br>| MercadoLibre, Inc. <br>(Broadline Retail)<br>| 1333 | &nbsp;&nbsp; 3484 |
| \* <br>| NU Holdings Ltd. <br>(Banks)<br>| 169333 | &nbsp;&nbsp; 2323 |
|  | WEG SA <br>(Electrical Equipment)<br>| 263000 | &nbsp;&nbsp; 2071 |
|  |  |  | &nbsp;&nbsp; 11022 |
|  | **Mexico—2.9%** | **Mexico—2.9%** | **Mexico—2.9%** |
| \* <br>| BBB Foods, Inc. <br>(Consumer Staples Distribution & <br> Retail)<br>| 37526 | &nbsp;&nbsp; 1041 |
|  | Grupo Financiero Banorte SAB de CV <br>(Banks)<br>| 201600 | &nbsp;&nbsp; 1850 |
|  | Wal-Mart de Mexico SAB de CV <br>(Consumer Staples Distribution & <br> Retail)<br>| 517400 | &nbsp;&nbsp; 1712 |
|  |  |  | &nbsp;&nbsp; 4603 |
|  | **Peru—1.6%** | **Peru—1.6%** | **Peru—1.6%** |
|  | Credicorp Ltd.<sup>†</sup> <br>(Banks)<br>| 11724 | &nbsp;&nbsp; 2621 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 18246 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—9.4%*** |  |  |
|  | **Greece—1.4%** | **Greece—1.4%** | **Greece—1.4%** |
|  | Eurobank Ergasias Services & Holdings <br> SA <br>(Banks)<br>| 657666 | &nbsp;&nbsp; 2259 |
|  | **Poland—2.4%** | **Poland—2.4%** | **Poland—2.4%** |
|  | LPP SA <br>(Textiles, Apparel & Luxury Goods)<br>| 245 | &nbsp;&nbsp; 997 |
|  | PKO Bank Polski S.A. <br>(Banks)<br>| 71866 | &nbsp;&nbsp; 1500 |
| \* <br>| Zabka Group <br>(Consumer Staples Distribution & <br> Retail)<br>| 226670 | &nbsp;&nbsp; 1361 |
|  |  |  | &nbsp;&nbsp; 3858 |
|  | **Saudi Arabia—0.7%** | **Saudi Arabia—0.7%** | **Saudi Arabia—0.7%** |
|  | Saudi Arabian Oil Co. <br>(Oil, Gas & Consumable Fuels)<br>| 173368 | &nbsp;&nbsp; 1124 |
|  | **South Africa—3.4%** | **South Africa—3.4%** | **South Africa—3.4%** |
|  | Capitec Bank Holdings Ltd. <br>(Banks)<br>| 8051 | &nbsp;&nbsp; 1615 |
|  | Clicks Group Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 82203 | &nbsp;&nbsp; 1723 |
|  | FirstRand Limited <br>(Diversified Financial Services)<br>| 471617 | &nbsp;&nbsp; 2016 |
|  |  |  | &nbsp;&nbsp; 5354 |
|  | **United Arab Emirates—1.5%** | **United Arab Emirates—1.5%** | **United Arab Emirates—1.5%** |
|  | Aldar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 998983 | &nbsp;&nbsp; 2426 |
|  | **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 15021 |

---

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| &nbsp;&nbsp; **Shares or**<br> **Principal**<br> **Amount** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Asia Ex-Japan—1.8%*** |  |  |
| **Hong Kong—1.8%** | **Hong Kong—1.8%** | **Hong Kong—1.8%** |
| AIA Group Ltd. <br>(Insurance)<br>| 320600 | &nbsp;&nbsp; $2875 |
| **Total Common Stocks—99.7%** <br>(cost $122,817)<br>|  | &nbsp;&nbsp; 159319 |

---

---

| | | |
|:---|:---|:---|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing Corporation, 1.600% <br> dated 06/30/25, due 07/01/25, repurchase <br> price $1,266, collateralized by <br> U.S. Treasury Note, 4.125%, due <br> 09/30/2027, valued at $1,291<br>| $1266 | &nbsp;&nbsp; 1266 |
| **Total Repurchase Agreements—0.8%** <br>(cost $1,266)<br>|  | &nbsp;&nbsp; 1266 |
| **Total Investments—100.5%** <br>(cost $124,083)<br>|  | &nbsp;&nbsp; 160585 |
| **Liabilities, plus cash and** <br>**other assets—(0.5)%**<br>|  | &nbsp;&nbsp; (804)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $159781 |

---

------

ADR American Depositary Receipt

\* Non-income producing security. <br> † U.S. listed foreign security

See accompanying Notes to Financial Statements.

*June 30, 2025*

**40**

*Semi-Annual*

------

**Emerging Markets Leaders Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $159319 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $159319 |
| Repurchase Agreements |  | &nbsp;&nbsp; 1266 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1266 |
| **Total Investments in Securities** | $159319 | &nbsp;&nbsp; $1266 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $160585 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**41**

*William Blair Funds*

------

**Emerging Markets Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Emerging Asia—77.6%*** |  |  |
|  | **China—21.0%** | **China—21.0%** | **China—21.0%** |
|  | Alibaba Group Holding Ltd. <br>(Broadline Retail)<br>| 1946900 | &nbsp;&nbsp; $27232 |
|  | BYD Company Limited <br>(Automobiles)<br>| 788000 | &nbsp;&nbsp; 12297 |
|  | East Money Information Co.,Ltd. <br>(Capital Markets)<br>| 712300 | &nbsp;&nbsp; 2302 |
|  | Eastroc Beverage Group Co. Ltd. <br>(Beverages)<br>| 96740 | &nbsp;&nbsp; 4244 |
|  | Fuyao Glass Industry Group Co. Ltd <br>(Auto Components)<br>| 568500 | &nbsp;&nbsp; 4528 |
|  | Gambol Pet Group Co., Ltd. <br>(Food Products)<br>| 183100 | &nbsp;&nbsp; 2798 |
|  | Giant Biogene Holding Co. Ltd. <br>(Personal Care Products)<br>| 288200 | &nbsp;&nbsp; 2118 |
| \* <br>| Guming Holdings Ltd <br>(Hotels, Restaurants & Leisure)<br>| 426400 | &nbsp;&nbsp; 1388 |
|  | Laopu Gold Co., Ltd. <br>(Textiles, Apparel & Luxury Goods)<br>| 26900 | &nbsp;&nbsp; 3454 |
|  | Mao Geping Cosmetics CO.,LTD. <br>(Personal Care Products)<br>| 133500 | &nbsp;&nbsp; 1842 |
|  | Meitu, Inc. <br>(Interactive Media & Services)<br>| 2566000 | &nbsp;&nbsp; 2952 |
| \* <br>| Meituan <br>(Hotels, Restaurants & Leisure)<br>| 570200 | &nbsp;&nbsp; 9101 |
|  | Midea Group Co., Ltd. <br>(Household Durables)<br>| 232600 | &nbsp;&nbsp; 2206 |
| \* <br>| MIXUE Group <br>(Hotels, Restaurants & Leisure)<br>| 56900 | &nbsp;&nbsp; 3726 |
|  | NetEase, Inc. <br>(Entertainment)<br>| 447500 | &nbsp;&nbsp; 12028 |
|  | Pop Mart International Group Ltd. <br>(Specialty Retail)<br>| 145800 | &nbsp;&nbsp; 4952 |
|  | Sieyuan Electric Co. Ltd. <br>(Electrical Equipment)<br>| 191395 | &nbsp;&nbsp; 1949 |
|  | Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 827660 | &nbsp;&nbsp; 53034 |
|  | Trip.com Group Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 141750 | &nbsp;&nbsp; 8234 |
| \* <br>| Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 3120000 | &nbsp;&nbsp; 23827 |
|  | Yutong Bus Co. Ltd. <br>(Machinery)<br>| 645500 | &nbsp;&nbsp; 2242 |
|  |  |  | &nbsp;&nbsp; 186454 |
|  | **India—21.0%** | **India—21.0%** | **India—21.0%** |
| \* <br>| Amber Enterprises India Ltd. <br>(Household Durables)<br>| 33230 | &nbsp;&nbsp; 2626 |
|  | Apollo Hospitals Enterprise Ltd. <br>(Health Care Providers & Services)<br>| 54158 | &nbsp;&nbsp; 4571 |
|  | Bajaj Finance Limited <br>(Consumer Finance)<br>| 1182010 | &nbsp;&nbsp; 12914 |
|  | Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 1860878 | &nbsp;&nbsp; 9174 |
|  | Bharti Airtel Ltd. <br>(Wireless Telecommunication Services)<br>| 538013 | &nbsp;&nbsp; 12602 |
|  | BSE Limited <br>(Capital Markets)<br>| 105023 | &nbsp;&nbsp; 3397 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—(continued)** | **India—(continued)** | **India—(continued)** |
|  | Central Depository Services India Ltd. <br>(Capital Markets)<br>| 145248 | &nbsp;&nbsp; $3042 |
|  | CG Power & Industrial Solutions Ltd. <br>(Electrical Equipment)<br>| 334090 | &nbsp;&nbsp; 2653 |
|  | Cholamandalam Investment & Finance <br> Co. Ltd. <br>(Consumer Finance)<br>| 147231 | &nbsp;&nbsp; 2795 |
|  | Coforge Limited <br>(IT Services)<br>| 132218 | &nbsp;&nbsp; 2960 |
|  | Computer Age Management Services Ltd. <br>(Professional Services)<br>| 50867 | &nbsp;&nbsp; 2548 |
|  | Divi's Laboratories Limited <br>(Life Sciences Tools & Services)<br>| 51515 | &nbsp;&nbsp; 4102 |
|  | Dixon Technologies India Ltd. <br>(Household Durables)<br>| 17509 | &nbsp;&nbsp; 3060 |
|  | Eicher Motors Limited <br>(Automobiles)<br>| 44647 | &nbsp;&nbsp; 2936 |
|  | GE T&D India Ltd. <br>(Electrical Equipment)<br>| 131731 | &nbsp;&nbsp; 3614 |
| \* <br>| Godrej Properties Ltd. <br>(Real Estate Management & <br> Development)<br>| 108155 | &nbsp;&nbsp; 2950 |
|  | HDFC Asset Management Co. Ltd. <br>(Capital Markets)<br>| 72606 | &nbsp;&nbsp; 4397 |
|  | HDFC Bank Ltd. <br>(Banks)<br>| 714598 | &nbsp;&nbsp; 16665 |
|  | Hindustan Aeronautics Ltd. <br>(Aerospace & Defense)<br>| 121004 | &nbsp;&nbsp; 6883 |
|  | Hitachi Energy India Ltd <br>(Electrical Equipment)<br>| 12134 | &nbsp;&nbsp; 2826 |
|  | ICICI Bank Ltd. <br>(Banks)<br>| 1165709 | &nbsp;&nbsp; 19697 |
|  | Indian Hotels Co. Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 930811 | &nbsp;&nbsp; 8248 |
| \* <br>| InterGlobe Aviation Ltd. <br>(Airlines)<br>| 103508 | &nbsp;&nbsp; 7196 |
|  | KFin Technologies Ltd. <br>(Capital Markets)<br>| 207000 | &nbsp;&nbsp; 3254 |
|  | Macrotech Developers Ltd. <br>(Real Estate Management & <br> Development)<br>| 251098 | &nbsp;&nbsp; 4055 |
|  | Mahindra & Mahindra Ltd. <br>(Automobiles)<br>| 232913 | &nbsp;&nbsp; 8633 |
| \* <br>| MakeMyTrip Ltd.<sup>†</sup> <br>(Hotels, Restaurants & Leisure)<br>| 41301 | &nbsp;&nbsp; 4048 |
|  | Max Healthcare Institute Ltd. <br>(Health Care Providers & Services)<br>| 352555 | &nbsp;&nbsp; 5241 |
|  | Oberoi Realty Ltd. <br>(Real Estate Management & <br> Development)<br>| 100007 | &nbsp;&nbsp; 2234 |
|  | Persistent Systems Limited <br>(IT Services)<br>| 23668 | &nbsp;&nbsp; 1670 |
|  | Phoenix Mills Ltd. <br>(Real Estate Management & <br> Development)<br>| 114086 | &nbsp;&nbsp; 2080 |
|  | Pidilite Industries Ltd. <br>(Chemicals)<br>| 59635 | &nbsp;&nbsp; 2119 |
|  | Sun Pharmaceutical Industries Ltd. <br>(Pharmaceuticals)<br>| 137258 | &nbsp;&nbsp; 2681 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**42**

*Semi-Annual*

------

**Emerging Markets Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—(continued)** | **India—(continued)** | **India—(continued)** |
|  | TVS Motor Co. Ltd. <br>(Automobiles)<br>| 98374 | &nbsp;&nbsp; $3339 |
|  | UNO Minda Ltd. <br>(Auto Components)<br>| 226523 | &nbsp;&nbsp; 2908 |
| \* <br>| Zomato Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 964629 | &nbsp;&nbsp; 2969 |
|  |  |  | &nbsp;&nbsp; 187087 |
|  | **Indonesia—5.0%** | **Indonesia—5.0%** | **Indonesia—5.0%** |
|  | Bank Central Asia Tbk. PT <br>(Banks)<br>| 30252095 | &nbsp;&nbsp; 16165 |
| \* <br>| Grab Holdings Limited <br>(Road & Rail)<br>| 1244967 | &nbsp;&nbsp; 6262 |
| \* <br>| Sea Ltd.—ADR <br>(Entertainment)<br>| 138703 | &nbsp;&nbsp; 22184 |
|  |  |  | &nbsp;&nbsp; 44611 |
|  | **Philippines—1.1%** | **Philippines—1.1%** | **Philippines—1.1%** |
|  | BDO Unibank, Inc. <br>(Banks)<br>| 1973539 | &nbsp;&nbsp; 5353 |
|  | International Container Terminal Services, <br> Inc. <br>(Transportation Infrastructure)<br>| 626740 | &nbsp;&nbsp; 4573 |
|  |  |  | &nbsp;&nbsp; 9926 |
|  | **South Korea—7.9%** | **South Korea—7.9%** | **South Korea—7.9%** |
| \* <br>| Coupang, Inc. <br>(Broadline Retail)<br>| 109365 | &nbsp;&nbsp; 3276 |
|  | Hanwha Aerospace Co. Ltd. <br>(Aerospace & Defense)<br>| 13117 | &nbsp;&nbsp; 8242 |
|  | HD Hyundai Electric Co. Ltd. <br>(Electrical Equipment)<br>| 15045 | &nbsp;&nbsp; 5652 |
|  | HD Hyundai Marine Solution Co., Ltd. <br>(Machinery)<br>| 16265 | &nbsp;&nbsp; 2477 |
|  | Hyundai Rotem Company <br>(Machinery)<br>| 38427 | &nbsp;&nbsp; 5595 |
| \* <br>| Samsung Biologics Co. Ltd. <br>(Life Sciences Tools & Services)<br>| 5955 | &nbsp;&nbsp; 4377 |
|  | Samyangfoods Co., Ltd <br>(Food Products)<br>| 3625 | &nbsp;&nbsp; 3747 |
|  | SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 171648 | &nbsp;&nbsp; 37138 |
|  |  |  | &nbsp;&nbsp; 70504 |
|  | **Taiwan—21.3%** | **Taiwan—21.3%** | **Taiwan—21.3%** |
|  | Accton Technology Corp. <br>(Communications Equipment)<br>| 287000 | &nbsp;&nbsp; 7172 |
|  | Advantech Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 191000 | &nbsp;&nbsp; 2223 |
|  | ASMedia Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 30000 | &nbsp;&nbsp; 1962 |
|  | ASPEED Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 42300 | &nbsp;&nbsp; 6871 |
|  | Bizlink Holding Inc. <br>(Electrical Equipment)<br>| 101000 | &nbsp;&nbsp; 2932 |
|  | Delta Electronics, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 655000 | &nbsp;&nbsp; 9260 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **Taiwan—(continued)** | **Taiwan—(continued)** | **Taiwan—(continued)** |
|  | Elite Material Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 228000 | &nbsp;&nbsp; $6884 |
|  | eMemory Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 29000 | &nbsp;&nbsp; 2343 |
|  | King Slide Works Co., Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 66000 | &nbsp;&nbsp; 4598 |
|  | Lotes Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 51132 | &nbsp;&nbsp; 2363 |
|  | MediaTek, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 433000 | &nbsp;&nbsp; 18528 |
|  | Taiwan Semiconductor Manufacturing <br> Co. Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 539000 | &nbsp;&nbsp; 19558 |
|  | Taiwan Semiconductor Manufacturing <br> Co. Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 434990 | &nbsp;&nbsp; 98521 |
|  | Wiwynn Corp. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 74000 | &nbsp;&nbsp; 6409 |
|  |  |  | &nbsp;&nbsp; 189624 |
|  | **Thailand—0.3%** | **Thailand—0.3%** | **Thailand—0.3%** |
| \* <br>| Fabrinet <br>(Electronic Equipment, Instruments & <br> Components)<br>| 9457 | &nbsp;&nbsp; 2787 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 690993 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—11.8%*** |  |  |
|  | **Czech Republic—0.3%** | **Czech Republic—0.3%** | **Czech Republic—0.3%** |
|  | Komercni banka, a.s. <br>(Banks)<br>| 64790 | &nbsp;&nbsp; 3133 |
|  | **Greece—2.2%** | **Greece—2.2%** | **Greece—2.2%** |
|  | Eurobank Ergasias Services & Holdings <br> SA <br>(Banks)<br>| 3155996 | &nbsp;&nbsp; 10841 |
|  | OPAP S.A. <br>(Hotels, Restaurants & Leisure)<br>| 122055 | &nbsp;&nbsp; 2768 |
|  | Piraeus Financial Holdings SA <br>(Banks)<br>| 853176 | &nbsp;&nbsp; 5911 |
|  |  |  | &nbsp;&nbsp; 19520 |
|  | **Hungary—1.2%** | **Hungary—1.2%** | **Hungary—1.2%** |
|  | OTP Bank Nyrt. <br>(Banks)<br>| 129248 | &nbsp;&nbsp; 10324 |
|  | **Poland—0.9%** | **Poland—0.9%** | **Poland—0.9%** |
|  | Budimex SA <br>(Construction & Engineering)<br>| 14624 | &nbsp;&nbsp; 2261 |
|  | PKO Bank Polski S.A. <br>(Banks)<br>| 294835 | &nbsp;&nbsp; 6154 |
|  |  |  | &nbsp;&nbsp; 8415 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**43**

*William Blair Funds*

------

**Emerging Markets Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—(continued)***<br>|  |  |
|  | **Saudi Arabia—1.0%** | **Saudi Arabia—1.0%** | **Saudi Arabia—1.0%** |
|  | Dr Sulaiman Al Habib Medical Services <br> Group Co. <br>(Health Care Providers & Services)<br>| 27985 | &nbsp;&nbsp; $2024 |
|  | Elm Co. <br>(IT Services)<br>| 7530 | &nbsp;&nbsp; 2011 |
|  | Jamjoom Pharmaceuticals Factory Co. <br>(Pharmaceuticals)<br>| 43226 | &nbsp;&nbsp; 1996 |
|  | Riyadh Cables Group Co. <br>(Electrical Equipment)<br>| 68170 | &nbsp;&nbsp; 2570 |
|  |  |  | &nbsp;&nbsp; 8601 |
|  | **South Africa—2.7%** | **South Africa—2.7%** | **South Africa—2.7%** |
|  | Bid Corp. Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 97326 | &nbsp;&nbsp; 2570 |
|  | Capitec Bank Holdings Ltd. <br>(Banks)<br>| 61483 | &nbsp;&nbsp; 12332 |
|  | Clicks Group Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 110199 | &nbsp;&nbsp; 2309 |
|  | Mr. Price Group Ltd. <br>(Specialty Retail)<br>| 157197 | &nbsp;&nbsp; 1966 |
|  | OUTsurance Group Ltd. <br>(Insurance)<br>| 534871 | &nbsp;&nbsp; 2367 |
|  | Shoprite Holdings Ltd. <br>(Consumer Staples Distribution & <br> Retail)<br>| 139892 | &nbsp;&nbsp; 2188 |
|  |  |  | &nbsp;&nbsp; 23732 |
|  | **Turkey—0.7%** | **Turkey—0.7%** | **Turkey—0.7%** |
|  | ASELSAN Elektronik Sanayi ve Ticaret <br> Anonim Sirketi <br>(Aerospace & Defense)<br>| 1104777 | &nbsp;&nbsp; 4184 |
|  | BIM Birlesik Magazalar AS <br>(Consumer Staples Distribution & <br> Retail)<br>| 176475 | &nbsp;&nbsp; 2193 |
|  |  |  | &nbsp;&nbsp; 6377 |
|  | **United Arab Emirates—2.8%** | **United Arab Emirates—2.8%** | **United Arab Emirates—2.8%** |
|  | Abu Dhabi Islamic Bank PJSC <br>(Banks)<br>| 809501 | &nbsp;&nbsp; 4739 |
|  | Aldar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 2709533 | &nbsp;&nbsp; 6581 |
|  | Emaar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 2483398 | &nbsp;&nbsp; 9196 |
|  | Salik Co. PJSC <br>(Transportation Infrastructure)<br>| 2820254 | &nbsp;&nbsp; 4646 |
|  |  |  | &nbsp;&nbsp; 25162 |
|  | **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 105264 |
|  | ***Emerging Latin America—11.1%*** |  |  |
|  | **Argentina—0.8%** | **Argentina—0.8%** | **Argentina—0.8%** |
|  | Grupo Financiero Galicia SA—ADR <br>(Banks)<br>| 90482 | &nbsp;&nbsp; 4559 |
| \* <br>| YPF S.A.—ADR <br>(Oil, Gas & Consumable Fuels)<br>| 73096 | &nbsp;&nbsp; 2299 |
|  |  |  | &nbsp;&nbsp; 6858 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Latin*** <br> ***America—(continued)***<br>|  |  |
|  | **Brazil—6.4%** | **Brazil—6.4%** | **Brazil—6.4%** |
|  | Banco BTG Pactual SA <br>(Capital Markets)<br>| 497000 | &nbsp;&nbsp; $3865 |
|  | Embraer S.A. <br>(Aerospace & Defense)<br>| 521800 | &nbsp;&nbsp; 7396 |
|  | Itau Unibanco Holding SA.—ADR <br>(Banks)<br>| 1317570 | &nbsp;&nbsp; 8946 |
| \* <br>| MercadoLibre, Inc. <br>(Broadline Retail)<br>| 11308 | &nbsp;&nbsp; 29555 |
| \* <br>| NU Holdings Ltd.<sup>†</sup> <br>(Banks)<br>| 264687 | &nbsp;&nbsp; 3632 |
|  | WEG SA <br>(Electrical Equipment)<br>| 397241 | &nbsp;&nbsp; 3128 |
|  |  |  | &nbsp;&nbsp; 56522 |
|  | **Chile—0.9%** | **Chile—0.9%** | **Chile—0.9%** |
|  | Banco de Chile <br>(Banks)<br>| 27529935 | &nbsp;&nbsp; 4164 |
|  | Falabella S.A. <br>(Broadline Retail)<br>| 771198 | &nbsp;&nbsp; 4097 |
|  |  |  | &nbsp;&nbsp; 8261 |
|  | **Mexico—2.5%** | **Mexico—2.5%** | **Mexico—2.5%** |
|  | Arca Continental SAB de CV <br>(Beverages)<br>| 240600 | &nbsp;&nbsp; 2549 |
| \* <br>| BBB Foods, Inc. <sup>†</sup> <br>(Consumer Staples Distribution & <br> Retail)<br>| 133103 | &nbsp;&nbsp; 3695 |
|  | Corp. Inmobiliaria Vesta SAB de CV <br>(Real Estate Management & <br> Development)<br>| 770500 | &nbsp;&nbsp; 2120 |
|  | Fomento Economico Mexicano SAB de <br> CV—ADR <br>(Beverages)<br>| 43657 | &nbsp;&nbsp; 4496 |
|  | Grupo Financiero Banorte SAB de CV <br>(Banks)<br>| 475600 | &nbsp;&nbsp; 4364 |
|  | Prologis Property Mexico SA de CV <br> REIT <br>(Industrial REITs)<br>| 666304 | &nbsp;&nbsp; 2512 |
| \* <br>| Vista Energy SAB de CV—ADR <br>(Oil, Gas & Consumable Fuels)<br>| 55694 | &nbsp;&nbsp; 2663 |
|  |  |  | &nbsp;&nbsp; 22399 |
|  | **Peru—0.5%** | **Peru—0.5%** | **Peru—0.5%** |
|  | Credicorp Ltd. <br>(Banks)<br>| 20811 | &nbsp;&nbsp; 4652 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 98692 |
|  | ***Asia Ex-Japan—1.1%*** |  |  |
|  | **Hong Kong—1.1%** | **Hong Kong—1.1%** | **Hong Kong—1.1%** |
|  | Hong Kong Exchanges & Clearing Ltd. <br>(Capital Markets)<br>| 185800 | &nbsp;&nbsp; 9912 |
|  | **Total Common Stocks—101.6%** <br>(cost $648,229)<br>|  | &nbsp;&nbsp; 904861 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**44**

*Semi-Annual*

------

**Emerging Markets Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| &nbsp;&nbsp; **Principal**<br> **Amount** | <br>**Value**<br>|
| ***Repurchase Agreements*** | ***Repurchase Agreements*** | ***Repurchase Agreements*** |
| Fixed Income Clearing Corporation, <br> 1.600% dated 06/30/25, due 07/01/25, <br> repurchase price $7,685, collateralized <br> by U.S. Treasury Note, 4.125%, due <br> 09/30/2027, valued at $7,838<br>| $7684 | &nbsp;&nbsp; $7684 |
| **Total Repurchase Agreements—0.9%** <br>(cost $7,684)<br>|  | &nbsp;&nbsp; 7684 |
| **Total Investments—102.5%** <br>(cost $655,913)<br>|  | &nbsp;&nbsp; 912545 |
| **Liabilities, plus cash and** <br>**other assets—(2.5)%**<br>|  | &nbsp;&nbsp; (22404)<br>|
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $890141 |

---

------

ADR American Depositary Receipt <br> REIT Real Estate Investment Trust

\* Non-income producing security. <br> † U.S. listed foreign security

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $902074 | &nbsp;&nbsp; $2787 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $904861 |
| Repurchase Agreements |  | &nbsp;&nbsp; 7684 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7684 |
| **Total Investments in Securities** | $902074 | &nbsp;&nbsp; $10471 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $912545 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**45**

*William Blair Funds*

------

**Emerging Markets ex China Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Emerging Asia—69.2%*** |  |  |
|  | **India—26.3%** | **India—26.3%** | **India—26.3%** |
|  | ABB India Ltd. <br>(Electrical Equipment)<br>| 1799 | &nbsp;&nbsp; $128 |
| \* <br>| Amber Enterprises India Ltd. <br>(Household Durables)<br>| 2504 | &nbsp;&nbsp; 198 |
|  | Apollo Hospitals Enterprise Ltd. <br>(Health Care Providers & Services)<br>| 1549 | &nbsp;&nbsp; 131 |
|  | Bajaj Finance Limited <br>(Consumer Finance)<br>| 53990 | &nbsp;&nbsp; 590 |
|  | Bharat Electronics Ltd. <br>(Aerospace & Defense)<br>| 103262 | &nbsp;&nbsp; 509 |
|  | Bharti Airtel Ltd. <br>(Wireless Telecommunication Services)<br>| 28513 | &nbsp;&nbsp; 668 |
|  | Britannia Industries Ltd. <br>(Food Products)<br>| 1867 | &nbsp;&nbsp; 127 |
|  | BSE Limited <br>(Capital Markets)<br>| 7207 | &nbsp;&nbsp; 233 |
|  | Central Depository Services India Ltd. <br>(Capital Markets)<br>| 9088 | &nbsp;&nbsp; 190 |
|  | Coforge Limited <br>(IT Services)<br>| 9906 | &nbsp;&nbsp; 222 |
|  | Computer Age Management Services Ltd. <br>(Professional Services)<br>| 2639 | &nbsp;&nbsp; 132 |
|  | Dixon Technologies India Ltd. <br>(Household Durables)<br>| 1207 | &nbsp;&nbsp; 211 |
|  | GE T&D India Ltd. <br>(Electrical Equipment)<br>| 8850 | &nbsp;&nbsp; 243 |
|  | HDFC Asset Management Co. Ltd. <br>(Capital Markets)<br>| 3916 | &nbsp;&nbsp; 237 |
|  | HDFC Bank Ltd. <br>(Banks)<br>| 34842 | &nbsp;&nbsp; 812 |
|  | Hindustan Aeronautics Ltd. <br>(Aerospace & Defense)<br>| 6217 | &nbsp;&nbsp; 354 |
|  | ICICI Bank Ltd. <br>(Banks)<br>| 47619 | &nbsp;&nbsp; 805 |
|  | Indian Hotels Co. Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 48241 | &nbsp;&nbsp; 427 |
| \* <br>| InterGlobe Aviation Ltd. <br>(Airlines)<br>| 6031 | &nbsp;&nbsp; 419 |
| \* <br>| Kaynes Technology India Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 2216 | &nbsp;&nbsp; 158 |
|  | KFin Technologies Ltd. <br>(Capital Markets)<br>| 13676 | &nbsp;&nbsp; 215 |
|  | Macrotech Developers Ltd. <br>(Real Estate Management & <br> Development)<br>| 13142 | &nbsp;&nbsp; 212 |
|  | Mahindra & Mahindra Ltd. <br>(Automobiles)<br>| 9188 | &nbsp;&nbsp; 341 |
| \* <br>| MakeMyTrip Ltd.<sup>†</sup> <br>(Hotels, Restaurants & Leisure)<br>| 2171 | &nbsp;&nbsp; 213 |
|  | Max Healthcare Institute Ltd. <br>(Health Care Providers & Services)<br>| 19485 | &nbsp;&nbsp; 290 |
|  | NTPC Ltd. <br>(Independent Power and Renewable <br> Electricity Producers)<br>| 45898 | &nbsp;&nbsp; 179 |
|  | Oberoi Realty Ltd. <br>(Real Estate Management & <br> Development)<br>| 10442 | &nbsp;&nbsp; 233 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—(continued)** | **India—(continued)** | **India—(continued)** |
|  | Phoenix Mills Ltd. <br>(Real Estate Management & <br> Development)<br>| 6637 | &nbsp;&nbsp; $121 |
|  | Poly Medicure Ltd. <br>(Health Care Equipment & Supplies)<br>| 3975 | &nbsp;&nbsp; 103 |
|  | Sun Pharmaceutical Industries Ltd. <br>(Pharmaceuticals)<br>| 9893 | &nbsp;&nbsp; 193 |
|  | Transformers & Rectifiers India Ltd. <br>(Electrical Equipment)<br>| 26331 | &nbsp;&nbsp; 150 |
|  | Trent Ltd. <br>(Specialty Retail)<br>| 3457 | &nbsp;&nbsp; 250 |
|  | TVS Motor Co. Ltd. <br>(Automobiles)<br>| 5491 | &nbsp;&nbsp; 186 |
|  | UNO Minda Ltd. <br>(Auto Components)<br>| 10576 | &nbsp;&nbsp; 136 |
| \* <br>| Zomato Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 59228 | &nbsp;&nbsp; 182 |
|  |  |  | &nbsp;&nbsp; 9798 |
|  | **Indonesia—5.5%** | **Indonesia—5.5%** | **Indonesia—5.5%** |
|  | Bank Central Asia Tbk. PT <br>(Banks)<br>| 992100 | &nbsp;&nbsp; 530 |
|  | Bank Syariah Indonesia Tbk. PT <br>(Banks)<br>| 1492900 | &nbsp;&nbsp; 238 |
| \* <br>| Grab Holdings Limited <br>(Road & Rail)<br>| 58661 | &nbsp;&nbsp; 295 |
| \* <br>| Sea Ltd.—ADR <br>(Entertainment)<br>| 6060 | &nbsp;&nbsp; 969 |
|  |  |  | &nbsp;&nbsp; 2032 |
|  | **Malaysia—0.7%** | **Malaysia—0.7%** | **Malaysia—0.7%** |
|  | 99 Speed Mart Retail Holdings Bhd. <br>(Consumer Staples Distribution & Retail)<br>| 301500 | &nbsp;&nbsp; 149 |
|  | KPJ Healthcare Bhd. <br>(Health Care Providers & Services)<br>| 181700 | &nbsp;&nbsp; 115 |
|  |  |  | &nbsp;&nbsp; 264 |
|  | **Philippines—1.5%** | **Philippines—1.5%** | **Philippines—1.5%** |
|  | BDO Unibank, Inc. <br>(Banks)<br>| 84922 | &nbsp;&nbsp; 230 |
|  | International Container Terminal Services, <br> Inc. <br>(Transportation Infrastructure)<br>| 44100 | &nbsp;&nbsp; 322 |
|  |  |  | &nbsp;&nbsp; 552 |
|  | **South Korea—10.0%** | **South Korea—10.0%** | **South Korea—10.0%** |
|  | Hanwha Aerospace Co. Ltd. <br>(Aerospace & Defense)<br>| 747 | &nbsp;&nbsp; 469 |
|  | HD Hyundai Electric Co. Ltd. <br>(Electrical Equipment)<br>| 1304 | &nbsp;&nbsp; 490 |
|  | HD Hyundai Marine Solution Co., Ltd. <br>(Machinery)<br>| 1369 | &nbsp;&nbsp; 209 |
|  | Hyundai Rotem Company <br>(Machinery)<br>| 1561 | &nbsp;&nbsp; 227 |
|  | JB Financial Group Co. Ltd. <br>(Banks)<br>| 9622 | &nbsp;&nbsp; 147 |
|  | Meritz Financial Group Inc. <br>(Diversified Financial Services)<br>| 1840 | &nbsp;&nbsp; 153 |
| \* <br>| Samsung Biologics Co. Ltd. <br>(Life Sciences Tools & Services)<br>| 313 | &nbsp;&nbsp; 230 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**46**

*Semi-Annual*

------

**Emerging Markets ex China Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Emerging Asia—(continued)*** |  |  |
| **South Korea—(continued)** | **South Korea—(continued)** | **South Korea—(continued)** |
| Samyangfoods Co., Ltd <br>(Food Products)<br>| 165 | &nbsp;&nbsp; $171 |
| SK Hynix, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 7566 | &nbsp;&nbsp; 1637 |
|  |  | &nbsp;&nbsp; 3733 |
| **Taiwan—24.9%** | **Taiwan—24.9%** | **Taiwan—24.9%** |
| Accton Technology Corp. <br>(Communications Equipment)<br>| 13000 | &nbsp;&nbsp; 325 |
| Advantech Co. Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 10000 | &nbsp;&nbsp; 116 |
| Alchip Technologies Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 1800 | &nbsp;&nbsp; 191 |
| ASPEED Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 1500 | &nbsp;&nbsp; 244 |
| Delta Electronics, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 16000 | &nbsp;&nbsp; 226 |
| Elite Material Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 10000 | &nbsp;&nbsp; 302 |
| eMemory Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 2500 | &nbsp;&nbsp; 202 |
| King Slide Works Co., Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 3000 | &nbsp;&nbsp; 209 |
| MediaTek, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 22000 | &nbsp;&nbsp; 941 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 83000 | &nbsp;&nbsp; 3012 |
| Taiwan Semiconductor Manufacturing Co. <br> Ltd.—ADR <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 13199 | &nbsp;&nbsp; 2989 |
| Universal Microwave Technology, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 8000 | &nbsp;&nbsp; 98 |
| Wiwynn Corp. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 4800 | &nbsp;&nbsp; 416 |
|  |  | &nbsp;&nbsp; 9271 |
| **Thailand—0.3%** | **Thailand—0.3%** | **Thailand—0.3%** |
| Advanced Info Service PCL <br>(Wireless Telecommunication Services)<br>| 14000 | &nbsp;&nbsp; 120 |
| **Total Emerging Asia** |  | &nbsp;&nbsp; 25770 |
| ***Emerging Latin America—15.2%*** |  |  |
| **Argentina—2.3%** | **Argentina—2.3%** | **Argentina—2.3%** |
| Banco BBVA Argentina S.A.—ADR <br>(Banks)<br>| 10235 | &nbsp;&nbsp; 168 |
| Grupo Financiero Galicia SA—ADR <br>(Banks)<br>| 5488 | &nbsp;&nbsp; 277 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Latin America—(continued)*** |  |  |
|  | **Argentina—(continued)** | **Argentina—(continued)** | **Argentina—(continued)** |
| \* <br>| Pampa Energia SA—ADR <br>(Electric Utilities)<br>| 2750 | &nbsp;&nbsp; $191 |
| \* <br>| YPF S.A.—ADR <br>(Oil, Gas & Consumable Fuels)<br>| 6774 | &nbsp;&nbsp; 213 |
|  |  |  | &nbsp;&nbsp; 849 |
|  | **Brazil—7.3%** | **Brazil—7.3%** | **Brazil—7.3%** |
|  | Cury Construtora e Incorporadora SA <br>(Household Durables)<br>| 52500 | &nbsp;&nbsp; 285 |
|  | Embraer S.A. <br>(Aerospace & Defense)<br>| 21400 | &nbsp;&nbsp; 304 |
|  | Itau Unibanco Holding SA.—ADR <br>(Banks)<br>| 68654 | &nbsp;&nbsp; 466 |
| \* <br>| MercadoLibre, Inc. <br>(Broadline Retail)<br>| 379 | &nbsp;&nbsp; 991 |
| \* <br>| NU Holdings Ltd.<sup>†</sup> <br>(Banks)<br>| 16707 | &nbsp;&nbsp; 229 |
|  | Porto Seguro S/A <br>(Insurance)<br>| 26600 | &nbsp;&nbsp; 270 |
|  | WEG SA <br>(Electrical Equipment)<br>| 21100 | &nbsp;&nbsp; 166 |
|  |  |  | &nbsp;&nbsp; 2711 |
|  | **Chile—1.6%** | **Chile—1.6%** | **Chile—1.6%** |
|  | Banco de Chile <br>(Banks)<br>| 1522401 | &nbsp;&nbsp; 230 |
|  | Falabella S.A. <br>(Broadline Retail)<br>| 57440 | &nbsp;&nbsp; 305 |
|  | Plaza S.A. <br>(Real Estate Management & <br> Development)<br>| 25217 | &nbsp;&nbsp; 57 |
|  |  |  | &nbsp;&nbsp; 592 |
|  | **Mexico—3.7%** | **Mexico—3.7%** | **Mexico—3.7%** |
| \* <br>| BBB Foods, Inc. <sup>†</sup> <br>(Consumer Staples Distribution & Retail)<br>| 6680 | &nbsp;&nbsp; 186 |
|  | Coca-Cola FEMSA, S.A.B. de C.V. <br>(Beverages)<br>| 1759 | &nbsp;&nbsp; 170 |
|  | Corp. Inmobiliaria Vesta SAB de CV <br>(Real Estate Management & <br> Development)<br>| 89300 | &nbsp;&nbsp; 246 |
|  | Gentera SAB de CV <br>(Consumer Finance)<br>| 86800 | &nbsp;&nbsp; 185 |
|  | Grupo Financiero Banorte SAB de CV <br>(Banks)<br>| 49300 | &nbsp;&nbsp; 452 |
| \* <br>| Vista Energy SAB de CV—ADR <br>(Oil, Gas & Consumable Fuels)<br>| 3185 | &nbsp;&nbsp; 152 |
|  |  |  | &nbsp;&nbsp; 1391 |
|  | **Panama—0.3%** | **Panama—0.3%** | **Panama—0.3%** |
|  | Banco Latinoamericano de Comercio <br> Exterior, S.A. <br>(Diversified Financial Services)<br>| 3003 | &nbsp;&nbsp; 121 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 5664 |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—15.1%*** |  |  |
|  | **Czech Republic—0.6%** | **Czech Republic—0.6%** | **Czech Republic—0.6%** |
|  | Komercni banka, a.s. <br>(Banks)<br>| 4421 | &nbsp;&nbsp; 214 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**47**

*William Blair Funds*

------

**Emerging Markets ex China Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—(continued)***<br>|  |  |
|  | **Greece—1.5%** | **Greece—1.5%** | **Greece—1.5%** |
|  | Eurobank Ergasias Services & Holdings SA <br>(Banks)<br>| 123318 | &nbsp;&nbsp; $423 |
|  | Piraeus Financial Holdings SA <br>(Banks)<br>| 17900 | &nbsp;&nbsp; 124 |
|  |  |  | &nbsp;&nbsp; 547 |
|  | **Hungary—1.1%** | **Hungary—1.1%** | **Hungary—1.1%** |
|  | OTP Bank Nyrt. <br>(Banks)<br>| 5144 | &nbsp;&nbsp; 411 |
|  | **Poland—1.5%** | **Poland—1.5%** | **Poland—1.5%** |
|  | Benefit Systems SA <br>(Professional Services)<br>| 197 | &nbsp;&nbsp; 173 |
|  | PKO Bank Polski S.A. <br>(Banks)<br>| 10033 | &nbsp;&nbsp; 210 |
| \* <br>| Zabka Group <br>(Consumer Staples Distribution & Retail)<br>| 29010 | &nbsp;&nbsp; 174 |
|  |  |  | &nbsp;&nbsp; 557 |
|  | **Saudi Arabia—2.0%** | **Saudi Arabia—2.0%** | **Saudi Arabia—2.0%** |
|  | Dr Sulaiman Al Habib Medical Services <br> Group Co. <br>(Health Care Providers & Services)<br>| 1947 | &nbsp;&nbsp; 141 |
|  | Elm Co. <br>(IT Services)<br>| 652 | &nbsp;&nbsp; 174 |
|  | National Co. for Learning & Education <br>(Diversified Consumer Services)<br>| 3667 | &nbsp;&nbsp; 157 |
|  | Retal Urban Development Co. <br>(Real Estate Management & <br> Development)<br>| 32467 | &nbsp;&nbsp; 136 |
|  | Riyadh Cables Group Co. <br>(Electrical Equipment)<br>| 4153 | &nbsp;&nbsp; 157 |
|  |  |  | &nbsp;&nbsp; 765 |
|  | **South Africa—4.3%** | **South Africa—4.3%** | **South Africa—4.3%** |
|  | Capitec Bank Holdings Ltd. <br>(Banks)<br>| 2494 | &nbsp;&nbsp; 500 |
|  | Clicks Group Ltd. <br>(Consumer Staples Distribution & Retail)<br>| 12419 | &nbsp;&nbsp; 260 |
|  | Mr. Price Group Ltd. <br>(Specialty Retail)<br>| 9394 | &nbsp;&nbsp; 118 |
|  | Naspers Limited <br>(Broadline Retail)<br>| 700 | &nbsp;&nbsp; 218 |
|  | OUTsurance Group Ltd. <br>(Insurance)<br>| 74532 | &nbsp;&nbsp; 330 |
|  | We Buy Cars Holdings Ltd <br>(Specialty Retail)<br>| 47576 | &nbsp;&nbsp; 161 |
|  |  |  | &nbsp;&nbsp; 1587 |
|  | **Turkey—1.0%** | **Turkey—1.0%** | **Turkey—1.0%** |
|  | ASELSAN Elektronik Sanayi ve Ticaret <br> Anonim Sirketi <br>(Aerospace & Defense)<br>| 58217 | &nbsp;&nbsp; 220 |
|  | BIM Birlesik Magazalar AS <br>(Consumer Staples Distribution & Retail)<br>| 13509 | &nbsp;&nbsp; 168 |
|  |  |  | &nbsp;&nbsp; 388 |
|  | **United Arab Emirates—3.1%** | **United Arab Emirates—3.1%** | **United Arab Emirates—3.1%** |
|  | Aldar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 75315 | &nbsp;&nbsp; 183 |

---

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Emerging Europe, Mid-East,*** <br> ***Africa—(continued)***<br>|  |  |
| **United Arab Emirates—(continued)** | **United Arab Emirates—(continued)** | **United Arab Emirates—(continued)** |
| Emaar Properties PJSC <br>(Real Estate Management & <br> Development)<br>| 144281 | &nbsp;&nbsp; $534 |
| Parkin Company P.J.S.C. <br>(Commercial Services & Supplies)<br>| 76217 | &nbsp;&nbsp; 135 |
| Salik Co. PJSC <br>(Transportation Infrastructure)<br>| 190067 | &nbsp;&nbsp; 313 |
|  |  | &nbsp;&nbsp; 1165 |
| **Total Emerging Europe, Mid-East, Africa** |  | &nbsp;&nbsp; 5634 |
| ***Europe Ex-U.K.—0.4%*** |  |  |
| **Luxembourg—0.4%** | **Luxembourg—0.4%** | **Luxembourg—0.4%** |
| Millicom International Cellular S.A. <br>(Wireless Telecommunication Services)<br>| 3430 | &nbsp;&nbsp; 128 |
| **Total Common Stocks—99.9%** <br>(cost $29,361)<br>|  | &nbsp;&nbsp; 37196 |
| **Total Investments—99.9%** <br>(cost $29,361)<br>|  | &nbsp;&nbsp; 37196 |
| **Cash and other assets,** <br>**less liabilities—0.1%**<br>|  | &nbsp;&nbsp; 37 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $37233 |

---

------

ADR American Depositary Receipt

\* Non-income producing security. <br> † U.S. listed foreign security

See accompanying Notes to Financial Statements.

*June 30, 2025*

**48**

*Semi-Annual*

------

**Emerging Markets ex China Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $37076 | &nbsp;&nbsp; $120 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $37196 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**49**

*William Blair Funds*

------

**Emerging Markets Small Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Emerging Asia—68.7%*** |  |  |
|  | **China—7.9%** | **China—7.9%** | **China—7.9%** |
|  | Anhui Expressway Company Limited <br>(Transportation Infrastructure)<br>| 781000 | &nbsp;&nbsp; $1254 |
|  | Beijing Yanjing Brewery Co., Ltd. <br>(Beverages)<br>| 1133900 | &nbsp;&nbsp; 2048 |
| \* <br>| Bloks Group Limited <br>(Leisure Products)<br>| 81600 | &nbsp;&nbsp; 1468 |
|  | Chow Tai Fook Jewellery Group Limited <br>(Specialty Retail)<br>| 1066200 | &nbsp;&nbsp; 1823 |
| \* <br>| DPC Dash Ltd <br>(Hotels, Restaurants & Leisure)<br>| 108200 | &nbsp;&nbsp; 1416 |
|  | Eastroc Beverage Group Co. Ltd. <br>(Beverages)<br>| 124303 | &nbsp;&nbsp; 5453 |
|  | Gambol Pet Group Co., Ltd. <br>(Food Products)<br>| 130500 | &nbsp;&nbsp; 1994 |
| \* <br>| Guming Holdings Ltd <br>(Hotels, Restaurants & Leisure)<br>| 465200 | &nbsp;&nbsp; 1514 |
|  | Jiangsu Expressway Company Limited <br>(Transportation Infrastructure)<br>| 1758000 | &nbsp;&nbsp; 2481 |
|  | Mao Geping Cosmetics CO.,LTD. <br>(Personal Care Products)<br>| 98000 | &nbsp;&nbsp; 1352 |
|  | Meitu, Inc. <br>(Interactive Media & Services)<br>| 1802000 | &nbsp;&nbsp; 2073 |
| \* <br>| NetEase Cloud Music Inc. <br>(Entertainment)<br>| 56100 | &nbsp;&nbsp; 1722 |
|  | Neway Valve (Suzhou) Co., Ltd. <br>(Machinery)<br>| 449300 | &nbsp;&nbsp; 1956 |
|  | Uni-President China Holdings Ltd. <br>(Food Products)<br>| 907000 | &nbsp;&nbsp; 1098 |
|  | Yantai China Pet Foods Co., Ltd. <br>(Food Products)<br>| 202000 | &nbsp;&nbsp; 1746 |
|  |  |  | &nbsp;&nbsp; 29398 |
|  | **India—28.3%** | **India—28.3%** | **India—28.3%** |
|  | 360 ONE WAM Ltd. <br>(Capital Markets)<br>| 196247 | &nbsp;&nbsp; 2723 |
| \* <br>| Affle 3I Limited <br>(Media)<br>| 61914 | &nbsp;&nbsp; 1438 |
| \* <br>| Amber Enterprises India Ltd. <br>(Household Durables)<br>| 31898 | &nbsp;&nbsp; 2521 |
|  | Astra Microwave Products Ltd. <br>(Communications Equipment)<br>| 84312 | &nbsp;&nbsp; 1022 |
|  | Bharti Hexacom Ltd. <br>(Wireless Telecommunication Services)<br>| 142484 | &nbsp;&nbsp; 3237 |
| \* <br>| Cartrade Tech Limited <br>(Specialty Retail)<br>| 79553 | &nbsp;&nbsp; 1598 |
|  | Central Depository Services India Ltd. <br>(Capital Markets)<br>| 101194 | &nbsp;&nbsp; 2119 |
|  | CG Power & Industrial Solutions Ltd. <br>(Electrical Equipment)<br>| 291652 | &nbsp;&nbsp; 2316 |
| \* <br>| Chalet Hotels Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 220653 | &nbsp;&nbsp; 2369 |
|  | Cholamandalam Financial Holdings <br> Limited <br>(Consumer Finance)<br>| 213058 | &nbsp;&nbsp; 5391 |
|  | Computer Age Management Services Ltd. <br>(Professional Services)<br>| 33388 | &nbsp;&nbsp; 1673 |
|  | Coromandel International Limited <br>(Chemicals)<br>| 42716 | &nbsp;&nbsp; 1243 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—(continued)** | **India—(continued)** | **India—(continued)** |
|  | Data Patterns India Ltd. <br>(Aerospace & Defense)<br>| 55060 | &nbsp;&nbsp; $1869 |
|  | Eris Lifesciences Limited <br>(Pharmaceuticals)<br>| 76457 | &nbsp;&nbsp; 1497 |
| \* <br>| Ethos Ltd. <br>(Specialty Retail)<br>| 19970 | &nbsp;&nbsp; 616 |
|  | Fortis Healthcare Limited <br>(Health Care Providers & Services)<br>| 219470 | &nbsp;&nbsp; 2027 |
|  | GE T&D India Ltd. <br>(Electrical Equipment)<br>| 203176 | &nbsp;&nbsp; 5575 |
| \* <br>| Godrej Properties Ltd. <br>(Real Estate Management & <br> Development)<br>| 158124 | &nbsp;&nbsp; 4313 |
|  | Gravita India Ltd. <br>(Metals & Mining)<br>| 69858 | &nbsp;&nbsp; 1525 |
|  | Hitachi Energy India Ltd <br>(Electrical Equipment)<br>| 8531 | &nbsp;&nbsp; 1987 |
|  | Home First Finance Co. India Ltd. <br>(Diversified Financial Services)<br>| 103902 | &nbsp;&nbsp; 1667 |
| \* <br>| ITC Hotels Limited <br>(Hotels, Restaurants & Leisure)<br>| 495370 | &nbsp;&nbsp; 1283 |
|  | J.K. Cement Limited <br>(Construction Materials)<br>| 30502 | &nbsp;&nbsp; 2182 |
|  | Karur Vysya Bank Ltd. <br>(Banks)<br>| 1423550 | &nbsp;&nbsp; 4448 |
| \* <br>| Kaynes Technology India Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 27886 | &nbsp;&nbsp; 1983 |
|  | KFin Technologies Ltd. <br>(Capital Markets)<br>| 377995 | &nbsp;&nbsp; 5941 |
| \* <br>| Krishna Institute of Medical <br> Sciences Limited <br>(Health Care Providers & Services)<br>| 101533 | &nbsp;&nbsp; 797 |
|  | Macrotech Developers Ltd. <br>(Real Estate Management & <br> Development)<br>| 259374 | &nbsp;&nbsp; 4189 |
|  | Mazagon Dock Shipbuilders Limited <br>(Aerospace & Defense)<br>| 40375 | &nbsp;&nbsp; 1529 |
|  | Multi Commodity Exchange of India <br> Limited <br>(Capital Markets)<br>| 15949 | &nbsp;&nbsp; 1664 |
|  | Narayana Hrudayalaya Ltd. <br>(Health Care Providers & Services)<br>| 83138 | &nbsp;&nbsp; 2101 |
|  | Nippon Life India Asset Management <br> Limited <br>(Capital Markets)<br>| 206722 | &nbsp;&nbsp; 1926 |
|  | Nuvama Wealth Management Ltd. <br>(Capital Markets)<br>| 71452 | &nbsp;&nbsp; 6825 |
|  | Oberoi Realty Ltd. <br>(Real Estate Management & <br> Development)<br>| 117893 | &nbsp;&nbsp; 2634 |
|  | PG Electroplast Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 207908 | &nbsp;&nbsp; 1828 |
|  | Radico Khaitan Ltd. <br>(Beverages)<br>| 57922 | &nbsp;&nbsp; 1772 |
|  | Shaily Engineering Plastics Limited <br>(Machinery)<br>| 73062 | &nbsp;&nbsp; 1418 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**50**

*Semi-Annual*

------

**Emerging Markets Small Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **India—(continued)** | **India—(continued)** | **India—(continued)** |
|  | Shakti Pumps India Ltd. <br>(Machinery)<br>| 114862 | &nbsp;&nbsp; $1265 |
|  | Skipper Ltd. <br>(Construction & Engineering)<br>| 452018 | &nbsp;&nbsp; 2679 |
|  | Solar Industries India Ltd. <br>(Chemicals)<br>| 10473 | &nbsp;&nbsp; 2149 |
|  | Transformers & Rectifiers India Ltd. <br>(Electrical Equipment)<br>| 723506 | &nbsp;&nbsp; 4130 |
|  | Venus Pipes & Tubes Ltd. <br>(Metals & Mining)<br>| 55262 | &nbsp;&nbsp; 880 |
| \* <br>| Vishal Mega Mart Limited <br>(Broadline Retail)<br>| 1200919 | &nbsp;&nbsp; 1873 |
|  | Zen Technologies Limited <br>(Electronic Equipment, Instruments & <br> Components)<br>| 14864 | &nbsp;&nbsp; 344 |
|  |  |  | &nbsp;&nbsp; 104566 |
|  | **Philippines—0.3%** | **Philippines—0.3%** | **Philippines—0.3%** |
|  | DigiPlus Interactive Corp <br>(Hotels, Restaurants & Leisure)<br>| 1167600 | &nbsp;&nbsp; 1078 |
|  | **South Korea—17.8%** | **South Korea—17.8%** | **South Korea—17.8%** |
| \* <br>| APR Co.,Ltd. <br>(Personal Care Products)<br>| 12999 | &nbsp;&nbsp; 1485 |
|  | BNK Financial Group, Inc. <br>(Banks)<br>| 316880 | &nbsp;&nbsp; 2923 |
|  | Classys, Inc. <br>(Health Care Equipment & Supplies)<br>| 61265 | &nbsp;&nbsp; 2846 |
|  | Cosmax, Inc. <br>(Personal Care Products)<br>| 18336 | &nbsp;&nbsp; 3797 |
|  | Coway Co., Ltd. <br>(Household Durables)<br>| 50098 | &nbsp;&nbsp; 3593 |
|  | Doosan Co., Ltd. <br>(Industrial Conglomerates)<br>| 6035 | &nbsp;&nbsp; 2934 |
| \* <br>| Hanwha Engine <br>(Machinery)<br>| 76055 | &nbsp;&nbsp; 1603 |
|  | HD Hyundai Electric Co. Ltd. <br>(Electrical Equipment)<br>| 9267 | &nbsp;&nbsp; 3481 |
|  | HD Hyundai Marine Solution Co., Ltd. <br>(Machinery)<br>| 14015 | &nbsp;&nbsp; 2134 |
| \* <br>| HD-Hyundai Marine Engine Co., Ltd. <br>(Machinery)<br>| 44579 | &nbsp;&nbsp; 1662 |
| \* <br>| Hugel, Inc. <br>(Biotechnology)<br>| 3260 | &nbsp;&nbsp; 937 |
|  | HYBE Co., Ltd. <br>(Entertainment)<br>| 8721 | &nbsp;&nbsp; 1997 |
|  | Hyosung Heavy Industries Corporation <br>(Electrical Equipment)<br>| 10666 | &nbsp;&nbsp; 7042 |
|  | Hyundai Rotem Company <br>(Machinery)<br>| 14115 | &nbsp;&nbsp; 2055 |
|  | JB Financial Group Co. Ltd. <br>(Banks)<br>| 394731 | &nbsp;&nbsp; 6011 |
|  | Kolmar Korea Co., Ltd. <br>(Personal Care Products)<br>| 19198 | &nbsp;&nbsp; 1420 |
|  | Korean Reinsurance Company <br>(Insurance)<br>| 317540 | &nbsp;&nbsp; 2409 |
|  | Meritz Financial Group Inc. <br>(Diversified Financial Services)<br>| 60205 | &nbsp;&nbsp; 5019 |
|  | MNC Solution Co., Ltd <br>(Machinery)<br>| 10881 | &nbsp;&nbsp; 1213 |

---

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Emerging Asia—(continued)*** |  |  |
| **South Korea—(continued)** | **South Korea—(continued)** | **South Korea—(continued)** |
| NICE Information Service Co., Ltd. <br>(Professional Services)<br>| 66554 | &nbsp;&nbsp; $806 |
| PharmaResearch Co., Ltd. <br>(Biotechnology)<br>| 4059 | &nbsp;&nbsp; 1484 |
| Samsung Securities Co.,Ltd. <br>(Capital Markets)<br>| 49711 | &nbsp;&nbsp; 2711 |
| Samyangfoods Co., Ltd <br>(Food Products)<br>| 6059 | &nbsp;&nbsp; 6263 |
|  |  | &nbsp;&nbsp; 65825 |
| **Taiwan—14.4%** | **Taiwan—14.4%** | **Taiwan—14.4%** |
| Acter Group Corporation Limited <br>(Construction & Engineering)<br>| 210000 | &nbsp;&nbsp; 2858 |
| ASMedia Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 30000 | &nbsp;&nbsp; 1962 |
| ASPEED Technology, Inc. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 53000 | &nbsp;&nbsp; 8609 |
| Bizlink Holding Inc. <br>(Electrical Equipment)<br>| 106000 | &nbsp;&nbsp; 3077 |
| Chroma ATE, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 373000 | &nbsp;&nbsp; 5650 |
| Elite Material Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 132000 | &nbsp;&nbsp; 3985 |
| Fortune Electric Co. Ltd. <br>(Electrical Equipment)<br>| 67000 | &nbsp;&nbsp; 1291 |
| Gold Circuit Electronics Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 329000 | &nbsp;&nbsp; 3322 |
| Grand Process Technology Corporation <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 50000 | &nbsp;&nbsp; 2798 |
| Jentech Precision Industrial Co. Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 97000 | &nbsp;&nbsp; 5014 |
| King Slide Works Co., Ltd. <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 31000 | &nbsp;&nbsp; 2160 |
| Kinik Co. <br>(Machinery)<br>| 189000 | &nbsp;&nbsp; 2074 |
| Lotes Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 27000 | &nbsp;&nbsp; 1248 |
| Taichung Commercial Bank Company <br> Limited <br>(Banks)<br>| 2941000 | &nbsp;&nbsp; 2210 |
| Tripod Technology Corp. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 151000 | &nbsp;&nbsp; 1279 |
| WinWay Technology Co. Ltd. <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 126000 | &nbsp;&nbsp; 5586 |
|  |  | &nbsp;&nbsp; 53123 |
| **Total Emerging Asia** |  | &nbsp;&nbsp; 253990 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**51**

*William Blair Funds*

------

**Emerging Markets Small Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Latin America—16.7%*** |  |  |
|  | **Argentina—0.2%** | **Argentina—0.2%** | **Argentina—0.2%** |
| \* <br>| Loma Negra Cia Industrial Argentina S.A. <br>(Construction Materials)<br>| 67365 | &nbsp;&nbsp; $739 |
|  | **Brazil—8.9%** | **Brazil—8.9%** | **Brazil—8.9%** |
|  | C&A Modas S.A. <br>(Specialty Retail)<br>| 633133 | &nbsp;&nbsp; 2291 |
|  | Cury Construtora e Incorporadora SA <br>(Household Durables)<br>| 974000 | &nbsp;&nbsp; 5292 |
|  | Cyrela Brazil Realty SA Empreendimentos <br> e Participacoes <br>(Household Durables)<br>| 352500 | &nbsp;&nbsp; 1696 |
|  | Direcional Engenharia SA <br>(Household Durables)<br>| 798500 | &nbsp;&nbsp; 5999 |
|  | Inter & Co, Inc. <br>(Banks)<br>| 627076 | &nbsp;&nbsp; 4659 |
|  | Lojas Renner S.A. <br>(Specialty Retail)<br>| 514400 | &nbsp;&nbsp; 1863 |
|  | Porto Seguro S/A <br>(Insurance)<br>| 405000 | &nbsp;&nbsp; 4115 |
|  | Smartfit Escola de Ginastica e Danca SA <br>(Hotels, Restaurants & Leisure)<br>| 905100 | &nbsp;&nbsp; 4138 |
|  | TOTVS SA <br>(Software)<br>| 296000 | &nbsp;&nbsp; 2300 |
|  | Vivara Participacoes SA <br>(Textiles, Apparel & Luxury Goods)<br>| 140900 | &nbsp;&nbsp; 701 |
|  |  |  | &nbsp;&nbsp; 33054 |
|  | **Chile—1.7%** | **Chile—1.7%** | **Chile—1.7%** |
|  | Banco de Credito e Inversiones S.A <br>(Banks)<br>| 31030 | &nbsp;&nbsp; 1310 |
|  | Banco Santander Chile <br>(Banks)<br>| 63816 | &nbsp;&nbsp; 1610 |
|  | Cencosud S.A. <br>(Consumer Staples Distribution & <br> Retail)<br>| 187143 | &nbsp;&nbsp; 637 |
|  | Falabella S.A. <br>(Broadline Retail)<br>| 344895 | &nbsp;&nbsp; 1833 |
|  | Parque Arauco S.A. <br>(Real Estate Management & <br> Development)<br>| 439676 | &nbsp;&nbsp; 927 |
|  |  |  | &nbsp;&nbsp; 6317 |
|  | **Mexico—4.6%** | **Mexico—4.6%** | **Mexico—4.6%** |
|  | Gentera SAB de CV <br>(Consumer Finance)<br>| 2968300 | &nbsp;&nbsp; 6334 |
|  | Grupo Aeroportuario del Centro Norte <br> SAB de CV <br>(Transportation Infrastructure)<br>| 500600 | &nbsp;&nbsp; 6584 |
| \* <br>| Industrias Penoles, S.A.B. de C.V. <br>(Metals & Mining)<br>| 82890 | &nbsp;&nbsp; 2318 |
|  | Prologis Property Mexico SA de CV REIT <br>(Industrial REITs)<br>| 448600 | &nbsp;&nbsp; 1691 |
|  |  |  | &nbsp;&nbsp; 16927 |
|  | **Panama—0.6%** | **Panama—0.6%** | **Panama—0.6%** |
|  | Banco Latinoamericano de Comercio <br> Exterior, S.A. <br>(Diversified Financial Services)<br>| 50919 | &nbsp;&nbsp; 2052 |
|  | **Peru—0.7%** | **Peru—0.7%** | **Peru—0.7%** |
|  | Intercorp Financial Services Inc <br>(Banks)<br>| 70552 | &nbsp;&nbsp; 2690 |
|  | **Total Emerging Latin America** |  | &nbsp;&nbsp; 61779 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Europe, Mid-East,*** <br> ***Africa—13.8%*** |  |  |
|  | **Czech Republic—1.2%** | **Czech Republic—1.2%** | **Czech Republic—1.2%** |
|  | Komercni banka, a.s. <br>(Banks)<br>| 11272 | &nbsp;&nbsp; $545 |
|  | MONETA Money Bank, a. s. <br>(Banks)<br>| 579899 | &nbsp;&nbsp; 4000 |
|  |  |  | &nbsp;&nbsp; 4545 |
|  | **Georgia—0.6%** | **Georgia—0.6%** | **Georgia—0.6%** |
|  | Bank of Georgia Group PLC <br>(Banks)<br>| 22118 | &nbsp;&nbsp; 2150 |
|  | **Greece—2.1%** | **Greece—2.1%** | **Greece—2.1%** |
|  | Optima bank SA <br>(Banks)<br>| 109340 | &nbsp;&nbsp; 2576 |
|  | Piraeus Financial Holdings SA <br>(Banks)<br>| 735944 | &nbsp;&nbsp; 5099 |
|  |  |  | &nbsp;&nbsp; 7675 |
|  | **Hungary—0.6%** | **Hungary—0.6%** | **Hungary—0.6%** |
|  | Magyar Telekom Telecommunications PLC <br>(Diversified Telecommunication <br> Services)<br>| 394800 | &nbsp;&nbsp; 2071 |
|  | **Lithuania—1.2%** | **Lithuania—1.2%** | **Lithuania—1.2%** |
|  | Baltic Classifieds Group PLC <br>(Interactive Media & Services)<br>| 902710 | &nbsp;&nbsp; 4622 |
|  | **Poland—1.4%** | **Poland—1.4%** | **Poland—1.4%** |
|  | Benefit Systems SA <br>(Professional Services)<br>| 2350 | &nbsp;&nbsp; 2067 |
| \* <br>| Enea Spolka Akcyjna <br>(Electric Utilities)<br>| 116060 | &nbsp;&nbsp; 630 |
| \* <br>| TAURON Polska Energia S.A. <br>(Electric Utilities)<br>| 580941 | &nbsp;&nbsp; 1356 |
|  | XTB SA <br>(Capital Markets)<br>| 49611 | &nbsp;&nbsp; 1121 |
|  |  |  | &nbsp;&nbsp; 5174 |
|  | **Saudi Arabia—0.7%** | **Saudi Arabia—0.7%** | **Saudi Arabia—0.7%** |
|  | Riyadh Cables Group Co. <br>(Electrical Equipment)<br>| 73125 | &nbsp;&nbsp; 2757 |
|  | **South Africa—2.1%** | **South Africa—2.1%** | **South Africa—2.1%** |
|  | OUTsurance Group Ltd. <br>(Insurance)<br>| 1196270 | &nbsp;&nbsp; 5293 |
|  | We Buy Cars Holdings Ltd <br>(Specialty Retail)<br>| 704135 | &nbsp;&nbsp; 2382 |
|  |  |  | &nbsp;&nbsp; 7675 |
|  | **Turkey—1.6%** | **Turkey—1.6%** | **Turkey—1.6%** |
|  | ASELSAN Elektronik Sanayi ve Ticaret <br> Anonim Sirketi <br>(Aerospace & Defense)<br>| 1286788 | &nbsp;&nbsp; 4873 |
|  | Logo Yazilim Sanayi ve Ticaret A.S. <br>(Software)<br>| 217999 | &nbsp;&nbsp; 871 |
|  |  |  | &nbsp;&nbsp; 5744 |
|  | **United Arab Emirates—2.3%** | **United Arab Emirates—2.3%** | **United Arab Emirates—2.3%** |
|  | Air Arabia PJSC <br>(Airlines)<br>| 2073279 | &nbsp;&nbsp; 1936 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**52**

*Semi-Annual*

------

**Emerging Markets Small Cap Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
| ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
| ***Emerging Europe, Mid-East,*** <br> ***Africa—(continued)***<br>|  |  |
| **United Arab Emirates—(continued)** | **United Arab Emirates—(continued)** | **United Arab Emirates—(continued)** |
| Parkin Company P.J.S.C. <br>(Commercial Services & Supplies)<br>| 2498539 | &nbsp;&nbsp; $4422 |
| Salik Co. PJSC <br>(Transportation Infrastructure)<br>| 1229212 | &nbsp;&nbsp; 2025 |
|  |  | &nbsp;&nbsp; 8383 |
| **Total Emerging Europe, Mid-East,** <br> **Africa**<br>|  | &nbsp;&nbsp; 50796 |
| **Total Common Stocks—99.2%** <br>(cost $299,559)<br>|  | &nbsp;&nbsp; 366565 |
| ***Preferred Stocks*** | ***Preferred Stocks*** | ***Preferred Stocks*** |
| ***Emerging Latin America—0.1%*** |  |  |
| **Chile—0.1%** | **Chile—0.1%** | **Chile—0.1%** |
| Embotelladora Andina S.A. <br>(Beverages)<br>| 129014 | &nbsp;&nbsp; 526 |
| **Total Preferred Stocks—0.1%** <br>(cost $409)<br>|  | &nbsp;&nbsp; 526 |
| **Total Investments—99.3%** <br>(cost $299,968)<br>|  | &nbsp;&nbsp; 367091 |
| **Cash and other assets,** <br>**less liabilities—0.7%**<br>|  | &nbsp;&nbsp; 2485 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $369576 |

---

------

PLC Public Limited Company <br> REIT Real Estate Investment Trust

\* Non-income producing security.

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $366565 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $366565 |
| Preferred Stocks | 526 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 526 |
| **Total Investments in Securities** | $367091 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $367091 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**53**

*William Blair Funds*

------

**China Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks*** | ***Common Stocks*** | ***Common Stocks*** |
|  | ***Emerging Asia—98.0%*** |  |  |
|  | **China—98.0%** | **China—98.0%** | **China—98.0%** |
|  | AAC Technologies Holdings, Inc. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 5000 | &nbsp;&nbsp; $26 |
|  | Agricultural Bank of China Ltd. <br>(Banks)<br>| 37000 | &nbsp;&nbsp; 27 |
|  | Aier Eye Hospital Group Co.,Ltd. <br>(Health Care Providers & Services)<br>| 7100 | &nbsp;&nbsp; 12 |
|  | Alibaba Group Holding Ltd. <br>(Broadline Retail)<br>| 10676 | &nbsp;&nbsp; 149 |
|  | Atour Lifestyle Holdings Ltd.—ADR <br>(Hotels, Restaurants & Leisure)<br>| 715 | &nbsp;&nbsp; 23 |
|  | Bank of Chengdu Co. Ltd. <br>(Banks)<br>| 8500 | &nbsp;&nbsp; 24 |
|  | Bank of Ningbo Co. Ltd. <br>(Banks)<br>| 6890 | &nbsp;&nbsp; 26 |
| \* <br>| Bloks Group Limited <br>(Leisure Products)<br>| 900 | &nbsp;&nbsp; 16 |
|  | BYD Company Limited <br>(Automobiles)<br>| 1600 | &nbsp;&nbsp; 74 |
|  | China Construction Bank Corporation <br>(Banks)<br>| 26000 | &nbsp;&nbsp; 26 |
|  | China Merchants Bank Co. Ltd. <br>(Banks)<br>| 9000 | &nbsp;&nbsp; 63 |
|  | Contemporary Amperex Technology Co. Ltd. <br>(Electrical Equipment)<br>| 1840 | &nbsp;&nbsp; 65 |
|  | East Money Information Co.,Ltd. <br>(Capital Markets)<br>| 9800 | &nbsp;&nbsp; 32 |
|  | Eastroc Beverage Group Co. Ltd. <br>(Beverages)<br>| 1190 | &nbsp;&nbsp; 52 |
|  | Eoptolink Technology Inc., Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 1540 | &nbsp;&nbsp; 27 |
|  | Foshan Haitian Flavouring and Food Company <br> Ltd. <br>(Food Products)<br>| 3200 | &nbsp;&nbsp; 18 |
|  | Fuyao Glass Industry Group Co. Ltd. <br>(Auto Components)<br>| 6200 | &nbsp;&nbsp; 44 |
|  | Gambol Pet Group Co., Ltd. <br>(Food Products)<br>| 1800 | &nbsp;&nbsp; 28 |
|  | Giant Biogene Holding Co. Ltd. <br>(Personal Care Products)<br>| 4300 | &nbsp;&nbsp; 32 |
| \* <br>| Guming Holdings Ltd <br>(Hotels, Restaurants & Leisure)<br>| 5200 | &nbsp;&nbsp; 17 |
|  | Hansoh Pharmaceutical Group Company <br> Limited <br>(Pharmaceuticals)<br>| 4000 | &nbsp;&nbsp; 15 |
|  | Huaming Power Equipment Co. Ltd. <br>(Machinery)<br>| 8600 | &nbsp;&nbsp; 20 |
|  | Industrial and Commercial Bank of China <br> Limited <br>(Banks)<br>| 37000 | &nbsp;&nbsp; 29 |
|  | Kweichow Moutai Co. Ltd. <br>(Beverages)<br>| 180 | &nbsp;&nbsp; 36 |
|  | Laopu Gold Co., Ltd. <br>(Textiles, Apparel & Luxury Goods)<br>| 400 | &nbsp;&nbsp; 51 |
|  | Mao Geping Cosmetics CO.,LTD. <br>(Personal Care Products)<br>| 1300 | &nbsp;&nbsp; 18 |
|  | Meitu, Inc. <br>(Interactive Media & Services)<br>| 34000 | &nbsp;&nbsp; 39 |

---

---

| | | | |
|:---|:---|:---|:---|
|  | <br>**Issuer**<br>| **Shares** | <br>**Value**<br>|
|  | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** | ***Common Stocks—(continued)*** |
|  | ***Emerging Asia—(continued)*** |  |  |
|  | **China—(continued)** | **China—(continued)** | **China—(continued)** |
| \* <br>| Meituan <br>(Hotels, Restaurants & Leisure)<br>| 3710 | &nbsp;&nbsp; $59 |
|  | Midea Group Co. Ltd. <br>(Household Durables)<br>| 2400 | &nbsp;&nbsp; 24 |
| \* <br>| MIXUE Group <br>(Hotels, Restaurants & Leisure)<br>| 400 | &nbsp;&nbsp; 26 |
|  | NetEase, Inc. <br>(Entertainment)<br>| 2500 | &nbsp;&nbsp; 67 |
|  | Ping An Insurance Group Co. of China Ltd. <br>(Insurance)<br>| 5800 | &nbsp;&nbsp; 37 |
|  | Pop Mart International Group Ltd. <br>(Specialty Retail)<br>| 2500 | &nbsp;&nbsp; 85 |
|  | Shanghai BOCHU Electronic Technology Corp. <br> Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 1061 | &nbsp;&nbsp; 20 |
|  | Shenzhen Inovance Technology Co. Ltd. <br>(Machinery)<br>| 4300 | &nbsp;&nbsp; 39 |
|  | Sieyuan Electric Co. Ltd. <br>(Electrical Equipment)<br>| 1900 | &nbsp;&nbsp; 19 |
|  | Tencent Holdings Ltd. <br>(Interactive Media & Services)<br>| 4000 | &nbsp;&nbsp; 256 |
|  | Trip.com Group Ltd. <br>(Hotels, Restaurants & Leisure)<br>| 800 | &nbsp;&nbsp; 47 |
|  | Will Semiconductor Co. Ltd. Shanghai <br>(Semiconductors & Semiconductor <br> Equipment)<br>| 1900 | &nbsp;&nbsp; 34 |
|  | WUS Printed Circuit Kunshan Co. Ltd. <br>(Electronic Equipment, Instruments & <br> Components)<br>| 4400 | &nbsp;&nbsp; 26 |
| \* <br>| Xiaomi Corporation <br>(Technology Hardware, Storage & <br> Peripherals)<br>| 17800 | &nbsp;&nbsp; 136 |
|  | Yutong Bus Co. Ltd. <br>(Machinery)<br>| 13700 | &nbsp;&nbsp; 48 |
|  | **Total Emerging Asia** |  | &nbsp;&nbsp; 1912 |
|  | **Total Common Stocks—98.0%** <br>(cost $1,496)<br>|  | &nbsp;&nbsp; 1912 |
|  | **Total Investments—98.0%** <br>(cost $1,496)<br>|  | &nbsp;&nbsp; 1912 |
|  | **Cash and other assets,** <br>**less liabilities—2.0%**<br>|  | &nbsp;&nbsp; 39 |
|  | **Net Assets—100.0%** |  | &nbsp;&nbsp; $1951 |

---

------

ADR American Depositary Receipt

\* Non-income producing security.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**54**

*Semi-Annual*

------

**China Growth Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Common Stocks | $1912 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $1912 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**55**

*William Blair Funds*

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal** <br>**Amount** | **Value** |
| **Foreign Government Bonds—67.0%** | **Foreign Government Bonds—67.0%** | **Foreign Government Bonds—67.0%** |
| **Angola—0.8%** | **Angola—0.8%** | **Angola—0.8%** |
| Angola Government International Bond, <br>9.125%, due 11/26/49<br>| $600 | &nbsp;&nbsp; $465 |
| **Argentina—3.2%** | **Argentina—3.2%** | **Argentina—3.2%** |
| Argentina Government Bond, <br>29.500%, due 5/30/30<br>| 160000 | &nbsp;&nbsp; 139 |
| Argentina Government International <br> Bond,<br>|  |  |
| 0.000%, due 12/15/35 | 500 | &nbsp;&nbsp; 50 |
| 0.000%, due 12/15/35 | $3480 | &nbsp;&nbsp; 103 |
| 0.750%, due 7/9/30<sup>(a)</sup> | 348 | &nbsp;&nbsp; 276 |
| 1.000%, due 7/9/29 | 131 | &nbsp;&nbsp; 109 |
| 4.125%, due 7/9/46<sup>(a)</sup> | 1529 | &nbsp;&nbsp; 999 |
| 4.250%, due 1/9/38<sup>(a)</sup> | 160 | &nbsp;&nbsp; 132 |
| 4.250%, due 1/9/38<sup>(a)</sup> | $150 | &nbsp;&nbsp; 107 |
|  |  | &nbsp;&nbsp; 1915 |
| **Bahrain—0.9%** | **Bahrain—0.9%** | **Bahrain—0.9%** |
| Bahrain Government International Bond, |  |  |
| 5.250%, due 1/25/33 | 400 | &nbsp;&nbsp; 364 |
| 7.000%, due 1/26/26 | 200 | &nbsp;&nbsp; 201 |
|  |  | &nbsp;&nbsp; 565 |
| **Barbados—0.6%** | **Barbados—0.6%** | **Barbados—0.6%** |
| Barbados Government International Bond, <br>8.000%, due 6/26/35<sup>(b)</sup><br>| 340 | &nbsp;&nbsp; 342 |
| **Benin—0.4%** | **Benin—0.4%** | **Benin—0.4%** |
| Benin Government International Bond, <br>6.875%, due 1/19/52<br>| 250 | &nbsp;&nbsp; 245 |
| **Bermuda—0.3%** | **Bermuda—0.3%** | **Bermuda—0.3%** |
| Bermuda Government International Bond, <br>3.375%, due 8/20/50<br>| $260 | &nbsp;&nbsp; 171 |
| **Brazil—2.5%** | **Brazil—2.5%** | **Brazil—2.5%** |
| Brazil Government International Bond, <br>4.750%, due 1/14/50<br>| 1320 | &nbsp;&nbsp; 927 |
| Brazil Letras do Tesouro Nacional, <br>0.000%, due 1/1/30<br>| 3400 | &nbsp;&nbsp; 359 |
| Brazil Notas do Tesouro Nacional Serie F, |  |  |
| 10.000%, due 1/1/31 | 800 | &nbsp;&nbsp; 129 |
| 10.000%, due 1/1/33 | 610 | &nbsp;&nbsp; 96 |
|  |  | &nbsp;&nbsp; 1511 |
| **Cameroon—0.2%** | **Cameroon—0.2%** | **Cameroon—0.2%** |
| Cameroon Government International <br> Bond, <br>5.950%, due 7/7/32<br>| 100 | &nbsp;&nbsp; 92 |
| **Chile—0.7%** | **Chile—0.7%** | **Chile—0.7%** |
| Chile Government International Bond, |  |  |
| 2.550%, due 7/27/33 | $200 | &nbsp;&nbsp; 169 |
| 3.250%, due 9/21/71 | 400 | &nbsp;&nbsp; 243 |
|  |  | &nbsp;&nbsp; 412 |
| **Colombia—2.4%** | **Colombia—2.4%** | **Colombia—2.4%** |
| Colombia Government International <br> Bond,<br>|  |  |
| 4.125%, due 2/22/42 | 530 | &nbsp;&nbsp; 336 |
| 4.125%, due 5/15/51 | 500 | &nbsp;&nbsp; 285 |
| 5.000%, due 6/15/45 | 430 | &nbsp;&nbsp; 290 |

---

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** |
| **Colombia—(continued)** | **Colombia—(continued)** | **Colombia—(continued)** |
| Colombia TES, |  |  |
| 6.250%, due 7/9/36 | 700000 | &nbsp;&nbsp; $111 |
| 9.250%, due 5/28/42 | 2137500 | &nbsp;&nbsp; 401 |
|  |  | &nbsp;&nbsp; 1423 |
| **Dominican Republic—2.3%** | **Dominican Republic—2.3%** | **Dominican Republic—2.3%** |
| Dominican Republic International Bond, |  |  |
| 4.875%, due 9/23/32 | $810 | &nbsp;&nbsp; 747 |
| 7.150%, due 2/24/55 | 160 | &nbsp;&nbsp; 160 |
| 10.500%, due 3/15/37<sup>(b)</sup> | 16500 | &nbsp;&nbsp; 282 |
| 10.750%, due 6/1/36<sup>(b)</sup> | 10000 | &nbsp;&nbsp; 173 |
|  |  | &nbsp;&nbsp; 1362 |
| **Ecuador—1.9%** | **Ecuador—1.9%** | **Ecuador—1.9%** |
| Ecuador Government International Bond, |  |  |
| 0.000%, due 7/31/30 | $870 | &nbsp;&nbsp; 632 |
| 5.000%, due 7/31/40<sup>(a)</sup> | 820 | &nbsp;&nbsp; 515 |
|  |  | &nbsp;&nbsp; 1147 |
| **Egypt—3.3%** | **Egypt—3.3%** | **Egypt—3.3%** |
| Egypt Government International Bond, |  |  |
| 5.625%, due 4/16/30 | 150 | &nbsp;&nbsp; 163 |
| 5.800%, due 9/30/27 | $600 | &nbsp;&nbsp; 588 |
| 7.300%, due 9/30/33<sup>(b)</sup> | 250 | &nbsp;&nbsp; 221 |
| 7.500%, due 2/16/61 | 800 | &nbsp;&nbsp; 581 |
| 8.150%, due 11/20/59 | 200 | &nbsp;&nbsp; 154 |
| Egypt Treasury Bill, <br>0.000%, due 3/17/26<br>| 16500 | &nbsp;&nbsp; 281 |
|  |  | &nbsp;&nbsp; 1988 |
| **El Salvador—1.5%** | **El Salvador—1.5%** | **El Salvador—1.5%** |
| El Salvador Government International <br> Bond,<br>|  |  |
| 0.250%, due 4/17/30<sup>(b)</sup> | $200 | &nbsp;&nbsp; 4 |
| 7.125%, due 1/20/50 | 435 | &nbsp;&nbsp; 364 |
| 9.650%, due 11/21/54 | 530 | &nbsp;&nbsp; 548 |
|  |  | &nbsp;&nbsp; 916 |
| **Gabon—0.6%** | **Gabon—0.6%** | **Gabon—0.6%** |
| Gabon Government International Bond, <br>7.000%, due 11/24/31<br>| 450 | &nbsp;&nbsp; 357 |
| **Ghana—1.2%** | **Ghana—1.2%** | **Ghana—1.2%** |
| Ghana Government International Bond, |  |  |
| 0.000%, due 7/3/26<sup>(b)</sup> | 300 | &nbsp;&nbsp; 290 |
| 5.000%, due 7/3/29<sup>(a)</sup>,<sup>(b)</sup> | 260 | &nbsp;&nbsp; 243 |
| 5.000%, due 7/3/35<sup>(a)</sup>,<sup>(b)</sup> | 150 | &nbsp;&nbsp; 116 |
| 6.000%, due 7/3/35<sup>(a)</sup> | 70 | &nbsp;&nbsp; 54 |
|  |  | &nbsp;&nbsp; 703 |
| **Guatemala—1.1%** | **Guatemala—1.1%** | **Guatemala—1.1%** |
| Guatemala Government International <br> Bond,<br>|  |  |
| 3.700%, due 10/7/33 | 600 | &nbsp;&nbsp; 508 |
| 4.650%, due 10/7/41 | 200 | &nbsp;&nbsp; 159 |
|  |  | &nbsp;&nbsp; 667 |
| **Hungary—1.5%** | **Hungary—1.5%** | **Hungary—1.5%** |
| Hungary Government International Bond, |  |  |
| 1.500%, due 11/17/50 | 100 | &nbsp;&nbsp; 61 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**56**

*Semi-Annual*

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** |
| **Hungary—(continued)** | **Hungary—(continued)** | **Hungary—(continued)** |
| 3.125%, due 9/21/51 | $700 | &nbsp;&nbsp; $413 |
| 6.125%, due 5/22/28 | 400 | &nbsp;&nbsp; 412 |
|  |  | &nbsp;&nbsp; 886 |
| **Indonesia—1.5%** | **Indonesia—1.5%** | **Indonesia—1.5%** |
| Indonesia Government International <br> Bond,<br>|  |  |
| 3.850%, due 10/15/30 | 200 | &nbsp;&nbsp; 195 |
| 4.750%, due 9/10/34 | 450 | &nbsp;&nbsp; 442 |
| Perusahaan Penerbit SBSN Indonesia III, <br>4.700%, due 6/6/32<br>| 280 | &nbsp;&nbsp; 280 |
|  |  | &nbsp;&nbsp; 917 |
| **Ivory Coast—0.4%** | **Ivory Coast—0.4%** | **Ivory Coast—0.4%** |
| Ivory Coast Government International <br> Bond,<br>|  |  |
| 6.625%, due 3/22/48 | 100 | &nbsp;&nbsp; 92 |
| 6.875%, due 10/17/40 | 150 | &nbsp;&nbsp; 150 |
|  |  | &nbsp;&nbsp; 242 |
| **Jamaica—0.8%** | **Jamaica—0.8%** | **Jamaica—0.8%** |
| Jamaica Government International Bond, |  |  |
| 8.000%, due 3/15/39 | $150 | &nbsp;&nbsp; 176 |
| 9.625%, due 11/3/30 | 45000 | &nbsp;&nbsp; 291 |
|  |  | &nbsp;&nbsp; 467 |
| **Kazakhstan—0.5%** | **Kazakhstan—0.5%** | **Kazakhstan—0.5%** |
| Kazakhstan Government Bond, <br>12.000%, due 2/22/31<br>| 175000 | &nbsp;&nbsp; 291 |
| **Kenya—0.4%** | **Kenya—0.4%** | **Kenya—0.4%** |
| Kenya Government International Bond, <br>6.300%, due 1/23/34<br>| $300 | &nbsp;&nbsp; 242 |
| **Kyrgyzstan—0.8%** | **Kyrgyzstan—0.8%** | **Kyrgyzstan—0.8%** |
| Kyrgyzstan Government Bond, <br>7.750%, due 6/3/30<sup>(b)</sup><br>| 500 | &nbsp;&nbsp; 492 |
| **Lebanon—0.9%** | **Lebanon—0.9%** | **Lebanon—0.9%** |
| Lebanon Government International Bond, |  |  |
| 5.800%, due 4/14/20<sup>(c)</sup> | 798 | &nbsp;&nbsp; 151 |
| 6.600%, due 11/27/26<sup>(c)</sup> | 580 | &nbsp;&nbsp; 109 |
| 6.850%, due 3/23/27<sup>(c)</sup> | 200 | &nbsp;&nbsp; 38 |
| 8.200%, due 5/17/33<sup>(c)</sup> | 1110 | &nbsp;&nbsp; 210 |
|  |  | &nbsp;&nbsp; 508 |
| **Mexico—1.7%** | **Mexico—1.7%** | **Mexico—1.7%** |
| Mexico Goverment Bond, <br>7.750%, due 11/13/42<br>| 6720 | &nbsp;&nbsp; 297 |
| United Mexican States Government <br> International Bond, <br>3.750%, due 4/19/71<br>| $1290 | &nbsp;&nbsp; 733 |
|  |  | &nbsp;&nbsp; 1030 |
| **Mongolia—0.3%** | **Mongolia—0.3%** | **Mongolia—0.3%** |
| Mongolia Government International <br> Bond, <br>3.500%, due 7/7/27<br>| 200 | &nbsp;&nbsp; 187 |
| **Morocco—0.2%** | **Morocco—0.2%** | **Morocco—0.2%** |
| Morocco Government International Bond, <br>4.000%, due 12/15/50<br>| 200 | &nbsp;&nbsp; 136 |
| **Nigeria—2.0%** | **Nigeria—2.0%** | **Nigeria—2.0%** |
| Central Bank of Nigeria Bond, <br>0.000%, due 2/10/26<br>| 510000 | &nbsp;&nbsp; 284 |

---

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** |
| **Nigeria—(continued)** | **Nigeria—(continued)** | **Nigeria—(continued)** |
| Nigeria Government International Bond, |  |  |
| 7.143%, due 2/23/30 | $200 | &nbsp;&nbsp; $190 |
| 7.625%, due 11/28/47 | 200 | &nbsp;&nbsp; 160 |
| 8.250%, due 9/28/51 | 350 | &nbsp;&nbsp; 290 |
| 10.375%, due 12/9/34<sup>(b)</sup> | 250 | &nbsp;&nbsp; 263 |
|  |  | &nbsp;&nbsp; 1187 |
| **Oman—3.1%** | **Oman—3.1%** | **Oman—3.1%** |
| Oman Government International Bond, |  |  |
| 4.750%, due 6/15/26 | 330 | &nbsp;&nbsp; 329 |
| 5.625%, due 1/17/28 | 450 | &nbsp;&nbsp; 460 |
| 6.750%, due 1/17/48 | 1000 | &nbsp;&nbsp; 1031 |
|  |  | &nbsp;&nbsp; 1820 |
| **Pakistan—1.5%** | **Pakistan—1.5%** | **Pakistan—1.5%** |
| Pakistan Government International Bond, |  |  |
| 6.000%, due 4/8/26 | 200 | &nbsp;&nbsp; 197 |
| 6.875%, due 12/5/27 | 500 | &nbsp;&nbsp; 472 |
| 8.875%, due 4/8/51 | 250 | &nbsp;&nbsp; 205 |
|  |  | &nbsp;&nbsp; 874 |
| **Panama—1.7%** | **Panama—1.7%** | **Panama—1.7%** |
| Panama Government International Bond, |  |  |
| 3.870%, due 7/23/60 | 830 | &nbsp;&nbsp; 473 |
| 4.500%, due 5/15/47 | 200 | &nbsp;&nbsp; 138 |
| 4.500%, due 4/1/56 | 200 | &nbsp;&nbsp; 130 |
| 4.500%, due 1/19/63 | 400 | &nbsp;&nbsp; 257 |
|  |  | &nbsp;&nbsp; 998 |
| **Paraguay—2.3%** | **Paraguay—2.3%** | **Paraguay—2.3%** |
| Paraguay Government International Bond, |  |  |
| 2.739%, due 1/29/33 | 250 | &nbsp;&nbsp; 213 |
| 3.849%, due 6/28/33 | 500 | &nbsp;&nbsp; 453 |
| 5.400%, due 3/30/50 | 600 | &nbsp;&nbsp; 513 |
| 8.500%, due 3/4/35<sup>(b)</sup> | 1710000 | &nbsp;&nbsp; 207 |
|  |  | &nbsp;&nbsp; 1386 |
| **Peru—1.1%** | **Peru—1.1%** | **Peru—1.1%** |
| Peru Government International Bond, |  |  |
| 2.783%, due 1/23/31 | $260 | &nbsp;&nbsp; 233 |
| 3.230%, due 7/28/21 | 400 | &nbsp;&nbsp; 215 |
| 3.600%, due 1/15/72 | 300 | &nbsp;&nbsp; 185 |
|  |  | &nbsp;&nbsp; 633 |
| **Philippines—1.6%** | **Philippines—1.6%** | **Philippines—1.6%** |
| Philippines Government International <br> Bond,<br>|  |  |
| 1.648%, due 6/10/31 | 200 | &nbsp;&nbsp; 170 |
| 3.700%, due 2/2/42 | 700 | &nbsp;&nbsp; 561 |
| 5.500%, due 2/4/35 | 200 | &nbsp;&nbsp; 208 |
|  |  | &nbsp;&nbsp; 939 |
| **Poland—1.2%** | **Poland—1.2%** | **Poland—1.2%** |
| Poland Government International Bond, |  |  |
| 5.125%, due 9/18/34 | 200 | &nbsp;&nbsp; 200 |
| 5.500%, due 4/4/53 | 350 | &nbsp;&nbsp; 326 |
| 5.500%, due 3/18/54 | 200 | &nbsp;&nbsp; 185 |
|  |  | &nbsp;&nbsp; 711 |
| **Qatar—0.9%** | **Qatar—0.9%** | **Qatar—0.9%** |
| Qatar Government International Bond, <br>4.400%, due 4/16/50<br>| 615 | &nbsp;&nbsp; 520 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**57**

*William Blair Funds*

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** |
| **Romania—2.7%** | **Romania—2.7%** | **Romania—2.7%** |
| Romania Government International Bond, |  |  |
| 2.000%, due 4/14/33 | 455 | &nbsp;&nbsp; $411 |
| 2.875%, due 4/13/42 | 530 | &nbsp;&nbsp; 388 |
| 5.250%, due 11/25/27 | $400 | &nbsp;&nbsp; 399 |
| 5.625%, due 2/22/36<sup>(b)</sup> | 200 | &nbsp;&nbsp; 224 |
| 5.625%, due 5/30/37<sup>(b)</sup> | 150 | &nbsp;&nbsp; 166 |
|  |  | &nbsp;&nbsp; 1588 |
| **Saudi Arabia—0.7%** | **Saudi Arabia—0.7%** | **Saudi Arabia—0.7%** |
| Saudi Arabia Government International <br> Bond, <br>3.450%, due 2/2/61<br>| $650 | &nbsp;&nbsp; 401 |
| **Senegal—0.7%** | **Senegal—0.7%** | **Senegal—0.7%** |
| Senegal Government International Bond, <br>6.750%, due 3/13/48<br>| 700 | &nbsp;&nbsp; 419 |
| **Serbia—0.3%** | **Serbia—0.3%** | **Serbia—0.3%** |
| Serbia Government International Bond, <br>2.050%, due 9/23/36<br>| 200 | &nbsp;&nbsp; 178 |
| **South Africa—0.5%** | **South Africa—0.5%** | **South Africa—0.5%** |
| South Africa Government International <br> Bond, <br>5.750%, due 9/30/49<br>| $400 | &nbsp;&nbsp; 300 |
| **Sri Lanka—1.4%** | **Sri Lanka—1.4%** | **Sri Lanka—1.4%** |
| Sri Lanka Government International <br> Bond,<br>|  |  |
| 3.100%, due 1/15/30<sup>(a)</sup>,<sup>(b)</sup> | 260 | &nbsp;&nbsp; 232 |
| 3.350%, due 3/15/33<sup>(a)</sup>,<sup>(b)</sup> | 470 | &nbsp;&nbsp; 379 |
| 3.600%, due 5/15/36<sup>(a)</sup>,<sup>(b)</sup> | 100 | &nbsp;&nbsp; 81 |
| 3.600%, due 2/15/38<sup>(a)</sup>,<sup>(b)</sup> | 200 | &nbsp;&nbsp; 163 |
|  |  | &nbsp;&nbsp; 855 |
| **Suriname—0.4%** | **Suriname—0.4%** | **Suriname—0.4%** |
| Suriname Government International Bond, <br>7.950%, due 7/15/33<sup>(b)</sup><br>| 230 | &nbsp;&nbsp; 228 |
| **Trinidad and Tobago—1.2%** | **Trinidad and Tobago—1.2%** | **Trinidad and Tobago—1.2%** |
| Trinidad and Tobago Government <br> International Bond,<br>|  |  |
| 6.400%, due 6/26/34<sup>(b)</sup> | 200 | &nbsp;&nbsp; 196 |
| 6.400%, due 6/26/34 | 510 | &nbsp;&nbsp; 501 |
|  |  | &nbsp;&nbsp; 697 |
| **Tunisia—0.6%** | **Tunisia—0.6%** | **Tunisia—0.6%** |
| Tunisian Republic, <br>6.375%, due 7/15/26<br>| 320 | &nbsp;&nbsp; 372 |
| **Turkey—2.6%** | **Turkey—2.6%** | **Turkey—2.6%** |
| Turkey Government Bond, <br>37.000%, due 2/18/26<br>| 22000 | &nbsp;&nbsp; 542 |
| Turkey Government International Bond, |  |  |
| 4.875%, due 4/16/43 | $200 | &nbsp;&nbsp; 141 |
| 5.250%, due 3/13/30 | 240 | &nbsp;&nbsp; 228 |
| 7.625%, due 5/15/34 | 200 | &nbsp;&nbsp; 205 |
| 9.375%, due 3/14/29 | 400 | &nbsp;&nbsp; 441 |
|  |  | &nbsp;&nbsp; 1557 |
| **Uganda—0.5%** | **Uganda—0.5%** | **Uganda—0.5%** |
| Uganda Government Bond, <br>15.000%, due 6/18/43<br>| 1200000 | &nbsp;&nbsp; 282 |

---

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** | **Foreign Government Bonds—(continued)** |
| **Ukraine—2.4%** | **Ukraine—2.4%** | **Ukraine—2.4%** |
| Ukraine Government International Bond, |  |  |
| 0.000%, due 8/1/41 | $270 | &nbsp;&nbsp; $193 |
| 1.750%, due 2/1/35<sup>(a)</sup>,<sup>(b)</sup> | 267 | &nbsp;&nbsp; 136 |
| 7.750%, due 2/1/35<sup>(a)</sup> | 60 | &nbsp;&nbsp; 28 |
| 7.750%, due 2/1/36<sup>(a)</sup> | 1000 | &nbsp;&nbsp; 496 |
| 7.750%, due 2/1/36<sup>(a)</sup> | 1170 | &nbsp;&nbsp; 547 |
|  |  | &nbsp;&nbsp; 1400 |
| **United Arab Emirates—1.1%** | **United Arab Emirates—1.1%** | **United Arab Emirates—1.1%** |
| Abu Dhabi Government International <br> Bond, <br>3.000%, due 9/15/51<br>| 1000 | &nbsp;&nbsp; 650 |
| **Uruguay—1.1%** | **Uruguay—1.1%** | **Uruguay—1.1%** |
| Oriental Republic of Uruguay, <br>5.250%, due 9/10/60<br>| 120 | &nbsp;&nbsp; 109 |
| Uruguay Government International Bond, <br>9.750%, due 7/20/33<br>| 20500 | &nbsp;&nbsp; 541 |
|  |  | &nbsp;&nbsp; 650 |
| **Uzbekistan—0.8%** | **Uzbekistan—0.8%** | **Uzbekistan—0.8%** |
| Uzbekistan Government International <br> Bond,<br>|  |  |
| 5.375%, due 5/29/27<sup>(b)</sup> | 200 | &nbsp;&nbsp; 242 |
| 6.900%, due 2/28/32<sup>(b)</sup> | $200 | &nbsp;&nbsp; 205 |
|  |  | &nbsp;&nbsp; 447 |
| **Venezuela—0.4%** | **Venezuela—0.4%** | **Venezuela—0.4%** |
| Venezuela Government International <br> Bond, <br>11.950%, due 8/5/31<sup>(c)</sup><br>| 1280 | &nbsp;&nbsp; 241 |
| **Zambia—1.3%** | **Zambia—1.3%** | **Zambia—1.3%** |
| Zambia Government Bond, <br>21.800%, due 3/17/40<br>| 5400 | &nbsp;&nbsp; 247 |
| Zambia Government International Bond, |  |  |
| 0.500%, due 12/31/53 | $400 | &nbsp;&nbsp; 271 |
| 5.750%, due 6/30/33<sup>(a)</sup> | 247 | &nbsp;&nbsp; 227 |
|  |  | &nbsp;&nbsp; 745 |
| **Total Foreign Government Bonds** |  | &nbsp;&nbsp; 39757 |
| **Foreign Corporate Bonds—27.2%** | **Foreign Corporate Bonds—27.2%** | **Foreign Corporate Bonds—27.2%** |
| **Angola—1.0%** | **Angola—1.0%** | **Angola—1.0%** |
| Avenir Issuer III (Ireland) Designated <br> Activity Company, <br>6.000%, due 3/22/27<br>| 239 | &nbsp;&nbsp; 227 |
| Avenir Issuer IV (Ireland) Designated <br> Activity Company, <br>6.000%, due 12/30/27<br>| 408 | &nbsp;&nbsp; 382 |
|  |  | &nbsp;&nbsp; 609 |
| **Brazil—0.8%** | **Brazil—0.8%** | **Brazil—0.8%** |
| Brazil Minas SPE via State of Minas <br> Gerais, <br>5.333%, due 2/15/28<br>| 207 | &nbsp;&nbsp; 205 |
| Yinson Bergenia Production B.V., <br>8.498%, due 1/31/45<sup>(b)</sup><br>| 230 | &nbsp;&nbsp; 233 |
|  |  | &nbsp;&nbsp; 438 |
| **Chile—1.5%** | **Chile—1.5%** | **Chile—1.5%** |
| Celulosa Arauco y Constitucion S.A., <br>6.180%, due 5/5/32<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 204 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**58**

*Semi-Annual*

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** |
| **Chile—(continued)** | **Chile—(continued)** | **Chile—(continued)** |
| Corp. Nacional del Cobre de Chile, |  |  |
| 3.700%, due 1/30/50 | $410 | &nbsp;&nbsp; $275 |
| 6.440%, due 1/26/36<sup>(b)</sup> | 200 | &nbsp;&nbsp; 209 |
| Latam Airlines Group S.A., <br>7.875%, due 4/15/30<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 203 |
|  |  | &nbsp;&nbsp; 891 |
| **China—0.7%** | **China—0.7%** | **China—0.7%** |
| China Evergrande Group, <br>9.500%, due 3/29/24<sup>(c)</sup><br>| 300 | &nbsp;&nbsp; 4 |
| China Oil & Gas Group Ltd., <br>4.700%, due 6/30/26<br>| 200 | &nbsp;&nbsp; 196 |
| Prosus N.V., <br>3.061%, due 7/13/31<br>| 250 | &nbsp;&nbsp; 221 |
| Yuzhou Group Holdings Co. Ltd., <br>7.850%, due 8/12/26<sup>(c)</sup><br>| 200 | &nbsp;&nbsp; 14 |
|  |  | &nbsp;&nbsp; 435 |
| **Colombia—0.7%** | **Colombia—0.7%** | **Colombia—0.7%** |
| Aris Mining Corp., <br>8.000%, due 10/31/29<sup>(b)</sup><br>| 250 | &nbsp;&nbsp; 254 |
| Banco Davivienda S.A., <br>6.650%, due 4/22/31<sup>(d)</sup><br>| 200 | &nbsp;&nbsp; 177 |
|  |  | &nbsp;&nbsp; 431 |
| **Costa Rica—0.4%** | **Costa Rica—0.4%** | **Costa Rica—0.4%** |
| Liberty Costa Rica Senior Secured <br> Finance, <br>10.875%, due 1/15/31<br>| 200 | &nbsp;&nbsp; 213 |
| **Georgia—0.4%** | **Georgia—0.4%** | **Georgia—0.4%** |
| ENERGO - PRO a.s., <br>8.000%, due 5/27/30<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 243 |
| **Guatemala—0.3%** | **Guatemala—0.3%** | **Guatemala—0.3%** |
| Banco Industrial, S. A., <br>5 year CMT + 4.442%, 4.875%, due <br> 1/29/31<sup>(e)</sup><br>| $200 | &nbsp;&nbsp; 198 |
| **Hong Kong—0.4%** | **Hong Kong—0.4%** | **Hong Kong—0.4%** |
| Bank of East Asia Ltd., <br>5 year CMT + 5.527%, 5.825%, due <br> 12/31/99<sup>(d)</sup>,<sup>(e)</sup><br>| 250 | &nbsp;&nbsp; 249 |
| **Hungary—0.4%** | **Hungary—0.4%** | **Hungary—0.4%** |
| OTP Bank Nyrt., <br>5 year CMT + 2.861%, 7.300%, due <br> 7/30/35<sup>(e)</sup><br>| 200 | &nbsp;&nbsp; 204 |
| **India—1.3%** | **India—1.3%** | **India—1.3%** |
| Greenko Wind Projects (Mauritius) Ltd., <br>7.250%, due 9/27/28<br>| 200 | &nbsp;&nbsp; 202 |
| Network i2i Limited, <br>5 year CMT + 3.390%, 3.975%, due <br> 12/31/99<sup>(d)</sup>,<sup>(e)</sup><br>| 200 | &nbsp;&nbsp; 197 |
| Sael Limited - REG S, <br>7.800%, due 7/31/31<br>| 194 | &nbsp;&nbsp; 189 |
| Shriram Finance Ltd., <br>6.625%, due 4/22/27<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 202 |
|  |  | &nbsp;&nbsp; 790 |
| **Indonesia—1.8%** | **Indonesia—1.8%** | **Indonesia—1.8%** |
| Bank Negara Indonesia Persero Tbk. PT, <br>3.750%, due 3/30/26<br>| 200 | &nbsp;&nbsp; 197 |

---

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** |
| **Indonesia—(continued)** | **Indonesia—(continued)** | **Indonesia—(continued)** |
| Pertamina Persero PT, <br>2.300%, due 2/9/31<br>| $450 | &nbsp;&nbsp; $391 |
| PT Pertamina Hulu Energi, <br>5.250%, due 5/21/30<sup>(b)</sup><br>| 250 | &nbsp;&nbsp; 252 |
| Sorik Marapi Geothermal Power PT, <br>7.750%, due 8/5/31<sup>(b)</sup><br>| 197 | &nbsp;&nbsp; 198 |
|  |  | &nbsp;&nbsp; 1038 |
| **Kazakhstan—0.7%** | **Kazakhstan—0.7%** | **Kazakhstan—0.7%** |
| ForteBank JSC, <br>7.750%, due 2/4/30<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 199 |
| JSC Kaspi.kz, <br>6.250%, due 3/26/30<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 201 |
|  |  | &nbsp;&nbsp; 400 |
| **Macao—0.3%** | **Macao—0.3%** | **Macao—0.3%** |
| Melco Resorts Finance Ltd., <br>5.625%, due 7/17/27<br>| 200 | &nbsp;&nbsp; 200 |
| **Malaysia—1.1%** | **Malaysia—1.1%** | **Malaysia—1.1%** |
| Khazanah Capital Ltd., |  |  |
| 4.759%, due 9/5/34 | 450 | &nbsp;&nbsp; 445 |
| 4.876%, due 6/1/33 | 200 | &nbsp;&nbsp; 201 |
|  |  | &nbsp;&nbsp; 646 |
| **Mexico—3.9%** | **Mexico—3.9%** | **Mexico—3.9%** |
| Banco Mercantil del Norte, <br>5 year CMT + 4.072%, 8.375%, due <br> 12/31/99<sup>(d)</sup>,<sup>(e)</sup><br>| 200 | &nbsp;&nbsp; 203 |
| Petroleos Mexicanos, |  |  |
| 6.500%, due 3/13/27 | 630 | &nbsp;&nbsp; 626 |
| 6.750%, due 9/21/47 | 820 | &nbsp;&nbsp; 594 |
| 6.875%, due 8/4/26 | 140 | &nbsp;&nbsp; 140 |
| 7.690%, due 1/23/50 | 650 | &nbsp;&nbsp; 510 |
| Saavi Energia S.a r.l., <br>8.875%, due 2/10/35<sup>(b)</sup><br>| 200 | &nbsp;&nbsp; 208 |
|  |  | &nbsp;&nbsp; 2281 |
| **Peru—2.0%** | **Peru—2.0%** | **Peru—2.0%** |
| Banco de Credito del Peru S.A., |  |  |
| 7.850%, due 1/11/29<sup>(b)</sup> | 400 | &nbsp;&nbsp; 119 |
| 7.850%, due 1/11/29 | 250 | &nbsp;&nbsp; 74 |
| Compania de Minas Buenaventura <br> S.A.A., <br>6.800%, due 2/4/32<sup>(b)</sup><br>| $200 | &nbsp;&nbsp; 203 |
| Credicorp Capital Sociedad Titulizadora <br> S.A., <br>9.700%, due 3/5/45<br>| 480 | &nbsp;&nbsp; 140 |
| InRetail Consumer, <br>3.250%, due 3/22/28<br>| $200 | &nbsp;&nbsp; 190 |
| Scotiabank Peru S.A.A., <br>6.100%, due 10/1/35<sup>(b)</sup><br>| 250 | &nbsp;&nbsp; 253 |
| Volcan Cia Minera SAA, <br>8.750%, due 1/24/30<br>| 200 | &nbsp;&nbsp; 198 |
|  |  | &nbsp;&nbsp; 1177 |
| **Saudi Arabia—2.0%** | **Saudi Arabia—2.0%** | **Saudi Arabia—2.0%** |
| Dar Al-Arkan Sukuk Co. Ltd., <br>6.875%, due 2/26/27<br>| 200 | &nbsp;&nbsp; 200 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**59**

*William Blair Funds*

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Principal**<br> **Amount** | **Value** |
| **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** |
| **Saudi Arabia—(continued)** | **Saudi Arabia—(continued)** | **Saudi Arabia—(continued)** | **Saudi Arabia—(continued)** |
| Gaci First Investment Co., <br>4.875%, due 2/14/35<br>| $| 400 | &nbsp;&nbsp; $391 |
| KSA Sukuk Limited, <br>5.250%, due 6/4/34<br>|  | 600 | &nbsp;&nbsp; 611 |
|  |  |  | &nbsp;&nbsp; 1202 |
| **Serbia—0.3%** | **Serbia—0.3%** | **Serbia—0.3%** | **Serbia—0.3%** |
| Telekom Srbija, <br>7.000%, due 10/28/29<br>|  | 200 | &nbsp;&nbsp; 200 |
| **South Africa—0.4%** | **South Africa—0.4%** | **South Africa—0.4%** | **South Africa—0.4%** |
| Stillwater Mining Co., <br>4.000%, due 11/16/26<br>|  | 210 | &nbsp;&nbsp; 204 |
| **Supranational—0.3%** | **Supranational—0.3%** | **Supranational—0.3%** | **Supranational—0.3%** |
| Africa Finance Corp, <br>5 year CMT + 3.015%, 7.500%, due <br> 12/31/99<sup>(b)</sup>,<sup>(d)</sup>,<sup>(e)</sup><br>|  | 200 | &nbsp;&nbsp; 194 |
| **Trinidad and Tobago—0.7%** | **Trinidad and Tobago—0.7%** | **Trinidad and Tobago—0.7%** | **Trinidad and Tobago—0.7%** |
| Heritage Petroleum Co. Ltd., <br>9.000%, due 8/12/29<br>|  | 200 | &nbsp;&nbsp; 206 |
| Port of Spain Waterfront Development, <br>7.875%, due 2/19/40<sup>(b)</sup><br>|  | 200 | &nbsp;&nbsp; 198 |
|  |  |  | &nbsp;&nbsp; 404 |
| **Turkey—1.8%** | **Turkey—1.8%** | **Turkey—1.8%** | **Turkey—1.8%** |
| Limak Yenilenebilir Enerji, <br>9.625%, due 8/12/30<br>|  | 200 | &nbsp;&nbsp; 198 |
| Turkiye Ihracat Kredi Bankasi A.S., <br>5.750%, due 7/6/26<br>|  | 200 | &nbsp;&nbsp; 200 |
| Turkiye Sinai Kalkinma Bankasi A.S., <br>7.375%, due 7/2/30<sup>(b)</sup><br>|  | 250 | &nbsp;&nbsp; 249 |
| WE Soda Investments Holding Plc, <br>9.500%, due 10/6/28<br>|  | 200 | &nbsp;&nbsp; 209 |
| Yapi ve Kredi Bankasi A.S., <br>5 year CMT + 7.415%, 7.875%, due <br> 1/22/31<sup>(e)</sup><br>|  | 200 | &nbsp;&nbsp; 200 |
|  |  |  | &nbsp;&nbsp; 1056 |
| **United Arab Emirates—2.5%** | **United Arab Emirates—2.5%** | **United Arab Emirates—2.5%** | **United Arab Emirates—2.5%** |
| Abu Dhabi Developmental Holding <br> Company PJSC, <br>5.375%, due 5/8/29<br>|  | 200 | &nbsp;&nbsp; 205 |
| Aldar Properties PJSC, <br>5 year CMT + 2.042%, 6.623%, due <br> 4/15/55<sup>(e)</sup><br>|  | 200 | &nbsp;&nbsp; 203 |
| Finance Department Government of <br> Sharjah,<br>|  |  |  |
| 4.000%, due 7/28/50 |  | 700 | &nbsp;&nbsp; 444 |
| 6.125%, due 3/6/36<sup>(b)</sup> |  | 200 | &nbsp;&nbsp; 201 |
| First Abu Dhabi Bank PJSC, <br>5 year CMT + 4.138%, 4.500%, due <br> 12/31/99<sup>(d)</sup>,<sup>(e)</sup><br>|  | 250 | &nbsp;&nbsp; 247 |
| MAF Global Securities Ltd., <br>5 year CMT + 3.539%, 6.375%, due <br> 3/20/26<sup>(d)</sup>,<sup>(e)</sup><br>|  | 200 | &nbsp;&nbsp; 200 |
|  |  |  | &nbsp;&nbsp; 1500 |
| **Uruguay—0.3%** | **Uruguay—0.3%** | **Uruguay—0.3%** | **Uruguay—0.3%** |
| Navios South American Logistics Inc., <br>8.875%, due 7/14/30<br>|  | 200 | &nbsp;&nbsp; 200 |

---

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** | **Foreign Corporate Bonds—(continued)** |
| **Uzbekistan—0.3%** | **Uzbekistan—0.3%** | **Uzbekistan—0.3%** |
| UzAuto Motors, <br>4.850%, due 5/4/26<br>| $200 | &nbsp;&nbsp; $196 |
| **Venezuela—0.9%** | **Venezuela—0.9%** | **Venezuela—0.9%** |
| Petroleos de Venezuela SA, |  |  |
| 8.500%, due 10/27/20<sup>(c)</sup> | 150 | &nbsp;&nbsp; 138 |
| 9.750%, due 5/17/35<sup>(c)</sup> | 540 | &nbsp;&nbsp; 78 |
| Petróleos de Venezuela, S.A., <br>12.750%, due 2/17/49<sup>(c)</sup><br>| 2035 | &nbsp;&nbsp; 306 |
|  |  | &nbsp;&nbsp; 522 |
| **Total Foreign Corporate Bonds** |  | &nbsp;&nbsp; 16121 |
| **Foreign Municipal Bonds—0.4%** | **Foreign Municipal Bonds—0.4%** | **Foreign Municipal Bonds—0.4%** |
| **Argentina—0.4%** | **Argentina—0.4%** | **Argentina—0.4%** |
| Provincia de Buenos Aires, |  |  |
| 5.875%, due 9/1/37<sup>(a)</sup>,<sup>(b)</sup> | 50 | &nbsp;&nbsp; 31 |
| 6.625%, due 9/1/37<sup>(a)</sup> | 292 | &nbsp;&nbsp; 209 |
|  |  | &nbsp;&nbsp; 240 |
| **Total Foreign Municipal Bonds** |  | &nbsp;&nbsp; 240 |
| **Other Assets—0.0%** | **Other Assets—0.0%** | **Other Assets—0.0%** |
| **Mexico—0.0%** | **Mexico—0.0%** | **Mexico—0.0%** |
| Credito Real SAB de CV - Unsecured <br> Credit Claims\*\*<br>| 200 | &nbsp;&nbsp; 29 |
| **U.S. Government—3.5%** | **U.S. Government—3.5%** | **U.S. Government—3.5%** |
| U.S. Treasury Bill, |  |  |
| 4.040%, due 3/19/26 | $250 | &nbsp;&nbsp; 243 |
| 4.109%, due 1/22/26<sup>(f)</sup> | 200 | &nbsp;&nbsp; 195 |
| 4.260%, due 10/30/25<sup>(f)</sup> | 1078 | &nbsp;&nbsp; 1062 |
| 4.273%, due 9/4/25<sup>(f)</sup> | 170 | &nbsp;&nbsp; 169 |
| U.S. Treasury Note, <br>4.807%, due 8/15/54<br>| 480 | &nbsp;&nbsp; 439 |
| **Total U.S. Government** |  | &nbsp;&nbsp; 2108 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**60**

*Semi-Annual*

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | |
|:---|:---|:---|
| **Issuer** | **Principal**<br> **Amount** | **Value** |
| **Repurchase Agreements—1.7%** | **Repurchase Agreements—1.7%** | **Repurchase Agreements—1.7%** |
| Fixed Income Clearing Corporation, <br> 1.600% dated 06/30/25, due 07/01/25, <br> repurchase price $996, collateralized by <br> U.S. Treasury Note, 4.125%, due <br> 09/30/2027, valued at $1,016<br>| $996 | &nbsp;&nbsp; $996 |
| **Total Repurchase Agreements—1.7%** <br>(cost $996)<br>|  | &nbsp;&nbsp; 996 |
| **Total Purchased Options—0.1%** <br>(cost $107)<br>|  | &nbsp;&nbsp; 43 |
| **Total Investments—99.9%** <br>(cost $57,838)<br>|  | &nbsp;&nbsp; 59294 |
| **Total Written Options—(0.0)%** <br>(premiums received $30)<br>|  | &nbsp;&nbsp; (10)<br>|
| **Cash and other assets, less** <br> **liabilities—0.1%**<br>|  | &nbsp;&nbsp; 61 |
| **Net Assets—100.0%** |  | &nbsp;&nbsp; $59345 |

---

------

CMT Constant Maturity Treasury <br> PLC Public Limited Company

(a) Variable/Floating interest rate security. Certain variable/floating interest rate securities are not based on a published reference rate and spread but are determined by the issuer or agent and are based on current market conditions. These securities do not indicate a reference rate and spread in their description above. Rate presented is as of June 30, 2025. 

(b) Security exempt from registration under Rule 144A of the Securities Act of 1933. These securities may only be resold in transactions exempt from registration, normally to qualified institutional buyers. 

(c) Security is currently in default and/or non-income producing.

(d) Security is perpetual in nature and has no stated maturity.

(e) Floating Rate Bond. Rate shown is as of June 30, 2025.

(f) Security, or portion of security, is segregated as collateral to cover initial margin requirements on centrally cleared swaps aggregating a total value of $534 (in thousands). 

\*\* Fair valued pursuant to the Fund's Valuation Procedures. This holding represents 0.04% of the Fund's net assets at June 30, 2025. 

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
| **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** | **Forward Foreign Currency Contracts** |
| **Settlement** <br>**Date**<br>| **Deliver/Receive** | **Counterparty** | **Local Currency** <br>**(in thousands)**<br>| **USD (Base)** <br>**Purchased** <br>**or Sold**<br>| **Current** <br>**Value**<br>| **Net** <br>**Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| *Foreign Currency Purchased* |  |  |  |  |  |  |
| 9/17/25 | Uzbekistani Sum | Citibank N.A. | 2199258 | $171 | $170 | &nbsp;&nbsp;&nbsp; $(1)<br>|
| 9/17/25 | Ukrainian Hryvnia | Citibank N.A. | 7151 | 169 | 168 | &nbsp;&nbsp;&nbsp; (1)<br>|
| 9/17/25 | Kenyan Shilling | Citibank N.A. | 22286 | 171 | 171 | &nbsp;&nbsp;&nbsp; — |
| 9/17/25 | Indian Rupee | Citibank N.A. | 14843 | 172 | 172 | &nbsp;&nbsp;&nbsp; — |
| 9/17/25 | Euro | Citibank N.A. | 4 | 5 | 5 | &nbsp;&nbsp;&nbsp; — |
| 9/18/25 | Angolan Kwanza | Citibank N.A. | 158818 | 172 | 168 | &nbsp;&nbsp;&nbsp; (4)<br>|
| *Foreign Currency Sold* |  |  |  |  |  |  |
| 9/17/25 | Euro | Citibank N.A. | 2823 | 3255 | 3342 | &nbsp;&nbsp;&nbsp; (87)<br>|
| 1/16/26 | Argentine Peso | Citibank N.A. | 299740 | 229 | 214 | &nbsp;&nbsp;&nbsp; 15 |
| **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | **Total net unrealized appreciation (depreciation) on forward foreign currency contracts** | &nbsp;&nbsp;&nbsp; $(78)<br>|

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**61**

*William Blair Funds*

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** | **Purchased Options Contracts** |
| **Description** | **Counterparty** | **Exercise** <br>**Price/Rate**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** <br>**(in thousands)** | **Value** | **Premiums** <br>**Paid** <br>**(Received)** <br>**by Fund**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Put–iShares J.P. <br> Morgan USD <br> Emerging <br> Markets Bond <br> ETF<br>| &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; 89 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; 500 | $&nbsp;&nbsp; 4450 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 91 | &nbsp;&nbsp; (60)<br>|
| Put–OTC USD <br> versus JPY<br>| Citibank N.A. | &nbsp;&nbsp; 140 | &nbsp;&nbsp; 8/13/2025 | &nbsp;&nbsp; 2000000 | &nbsp;&nbsp; 2000 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; (4)<br>|
|  |  |  |  |  |  |  |  | &nbsp;&nbsp; $(64)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** | **Written Options Contracts** |
| **Description** | **Counterparty** | **Exercise** <br>**Price/Rate**<br>| **Expiration** <br>**Date**<br>| **Number of** <br>**Contracts**<br>| **Notional** <br>**Amount** <br>**(in thousands)** | **Value** | **Premiums** <br>**Paid** <br>**(Received)** <br>**by Fund**<br>| **Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Put–iShares J.P. <br> Morgan USD <br> Emerging <br> Markets Bond <br> ETF<br>| &nbsp;&nbsp; Goldman Sachs <br> International<br>| &nbsp;&nbsp; 84 | &nbsp;&nbsp; 9/19/2025 | &nbsp;&nbsp; (500)<br>| $&nbsp;&nbsp; (4200)<br>| &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; (30)<br>| &nbsp;&nbsp; 20 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  | **Centrally Cleared Credit Default Swaps**  |
| **Reference** <br>**Entity**<br>| **Buy/Sell** <br>**Protection**<br>| **Fixed (Pay)** <br>**Receive Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional** <br>**Amount** <br>**(in thousands)** | **Upfront** <br>**Payment** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| Argentine Republic <br> Government <br> International <br> Bond<br>| Buy | (1.000)% | Quarterly | June 2027<br> ICE | $250 | $205 | $28 | $(177)<br>|
| Argentine Republic <br> Government <br> International <br> Bond<br>| Buy | (1.000)% | Quarterly | December 2029<br> ICE | 204 | 94 | 49 | (45)<br>|
| Saudi Arabia <br> Government <br> International <br> Bond<br>| Buy | (1.000)% | Quarterly | December 2026<br> ICE | 400 | (6)<br>| (4)<br>| 2 |
| Turkey Government <br> International <br> Bond<br>| Buy | (1.000)% | Quarterly | June 2030<br> ICE | 750 | 61 | 60 | (1)<br>|
| Argentine Republic <br> Government <br> International <br> Bond<br>| Sell | 5.000% | Quarterly | June 2027<br> ICE | 250 | (190)<br>| (10)<br>| 180 |
| Argentine Republic <br> Government <br> International <br> Bond<br>| Sell | 5.000% | Quarterly | June 2032<br> ICE | 100 | (63)<br>| (14)<br>| 49 |
|  |  |  |  |  |  |  |  | $8 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  | **Centrally Cleared Interest Rate Swaps**  |
| **Floating Rate** <br>**Reference**<br>| **Pay/Receive** <br>**Floating Rate**<br>| **Fixed** <br>**Rate**<br>| **Payment** <br>**Frequency**<br>| **Maturity** <br>**Date**<br>| **Notional** <br>**Amount** <br>**(in thousands)** | **Upfront** <br>**Payment** <br>**Paid** <br>**(Received)**<br>| **Value** | **Unrealized** <br>**Appreciation** <br>**(Depreciation)**<br>|
| 1-Day USD-SOFR <br> Compounded<br>| Pay | 4.500% | Annual | March 2027<br> LCH | $3073 | $18 | $49 | $31 |
| 1-Day USD-SOFR <br> Compounded<br>| Pay | 4.250% | Annual | March 2029<br> LCH | 4953 | 57 | 146 | 89 |
| 1-Day USD-SOFR <br> Compounded<br>| Pay | 3.750% | Annual | March 2032<br> LCH | 3110 | (6)<br>| 38 | 44 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**62**

*Semi-Annual*

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
| **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** | **Centrally Cleared Interest Rate Swaps (continued)** |
| **Floating Rate**<br> **Reference**<br>| **Pay/Receive**<br> **Floating Rate**<br>| **Fixed**<br> **Rate**<br>| **Payment**<br> **Frequency**<br>| **Maturity**<br> **Date**<br>| **Notional**<br> **Amount**<br> **(in** <br> **thousands)** | **Upfront**<br> **Payment**<br> **Paid**<br> **(Received)**<br>| **Value** | **Unrealized**<br> **Appreciation**<br> **(Depreciation)**<br>|
| 1-Day USD-SOFR <br> Compounded<br>| Pay | 3.600% | Annual | September 2035<br> LCH | $322 | (20)<br>| (4)<br>| 16 |
| 1-Day USD-SOFR <br> Compounded<br>| Pay | 4.000% | Annual | March 2044<br> LCH | 2421 | (18)<br>| 10 | 28 |
| 28-Day MXN-TIIE | Pay | 10.650% | 28 Days | October 2025<br> LCH | 10000 |  | 5 | 5 |
| 1-Day USD-SOFR <br> Compounded<br>| Receive | 3.500% | Annual | September 2054<br> LCH | $1214 | 70 | 99 | 29 |
| 6-Month EUR-<br> EURIBOR<br>| Receive | 3.000% | Annual | March 2027<br> LCH | 170 | 1 | (3)<br>| (4)<br>|
| 6-Month EUR-<br> EURIBOR<br>| Receive | 2.750% | Annual | March 2031<br> LCH | 300 | (7)<br>| (8)<br>| (1)<br>|
| 6-Month EUR-<br> EURIBOR<br>| Receive | 3.250% | Annual | September 2033<br> LCH | 400 | (33)<br>| (34)<br>| (1)<br>|
| 6-Month EUR-<br> EURIBOR<br>| Receive | 2.750% | Annual | March 2034<br> LCH | 535 | (17)<br>| (11)<br>| 6 |
| 6-Month EUR-<br> EURIBOR<br>| Receive | 2.750% | Annual | March 2039<br> LCH | 566 | (9)<br>|  | 9 |
| 6-Month EUR-<br> EURIBOR<br>| Receive | 2.500% | Annual | March 2049<br> LCH | 61 | 2 | 4 | 2 |
|  |  |  |  |  |  |  |  | $253 |
| **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | **Total net unrealized appreciation (depreciation) on swaps** | $261 |

---

------

---

| | |
|:---|:---|
| ICE | Intercontinental Exchange |
| SOFR | Secured Overnight Financing Rate |
| LCH | London Clearing House |
| TIIE | Interbank Equilibrium Interest Rate |
| EURIBOR | Euro Interbank Offered Rate |

---

---

| | |
|:---|:---|
| **Currency Legend** | **Currency Legend** |
| ARS | Argentina Peso |
| BRL | Brazilian Real |
| COP | Colombian Peso |
| DOP | Dominican Republic Peso |
| EGP | Egyptian Pound |
| EUR | Euro |
| JMD | Jamaican Dollar |
| KZT | Kazakhstan Tenge |
| MXN | Mexican Peso |
| NGN | Nigerian Naira |
| PEN | Peruvian Nuevo Sol |
| PYG | Paraguay Guarani |
| TRY | Turkish Lira |
| UGX | Uganda Shilling |
| USD | United States Dollar |
| UYU | Uruguayan Peso |
| ZMW | Zambian Kwacha |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**63**

*William Blair Funds*

------

**Emerging Markets Debt Fund**

**Portfolio of Investments, June 30, 2025** *(all dollar amounts in thousands) (unaudited)*

As of June 30, 2025, the value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown below (in thousands).

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Investments in securities** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| Foreign Government Bonds | $— | &nbsp;&nbsp; $39757 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $39757 |
| Foreign Corporate Bonds |  | &nbsp;&nbsp; 16121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16121 |
| U.S. Government |  | &nbsp;&nbsp; 2108 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2108 |
| Repurchase Agreements |  | &nbsp;&nbsp; 996 | &nbsp;&nbsp; — | &nbsp;&nbsp; 996 |
| Foreign Municipal Bonds |  | &nbsp;&nbsp; 240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 240 |
| Purchased Options |  | &nbsp;&nbsp; 43 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43 |
| Other Assets |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 29 |
| **Total Investments in Securities** | $— | &nbsp;&nbsp; $59265 | &nbsp;&nbsp; $29 | &nbsp;&nbsp; $59294 |

---

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Other Financial Instruments** | **Level 1** | **Level 2** | **Level 3** | **Total** |
| **Assets** |  |  |  |  |
| Forward Foreign Currency Contracts | $— | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $15 |
| Swaps |  | &nbsp;&nbsp; 490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 490 |
| **Liabilities** |  |  |  |  |
| Forward Foreign Currency Contracts |  | &nbsp;&nbsp; (93)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (93)<br>|
| Swaps |  | &nbsp;&nbsp; (229)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (229)<br>|
| Written Options |  | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (10)<br>|
| **Total Other Financial Instruments** | $— | &nbsp;&nbsp; $173 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $173 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**64**

*Semi-Annual*

------

**Statements of Assets and Liabilities**

**As of June 30, 2025** *(dollar amounts in thousands) (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth** <br>**Fund**<br>| **Large Cap** <br>**Growth** <br>**Fund**<br>| **Mid Cap** <br>**Value** <br>**Fund**<br>| **Small-Mid** <br>**Cap Core** <br>**Fund**<br>|
| ***Assets*** |  |  |  |  |
| Investments in securities, at cost | $166538 | &nbsp;&nbsp; $2030608 | &nbsp;&nbsp; $1417 | &nbsp;&nbsp; $116985 |
| Investments in securities, at value | $237017 | &nbsp;&nbsp; $2790790 | &nbsp;&nbsp; $1617 | &nbsp;&nbsp; $129160 |
| Cash | 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 69 | &nbsp;&nbsp; — |
| Receivable for securities sold |  | &nbsp;&nbsp; 9304 | &nbsp;&nbsp; — | &nbsp;&nbsp; 118 |
| Receivable for fund shares sold | 163 | &nbsp;&nbsp; 3180 | &nbsp;&nbsp; — | &nbsp;&nbsp; 80 |
| Receivable from Adviser | 1 | &nbsp;&nbsp; 164 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 16 |
| Dividends and interest receivable | 3 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 92 |
| Total assets | 237187 | &nbsp;&nbsp; 2803600 | &nbsp;&nbsp; 1701 | &nbsp;&nbsp; 129466 |
| ***Liabilities*** |  |  |  |  |
| Payable for securities purchased |  | &nbsp;&nbsp; 5657 | &nbsp;&nbsp; — | &nbsp;&nbsp; 368 |
| Payable for fund shares redeemed | 7 | &nbsp;&nbsp; 3071 | &nbsp;&nbsp; — | &nbsp;&nbsp; 208 |
| Management fee payable | 140 | &nbsp;&nbsp; 1333 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 93 |
| Distribution fee payable | 6 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Other payables and accrued expenses | 32 | &nbsp;&nbsp; 296 | &nbsp;&nbsp; 16 | &nbsp;&nbsp; 87 |
| Total liabilities | 185 | &nbsp;&nbsp; 10390 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 756 |
| Net assets | $237002 | &nbsp;&nbsp; $2793210 | &nbsp;&nbsp; $1684 | &nbsp;&nbsp; $128710 |
| ***Capital*** |  |  |  |  |
| Composition of net assets |  |  |  |  |
| Paid in capital | $123558 | &nbsp;&nbsp; $1892360 | &nbsp;&nbsp; $1493 | &nbsp;&nbsp; $118910 |
| Total distributable earnings (loss) | 113444 | &nbsp;&nbsp; 900850 | &nbsp;&nbsp; 191 | &nbsp;&nbsp; 9800 |
| Net assets | $237002 | &nbsp;&nbsp; $2793210 | &nbsp;&nbsp; $1684 | &nbsp;&nbsp; $128710 |
| Class N shares |  |  |  |  |
| Net assets | $29850 | &nbsp;&nbsp; $164082 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares outstanding | 3279628 | &nbsp;&nbsp; 5719169 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net asset value per share | $9.10 | &nbsp;&nbsp; $28.69 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I shares |  |  |  |  |
| Net assets | $166513 | &nbsp;&nbsp; $1987792 | &nbsp;&nbsp; $66 | &nbsp;&nbsp; $58684 |
| Shares outstanding | 12762396 | &nbsp;&nbsp; 64042924 | &nbsp;&nbsp; 5744 | &nbsp;&nbsp; 3582757 |
| Net asset value per share | $13.05 | &nbsp;&nbsp; $31.04 | &nbsp;&nbsp; $11.43 | &nbsp;&nbsp; $16.38 |
| Class R6 shares |  |  |  |  |
| Net assets | $40639 | &nbsp;&nbsp; $641336 | &nbsp;&nbsp; $1618 | &nbsp;&nbsp; $70026 |
| Shares outstanding | 3094371 | &nbsp;&nbsp; 20662522 | &nbsp;&nbsp; 141518 | &nbsp;&nbsp; 4270241 |
| Net asset value per share | $13.13 | &nbsp;&nbsp; $31.04 | &nbsp;&nbsp; $11.43 | &nbsp;&nbsp; $16.40 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**65**

*William Blair Funds*

------

**Statements of Operations**

**For the Period Ended June 30, 2025** *(dollar amounts in thousands) (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Growth** <br>**Fund**<br>| **Large Cap** <br>**Growth** <br>**Fund**<br>| **Mid Cap** <br>**Value** <br>**Fund**<br>| **Small-Mid** <br>**Cap Core** <br>**Fund**<br>|
| ***Investment income*** |  |  |  |  |
| Dividends | $508 | &nbsp;&nbsp; $6306 | &nbsp;&nbsp; $15 | &nbsp;&nbsp; $691 |
| Less foreign tax withheld | (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (7)<br>|
| Interest | 22 | &nbsp;&nbsp; 90 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 |
| Total income | 529 | &nbsp;&nbsp; 6396 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 706 |
| ***Expenses*** |  |  |  |  |
| Management fees | 844 | &nbsp;&nbsp; 7860 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 534 |
| Distribution fees | 35 | &nbsp;&nbsp; 200 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Custodian fees | 32 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 38 |
| Transfer agent fees | 39 | &nbsp;&nbsp; 121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| Sub-transfer agent fees |  |  |  |  |
| Class N | 19 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I | 31 | &nbsp;&nbsp; 1017 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55 |
| Professional fees | 23 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 22 |
| Registration fees | 23 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 20 |
| Shareholder reporting fees | 8 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 6 |
| Trustee fees | 12 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 |
| Other expenses | 6 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 4 |
| Total expenses before expense limitation | 1072 | &nbsp;&nbsp; 9686 | &nbsp;&nbsp; 73 | &nbsp;&nbsp; 691 |
| Expenses waived or reimbursed by the Adviser |  |  |  |  |
| Class N | (8)<br>| &nbsp;&nbsp; (97)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I |  | &nbsp;&nbsp; (908)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (86)<br>|
| Class R6 |  | &nbsp;&nbsp; (112)<br>| &nbsp;&nbsp; (64)<br>| &nbsp;&nbsp; (57)<br>|
| Total expenses waived or reimbursed by the Adviser | (8)<br>| &nbsp;&nbsp; (1117)<br>| &nbsp;&nbsp; (67)<br>| &nbsp;&nbsp; (143)<br>|
| Net expenses | 1064 | &nbsp;&nbsp; 8569 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 548 |
| Net investment income (loss) | (535)<br>| &nbsp;&nbsp; (2173)<br>| &nbsp;&nbsp; 9 | &nbsp;&nbsp; 158 |
| ***Realized and unrealized gain (loss)*** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in securities | 35636 | &nbsp;&nbsp; 71587 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (5175)<br>|
| Total net realized gain (loss) | 35636 | &nbsp;&nbsp; 71587 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (5175)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Investments in securities | (27691)<br>| &nbsp;&nbsp; 76499 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 1390 |
| Change in net unrealized appreciation (depreciation) | (27691)<br>| &nbsp;&nbsp; 76499 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 1390 |
| **Net increase (decrease) in net assets resulting from operations** | $7410 | &nbsp;&nbsp; $145913 | &nbsp;&nbsp; $34 | &nbsp;&nbsp; $(3627)<br>|

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**66**

*Semi-Annual*

------

**Statements of Changes in Net Assets**

**For the Period Ended June 30, 2025** *(unaudited)* **and the Year Ended December 31, 2024** *(dollar amounts in thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Growth** <br>**Fund** | **Growth** <br>**Fund** | **Large Cap** <br>**Growth** <br>**Fund** | **Large Cap** <br>**Growth** <br>**Fund** | **Mid Cap** <br>**Value** <br>**Fund** | **Mid Cap** <br>**Value** <br>**Fund** | **Small-Mid** <br>**Cap Core** <br>**Fund** | **Small-Mid** <br>**Cap Core** <br>**Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| ***Operations*** |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $(535)<br>| &nbsp;&nbsp; $(974)<br>| &nbsp;&nbsp; $(2173)<br>| &nbsp;&nbsp; $(3065)<br>| &nbsp;&nbsp; $9 | &nbsp;&nbsp; $22 | &nbsp;&nbsp; $158 | &nbsp;&nbsp; $302 |
| Net realized gain (loss) on <br> investments, and other assets and <br> liabilities<br>| 35636 | &nbsp;&nbsp; 64672 | &nbsp;&nbsp; 71587 | &nbsp;&nbsp; 319531 | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; 48 | &nbsp;&nbsp; (5175)<br>| &nbsp;&nbsp; 28376 |
| Change in net unrealized appreciation <br> (depreciation) on investments, and <br> other assets and liabilities<br>| (27691)<br>| &nbsp;&nbsp; (12938)<br>| &nbsp;&nbsp; 76499 | &nbsp;&nbsp; 193373 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 100 | &nbsp;&nbsp; 1390 | &nbsp;&nbsp; (6005)<br>|
| Net increase (decrease) in net assets <br> resulting from operations<br>| 7410 | &nbsp;&nbsp; 50760 | &nbsp;&nbsp; 145913 | &nbsp;&nbsp; 509839 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; (3627)<br>| &nbsp;&nbsp; 22673 |
| ***Distributions to shareholders*** |  |  |  |  |  |  |  |  |
| Class N |  | &nbsp;&nbsp; (8100)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (10648)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I |  | &nbsp;&nbsp; (34685)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (114762)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1373)<br>|
| Class R6 |  | &nbsp;&nbsp; (9050)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (35091)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1043)<br>|
| Total distributions |  | &nbsp;&nbsp; (51835)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (160501)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (22)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2416)<br>|
| ***Capital stock transactions*** |  |  |  |  |  |  |  |  |
| Proceeds from sales of shares | 3869 | &nbsp;&nbsp; 12776 | &nbsp;&nbsp; 237090 | &nbsp;&nbsp; 1325216 | &nbsp;&nbsp; — | &nbsp;&nbsp; 132 | &nbsp;&nbsp; 24659 | &nbsp;&nbsp; 40728 |
| Shares issued in reinvestment of <br> income dividends and capital gain <br> distributions<br>|  | &nbsp;&nbsp; 49121 | &nbsp;&nbsp; — | &nbsp;&nbsp; 144462 | &nbsp;&nbsp; — | &nbsp;&nbsp; 22 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2288 |
| Less cost of shares redeemed | (24193)<br>| &nbsp;&nbsp; (50298)<br>| &nbsp;&nbsp; (393016)<br>| &nbsp;&nbsp; (649895)<br>| &nbsp;&nbsp; (107)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (16973)<br>| &nbsp;&nbsp; (134802)<br>|
| Net increase (decrease) in net <br> assets resulting from capital <br> share transactions<br>| (20324)<br>| &nbsp;&nbsp; 11599 | &nbsp;&nbsp; (155926)<br>| &nbsp;&nbsp; 819783 | &nbsp;&nbsp; (107)<br>| &nbsp;&nbsp; 151 | &nbsp;&nbsp; 7686 | &nbsp;&nbsp; (91786)<br>|
| Net increase (decrease) in net assets | (12914)<br>| &nbsp;&nbsp; 10524 | &nbsp;&nbsp; (10013)<br>| &nbsp;&nbsp; 1169121 | &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp; 299 | &nbsp;&nbsp; 4059 | &nbsp;&nbsp; (71529)<br>|
| ***Net Assets*** |  |  |  |  |  |  |  |  |
| Beginning of period | 249916 | &nbsp;&nbsp; 239392 | &nbsp;&nbsp; 2803223 | &nbsp;&nbsp; 1634102 | &nbsp;&nbsp; 1757 | &nbsp;&nbsp; 1458 | &nbsp;&nbsp; 124651 | &nbsp;&nbsp; 196180 |
| End of period | $237002 | &nbsp;&nbsp; $249916 | &nbsp;&nbsp; $2793210 | &nbsp;&nbsp; $2803223 | &nbsp;&nbsp; $1684 | &nbsp;&nbsp; $1757 | &nbsp;&nbsp; $128710 | &nbsp;&nbsp; $124651 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**67**

*William Blair Funds*

------

**Statements of Assets and Liabilities**

**As of June 30, 2025** *(dollar amounts in thousands) (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small-Mid Cap** <br>**Growth Fund**<br>| **Small-Mid Cap** <br>**Value Fund**<br>| **Small Cap** <br>**Growth Fund**<br>| **Small Cap** <br>**Value Fund**<br>|
| ***Assets*** |  |  |  |  |
| Investments in securities, at cost | $1293046 | &nbsp;&nbsp; $3169 | &nbsp;&nbsp; $837182 | &nbsp;&nbsp; $1013143 |
| Investments in securities, at value | $1449443 | &nbsp;&nbsp; $3245 | &nbsp;&nbsp; $910317 | &nbsp;&nbsp; $1101324 |
| Cash |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 17 | &nbsp;&nbsp; — |
| Receivable for securities sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 2302 | &nbsp;&nbsp; — |
| Receivable for fund shares sold | 1535 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1745 | &nbsp;&nbsp; 487 |
| Receivable from Adviser | 132 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 79 | &nbsp;&nbsp; 17 |
| Dividends and interest receivable | 161 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 1468 |
| Total assets | 1451271 | &nbsp;&nbsp; 3260 | &nbsp;&nbsp; 914682 | &nbsp;&nbsp; 1103296 |
| ***Liabilities*** |  |  |  |  |
| Payable for securities purchased | 3890 | &nbsp;&nbsp; — | &nbsp;&nbsp; 15291 | &nbsp;&nbsp; — |
| Payable for fund shares redeemed | 2684 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1273 | &nbsp;&nbsp; 6179 |
| Management fee payable | 1098 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 679 | &nbsp;&nbsp; 669 |
| Distribution fee payable | 15 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25 | &nbsp;&nbsp; — |
| Other payables and accrued expenses | 285 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 107 | &nbsp;&nbsp; 146 |
| Total liabilities | 7972 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 17375 | &nbsp;&nbsp; 6994 |
| Net assets | $1443299 | &nbsp;&nbsp; $3221 | &nbsp;&nbsp; $897307 | &nbsp;&nbsp; $1096302 |
| ***Capital*** |  |  |  |  |
| Composition of net assets |  |  |  |  |
| Paid in capital | $1318576 | &nbsp;&nbsp; $3249 | &nbsp;&nbsp; $796708 | &nbsp;&nbsp; $1106851 |
| Total distributable earnings (loss) | 124723 | &nbsp;&nbsp; (28)<br>| &nbsp;&nbsp; 100599 | &nbsp;&nbsp; (10549)<br>|
| Net assets | $1443299 | &nbsp;&nbsp; $3221 | &nbsp;&nbsp; $897307 | &nbsp;&nbsp; $1096302 |
| Class N shares |  |  |  |  |
| Net assets | $70770 | &nbsp;&nbsp; — | &nbsp;&nbsp; $128066 | &nbsp;&nbsp; $1947 |
| Shares outstanding | 2990794 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4672090 | &nbsp;&nbsp; 69949 |
| Net asset value per share | $23.66 | &nbsp;&nbsp; — | &nbsp;&nbsp; $27.41 | &nbsp;&nbsp; $27.84 |
| Class I shares |  |  |  |  |
| Net assets | $948547 | &nbsp;&nbsp; $117 | &nbsp;&nbsp; $522733 | &nbsp;&nbsp; $560037 |
| Shares outstanding | 36152060 | &nbsp;&nbsp; 11020 | &nbsp;&nbsp; 15610310 | &nbsp;&nbsp; 20128246 |
| Net asset value per share | $26.24 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $33.49 | &nbsp;&nbsp; $27.82 |
| Class R6 shares |  |  |  |  |
| Net assets | $423982 | &nbsp;&nbsp; $3104 | &nbsp;&nbsp; $246508 | &nbsp;&nbsp; $534318 |
| Shares outstanding | 16082660 | &nbsp;&nbsp; 294574 | &nbsp;&nbsp; 7326367 | &nbsp;&nbsp; 19201726 |
| Net asset value per share | $26.36 | &nbsp;&nbsp; $10.54 | &nbsp;&nbsp; $33.65 | &nbsp;&nbsp; $27.83 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**68**

*Semi-Annual*

------

**Statements of Operations**

**For the Period Ended June 30, 2025** *(dollar amounts in thousands) (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Small-Mid Cap** <br>**Growth Fund**<br>| **Small-Mid Cap** <br>**Value Fund**<br>| **Small Cap** <br>**Growth Fund**<br>| **Small Cap** <br>**Value Fund**<br>|
| ***Investment income*** |  |  |  |  |
| Dividends | $3894 | &nbsp;&nbsp; $30 | &nbsp;&nbsp; $2458 | &nbsp;&nbsp; $11145 |
| Less foreign tax withheld | (106)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (64)<br>| &nbsp;&nbsp; (3)<br>|
| Interest | 262 | &nbsp;&nbsp; — | &nbsp;&nbsp; 222 | &nbsp;&nbsp; 202 |
| Total income | 4050 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 2616 | &nbsp;&nbsp; 11344 |
| ***Expenses*** |  |  |  |  |
| Management fees | 7267 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 4129 | &nbsp;&nbsp; 4420 |
| Distribution fees | 96 | &nbsp;&nbsp; — | &nbsp;&nbsp; 155 | &nbsp;&nbsp; 3 |
| Custodian fees | 60 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 40 |
| Transfer agent fees | 74 | &nbsp;&nbsp; — | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 36 |
| Sub-transfer agent fees |  |  |  |  |
| Class N | 55 | &nbsp;&nbsp; — | &nbsp;&nbsp; 82 | &nbsp;&nbsp; 1 |
| Class I | 729 | &nbsp;&nbsp; — | &nbsp;&nbsp; 290 | &nbsp;&nbsp; 453 |
| Professional fees | 83 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 68 |
| Registration fees | 30 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 30 |
| Shareholder reporting fees | 29 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 18 |
| Trustee fees | 88 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 62 |
| Other expenses | 28 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 20 |
| Total expenses before expense limitation | 8539 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 4939 | &nbsp;&nbsp; 5151 |
| Expenses waived or reimbursed by the Adviser |  |  |  |  |
| Class N | (55)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (91)<br>| &nbsp;&nbsp; — |
| Class I | (732)<br>| &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; (326)<br>| &nbsp;&nbsp; (159)<br>|
| Class R6 | (109)<br>| &nbsp;&nbsp; (67)<br>| &nbsp;&nbsp; (79)<br>| &nbsp;&nbsp; — |
| Total expenses waived or reimbursed by the Adviser | (896)<br>| &nbsp;&nbsp; (69)<br>| &nbsp;&nbsp; (496)<br>| &nbsp;&nbsp; (159)<br>|
| Net expenses | 7643 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 4443 | &nbsp;&nbsp; 4992 |
| Net investment income (loss) | (3593)<br>| &nbsp;&nbsp; 18 | &nbsp;&nbsp; (1827)<br>| &nbsp;&nbsp; 6352 |
| ***Realized and unrealized gain (loss)*** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in securities | (23556)<br>| &nbsp;&nbsp; (127)<br>| &nbsp;&nbsp; 14348 | &nbsp;&nbsp; (106137)<br>|
| Foreign currency transactions | 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| Total net realized gain (loss) | (23550)<br>| &nbsp;&nbsp; (127)<br>| &nbsp;&nbsp; 14351 | &nbsp;&nbsp; (106137)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Investments in securities | (87171)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; (64028)<br>| &nbsp;&nbsp; 15705 |
| Change in net unrealized appreciation (depreciation) | (87171)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; (64028)<br>| &nbsp;&nbsp; 15705 |
| **Net increase (decrease) in net assets resulting from operations** | $(114314)<br>| &nbsp;&nbsp; $(130)<br>| &nbsp;&nbsp; $(51504)<br>| &nbsp;&nbsp; $(84080)<br>|

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**69**

*William Blair Funds*

------

**Statements of Changes in Net Assets**

**For the Period Ended June 30, 2025** *(unaudited)* **and the Year Ended December 31, 2024** *(dollar amounts in thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Small-Mid Cap** <br>**Growth Fund** | **Small-Mid Cap** <br>**Growth Fund** | **Small-Mid Cap** <br>**Value Fund** | **Small-Mid Cap** <br>**Value Fund** | **Small Cap** <br>**Growth Fund** | **Small Cap** <br>**Growth Fund** | **Small Cap** <br>**Value Fund** | **Small Cap** <br>**Value Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| ***Operations*** |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $(3593)<br>| &nbsp;&nbsp; $(8266)<br>| &nbsp;&nbsp; $18 | &nbsp;&nbsp; $35 | &nbsp;&nbsp; $(1827)<br>| &nbsp;&nbsp; $(3917)<br>| &nbsp;&nbsp; $6352 | &nbsp;&nbsp; $13877 |
| Net realized gain (loss) on <br> investments, and other assets <br> and liabilities<br>| (23550)<br>| &nbsp;&nbsp; 282080 | &nbsp;&nbsp; (127)<br>| &nbsp;&nbsp; 52 | &nbsp;&nbsp; 14351 | &nbsp;&nbsp; 125143 | &nbsp;&nbsp; (106137)<br>| &nbsp;&nbsp; 58844 |
| Change in net unrealized <br> appreciation (depreciation) on <br> investments, and other assets <br> and liabilities<br>| (87171)<br>| &nbsp;&nbsp; (68324)<br>| &nbsp;&nbsp; (21)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; (64028)<br>| &nbsp;&nbsp; 26674 | &nbsp;&nbsp; 15705 | &nbsp;&nbsp; (32001)<br>|
| Net increase (decrease) in net <br> assets resulting from <br> operations<br>| (114314)<br>| &nbsp;&nbsp; 205490 | &nbsp;&nbsp; (130)<br>| &nbsp;&nbsp; 94 | &nbsp;&nbsp; (51504)<br>| &nbsp;&nbsp; 147900 | &nbsp;&nbsp; (84080)<br>| &nbsp;&nbsp; 40720 |
| ***Distributions to shareholders*** |  |  |  |  |  |  |  |  |
| Class N |  | &nbsp;&nbsp; (11388)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (15272)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (78)<br>|
| Class I |  | &nbsp;&nbsp; (139167)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (2)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (48903)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (28020)<br>|
| Class R6 |  | &nbsp;&nbsp; (62363)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (59)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (24529)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (23627)<br>|
| Total distributions |  | &nbsp;&nbsp; (212918)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (61)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (88704)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (51725)<br>|
| ***Capital stock transactions*** |  |  |  |  |  |  |  |  |
| Proceeds from sales of shares | 100939 | &nbsp;&nbsp; 363460 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 3030 | &nbsp;&nbsp; 146258 | &nbsp;&nbsp; 228487 | &nbsp;&nbsp; 67256 | &nbsp;&nbsp; 297778 |
| Shares issued in reinvestment of <br> income dividends and capital <br> gain distributions<br>|  | &nbsp;&nbsp; 206117 | &nbsp;&nbsp; — | &nbsp;&nbsp; 62 | &nbsp;&nbsp; — | &nbsp;&nbsp; 86482 | &nbsp;&nbsp; — | &nbsp;&nbsp; 43987 |
| Less cost of shares redeemed | (430558)<br>| &nbsp;&nbsp; (670112)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1356)<br>| &nbsp;&nbsp; (114818)<br>| &nbsp;&nbsp; (204705)<br>| &nbsp;&nbsp; (238610)<br>| &nbsp;&nbsp; (287070)<br>|
| Net increase (decrease) in net <br> assets resulting from capital <br> share transactions<br>| (329619)<br>| &nbsp;&nbsp; (100535)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 31440 | &nbsp;&nbsp; 110264 | &nbsp;&nbsp; (171354)<br>| &nbsp;&nbsp; 54695 |
| Net increase (decrease) in net <br> assets<br>| (443933)<br>| &nbsp;&nbsp; (107963)<br>| &nbsp;&nbsp; (129)<br>| &nbsp;&nbsp; 1769 | &nbsp;&nbsp; (20064)<br>| &nbsp;&nbsp; 169460 | &nbsp;&nbsp; (255434)<br>| &nbsp;&nbsp; 43690 |
| ***Net Assets*** |  |  |  |  |  |  |  |  |
| Beginning of period | 1887232 | &nbsp;&nbsp; 1995195 | &nbsp;&nbsp; 3350 | &nbsp;&nbsp; 1581 | &nbsp;&nbsp; 917371 | &nbsp;&nbsp; 747911 | &nbsp;&nbsp; 1351736 | &nbsp;&nbsp; 1308046 |
| End of period | $1443299 | &nbsp;&nbsp; $1887232 | &nbsp;&nbsp; $3221 | &nbsp;&nbsp; $3350 | &nbsp;&nbsp; $897307 | &nbsp;&nbsp; $917371 | &nbsp;&nbsp; $1096302 | &nbsp;&nbsp; $1351736 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**70**

*Semi-Annual*

------

**Statements of Assets and Liabilities**

**As of June 30, 2025** *(dollar amounts in thousands) (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global** <br>**Leaders** <br>**Fund**<br>| **International** <br>**Leaders** <br>**Fund**<br>| **International** <br>**Growth** <br>**Fund**<br>| **Institutional** <br>**International** <br>**Growth** <br>**Fund**<br>|
| ***Assets*** |  |  |  |  |
| Investments in securities, at cost | $40606 | &nbsp;&nbsp; $854940 | &nbsp;&nbsp; $961538 | &nbsp;&nbsp; $706584 |
| Investments in securities, at value | $50198 | &nbsp;&nbsp; $1109275 | &nbsp;&nbsp; $1350498 | &nbsp;&nbsp; $971978 |
| Cash |  | &nbsp;&nbsp; 103 | &nbsp;&nbsp; 71 | &nbsp;&nbsp; 168 |
| Foreign currency, at value (cost —;$681;$84;$60) |  | &nbsp;&nbsp; 682 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 61 |
| Receivable for securities sold | 110 | &nbsp;&nbsp; 11020 | &nbsp;&nbsp; 20446 | &nbsp;&nbsp; 14415 |
| Receivable for fund shares sold | 1 | &nbsp;&nbsp; 673 | &nbsp;&nbsp; 537 | &nbsp;&nbsp; 23 |
| Receivable from Adviser | 21 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 122 | &nbsp;&nbsp; 50 |
| Dividends and interest receivable | 139 | &nbsp;&nbsp; 3287 | &nbsp;&nbsp; 6252 | &nbsp;&nbsp; 3730 |
| Total assets | 50469 | &nbsp;&nbsp; 1125129 | &nbsp;&nbsp; 1378010 | &nbsp;&nbsp; 990425 |
| ***Liabilities*** |  |  |  |  |
| Payable for securities purchased | 406 | &nbsp;&nbsp; 1220 | &nbsp;&nbsp; 15570 | &nbsp;&nbsp; 11195 |
| Payable for fund shares redeemed | 20 | &nbsp;&nbsp; 730 | &nbsp;&nbsp; 815 | &nbsp;&nbsp; 21 |
| Management fee payable | 34 | &nbsp;&nbsp; 778 | &nbsp;&nbsp; 932 | &nbsp;&nbsp; 671 |
| Distribution fee payable | 1 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; — |
| Foreign capital gains tax liability |  | &nbsp;&nbsp; 1630 | &nbsp;&nbsp; 3116 | &nbsp;&nbsp; 2216 |
| Other payables and accrued expenses | 53 | &nbsp;&nbsp; 297 | &nbsp;&nbsp; 448 | &nbsp;&nbsp; 213 |
| Total liabilities | 514 | &nbsp;&nbsp; 4661 | &nbsp;&nbsp; 20933 | &nbsp;&nbsp; 14316 |
| Net assets | $49955 | &nbsp;&nbsp; $1120468 | &nbsp;&nbsp; $1357077 | &nbsp;&nbsp; $976109 |
| ***Capital*** |  |  |  |  |
| Composition of net assets |  |  |  |  |
| Paid in capital | $31159 | &nbsp;&nbsp; $832849 | &nbsp;&nbsp; $876935 | &nbsp;&nbsp; $675611 |
| Total distributable earnings (loss) | 18796 | &nbsp;&nbsp; 287619 | &nbsp;&nbsp; 480142 | &nbsp;&nbsp; 300498 |
| Net assets | $49955 | &nbsp;&nbsp; $1120468 | &nbsp;&nbsp; $1357077 | &nbsp;&nbsp; $976109 |
| Class N shares |  |  |  |  |
| Net assets | $2489 | &nbsp;&nbsp; $28948 | &nbsp;&nbsp; $258854 | &nbsp;&nbsp; — |
| Shares outstanding | 216909 | &nbsp;&nbsp; 1298647 | &nbsp;&nbsp; 8695736 | &nbsp;&nbsp; — |
| Net asset value per share | $11.47 | &nbsp;&nbsp; $22.29 | &nbsp;&nbsp; $29.77 | &nbsp;&nbsp; — |
| Class I shares |  |  |  |  |
| Net assets | $42049 | &nbsp;&nbsp; $605368 | &nbsp;&nbsp; $987589 | &nbsp;&nbsp; — |
| Shares outstanding | 3598016 | &nbsp;&nbsp; 26926096 | &nbsp;&nbsp; 31972076 | &nbsp;&nbsp; — |
| Net asset value per share | $11.69 | &nbsp;&nbsp; $22.48 | &nbsp;&nbsp; $30.89 | &nbsp;&nbsp; — |
| Class R6 shares |  |  |  |  |
| Net assets | $5417 | &nbsp;&nbsp; $486152 | &nbsp;&nbsp; $110634 | &nbsp;&nbsp; — |
| Shares outstanding | 463280 | &nbsp;&nbsp; 21603883 | &nbsp;&nbsp; 3577469 | &nbsp;&nbsp; — |
| Net asset value per share | $11.69 | &nbsp;&nbsp; $22.50 | &nbsp;&nbsp; $30.93 | &nbsp;&nbsp; — |
| Institutional shares |  |  |  |  |
| Net assets |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $976109 |
| Shares outstanding |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 62888179 |
| Net asset value per share |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; $15.52 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**71**

*William Blair Funds*

------

**Statements of Operations**

**For the Period Ended June 30, 2025** *(dollar amounts in thousands) (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Global** <br>**Leaders** <br>**Fund**<br>| **International** <br>**Leaders** <br>**Fund**<br>| **International** <br>**Growth** <br>**Fund**<br>| **Institutional** <br>**International** <br>**Growth** <br>**Fund**<br>|
| ***Investment income*** |  |  |  |  |
| Dividends | $342 | &nbsp;&nbsp; $13914 | &nbsp;&nbsp; $17091 | &nbsp;&nbsp; $11967 |
| Less foreign tax withheld | (27)<br>| &nbsp;&nbsp; (1552)<br>| &nbsp;&nbsp; (1744)<br>| &nbsp;&nbsp; (1224)<br>|
| Interest | 8 | &nbsp;&nbsp; 168 | &nbsp;&nbsp; 143 | &nbsp;&nbsp; 125 |
| Other income |  | &nbsp;&nbsp; 568 | &nbsp;&nbsp; 170 | &nbsp;&nbsp; 115 |
| Total income | 323 | &nbsp;&nbsp; 13098 | &nbsp;&nbsp; 15660 | &nbsp;&nbsp; 10983 |
| ***Expenses*** |  |  |  |  |
| Management fees | 211 | &nbsp;&nbsp; 4880 | &nbsp;&nbsp; 6093 | &nbsp;&nbsp; 4173 |
| Distribution fees | 4 | &nbsp;&nbsp; 34 | &nbsp;&nbsp; 310 | &nbsp;&nbsp; — |
| Custodian fees | 50 | &nbsp;&nbsp; 94 | &nbsp;&nbsp; 135 | &nbsp;&nbsp; 111 |
| Transfer agent fees | 5 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 16 |
| Sub-transfer agent fees |  |  |  |  |
| Class N | 2 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 181 | &nbsp;&nbsp; — |
| Class I | 17 | &nbsp;&nbsp; 321 | &nbsp;&nbsp; 492 | &nbsp;&nbsp; — |
| Professional fees | 31 | &nbsp;&nbsp; 74 | &nbsp;&nbsp; 84 | &nbsp;&nbsp; 70 |
| Registration fees | 23 | &nbsp;&nbsp; 33 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 13 |
| Shareholder reporting fees | 6 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 6 |
| Trustee fees | 3 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 44 |
| Other expenses | 3 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 14 |
| Total expenses before expense limitation | 355 | &nbsp;&nbsp; 5592 | &nbsp;&nbsp; 7490 | &nbsp;&nbsp; 4447 |
| Expenses waived or reimbursed by the Adviser |  |  |  |  |
| Class N | (9)<br>| &nbsp;&nbsp; (16)<br>| &nbsp;&nbsp; (196)<br>| &nbsp;&nbsp; — |
| Class I | (108)<br>| &nbsp;&nbsp; (349)<br>| &nbsp;&nbsp; (550)<br>| &nbsp;&nbsp; — |
| Class R6 | (12)<br>| &nbsp;&nbsp; (162)<br>| &nbsp;&nbsp; (35)<br>| &nbsp;&nbsp; — |
| Institutional |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (274)<br>|
| Total expenses waived or reimbursed by the Adviser | (129)<br>| &nbsp;&nbsp; (527)<br>| &nbsp;&nbsp; (781)<br>| &nbsp;&nbsp; (274)<br>|
| Net expenses | 226 | &nbsp;&nbsp; 5065 | &nbsp;&nbsp; 6709 | &nbsp;&nbsp; 4173 |
| Net investment income (loss) | 97 | &nbsp;&nbsp; 8033 | &nbsp;&nbsp; 8951 | &nbsp;&nbsp; 6810 |
| ***Realized and unrealized gain (loss)*** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in securities (net of foreign capital gains tax paid $—; $427; <br> $754; $397)<br>| 6842 | &nbsp;&nbsp; 77449 | &nbsp;&nbsp; 62516 | &nbsp;&nbsp; 34063 |
| Foreign currency transactions | (1)<br>| &nbsp;&nbsp; (340)<br>| &nbsp;&nbsp; (312)<br>| &nbsp;&nbsp; (201)<br>|
| Total net realized gain | 6841 | &nbsp;&nbsp; 77109 | &nbsp;&nbsp; 62204 | &nbsp;&nbsp; 33862 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Investments in securities (net of foreign capital gains tax accrual $—; <br> $1,234; $422; $264)<br>| (3028)<br>| &nbsp;&nbsp; 88857 | &nbsp;&nbsp; 87790 | &nbsp;&nbsp; 75826 |
| Foreign currency translations | 11 | &nbsp;&nbsp; 220 | &nbsp;&nbsp; 346 | &nbsp;&nbsp; 240 |
| Change in net unrealized appreciation (depreciation) | (3017)<br>| &nbsp;&nbsp; 89077 | &nbsp;&nbsp; 88136 | &nbsp;&nbsp; 76066 |
| **Net increase (decrease) in net assets resulting from operations** | $3921 | &nbsp;&nbsp; $174219 | &nbsp;&nbsp; $159291 | &nbsp;&nbsp; $116738 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**72**

*Semi-Annual*

------

**Statements of Changes in Net Assets**

**For the Period Ended June 30, 2025** *(unaudited)* **and the Year Ended December 31, 2024** *(dollar amounts in thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Global** <br>**Leaders** <br>**Fund** | **Global** <br>**Leaders** <br>**Fund** | **International** <br>**Leaders** <br>**Fund** | **International** <br>**Leaders** <br>**Fund** | **International** <br>**Growth** <br>**Fund** | **International** <br>**Growth** <br>**Fund** | **Institutional** <br>**International** <br>**Growth** <br>**Fund** | **Institutional** <br>**International** <br>**Growth** <br>**Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| ***Operations*** |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $97 | &nbsp;&nbsp; $102 | &nbsp;&nbsp; $8033 | &nbsp;&nbsp; $6189 | &nbsp;&nbsp; $8951 | &nbsp;&nbsp; $7770 | &nbsp;&nbsp; $6810 | &nbsp;&nbsp; $5966 |
| Net realized gain (loss) on <br> investments, and other <br> assets and liabilities<br>| 6841 | &nbsp;&nbsp; 32026 | &nbsp;&nbsp; 77109 | &nbsp;&nbsp; 70697 | &nbsp;&nbsp; 62204 | &nbsp;&nbsp; 106008 | &nbsp;&nbsp; 33862 | &nbsp;&nbsp; 66033 |
| Change in net unrealized <br> appreciation (depreciation) <br> on investments, and other <br> assets and liabilities<br>| (3017)<br>| &nbsp;&nbsp; (24292)<br>| &nbsp;&nbsp; 89077 | &nbsp;&nbsp; (86495)<br>| &nbsp;&nbsp; 88136 | &nbsp;&nbsp; (78893)<br>| &nbsp;&nbsp; 76066 | &nbsp;&nbsp; (48704)<br>|
| Net increase (decrease) in net <br> assets resulting from <br> operations<br>| 3921 | &nbsp;&nbsp; 7836 | &nbsp;&nbsp; 174219 | &nbsp;&nbsp; (9609)<br>| &nbsp;&nbsp; 159291 | &nbsp;&nbsp; 34885 | &nbsp;&nbsp; 116738 | &nbsp;&nbsp; 23295 |
| ***Distributions to shareholders*** |  |  |  |  |  |  |  |  |
| Class N |  | &nbsp;&nbsp; (1439)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (75)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (18465)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I |  | &nbsp;&nbsp; (16809)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3154)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (70112)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 |  | &nbsp;&nbsp; (4655)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (3581)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (8931)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Institutional |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (62543)<br>|
| Total distributions |  | &nbsp;&nbsp; (22903)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (6810)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (97508)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (62543)<br>|
| ***Capital stock transactions*** |  |  |  |  |  |  |  |  |
| Proceeds from sales of shares | 2515 | &nbsp;&nbsp; 2729 | &nbsp;&nbsp; 100157 | &nbsp;&nbsp; 317659 | &nbsp;&nbsp; 80654 | &nbsp;&nbsp; 148876 | &nbsp;&nbsp; 47543 | &nbsp;&nbsp; 66691 |
| Shares issued in reinvestment <br> of income dividends and <br> capital gain distributions<br>|  | &nbsp;&nbsp; 22380 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6414 | &nbsp;&nbsp; — | &nbsp;&nbsp; 92490 | &nbsp;&nbsp; — | &nbsp;&nbsp; 61982 |
| Less cost of shares redeemed | (10658)<br>| &nbsp;&nbsp; (56320)<br>| &nbsp;&nbsp; (314574)<br>| &nbsp;&nbsp; (230924)<br>| &nbsp;&nbsp; (246000)<br>| &nbsp;&nbsp; (246715)<br>| &nbsp;&nbsp; (85216)<br>| &nbsp;&nbsp; (121855)<br>|
| Net increase (decrease) in <br> net assets resulting from <br> capital share transactions<br>| (8143)<br>| &nbsp;&nbsp; (31211)<br>| &nbsp;&nbsp; (214417)<br>| &nbsp;&nbsp; 93149 | &nbsp;&nbsp; (165346)<br>| &nbsp;&nbsp; (5349)<br>| &nbsp;&nbsp; (37673)<br>| &nbsp;&nbsp; 6818 |
| Net increase (decrease) in net <br> assets<br>| (4222)<br>| &nbsp;&nbsp; (46278)<br>| &nbsp;&nbsp; (40198)<br>| &nbsp;&nbsp; 76730 | &nbsp;&nbsp; (6055)<br>| &nbsp;&nbsp; (67972)<br>| &nbsp;&nbsp; 79065 | &nbsp;&nbsp; (32430)<br>|
| ***Net Assets*** |  |  |  |  |  |  |  |  |
| Beginning of period | 54177 | &nbsp;&nbsp; 100455 | &nbsp;&nbsp; 1160666 | &nbsp;&nbsp; 1083936 | &nbsp;&nbsp; 1363132 | &nbsp;&nbsp; 1431104 | &nbsp;&nbsp; 897044 | &nbsp;&nbsp; 929474 |
| End of period | $49955 | &nbsp;&nbsp; $54177 | &nbsp;&nbsp; $1120468 | &nbsp;&nbsp; $1160666 | &nbsp;&nbsp; $1357077 | &nbsp;&nbsp; $1363132 | &nbsp;&nbsp; $976109 | &nbsp;&nbsp; $897044 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**73**

*William Blair Funds*

------

**Statements of Assets and Liabilities**

**As of June 30, 2025** *(dollar amounts in thousands) (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International** <br>**Small Cap** <br>**Growth** <br>**Fund**<br>| **Emerging** <br>**Markets** <br>**Leaders** <br>**Fund**<br>| **Emerging** <br>**Markets** <br>**Growth** <br>**Fund**<br>| **Emerging** <br>**Markets** <br>**ex China** <br>**Growth Fund**<br>|
| ***Assets*** |  |  |  |  |
| Investments in securities, at cost | $133914 | &nbsp;&nbsp; $124083 | &nbsp;&nbsp; $655913 | &nbsp;&nbsp; $29361 |
| Investments in securities, at value | $182633 | &nbsp;&nbsp; $160585 | &nbsp;&nbsp; $912545 | &nbsp;&nbsp; $37196 |
| Cash |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 59 |
| Foreign currency, at value (cost $39;$6;$1,524;$166) | 39 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 1512 | &nbsp;&nbsp; 166 |
| Receivable for securities sold |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 184 |
| Receivable for fund shares sold | 4 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 559 | &nbsp;&nbsp; 17 |
| Receivable from Adviser | 23 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 27 |
| Dividends and interest receivable | 498 | &nbsp;&nbsp; 413 | &nbsp;&nbsp; 3084 | &nbsp;&nbsp; 99 |
| Total assets | 183197 | &nbsp;&nbsp; 161100 | &nbsp;&nbsp; 917798 | &nbsp;&nbsp; 37748 |
| ***Liabilities*** |  |  |  |  |
| Payable for securities purchased | 279 | &nbsp;&nbsp; — | &nbsp;&nbsp; 181 | &nbsp;&nbsp; 162 |
| Payable for fund shares redeemed | 69 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 19333 | &nbsp;&nbsp; — |
| Management fee payable | 146 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 685 | &nbsp;&nbsp; 28 |
| Distribution fee payable |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; — |
| Foreign capital gains tax liability | 483 | &nbsp;&nbsp; 1058 | &nbsp;&nbsp; 6980 | &nbsp;&nbsp; 239 |
| Other payables and accrued expenses | 93 | &nbsp;&nbsp; 123 | &nbsp;&nbsp; 475 | &nbsp;&nbsp; 86 |
| Total liabilities | 1070 | &nbsp;&nbsp; 1319 | &nbsp;&nbsp; 27657 | &nbsp;&nbsp; 515 |
| Net assets | $182127 | &nbsp;&nbsp; $159781 | &nbsp;&nbsp; $890141 | &nbsp;&nbsp; $37233 |
| ***Capital*** |  |  |  |  |
| Composition of net assets |  |  |  |  |
| Paid in capital | $173114 | &nbsp;&nbsp; $210541 | &nbsp;&nbsp; $710175 | &nbsp;&nbsp; $28562 |
| Total distributable earnings (loss) | 9013 | &nbsp;&nbsp; (50760)<br>| &nbsp;&nbsp; 179966 | &nbsp;&nbsp; 8671 |
| Net assets | $182127 | &nbsp;&nbsp; $159781 | &nbsp;&nbsp; $890141 | &nbsp;&nbsp; $37233 |
| Class N shares |  |  |  |  |
| Net assets | $1396 | &nbsp;&nbsp; $828 | &nbsp;&nbsp; $15691 | &nbsp;&nbsp; — |
| Shares outstanding | 97805 | &nbsp;&nbsp; 80591 | &nbsp;&nbsp; 1148787 | &nbsp;&nbsp; — |
| Net asset value per share | $14.27 | &nbsp;&nbsp; $10.28 | &nbsp;&nbsp; $13.66 | &nbsp;&nbsp; — |
| Class I shares |  |  |  |  |
| Net assets | $80468 | &nbsp;&nbsp; $10294 | &nbsp;&nbsp; $260870 | &nbsp;&nbsp; $8864 |
| Shares outstanding | 5547175 | &nbsp;&nbsp; 996043 | &nbsp;&nbsp; 18638414 | &nbsp;&nbsp; 617647 |
| Net asset value per share | $14.51 | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $14.00 | &nbsp;&nbsp; $14.35 |
| Class R6 shares |  |  |  |  |
| Net assets | $100263 | &nbsp;&nbsp; $148659 | &nbsp;&nbsp; $613580 | &nbsp;&nbsp; $28369 |
| Shares outstanding | 6865619 | &nbsp;&nbsp; 14396905 | &nbsp;&nbsp; 43286688 | &nbsp;&nbsp; 1972988 |
| Net asset value per share | $14.60 | &nbsp;&nbsp; $10.33 | &nbsp;&nbsp; $14.17 | &nbsp;&nbsp; $14.38 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**74**

*Semi-Annual*

------

**Statements of Operations**

**For the Period Ended June 30, 2025** *(dollar amounts in thousands) (unaudited)*

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **International** <br>**Small Cap** <br>**Growth** <br>**Fund**<br>| **Emerging** <br>**Markets** <br>**Leaders** <br>**Fund**<br>| **Emerging** <br>**Markets** <br>**Growth** <br>**Fund**<br>| **Emerging** <br>**Markets** <br>**ex China** <br>**Growth Fund**<br>|
| ***Investment income*** |  |  |  |  |
| Dividends | $1813 | &nbsp;&nbsp; $2139 | &nbsp;&nbsp; $10070 | &nbsp;&nbsp; $438 |
| Less foreign tax withheld | (211)<br>| &nbsp;&nbsp; (219)<br>| &nbsp;&nbsp; (990)<br>| &nbsp;&nbsp; (51)<br>|
| Interest | 19 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 3 |
| Total income | 1621 | &nbsp;&nbsp; 1934 | &nbsp;&nbsp; 9129 | &nbsp;&nbsp; 390 |
| ***Expenses*** |  |  |  |  |
| Management fees | 824 | &nbsp;&nbsp; 763 | &nbsp;&nbsp; 4057 | &nbsp;&nbsp; 156 |
| Distribution fees | 2 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; — |
| Custodian fees | 75 | &nbsp;&nbsp; 89 | &nbsp;&nbsp; 236 | &nbsp;&nbsp; 80 |
| Transfer agent fees | 11 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 1 |
| Sub-transfer agent fees |  |  |  |  |
| Class N | 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; — |
| Class I | 32 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 4 |
| Professional fees | 43 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 49 |
| Registration fees | 23 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 28 | &nbsp;&nbsp; 17 |
| Shareholder reporting fees | 9 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 5 |
| Trustee fees | 8 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 1 |
| Other expenses | 4 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 14 | &nbsp;&nbsp; 2 |
| Total expenses before expense limitation | 1032 | &nbsp;&nbsp; 956 | &nbsp;&nbsp; 4730 | &nbsp;&nbsp; 315 |
| Expenses waived or reimbursed by the Adviser |  |  |  |  |
| Class N | (2)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; — |
| Class I | (73)<br>| &nbsp;&nbsp; (13)<br>| &nbsp;&nbsp; (232)<br>| &nbsp;&nbsp; (41)<br>|
| Class R6 | (71)<br>| &nbsp;&nbsp; (175)<br>| &nbsp;&nbsp; (343)<br>| &nbsp;&nbsp; (117)<br>|
| Total expenses waived or reimbursed by the Adviser | (146)<br>| &nbsp;&nbsp; (189)<br>| &nbsp;&nbsp; (588)<br>| &nbsp;&nbsp; (158)<br>|
| Net expenses | 886 | &nbsp;&nbsp; 767 | &nbsp;&nbsp; 4142 | &nbsp;&nbsp; 157 |
| Net investment income (loss) | 735 | &nbsp;&nbsp; 1167 | &nbsp;&nbsp; 4987 | &nbsp;&nbsp; 233 |
| ***Realized and unrealized gain (loss)*** |  |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |  |
| Investments in securities (net of foreign capital gains tax paid $250; $426; <br> $1,588; $58)<br>| 12555 | &nbsp;&nbsp; 9159 | &nbsp;&nbsp; 9235 | &nbsp;&nbsp; 1032 |
| Foreign currency transactions | 25 | &nbsp;&nbsp; (88)<br>| &nbsp;&nbsp; (360)<br>| &nbsp;&nbsp; (25)<br>|
| Total net realized gain | 12580 | &nbsp;&nbsp; 9071 | &nbsp;&nbsp; 8875 | &nbsp;&nbsp; 1007 |
| Change in net unrealized appreciation (depreciation) of: |  |  |  |  |
| Investments in securities (net of foreign capital gains tax accrual $(226); <br> $227; $(2818); $(190))<br>| 14790 | &nbsp;&nbsp; 8129 | &nbsp;&nbsp; 67150 | &nbsp;&nbsp; 1661 |
| Foreign currency translations | 41 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; 2 |
| Change in net unrealized appreciation | 14831 | &nbsp;&nbsp; 8133 | &nbsp;&nbsp; 67147 | &nbsp;&nbsp; 1663 |
| **Net increase (decrease) in net assets resulting from operations** | $28146 | &nbsp;&nbsp; $18371 | &nbsp;&nbsp; $81009 | &nbsp;&nbsp; $2903 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**75**

*William Blair Funds*

------

**Statements of Changes in Net Assets**

**For the Period Ended June 30, 2025** *(unaudited)* **and the Year Ended December 31, 2024** *(dollar amounts in thousands)*

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **International** <br>**Small Cap** <br>**Growth** <br>**Fund** | **International** <br>**Small Cap** <br>**Growth** <br>**Fund** | **Emerging** <br>**Markets** <br>**Leaders** <br>**Fund** | **Emerging** <br>**Markets** <br>**Leaders** <br>**Fund** | **Emerging** <br>**Markets** <br>**Growth** <br>**Fund** | **Emerging** <br>**Markets** <br>**Growth** <br>**Fund** | **Emerging** <br>**Markets** <br>**ex China** <br>**Growth Fund** | **Emerging** <br>**Markets** <br>**ex China** <br>**Growth Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| ***Operations*** |  |  |  |  |  |  |  |  |
| Net investment income (loss) | $735 | &nbsp;&nbsp; $1893 | &nbsp;&nbsp; $1167 | &nbsp;&nbsp; $1705 | &nbsp;&nbsp; $4987 | &nbsp;&nbsp; $3348 | &nbsp;&nbsp; $233 | &nbsp;&nbsp; $124 |
| Net realized gain (loss) on <br> investments, and other assets and <br> liabilities<br>| 12580 | &nbsp;&nbsp; 10008 | &nbsp;&nbsp; 9071 | &nbsp;&nbsp; 27692 | &nbsp;&nbsp; 8875 | &nbsp;&nbsp; 46477 | &nbsp;&nbsp; 1007 | &nbsp;&nbsp; 869 |
| Change in net unrealized appreciation <br> (depreciation) on investments, and <br> other assets and liabilities<br>| 14831 | &nbsp;&nbsp; (9856)<br>| &nbsp;&nbsp; 8133 | &nbsp;&nbsp; (15373)<br>| &nbsp;&nbsp; 67147 | &nbsp;&nbsp; 28651 | &nbsp;&nbsp; 1663 | &nbsp;&nbsp; 1764 |
| Net increase (decrease) in net assets <br> resulting from operations<br>| 28146 | &nbsp;&nbsp; 2045 | &nbsp;&nbsp; 18371 | &nbsp;&nbsp; 14024 | &nbsp;&nbsp; 81009 | &nbsp;&nbsp; 78476 | &nbsp;&nbsp; 2903 | &nbsp;&nbsp; 2757 |
| ***Distributions to shareholders*** |  |  |  |  |  |  |  |  |
| Class N |  | &nbsp;&nbsp; (20)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I |  | &nbsp;&nbsp; (1322)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (27)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (243)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class R6 |  | &nbsp;&nbsp; (1462)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (476)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (825)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions |  | &nbsp;&nbsp; (2804)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (504)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (1068)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| ***Capital stock transactions*** |  |  |  |  |  |  |  |  |
| Proceeds from sales of shares | 3957 | &nbsp;&nbsp; 16744 | &nbsp;&nbsp; 6576 | &nbsp;&nbsp; 17651 | &nbsp;&nbsp; 113229 | &nbsp;&nbsp; 254801 | &nbsp;&nbsp; 2196 | &nbsp;&nbsp; 14405 |
| Shares issued in reinvestment of <br> income dividends and capital gain <br> distributions<br>|  | &nbsp;&nbsp; 2557 | &nbsp;&nbsp; — | &nbsp;&nbsp; 504 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Less cost of shares redeemed | (10676)<br>| &nbsp;&nbsp; (98588)<br>| &nbsp;&nbsp; (29867)<br>| &nbsp;&nbsp; (120559)<br>| &nbsp;&nbsp; (184131)<br>| &nbsp;&nbsp; (276025)<br>| &nbsp;&nbsp; (3338)<br>| &nbsp;&nbsp; (3700)<br>|
| Net increase (decrease) in net <br> assets resulting from capital <br> share transactions<br>| (6719)<br>| &nbsp;&nbsp; (79287)<br>| &nbsp;&nbsp; (23291)<br>| &nbsp;&nbsp; (102404)<br>| &nbsp;&nbsp; (70902)<br>| &nbsp;&nbsp; (20215)<br>| &nbsp;&nbsp; (1142)<br>| &nbsp;&nbsp; 10705 |
| Net increase (decrease) in net assets | 21427 | &nbsp;&nbsp; (80046)<br>| &nbsp;&nbsp; (4920)<br>| &nbsp;&nbsp; (88884)<br>| &nbsp;&nbsp; 10107 | &nbsp;&nbsp; 57193 | &nbsp;&nbsp; 1761 | &nbsp;&nbsp; 13462 |
| ***Net Assets*** |  |  |  |  |  |  |  |  |
| Beginning of period | 160700 | &nbsp;&nbsp; 240746 | &nbsp;&nbsp; 164701 | &nbsp;&nbsp; 253585 | &nbsp;&nbsp; 880034 | &nbsp;&nbsp; 822841 | &nbsp;&nbsp; 35472 | &nbsp;&nbsp; 22010 |
| End of period | $182127 | &nbsp;&nbsp; $160700 | &nbsp;&nbsp; $159781 | &nbsp;&nbsp; $164701 | &nbsp;&nbsp; $890141 | &nbsp;&nbsp; $880034 | &nbsp;&nbsp; $37233 | &nbsp;&nbsp; $35472 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**76**

*Semi-Annual*

------

**Statements of Assets and Liabilities**

**As of June 30, 2025** *(dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging** <br>**Markets** <br>**Small Cap** <br>**Growth Fund**<br>| **China** <br>**Growth** <br>**Fund**<br>| **Emerging** <br>**Markets** <br>**Debt** <br>**Fund**<br>|
| ***Assets*** |  |  |  |
| Investments in securities, at cost | $299968 | &nbsp;&nbsp; $1496 | &nbsp;&nbsp; $57838 |
| Investments in securities, at value | $367091 | &nbsp;&nbsp; $1912 | &nbsp;&nbsp; $59294 |
| Cash |  | &nbsp;&nbsp; 65 | &nbsp;&nbsp; 51 |
| Foreign currency, at value (cost $2,324;$1;—) | 2324 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — |
| Receivable for securities sold | 5933 | &nbsp;&nbsp; — | &nbsp;&nbsp; 568 |
| Receivable for fund shares sold | 146 | &nbsp;&nbsp; — | &nbsp;&nbsp; 256 |
| Receivable for variation margin on centrally cleared swaps |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 15 |
| Receivable from Adviser | 80 | &nbsp;&nbsp; 13 | &nbsp;&nbsp; 20 |
| Dividends and interest receivable | 2003 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1166 |
| Unrealized appreciation on forward foreign currency contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 15 |
| Total assets | 377577 | &nbsp;&nbsp; 1993 | &nbsp;&nbsp; 61385 |
| ***Liabilities*** |  |  |  |
| Options written, at value (proceeds —;—;$30) |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 |
| Unrealized depreciation on forward foreign currency contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 93 |
| Payable for securities purchased | 4963 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1749 |
| Payable for fund shares redeemed | 143 | &nbsp;&nbsp; — | &nbsp;&nbsp; 35 |
| Payable to custodian | 127 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Management fee payable | 320 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 31 |
| Distribution fee payable | 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Foreign capital gains tax liability | 2152 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Distributions payable to shareholders |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 84 |
| Other payables and accrued expenses | 295 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 38 |
| Total liabilities | 8001 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 2040 |
| Net assets | $369576 | &nbsp;&nbsp; $1951 | &nbsp;&nbsp; $59345 |
| ***Capital*** |  |  |  |
| Composition of net assets |  |  |  |
| Paid in capital | $302110 | &nbsp;&nbsp; $4678 | &nbsp;&nbsp; $67684 |
| Total distributable earnings (loss) | 67466 | &nbsp;&nbsp; (2727)<br>| &nbsp;&nbsp; (8339)<br>|
| Net assets | $369576 | &nbsp;&nbsp; $1951 | &nbsp;&nbsp; $59345 |
| Class N shares |  |  |  |
| Net assets | $3683 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Shares outstanding | 166315 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net asset value per share | $22.15 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I shares |  |  |  |
| Net assets | $135342 | &nbsp;&nbsp; $80 | &nbsp;&nbsp; $31289 |
| Shares outstanding | 5997034 | &nbsp;&nbsp; 13647 | &nbsp;&nbsp; 3766823 |
| Net asset value per share | $22.57 | &nbsp;&nbsp; $5.90 | &nbsp;&nbsp; $8.31 |
| Class R6 shares |  |  |  |
| Net assets | $230551 | &nbsp;&nbsp; $1871 | &nbsp;&nbsp; $28056 |
| Shares outstanding | 10180563 | &nbsp;&nbsp; 318722 | &nbsp;&nbsp; 3381632 |
| Net asset value per share | $22.65 | &nbsp;&nbsp; $5.87 | &nbsp;&nbsp; $8.30 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**77**

*William Blair Funds*

------

**Statements of Operations**

**For the Period Ended June 30, 2025** *(dollar amounts in thousands) (unaudited)*

---

| | | | |
|:---|:---|:---|:---|
|  | **Emerging** <br>**Markets** <br>**Small Cap** <br>**Growth Fund**<br>| **China** <br>**Growth** <br>**Fund**<br>| **Emerging** <br>**Markets** <br>**Debt** <br>**Fund**<br>|
| ***Investment income*** |  |  |  |
| Dividends | $6294 | &nbsp;&nbsp; $20 | &nbsp;&nbsp; $— |
| Less foreign tax withheld | (491)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; — |
| Interest | 30 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1843 |
| Less foreign tax withheld |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (3)<br>|
| Total income | 5833 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 1840 |
| ***Expenses*** |  |  |  |
| Management fees | 1916 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 159 |
| Distribution fees | 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Custodian fees | 243 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 61 |
| Transfer agent fees | 29 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2 |
| Sub-transfer agent fees |  |  |  |
| Class N | 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I | 74 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6 |
| Professional fees | 95 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 20 |
| Registration fees | 28 | &nbsp;&nbsp; 17 | &nbsp;&nbsp; 19 |
| Shareholder reporting fees | 17 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 4 |
| Trustee fees | 19 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 |
| Other expenses | 7 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 7 |
| Total expenses before expense limitation | 2434 | &nbsp;&nbsp; 85 | &nbsp;&nbsp; 281 |
| Expenses waived or reimbursed by the Adviser |  |  |  |
| Class N | (6)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I | (208)<br>| &nbsp;&nbsp; (3)<br>| &nbsp;&nbsp; (49)<br>|
| Class R6 | (268)<br>| &nbsp;&nbsp; (73)<br>| &nbsp;&nbsp; (64)<br>|
| Total expenses waived or reimbursed by the Adviser | (482)<br>| &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; (113)<br>|
| Net expenses | 1952 | &nbsp;&nbsp; 9 | &nbsp;&nbsp; 168 |
| Net investment income (loss) | 3881 | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 1672 |
| ***Realized and unrealized gain (loss)*** |  |  |  |
| Net realized gain (loss) on transactions from: |  |  |  |
| Investments in securities (net of foreign capital gains tax paid $110; $—; $—) | (271)<br>| &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; 122 |
| Swaps |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (353)<br>|
| Forward foreign currency contracts |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (199)<br>|
| Foreign currency transactions | (864)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; (19)<br>|
| Total net realized loss | (1135)<br>| &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; (449)<br>|
| Change in net unrealized appreciation (depreciation) of: |  |  |  |
| Investments in securities (net of foreign capital gains tax accrual $(4267); $—; $—) | 7102 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 1793 |
| Written options |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 |
| Swaps |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 507 |
| Forward foreign currency transactions |  | &nbsp;&nbsp; — | &nbsp;&nbsp; (138)<br>|
| Foreign currency translations | 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 20 |
| Change in net unrealized appreciation | 7108 | &nbsp;&nbsp; 210 | &nbsp;&nbsp; 2202 |
| **Net increase (decrease) in net assets resulting from operations** | $9854 | &nbsp;&nbsp; $194 | &nbsp;&nbsp; $3425 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**78**

*Semi-Annual*

------

**Statements of Changes in Net Assets**

**For the Period Ended June 30, 2025** *(unaudited)* **and the Year Ended December 31, 2024** *(dollar amounts in thousands)*

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Emerging** <br>**Markets** <br>**Small Cap** <br>**Growth Fund** | **Emerging** <br>**Markets** <br>**Small Cap** <br>**Growth Fund** | **China** <br>**Growth** <br>**Fund** | **China** <br>**Growth** <br>**Fund** | **Emerging** <br>**Markets** <br>**Debt** <br>**Fund** | **Emerging** <br>**Markets** <br>**Debt** <br>**Fund** |
|  | **2025** | **2024** | **2025** | **2024** | **2025** | **2024** |
| ***Operations*** |  |  |  |  |  |  |
| Net investment income (loss) | $3881 | &nbsp;&nbsp; $2106 | &nbsp;&nbsp; $10 | &nbsp;&nbsp; $23 | &nbsp;&nbsp; $1672 | &nbsp;&nbsp; $4186 |
| Net realized gain (loss) on investments, and other assets and <br> liabilities<br>| (1135)<br>| &nbsp;&nbsp; 55831 | &nbsp;&nbsp; (26)<br>| &nbsp;&nbsp; (273)<br>| &nbsp;&nbsp; (449)<br>| &nbsp;&nbsp; 910 |
| Change in net unrealized appreciation (depreciation) on <br> investments, and other assets and liabilities<br>| 7108 | &nbsp;&nbsp; (25571)<br>| &nbsp;&nbsp; 210 | &nbsp;&nbsp; 429 | &nbsp;&nbsp; 2202 | &nbsp;&nbsp; (265)<br>|
| Net increase (decrease) in net assets resulting from operations | 9854 | &nbsp;&nbsp; 32366 | &nbsp;&nbsp; 194 | &nbsp;&nbsp; 179 | &nbsp;&nbsp; 3425 | &nbsp;&nbsp; 4831 |
| ***Distributions to shareholders*** |  |  |  |  |  |  |
| Class N |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Class I |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (705)<br>| &nbsp;&nbsp; (341)<br>|
| Class R6 |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (24)<br>| &nbsp;&nbsp; (975)<br>| &nbsp;&nbsp; (3500)<br>|
| Total distributions |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; (25)<br>| &nbsp;&nbsp; (1680)<br>| &nbsp;&nbsp; (3841)<br>|
| ***Capital stock transactions*** |  |  |  |  |  |  |
| Proceeds from sales of shares | 29152 | &nbsp;&nbsp; 73248 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 230 | &nbsp;&nbsp; 24534 | &nbsp;&nbsp; 19638 |
| Shares issued in reinvestment of income dividends and capital gain <br> distributions<br>|  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 1443 | &nbsp;&nbsp; 3839 |
| Less cost of shares redeemed | (67523)<br>| &nbsp;&nbsp; (97233)<br>| &nbsp;&nbsp; (1)<br>| &nbsp;&nbsp; (528)<br>| &nbsp;&nbsp; (34468)<br>| &nbsp;&nbsp; (11812)<br>|
| Net increase (decrease) in net assets resulting from capital share <br> transactions<br>| (38371)<br>| &nbsp;&nbsp; (23985)<br>| &nbsp;&nbsp; 29 | &nbsp;&nbsp; (273)<br>| &nbsp;&nbsp; (8491)<br>| &nbsp;&nbsp; 11665 |
| Net increase (decrease) in net assets | (28517)<br>| &nbsp;&nbsp; 8381 | &nbsp;&nbsp; 223 | &nbsp;&nbsp; (119)<br>| &nbsp;&nbsp; (6746)<br>| &nbsp;&nbsp; 12655 |
| ***Net Assets*** |  |  |  |  |  |  |
| Beginning of period | 398093 | &nbsp;&nbsp; 389712 | &nbsp;&nbsp; 1728 | &nbsp;&nbsp; 1847 | &nbsp;&nbsp; 66091 | &nbsp;&nbsp; 53436 |
| End of period | $369576 | &nbsp;&nbsp; $398093 | &nbsp;&nbsp; $1951 | &nbsp;&nbsp; $1728 | &nbsp;&nbsp; $59345 | &nbsp;&nbsp; $66091 |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**79**

*William Blair Funds*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(1)** **Organization** 

*(a)* *Description of the Trust*

William Blair Funds (the "Trust") is a Delaware statutory trust registered under the Investment Company Act of 1940, as amended (the "1940 Act"), as an open-end management investment company. As of the date of this report, the Trust has the following nineteen funds (the "Funds") available for sale, each with its own investment objective and policies. For each Fund, the number of shares authorized is unlimited.

**<u>U.S. Equity</u>**

Growth Fund

Large Cap Growth Fund

Mid Cap Value Fund

Small-Mid Cap Core Fund

Small-Mid Cap Growth Fund

Small-Mid Cap Value Fund

Small Cap Growth Fund

Small Cap Value Fund

**<u>Global Equity</u>**

Global Leaders Fund

**<u>International Equity</u>**

International Leaders Fund

International Growth Fund

Institutional International Growth Fund

International Small Cap Growth Fund

Emerging Markets Leaders Fund

Emerging Markets Growth Fund

Emerging Markets ex China Growth Fund

Emerging Markets Small Cap Growth Fund

China Growth Fund

**<u>Emerging Markets Debt</u>**

Emerging Markets Debt Fund

William Blair Investment Management, LLC (the "Adviser") serves as the Trust's investment adviser. William Blair & Company, L.L.C. ("WBC" or the "Distributor"), an affiliate of the Adviser, serves as the Trust's principal underwriter and distributor.

*(b)* *Share Classes*

Each Fund is comprised of Class N, Class I and Class R6 shares, except the Mid Cap Value, Small-Mid Cap Core, Small-Mid Cap Value, Emerging Markets ex China Growth, China Growth and Emerging Markets Debt Funds, which are comprised of Class I and Class R6 shares. Institutional International Growth Fund does not offer multiple classes of shares.

**Class N** shares are available to the general public, either directly through the Trust's distributor or through a select number of financial intermediaries. Class N shares are sold without any sales load and carry an annual 12b-1 distribution fee at a fixed rate (0.25% for all Funds as discussed in *Note 4(b) – Transactions with Affiliates – Underwriting and Distribution Services Agreements*) and a sub-transfer agent fee that is not a fixed rate and varies by Fund and class, as discussed below.

**Class I** shares are available to certain retirement and deferred compensation plans, clients of certain financial intermediaries, and asset-based fee advisory clients of William Blair. The minimum initial investment for a Class I account is $500,000, subject to certain exceptions. Class I shares do not carry any sales load or distribution fees and generally have lower ongoing expenses than Class N shares. Class I shares have a sub-transfer agent fee that is not a fixed rate and varies by Fund and class, as discussed below.

**Class R6** shares are available to certain retirement and deferred compensation plans, clients of certain financial intermediaries, asset-based fee advisory clients of William Blair, and additional types of investors, provided that neither the investor nor the financial intermediary requires the Funds to make any type of servicing or administrative payment. The minimum initial investment for a Class R6 account is $1 million, subject to certain exceptions.

**Institutional** shares are available only to investors of Institutional International Growth Fund and comprise all of the outstanding shares of this Fund. Institutional shares require a minimum initial investment of $5 million, subject to certain exceptions.

Class R6 shares and Institutional shares of the Institutional International Growth Fund do not carry any sales load, distribution fees or sub-transfer agent fees. Class R6 shares of a Fund generally have lower ongoing expenses than the Fund's Class N and Class I shares.

*Sub-transfer agent fees*: For Class N and Class I shares, the Funds may reimburse WBC for fees paid to intermediaries such as banks, broker-dealers, financial advisers or other financial institutions for sub-administration, sub-transfer agency and other services provided to investors whose shares of record are held in omnibus, other group accounts, retirement plans or accounts traded through registered securities clearing agents. These fees may vary based on, for example, the nature of services

*June 30, 2025*

**80**

*Semi-Annual*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

provided, but generally range up to 0.15% of the assets of the class serviced or maintained by the intermediary or up to $15 per sub-account maintained by the intermediary, depending on the method by which the intermediary charges for the services.

*(c)* *Fund Objectives*

The investment objectives of the Funds are as follows:

---

| | |
|:---|:---|
| U.S. Equity Funds | Long-term capital appreciation. |
| Global Equity Fund | Long-term capital appreciation. |
| International Equity Funds | Long-term capital appreciation. |
| Emerging Markets Debt Fund | Provide attractive risk-adjusted returns relative to the Fund's benchmark. |

---

**(2)** **Significant Accounting Policies**

The following is a summary of the Trust's significant accounting policies in effect during the periods covered by the financial statements, which are in accordance with U.S. generally accepted accounting principles ("US GAAP"), which includes the accounting and reporting guidelines under Accounting Standards Topic 946, *Financial Services—Investment Companies*.

*(a)* *Investment income and transactions*

Investment income, realized and unrealized gains and losses, and certain Fund level expenses and expense reductions, if any, are allocated based on the relative net assets of each class, except for certain class-specific expenses, which are charged directly to the appropriate class. Differences in class expenses may result in the payment of different per share dividends by class. All share classes of the Funds have equal rights with respect to voting, subject to class specific arrangements.

Dividend income and expenses are recorded on the ex-dividend date, except for those dividends from certain foreign securities that are recorded when the information is available.

Interest income is recorded on an accrual basis, adjusted for amortization of premium or accretion of discount. Variable rate bonds and floating rate notes earn interest at coupon rates that fluctuate at specific time intervals. The interest rates shown in the Portfolio of Investments for the Emerging Markets Debt Fund were the rates in effect on June 30, 2025. Put bonds may be redeemed at the discretion of the holder on specified dates prior to maturity.

Premiums and discounts are amortized and accreted, respectively, on a straight-line basis for short-term investments and on an effective interest method for long-term investments.

The Funds do not isolate the portion of operations resulting from fluctuations in foreign currency exchange rates on investments from the fluctuations arising from changes in the value of securities held. Such currency fluctuations are included with the net realized and unrealized gain or loss from investments.

Reported net realized foreign currency gains or losses arise from disposition of foreign currency, the difference in the foreign exchange rates between the trade and settlement dates on securities transactions, and the difference between the amounts of dividends, interest and foreign withholding taxes recorded on the ex-date or accrual date and the U.S. dollar equivalent of the amounts actually received or paid. Net unrealized foreign exchange gains and losses arise from changes (due to the changes in the exchange rate) in the value of foreign currency and other assets and liabilities denominated in foreign currencies held at period end.

For financial reporting purposes, security and shareholder transactions are recorded on trade date in accordance with US GAAP. Realized gains and losses from securities transactions are recognized on a specifically identified cost basis.

Awards from class action litigation may be recorded as a reduction of cost. If the Funds no longer own the applicable securities, the proceeds are recorded as realized gains.

For the period ended June 30, 2025, the International Leaders Fund, International Growth Fund, and Institutional International Growth Fund received tax reclaim payments from certain member countries of the European Union, including interest, of $568, $170, and $115, respectively (in thousands), relating to amounts withheld on dividends received by the Funds during the fiscal years ended December 31, 2018 through 2022. The amounts withheld on dividends were not previously passed through to the Funds' shareholders in the years the dividends were received by the Funds. The payments received are included within Other Income in the Statement of Operations.

*June 30, 2025*

**81**

*William Blair Funds*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*(b)* *Share Valuation and Distributions to Shareholders*

Shares are sold and redeemed on a continuous basis at net asset value. The net asset value per share is determined separately for each class by dividing the Fund's net assets attributable to that class by the number of shares of the class outstanding as of the close of regular trading on the New York Stock Exchange (the "NYSE"), which is generally 4:00 p.m. Eastern time, on each day the NYSE is open.

Distributions from net investment income, if any, for all Equity Funds are declared and paid at least annually. Distributions from net investment income for Emerging Markets Debt Fund are declared daily and paid monthly. Capital gain distributions, if any, for all Funds, are declared and paid at least annually in December and/or January. Distributions payable to shareholders are recorded on the ex-dividend date.

*(c)* *Foreign Currency Translation*

The Funds may invest in securities denominated in foreign currencies. As such, assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the current exchange rate on the date of valuation. The values of foreign investments, open forward foreign currency contracts, and cash denominated in foreign currencies are translated into U.S. dollars using a spot market rate of exchange as of the time of the determination of each Fund's net asset value, typically 4:00 p.m. Eastern time on days when there is regular trading on the NYSE. Receivables and payables for securities transactions, dividends, interest income and tax reclaims are translated into U.S. dollars using a spot market rate of exchange as of 4:00 p.m. Eastern time. Settlement of purchases and sales and dividend and interest receipts are translated into U.S. dollars using a spot market rate of exchange as of 11:00 a.m. Eastern time.

*(d)* *Income Taxes*

Each Fund intends to comply with the provisions of Subchapter M of the Code, in order to qualify as regulated investment companies. Each Fund intends to make the requisite distributions of income and capital gains to its shareholders sufficient to relieve it from all, or substantially all, federal income and excise taxes. No provision for federal income and excise taxes has been made.

Certain Funds may be subject to foreign income taxes imposed on realized gains on securities of issuers from certain foreign countries. Such taxes, if applicable, are accrued and included within change in net unrealized appreciation (depreciation) and net realized gain (loss) on transactions from investments in securities in the Statement of Operations.

Management evaluates tax positions taken or expected to be taken in the course of preparing the Funds' tax returns to determine whether it is "more likely than not" that each tax position would be sustained upon examination by a taxing authority based on the technical merits of the positions. Tax positions not deemed to meet the "more likely than not" threshold would be recorded as a tax benefit or expense in the current year. Management has evaluated all of the uncertain tax positions of the Funds and has determined that no liability is required to be recorded in the financial statements.

The statute of limitations on the Funds' U.S. federal and state tax returns for the prior three years remains open and the returns are subject to examination.

*June 30, 2025*

**82**

*Semi-Annual*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

Adjustments to the cost of investments for tax purposes may be due to the deferred loss associated with current and prior year wash sales, income recognition from investments in real estate investment trusts, and the Funds' election to mark-to-market their investments in Passive Foreign Investment Companies ("PFICs"). The cost of investments, including derivatives, for federal income tax purposes and related gross unrealized appreciation (depreciation) and net unrealized appreciation/(depreciation) at June 30, 2025, were as follows (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
| **Fund** | **Cost of** <br>**Investments**<br>| **Gross** <br>**Unrealized** <br>**Appreciation**<br>| **Gross** <br>**Unrealized** <br>**Depreciation**<br>| **Net** <br>**Unrealized** <br>**Appreciation/** <br>**(Depreciation)**<br>|
| Growth Fund | $166538 | &nbsp;&nbsp; $75663 | &nbsp;&nbsp; $5184 | &nbsp;&nbsp; $70479 |
| Large Cap Growth Fund | 2030607 | &nbsp;&nbsp; 802830 | &nbsp;&nbsp; 42647 | &nbsp;&nbsp; 760183 |
| Mid Cap Value Fund | 1417 | &nbsp;&nbsp; 280 | &nbsp;&nbsp; 80 | &nbsp;&nbsp; 200 |
| Small-Mid Cap Core Fund | 116985 | &nbsp;&nbsp; 19196 | &nbsp;&nbsp; 7021 | &nbsp;&nbsp; 12175 |
| Small-Mid Cap Growth Fund | 1293046 | &nbsp;&nbsp; 252723 | &nbsp;&nbsp; 96326 | &nbsp;&nbsp; 156397 |
| Small-Mid Cap Value Fund | 3169 | &nbsp;&nbsp; 325 | &nbsp;&nbsp; 249 | &nbsp;&nbsp; 76 |
| Small Cap Growth Fund | 837183 | &nbsp;&nbsp; 139776 | &nbsp;&nbsp; 66642 | &nbsp;&nbsp; 73134 |
| Small Cap Value Fund | 1013143 | &nbsp;&nbsp; 176790 | &nbsp;&nbsp; 88609 | &nbsp;&nbsp; 88181 |
| Global Leaders Fund | 40606 | &nbsp;&nbsp; 10510 | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 9592 |
| International Leaders Fund | 854941 | &nbsp;&nbsp; 258588 | &nbsp;&nbsp; 4254 | &nbsp;&nbsp; 254334 |
| International Growth Fund | 961538 | &nbsp;&nbsp; 397773 | &nbsp;&nbsp; 8813 | &nbsp;&nbsp; 388960 |
| Institutional International Growth Fund | 706584 | &nbsp;&nbsp; 271560 | &nbsp;&nbsp; 6166 | &nbsp;&nbsp; 265394 |
| International Small Cap Growth Fund | 133914 | &nbsp;&nbsp; 51583 | &nbsp;&nbsp; 2864 | &nbsp;&nbsp; 48719 |
| Emerging Markets Leaders Fund | 124083 | &nbsp;&nbsp; 37994 | &nbsp;&nbsp; 1492 | &nbsp;&nbsp; 36502 |
| Emerging Markets Growth Fund | 655913 | &nbsp;&nbsp; 266622 | &nbsp;&nbsp; 9990 | &nbsp;&nbsp; 256632 |
| Emerging Markets ex China Growth Fund | 29361 | &nbsp;&nbsp; 8143 | &nbsp;&nbsp; 308 | &nbsp;&nbsp; 7835 |
| Emerging Markets Small Cap Growth Fund | 299968 | &nbsp;&nbsp; 69010 | &nbsp;&nbsp; 1887 | &nbsp;&nbsp; 67123 |
| China Growth Fund | 1496 | &nbsp;&nbsp; 453 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 416 |
| Emerging Markets Debt Fund | 57731 | &nbsp;&nbsp; 2547 | &nbsp;&nbsp; 1028 | &nbsp;&nbsp; 1519 |

---

As of December 31, 2024 (the Funds' most recent fiscal year end), the Funds had unused capital loss carryforwards available for federal income tax purposes to be applied against future capital gains, if any. Under current law, the Funds may carry forward net capital losses indefinitely to use to offset capital gains realized in future years. The following table details the Funds' available capital loss carryforwards as of December 31, 2024, and the capital loss carryforwards utilized by the Funds in 2024 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Available Capital Loss Carryforwards** | **Available Capital Loss Carryforwards** | **Available Capital Loss Carryforwards** | **Capital Loss** <br>**Carryforwards** <br>**Utilized in 2024** |
| **Fund** | **Short Term** | **Long Term** | **Total** | **Capital Loss** <br>**Carryforwards** <br>**Utilized in 2024** |
| Large Cap Growth Fund | $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $— | &nbsp;&nbsp; $52303 |
| Mid Cap Value Fund | 10 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 | &nbsp;&nbsp; 48 |
| Small-Mid Cap Core Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 11735 |
| Small-Mid Cap Value Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 18 |
| International Leaders Fund | 40183 | &nbsp;&nbsp; — | &nbsp;&nbsp; 40183 | &nbsp;&nbsp; 68371 |
| International Small Cap Growth Fund | 30248 | &nbsp;&nbsp; 19309 | &nbsp;&nbsp; 49557 | &nbsp;&nbsp; 12325 |
| Emerging Markets Leaders Fund | 46881 | &nbsp;&nbsp; 45409 | &nbsp;&nbsp; 92290 | &nbsp;&nbsp; 19004 |
| Emerging Markets Growth Fund | 76135 | &nbsp;&nbsp; — | &nbsp;&nbsp; 76135 | &nbsp;&nbsp; 46582 |
| Emerging Markets ex China Growth Fund | 23 | &nbsp;&nbsp; — | &nbsp;&nbsp; 23 | &nbsp;&nbsp; 1049 |
| Emerging Markets Small Cap Growth Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 61388 |
| China Growth Fund | 2074 | &nbsp;&nbsp; 960 | &nbsp;&nbsp; 3034 | &nbsp;&nbsp; — |
| Emerging Markets Debt Fund | 4980 | &nbsp;&nbsp; 4460 | &nbsp;&nbsp; 9440 | &nbsp;&nbsp; 1206 |

---

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve month period ending October 31 and net investment income earned during a twelve month period ending December 31. In connection with this, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any short term or long term capital losses incurred between November 1 and the end of their fiscal year, December 31. Qualified late year ordinary losses are comprised of losses related to swaps, foreign currency and PFICs incurred between November 1 and the end of their fiscal year, December 31.

*June 30, 2025*

**83**

*William Blair Funds*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

As of December 31, 2024 (the Funds' most recent fiscal year end), the following Funds deferred, on a tax basis, qualified late year losses of (in thousands):

---

| | | |
|:---|:---|:---|
|  | **Qualified Late Year Losses** | **Qualified Late Year Losses** |
| **Fund** | **Ordinary** <br>**Income**<br>| **Net** <br>**Capital**<br>|
| Small-Mid Cap Value Fund | $— | &nbsp;&nbsp; $15 |
| Global Leaders Fund |  | &nbsp;&nbsp; 248 |
| International Small Cap Growth Fund | 490 | &nbsp;&nbsp; — |
| Emerging Markets Growth Fund | 1312 | &nbsp;&nbsp; — |
| Emerging Markets ex China Growth Fund | 55 | &nbsp;&nbsp; — |
| Emerging Markets Small Cap Growth Fund | 1230 | &nbsp;&nbsp; — |

---

*(e)* *Repurchase Agreements*

In a repurchase agreement, a Fund buys a security at one price and at the time of sale, the seller agrees to repurchase the security at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser's holding period, while the seller's obligation to repurchase is secured by the value of the underlying collateral. The Adviser monitors, on an ongoing basis, the value of the underlying collateral to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements may involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Fund's ability to dispose of the underlying collateral. The risk to a Fund is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Fund is entitled to sell the underlying collateral. The loss, if any, to a Fund will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Fund may be delayed or limited. The Funds have master repurchase agreements which allow the Funds to offset amounts owed to a counterparty with amounts owed from the same counterparty, including any collateral, in the event the counterparty defaults. Each Fund's outstanding repurchase agreements, if any, and related collateral, are shown on the Fund's Portfolio of Investments. Although no definitive creditworthiness criteria are used, the Adviser reviews the creditworthiness of the banks and non-bank dealers with which a Fund enters into repurchase agreements to evaluate those risks. A Fund may, for tax purposes, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.

*(f)* *Trustees & Officers* 

The Trustees and Officers affiliated with the Adviser receive no compensation from the Trust. Trustees who are not affiliated with the Adviser receive compensation from the Trust in the form of an annual retainer plus fees for attendance at Board and Committee meetings. The Lead Independent Trustee and the Chairs of the Audit Committee, Compliance Committee and Nominating and Governance Committee each receive an additional retainer for serving in such positions. Additionally, each independent trustee is entitled to reimbursement of expenses related to his or her duties as a Trustee of the Trust. For the period ended June 30, 2025, Trustee Fees were $584 (in thousands) in aggregate for the Trust.

*(g)* *Use of Estimates*

The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the amounts reported in the financial statements. Actual results may differ from those estimates.

*(h)* *Indemnification*

In the normal course of business, the Funds have entered into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or liabilities. The Funds' maximum exposure under these arrangements is unknown. No claim has been made for indemnification pursuant to any such agreement of the Funds.

**(3)** **Valuation**

*(a)* *Investment Valuation*

The value of U.S. equity securities, including exchange-traded funds, is determined by valuing securities traded on national securities markets or in the over-the-counter ("OTC") markets at the last sale price or, if applicable, the official closing price or, in the absence of a recent sale on the date of determination, at the mean between the last reported bid and ask prices.

*June 30, 2025*

**84**

*Semi-Annual*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

The value of foreign equity securities is generally determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the mean between the last reported bid and ask prices. The Adviser has determined that the passage of time between when the foreign exchanges or markets close and when the Funds compute their net asset values could cause the value of foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Funds may use an independent pricing service to fair value price the security as of the close of regular trading on the NYSE. As a result, a Fund's value for a foreign security may be different from the last sale price (or the mean between the last reported bid and ask prices). As of June 30, 2025, fair valuation estimates for foreign equity securities were not obtained.

Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the market value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions.

Repurchase agreements are valued at cost, which approximates fair value.

Forward foreign currency contracts are valued on the basis of the value of the underlying currencies at the prevailing currency exchange rate as supplied by an independent pricing service.

Swaps that are centrally cleared through an exchange are valued at the most recent settlement price provided by the exchange on which they are cleared. Total return swaps on equities, equity baskets, indices and other financial instruments are valued by an independent pricing service, or if unavailable, based on the security's or instrument's underlying reference asset.

Option contracts on securities, currencies and other financial instruments traded on one or more exchanges are valued at their most recent sale price on the exchange on which they are traded most extensively. Option contracts on foreign indices are valued at the settlement price. If there were no sales that day or if no settlement price is available, such option contracts are valued at the mean between the last reported bid and ask prices. Option contracts traded in the OTC market shall be valued by an independent pricing service.

Securities, and other assets, for which a market quotation is not available or is deemed unreliable (e.g., securities affected by unusual or extraordinary events, such as natural disasters or securities affected by market or economic events, such as bankruptcy filings), or the value of which is affected by a significant valuation event, are valued at a fair value. Pursuant to Rule 2a-5 under the 1940 Act, the Board of Trustees has designated the Adviser as the valuation designee to perform fair value determinations for the Funds. The value of these fair valued securities may be different from the last sale price (or the mean between the last reported bid and ask prices), and there is no guarantee that a fair valued security will be sold at the price at which a Fund is carrying the security.

*(b)* *Fair Value Measurements*

Fair value is defined as the price that a Fund would receive upon selling a security in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Fund's investments. A three-tier hierarchy of inputs is used to classify fair value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad levels listed below:

&nbsp;&nbsp;&nbsp;&nbsp;• Level 1—Quoted prices (unadjusted) in active markets for an identical security.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 2—Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk, and others. In addition, other observable inputs such as foreign exchange rates, benchmark securities indices and foreign futures contracts may be utilized in the valuation of certain foreign securities when significant events occur between the last sale on the foreign securities exchange and the time at which the net asset value of the Fund is calculated.

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;• Level 3—Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment), unobservable inputs may be used. Unobservable inputs reflect the Fund's own assumptions about the factors market participants would use in pricing an investment, and are based on the best information available.

*June 30, 2025*

**85**

*William Blair Funds*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

The value of investments in securities and other financial instruments, segregated by their hierarchical input levels used in determining fair value and by security class or other financial instruments, are shown at the end of each Fund's Portfolio of Investments.

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities.

A description of the valuation methodologies applied to the Funds' major categories of assets and liabilities measured at fair value on a recurring basis is as follows:

*Exchange-Traded Securities*

Securities traded on a national securities exchange (or reported on the NASDAQ national market), including exchange-traded funds, are stated at the last reported sales price on the day of valuation. Other securities traded in the OTC market and listed securities for which no sale was reported on that date are stated at the mean between the last reported bid and ask prices. To the extent these securities are actively traded and valuation adjustments are not applied, they are categorized as Level 1 of the fair value hierarchy. Securities traded on inactive markets or valued by reference to similar instruments are generally categorized as Level 2 of the fair value hierarchy.

*Fixed Income Securities*

Fixed income securities are generally valued using evaluated prices provided by an independent pricing service. The evaluated prices are formed using various market inputs that the pricing service believes accurately represent the fair value of a security at a particular point in time. The pricing service determines evaluated prices for fixed income securities using inputs including, but not limited to, recent transaction prices for such securities, dealer quotes, transaction prices for other securities with similar characteristics, collateral characteristics, credit quality, payment history, liquidity and market conditions. Securities that use similar valuation techniques and observable inputs as described above are categorized as Level 2 of the fair value hierarchy.

*Repurchase Agreements*

Repurchase agreements are valued at cost, which approximates fair value. Repurchase agreements are categorized as Level 2 of the fair value hierarchy.

*Derivative Instruments*

Listed derivatives, such as certain options and futures contracts, that are actively traded are valued based on quoted prices from the exchange on which they are traded most extensively and are categorized as Level 1 of the fair value hierarchy. OTC derivative contracts include forward foreign currency contracts, swap and certain option contracts related to interest rates, foreign currencies, the credit standing of reference entities, equity prices, or commodity prices. Depending on the product and the terms of the transaction, the fair value of OTC derivative products can be modeled by independent pricing services taking into account the counterparties' creditworthiness and using a series of techniques, including simulation models. Many pricing models do not entail material subjectivity because the methodologies employed do not necessitate significant judgments and the pricing inputs are observed from actively quoted markets, as is the case of forward foreign currency contracts and interest rate swaps. A substantial majority of OTC derivative products held by a Fund are valued using such models and are categorized as Level 2 of the fair value hierarchy.

*Level 3 Securities*

The fair value estimates for the Level 3 securities in the Small-Mid Cap Growth Fund, Small Cap Growth Fund, and Emerging Markets Debt Fund were determined in good faith by the Adviser pursuant to the Trust's Valuation Procedures. There were various factors considered in reaching the fair value determination, including, but not limited to, the following: the type of security, the extent of public trading of the security, information obtained for the security, and analysis of the company's performance and market trends that influence its performance. The Level 3 securities represented 0.00%, 0.00%, and 0.04% as a percentage of net assets in the Small-Mid Cap Growth Fund, Small Cap Growth Fund, and Emerging Markets Debt Fund, respectively.

*June 30, 2025*

**86**

*Semi-Annual*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(4)** **Transactions with Affiliates**

*(a)* *Management and Expense Limitation Agreements*

Each Fund has a management agreement with the Adviser for investment management, clerical, bookkeeping and administrative services. Each Fund pays the Adviser an annual management fee, which is accrued daily and paid monthly, based on a specified percentage of the Fund's average daily net assets. Each Fund's annual management fee rate is as follows:

---

| | |
|:---|:---|
| **U.S. Equity Funds** |  |
| Growth Fund | 0.75% |
| Large Cap Growth Fund | 0.60% |
| Mid Cap Value Fund | 0.70% |
| Small-Mid Cap Core Fund | 0.90% |
| Small-Mid Cap Growth Fund | 0.94% |
| Small-Mid Cap Value Fund | 0.80% |
| Small Cap Growth Fund | 0.94% |
| Small Cap Value Fund | 0.75% |

---

---

| | |
|:---|:---|
| **Emerging Markets Debt Fund** |  |
| Emerging Markets Debt Fund | 0.65% |

---

---

| | |
|:---|:---|
| **Global Equity Fund** |  |
| Global Leaders Fund | 0.85% |

---

---

| | |
|:---|:---|
| **International Equity Funds** |  |
| International Leaders Fund | 0.85% |
| International Growth Fund<sup>1</sup>: |  |
| First $10 billion | 0.85% |
| Next $5 billion | 0.825% |
| In excess of $15 billion | 0.80% |
| Institutional International Growth Fund<sup>2</sup>: |  |
| First $10 billion | 0.85% |
| Next $5 billion | 0.825% |
| In excess of $15 billion | 0.80% |
| International Small Cap Growth Fund | 1.00% |
| Emerging Markets Leaders Fund | 0.94% |
| Emerging Markets Growth Fund | 0.94% |
| Emerging Markets ex China Growth Fund | 0.94% |
| Emerging Markets Small Cap Growth Fund | 1.10% |
| China Growth Fund | 0.94% |

---

------

<sup>1</sup> Effective May 1, 2025. Prior to May 1, 2025, the International Growth Fund paid the Adviser a contractual management fee equal to 0.94% of the first $3 billion of the Fund's average daily net assets; 0.90% of the next $2 billion of the Fund's average daily net assets; 0.85% of the next $5 billion of the Fund's average daily net assets; 0.825% of the next $5 billion of the Fund's average daily net assets; plus 0.80% of the Fund's average daily net assets over $15 billion. 

<sup>2</sup> Effective May 1, 2025. Prior to May 1, 2025, the Institutional International Growth Fund paid the Adviser a contractual management fee equal to 0.94% of the first $1.875 billion of the Fund's average daily net assets; 0.90% of the next $625 million of the Fund's average daily net assets; 0.875% of the next $2.5 billion of average daily net assets; 0.85% of the next $5 billion of average daily net assets; 0.825% of the next $5 billion of average daily net assets; plus 0.80% of average daily net assets over $15 billion. 

*June 30, 2025*

**87**

*William Blair Funds*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

The Funds have also entered into an Amended and Restated Expense Limitation Agreement with the Adviser. Under the terms of the agreement, the Adviser will waive its management fee and/or reimburse a Fund for certain operating expenses, subject to certain excluded expenses, in excess of the agreed upon rate through April 30, 2026. Excluded expenses include interest expenses, taxes, brokerage commissions, acquired fund fees and expenses, dividend and interest expenses on short sales, other investment related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of a Fund's business. The amount the Adviser owes a Fund as of the reporting date is recorded as Receivable from Adviser in the Statements of Assets and Liabilities. The Adviser reimburses the Funds on a monthly basis. The Adviser will waive fees and/or reimburse expenses to the extent that the total operating expenses for the stated class of the Funds, subject to certain excluded expenses, exceed the following rates (as a percentage of average daily net assets):

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class I** | **Class I** | **Institutional/Class R6** | **Institutional/Class R6** |
| **Fund** | **Effective** <br>**May 1, 2025** <br>**through** <br>**April 30,** <br>**2026**<br>| **Effective** <br>**May 1, 2024** <br>**through** <br>**April 30,** <br>**2025**<br>| **Effective** <br>**May 1, 2025** <br>**through** <br>**April 30,** <br>**2026**<br>| **Effective** <br>**May 1, 2024** <br>**through** <br>**April 30,** <br>**2025**<br>| **Effective** <br>**May 1, 2025** <br>**through** <br>**April 30,** <br>**2026**<br>| **Effective** <br>**May 1, 2024** <br>**through** <br>**April 30,** <br>**2025**<br>|
| Growth Fund | 1.20<br> %<br>| 1.20<br> %<br>| 0.95<br> %<br>| 0.95<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Large Cap Growth Fund | 0.90<br> %<br>| 0.90<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>| 0.60<br> %<br>| 0.60<br> %<br>|
| Mid Cap Value Fund | N/A | &nbsp;&nbsp; N/A | 0.75<br> %<br>| 0.75<br> %<br>| 0.70<br> %<br>| 0.70<br> %<br>|
| Small-Mid Cap Core Fund | N/A | &nbsp;&nbsp; N/A | 0.95<br> %<br>| 0.95<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>|
| Small-Mid Cap Growth Fund | 1.24<br> %<br>| 1.24<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>|
| Small-Mid Cap Value Fund | N/A | &nbsp;&nbsp; N/A | 0.85<br> %<br>| 0.85<br> %<br>| 0.80<br> %<br>| 0.80<br> %<br>|
| Small Cap Growth Fund | 1.24<br> %<br>| 1.24<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>|
| Small Cap Value Fund | 1.15<br> %<br>| 1.15<br> %<br>| 0.89<br> %<br>| 0.89<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| Global Leaders Fund | 1.15<br> %<br>| 1.15<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| International Leaders Fund | 1.15<br> %<br>| 1.15<br> %<br>| 0.90<br> %<br>| 0.90<br> %<br>| 0.85<br> %<br>| 0.85<br> %<br>|
| International Growth Fund | 1.15<br> %<br>| 1.24<br> %<br>| 0.90<br> %<br>| 0.99<br> %<br>| 0.85<br> %<br>| 0.94<br> %<br>|
| Institutional International Growth Fund | N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | &nbsp;&nbsp; N/A | 0.85<br> %<br>| 0.94<br> %<br>|
| International Small Cap Growth Fund | 1.35<br> %<br>| 1.35<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>| 1.05<br> %<br>| 1.05<br> %<br>|
| Emerging Markets Leaders Fund | 1.24<br> %<br>| 1.24<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>|
| Emerging Markets Growth Fund | 1.24<br> %<br>| 1.24<br> %<br>| 0.99<br> %<br>| 0.99<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>|
| Emerging Markets ex China Growth Fund | N/A | &nbsp;&nbsp; N/A | 0.99<br> %<br>| 0.99<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>|
| Emerging Markets Small Cap Growth Fund | 1.40<br> %<br>| 1.40<br> %<br>| 1.15<br> %<br>| 1.15<br> %<br>| 1.10<br> %<br>| 1.10<br> %<br>|
| China Growth Fund | N/A | &nbsp;&nbsp; N/A | 0.99<br> %<br>| 0.99<br> %<br>| 0.94<br> %<br>| 0.94<br> %<br>|
| Emerging Markets Debt Fund | N/A | &nbsp;&nbsp; N/A | 0.70<br> %<br>| 0.70<br> %<br>| 0.65<br> %<br>| 0.65<br> %<br>|

---

The fee waivers and/or expense reimbursements received by each class are reported in the Statements of Operations.

The Adviser is entitled to recoupment of previously waived fees and reimbursed expenses for a period of three years subsequent to a Fund's commencement of operations to the extent that such recoupment does not cause the Fund's annual operating expenses (after the recoupment is taken into account) to exceed both (1) the expense limit in place when such amounts were waived or reimbursed and (2) the Fund's current expense limitation. The total amounts available for recoupment as of June 30, 2025 were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Available for** <br>**Recoupment**<br>| **Expiration of** <br>**Recoupment**<br>|
| Small-Mid Cap Value Fund | $269 | August 17, 2026 |
| Emerging Markets ex China Growth Fund | 800 | July 29, 2025 |

---

*June 30, 2025*

**88**

*Semi-Annual*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

*(b)* *Underwriting and Distribution Services Agreements*

Pursuant to separate Underwriting and Distribution Agreements, WBC is the principal underwriter and distributor for the continuous offering of shares of the Trust and acts as agent of the Trust in the sale of its shares. The Underwriting Agreement provides that the Distributor will use its best efforts to distribute the Trust's shares. The Distributor is not compensated under the Underwriting Agreement.

Each Fund, except the Mid Cap Value, Small-Mid Cap Core, Small-Mid Cap Value, Emerging Markets ex China Growth, China Growth, Emerging Markets Debt and Institutional International Growth Funds, has a Distribution Agreement with WBC for distribution services to the Funds' Class N shares. Each Fund pays WBC an annual fee, payable monthly, based on a specified percentage of its average daily net assets of Class N shares. The annual rate expressed as a percentage of average daily net assets for Class N is 0.25% for all Funds. Pursuant to the Distribution Agreement, WBC enters into related selling group agreements with various firms at various rates for sales of the Funds' Class N shares.

**(5)** **Investment Transactions**

Investment transactions, excluding U.S. government securities and short-term securities, for the period ended June 30, 2025, were as follows (in thousands):

---

| | | |
|:---|:---|:---|
| **Fund** | **Purchases** | **Sales** |
| Growth Fund | $101293 | &nbsp;&nbsp; $123316 |
| Large Cap Growth Fund | 517821 | &nbsp;&nbsp; 690756 |
| Mid Cap Value Fund | 344 | &nbsp;&nbsp; 448 |
| Small-Mid Cap Core Fund | 50982 | &nbsp;&nbsp; 94568 |
| Small-Mid Cap Growth Fund | 446469 | &nbsp;&nbsp; 799017 |
| Small-Mid Cap Value Fund | 849 | &nbsp;&nbsp; 883 |
| Small Cap Growth Fund | 336412 | &nbsp;&nbsp; 315891 |
| Small Cap Value Fund | 163218 | &nbsp;&nbsp; 329151 |
| Global Leaders Fund | 19799 | &nbsp;&nbsp; 31693 |
| International Leaders Fund | 527109 | &nbsp;&nbsp; 750094 |
| International Growth Fund | 493160 | &nbsp;&nbsp; 637257 |
| Institutional International Growth Fund | 363941 | &nbsp;&nbsp; 397140 |
| International Small Cap Growth Fund | 53278 | &nbsp;&nbsp; 59425 |
| Emerging Markets Leaders Fund | 58320 | &nbsp;&nbsp; 81236 |
| Emerging Markets Growth Fund | 350176 | &nbsp;&nbsp; 406565 |
| Emerging Markets ex China Growth Fund | 13999 | &nbsp;&nbsp; 14584 |
| Emerging Markets Small Cap Growth Fund | 473485 | &nbsp;&nbsp; 507297 |
| China Growth Fund | 609 | &nbsp;&nbsp; 603 |
| Emerging Markets Debt Fund | 35597 | &nbsp;&nbsp; 41891 |

---

**(6)** **Financial Derivative Instruments**

Each Fund may use derivative instruments to maintain liquidity, to provide hedging, or in anticipation of changes in the composition of its portfolio holdings or as otherwise provided in each Fund's prospectus. The derivative instruments held as of June 30, 2025 as disclosed in each Fund's Portfolio of Investments, are representative of each Fund's derivative instrument trading activity during the period ended June 30, 2025.

Derivative transactions carry counterparty risk as they are based on contracts between a Fund and the applicable counterparty. For exchange-traded or cleared derivative contracts, such counterparty risk is limited due to the role of the exchange or clearinghouse. OTC derivative contracts, however, are exposed to counterparty risk in the amount of unrealized gains, net of collateral held, for the duration of the contract.

The Emerging Markets Debt Fund is subject to certain netting arrangements through International Swaps and Derivatives Association, Inc. Master Agreements and Credit Support Annexes ("ISDAs"). The ISDAs maintain provisions for general obligations, representations, agreements, collateral and events of default or termination. The ISDAs cover certain OTC derivative securities entered into by the Emerging Markets Debt Fund with various counterparties and allow the Emerging Markets Debt Fund to close out and net its total exposure to a counterparty in the event of a default.

*June 30, 2025*

**89**

*William Blair Funds*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

*Forward Foreign Currency Contracts*

The Global Equity, International Equity and Emerging Markets Debt Funds may enter into forward foreign currency contracts. When entering into a forward foreign currency contract, a Fund agrees to receive or deliver a fixed quantity of foreign currency for an agreed-upon price on an agreed future date. A Fund's net equity therein, representing unrealized gain or loss on the contracts as measured by the difference between the forward foreign exchange rates at the dates of entry into the contracts and the forward rates at the reporting date. These instruments may involve market risk, credit risk, or both kinds of risks in excess of the amount recognized in the Portfolio of Investments. Risks arise from the possible inability of counterparties to meet the terms of their contracts and from the price movements in currencies.

*Options*

The purchase or sale of an option by a Fund involves the payment or receipt of a premium by the Fund and the corresponding right or obligation, as the case may be, either to purchase or sell the underlying security, commodity, or other instrument for a specific price at a certain time or during a certain period. Purchasing options involves the risk that the underlying instrument will not change price in the manner expected, so the Fund loses its premium. Writing options involves potentially greater risk because the Fund is exposed to the extent of the actual price movement in the underlying security rather than only the amount of the premium paid (which could result in a potentially unlimited loss). OTC options also involve counterparty credit risk.

*Swap Contracts*

Swap agreements may include total return, interest rate, securities index, commodity, security, currency exchange rate, credit default index, volatility and variance swaps. Cleared swaps are transacted through futures commission merchants that are members of central clearing houses with the clearing house serving as a central counterparty similar to transactions in futures contracts. In a standard "swap" transaction, two parties agree to exchange the returns (or differentials in rates of return) earned or realized on particular predetermined investments or instruments. The gross returns to be exchanged or "swapped" between the parties are calculated with respect to a "notional amount" (i.e., the change in the value of a particular dollar amount invested, for example, at a particular interest rate, in a particular foreign currency, or in a "basket" of securities representing a particular index). Swap agreements are subject to the risk that the counterparty to the swap will default on its obligation to pay a Fund and the risk that a Fund will not be able to meet its obligations to pay the counterparty to the swap. Swap agreements may also involve fees, commissions or other costs that may reduce a Fund's gains from a swap agreement or may cause a Fund to lose money. To the extent permitted by its investment policies and restrictions, a Fund may invest in the following types of swaps:

Credit Default Swaps—A Fund may invest in credit default swaps as a means of "buying" credit protection (i.e., attempting to mitigate the risk of default or credit quality deterioration in some portion of a Fund's holdings) or "selling" credit protection (i.e., attempting to gain exposure to an underlying issuer's credit quality characteristics without directly investing in that issuer). A credit default swap is a contract between a buyer and a seller of protection against a pre-defined credit event (e.g., a ratings downgrade or default) on an underlying reference obligation, which may be a single debt instrument or baskets or indices of securities. Under current regulatory requirements, a Fund may be a buyer or seller of a credit default swap. As a seller of protection on credit default swap agreements, a Fund will generally receive from the buyer of protection a fixed rate of income throughout the term of the swap provided that there is no credit event. A Fund adds leverage to its portfolio because the Fund is subject to investment exposure on the notional amount of the swap. The maximum potential amount of future payments that a Fund as a seller of protection could be required to make under a credit default swap agreement equals the notional amount of the agreement. Notional amounts of each individual credit default swap agreement outstanding as of the period end for which a Fund is the seller of protection are disclosed in the Fund's Portfolio of Investments. These potential amounts would be partially offset by any recovery values of the respective referenced obligations, upfront payments received upon entering into the agreement, or net amounts received from the settlement of buy protection credit default swap agreements entered into by the same Fund for the same referenced entity or entities. For credit default swap contracts on credit indices, the quoted market prices and resulting values serve as an indicator of the payment performance risk. Increasing market values, in absolute terms when compared to the notional amount of the swap, typically represent deterioration of the referenced entities' credit soundness and a greater likelihood or risk of default or other credit event occurring as defined under the terms of the swap.

Interest Rate Swap—A Fund may invest in interest rate swaps to gain or mitigate exposure to changes in interest rates. Interest rate swap agreements involve a commitment between parties to pay either a fixed interest rate or a floating interest rate based on a notional amount of principal. The parties make payments at predetermined intervals throughout the life of the swap. As a payer, a Fund would make the fixed payment and receive the floating payment. As a receiver, a Fund would make the floating payment and receive the fixed payment.

*June 30, 2025*

**90**

*Semi-Annual*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

Total Return Swap—A Fund may invest in total return swaps to gain or mitigate exposure to an underlying security, or securities. Total return swap agreements may involve commitments to pay interest in exchange for the return on the underlying security, or securities. At maturity, a net cash flow is exchanged between the parties based on the total return of the underlying security, or securities, less a financing rate. As a receiver in the transaction, a Fund would receive a payment for a positive return and would make a payment for a negative return. As a payer in the transaction, a Fund would make a payment for a positive return and would receive a payment for a negative return.

The following table presents the value of financial derivative instruments, by Fund and primary risk exposure, as of June 30, 2025, and their respective location in the Statements of Assets and Liabilities (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Assets** | **Assets** | **Liabilities** | **Liabilities** |
| **Fund and** <br>**Primary Risk Exposure**<br>| **Statements of Assets** <br>**and Liabilities**<br>| **Value** | **Statements of Assets** <br>**and Liabilities**<br>| **Value** |
| **Emerging Markets Debt Fund** |  |  |  |  |
| Credit | &nbsp;&nbsp; Receivable for variation margin on <br> centrally cleared swaps<sup>1</sup> <br>| &nbsp;&nbsp; $231 | &nbsp;&nbsp; Payable for variation margin on <br> centrally cleared swaps<sup>1</sup> <br>| &nbsp;&nbsp; $223 |
| Currency | &nbsp;&nbsp; Unrealized appreciation on forward <br> foreign currency contracts<br>| &nbsp;&nbsp; 15 | &nbsp;&nbsp; Unrealized depreciation on forward <br> foreign currency contracts<br>| &nbsp;&nbsp; 93 |
| Currency | Investments in securities, at value | &nbsp;&nbsp; 12 | Options written, at value | &nbsp;&nbsp; — |
| Interest Rate | &nbsp;&nbsp; Receivable for variation margin on <br> centrally cleared swaps<br>| &nbsp;&nbsp; 259 | &nbsp;&nbsp; Payable for variation margin on <br> centrally cleared swaps<br>| &nbsp;&nbsp; 6 |
| Interest Rate | Investments in securities, at value | &nbsp;&nbsp; 31 | Options written, at value | &nbsp;&nbsp; 10 |

---

------

---

| | |
|:---|:---|
| 1 | The table above includes cumulative appreciation/(depreciation) on centrally cleared swaps as reported in the Fund's Portfolio of Investments. <br> Receivable/payable for variation margin on centrally cleared swaps as reported in the Fund's Statement of Assets and Liabilities represents the current <br> day's variation margin.<br>|

---

The following table indicates the effect of derivatives, by Fund and primary risk exposure, in the Statements of Operations for the year ended June 30, 2025 (in thousands):

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Net Realized Gain (Loss)** | **Net Realized Gain (Loss)** | **Change in Net Unrealized** <br>**Appreciation (Depreciation)** | **Change in Net Unrealized** <br>**Appreciation (Depreciation)** |
| **Fund and** <br>**Primary Risk Exposure**<br>| **Statements of Operations** | **Value** | **Statements of Operations** | **Value** |
| **Emerging Markets Debt Fund** |  |  |  |  |
| Credit | Swaps | &nbsp;&nbsp; $6 | Swaps | &nbsp;&nbsp; $(18)<br>|
| Currency | Forward foreign currency contracts | &nbsp;&nbsp; (199)<br>| Forward foreign currency contracts | &nbsp;&nbsp; (138)<br>|
| Currency | Options | &nbsp;&nbsp; — | Options | &nbsp;&nbsp; (4)<br>|
| Interest Rate | Swaps | &nbsp;&nbsp; (359)<br>| Swaps | &nbsp;&nbsp; 525 |
| Interest Rate | Options | &nbsp;&nbsp; (9)<br>| Options | &nbsp;&nbsp; (40)<br>|

---

The following table is a summary by counterparty of the derivative instruments and collateral pledged/(received) included in the Fund's Statement of Assets and Liabilities at June 30, 2025 (in thousands):

---

| | | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Assets** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** | **Financial Derivative Liabilities** |  |  |  |
| **Counterparty** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Purchased** <br>**Options**<br>| **Total** | **Forward** <br>**Foreign** <br>**Currency** <br>**Contracts**<br>| **Written** <br>**Options**<br>| **Total** | **Net** <br>**Market** <br>**Value**<br>| **Collateral** <br>**Pledged** <br>**(Received)**<br>| **Net** <br>**Exposure**<br>|
| **Emerging Markets Debt Fund** | **Emerging Markets Debt Fund** |  |  |  |  |  |  |  |  |
| Citibank N.A. | $15 | &nbsp;&nbsp; $12 | &nbsp;&nbsp; $27 | &nbsp;&nbsp; $(93)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(93)<br>| &nbsp;&nbsp; $(66)<br>| &nbsp;&nbsp; $— | &nbsp;&nbsp; $(66)<br>|
| Goldman Sachs International |  | &nbsp;&nbsp; 31 | &nbsp;&nbsp; 31 | &nbsp;&nbsp; — | &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; (10)<br>| &nbsp;&nbsp; 21 | &nbsp;&nbsp; — | &nbsp;&nbsp; 21 |
|  | $15 | &nbsp;&nbsp; $43 | &nbsp;&nbsp; $58 | &nbsp;&nbsp; $(93)<br>| &nbsp;&nbsp; $(10)<br>| &nbsp;&nbsp; $(103)<br>|  |  |  |

---

The net exposure represents the amount due from/(due to) the counterparty in the event of default. Any net exposure is generally due to changes in market value of the underlying derivative instruments on the last day of the period as timing of collateral movement occurs the following day.

*June 30, 2025*

**91**

*William Blair Funds*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(7)** **Fund Share Transactions**

The following tables summarize the activity in capital shares of each Fund for the period ended June 30, 2025 (in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **Dollars** | **Dollars** | **Dollars** | **Dollars** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Fund** | **Sales** | **Reinvest** | **Redemptions** | **Total** | **Sales** | **Reinvest** | **Redemptions** | **Total** |
| Growth Fund | $371 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $2711 | &nbsp;&nbsp; $(2340)<br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; — | &nbsp;&nbsp; 328 | &nbsp;&nbsp; (284)<br>|
| Large Cap Growth Fund | 5574 | &nbsp;&nbsp; — | &nbsp;&nbsp; 25744 | &nbsp;&nbsp; (20170)<br>| &nbsp;&nbsp; 215 | &nbsp;&nbsp; — | &nbsp;&nbsp; 981 | &nbsp;&nbsp; (766)<br>|
| Small-Mid Cap Growth Fund | 2289 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14748 | &nbsp;&nbsp; (12459)<br>| &nbsp;&nbsp; 99 | &nbsp;&nbsp; — | &nbsp;&nbsp; 627 | &nbsp;&nbsp; (528)<br>|
| Small Cap Growth Fund | 8995 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11359 | &nbsp;&nbsp; (2364)<br>| &nbsp;&nbsp; 335 | &nbsp;&nbsp; — | &nbsp;&nbsp; 411 | &nbsp;&nbsp; (76)<br>|
| Small Cap Value Fund | 68 | &nbsp;&nbsp; — | &nbsp;&nbsp; 236 | &nbsp;&nbsp; (168)<br>| &nbsp;&nbsp; 3 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9 | &nbsp;&nbsp; (6)<br>|
| Global Leaders Fund | 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1232 | &nbsp;&nbsp; (1228)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117 | &nbsp;&nbsp; (116)<br>|
| International Leaders Fund | 2571 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4559 | &nbsp;&nbsp; (1988)<br>| &nbsp;&nbsp; 129 | &nbsp;&nbsp; — | &nbsp;&nbsp; 225 | &nbsp;&nbsp; (96)<br>|
| International Growth Fund | 4253 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31378 | &nbsp;&nbsp; (27125)<br>| &nbsp;&nbsp; 153 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1139 | &nbsp;&nbsp; (986)<br>|
| International Small Cap Growth Fund | 54 | &nbsp;&nbsp; — | &nbsp;&nbsp; 191 | &nbsp;&nbsp; (137)<br>| &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16 | &nbsp;&nbsp; (11)<br>|
| Emerging Markets Leaders Fund | 2118 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2293 | &nbsp;&nbsp; (175)<br>| &nbsp;&nbsp; 223 | &nbsp;&nbsp; — | &nbsp;&nbsp; 237 | &nbsp;&nbsp; (14)<br>|
| Emerging Markets Growth Fund | 3391 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4256 | &nbsp;&nbsp; (865)<br>| &nbsp;&nbsp; 277 | &nbsp;&nbsp; — | &nbsp;&nbsp; 346 | &nbsp;&nbsp; (69)<br>|
| Emerging Markets Small Cap Growth <br> Fund<br>| 776 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1229 | &nbsp;&nbsp; (453)<br>| &nbsp;&nbsp; 37 | &nbsp;&nbsp; — | &nbsp;&nbsp; 60 | &nbsp;&nbsp; (23)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Dollars** | **Dollars** | **Dollars** | **Dollars** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Fund** | **Sales** | **Reinvest** | **Redemptions** | **Total** | **Sales** | **Reinvest** | **Redemptions** | **Total** |
| Growth Fund | $1402 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $14107 | &nbsp;&nbsp; $(12705)<br>| &nbsp;&nbsp; 115 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1174 | &nbsp;&nbsp; $(1059)<br>|
| Large Cap Growth Fund | 174522 | &nbsp;&nbsp; — | &nbsp;&nbsp; 308893 | &nbsp;&nbsp; (134371)<br>| &nbsp;&nbsp; 6240 | &nbsp;&nbsp; — | &nbsp;&nbsp; 11077 | &nbsp;&nbsp; (4837)<br>|
| Mid Cap Value Fund | 0 | &nbsp;&nbsp; — | &nbsp;&nbsp; 31 | &nbsp;&nbsp; (31)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3 | &nbsp;&nbsp; (2)<br>|
| Small-Mid Cap Core Fund | 13135 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3811 | &nbsp;&nbsp; 9324 | &nbsp;&nbsp; 846 | &nbsp;&nbsp; — | &nbsp;&nbsp; 232 | &nbsp;&nbsp; 614 |
| Small-Mid Cap Growth Fund | 47315 | &nbsp;&nbsp; — | &nbsp;&nbsp; 255636 | &nbsp;&nbsp; (208321)<br>| &nbsp;&nbsp; 1866 | &nbsp;&nbsp; — | &nbsp;&nbsp; 9952 | &nbsp;&nbsp; (8086)<br>|
| Small-Mid Cap Value Fund | 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 0 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small Cap Growth Fund | 113765 | &nbsp;&nbsp; — | &nbsp;&nbsp; 75799 | &nbsp;&nbsp; 37966 | &nbsp;&nbsp; 3414 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2362 | &nbsp;&nbsp; 1052 |
| Small Cap Value Fund | 48568 | &nbsp;&nbsp; — | &nbsp;&nbsp; 182665 | &nbsp;&nbsp; (134097)<br>| &nbsp;&nbsp; 1771 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6714 | &nbsp;&nbsp; (4943)<br>|
| Global Leaders Fund | 865 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7111 | &nbsp;&nbsp; (6246)<br>| &nbsp;&nbsp; 77 | &nbsp;&nbsp; — | &nbsp;&nbsp; 649 | &nbsp;&nbsp; (572)<br>|
| International Leaders Fund | 91206 | &nbsp;&nbsp; — | &nbsp;&nbsp; 127443 | &nbsp;&nbsp; (36237)<br>| &nbsp;&nbsp; 4518 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6144 | &nbsp;&nbsp; (1626)<br>|
| International Growth Fund | 71928 | &nbsp;&nbsp; — | &nbsp;&nbsp; 185743 | &nbsp;&nbsp; (113815)<br>| &nbsp;&nbsp; 2564 | &nbsp;&nbsp; — | &nbsp;&nbsp; 6647 | &nbsp;&nbsp; (4083)<br>|
| International Small Cap Growth <br> Fund<br>| 1679 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8696 | &nbsp;&nbsp; (7017)<br>| &nbsp;&nbsp; 132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 686 | &nbsp;&nbsp; (554)<br>|
| Emerging Markets Leaders Fund | 1222 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2667 | &nbsp;&nbsp; (1445)<br>| &nbsp;&nbsp; 132 | &nbsp;&nbsp; — | &nbsp;&nbsp; 286 | &nbsp;&nbsp; (154)<br>|
| Emerging Markets Growth Fund | 45034 | &nbsp;&nbsp; — | &nbsp;&nbsp; 59395 | &nbsp;&nbsp; (14361)<br>| &nbsp;&nbsp; 3588 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4644 | &nbsp;&nbsp; (1056)<br>|
| Emerging Markets ex China <br> Growth Fund<br>| 247 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1467 | &nbsp;&nbsp; (1220)<br>| &nbsp;&nbsp; 19 | &nbsp;&nbsp; — | &nbsp;&nbsp; 117 | &nbsp;&nbsp; (98)<br>|
| Emerging Markets Small Cap <br> Growth Fund<br>| 15575 | &nbsp;&nbsp; — | &nbsp;&nbsp; 36298 | &nbsp;&nbsp; (20723)<br>| &nbsp;&nbsp; 784 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1861 | &nbsp;&nbsp; (1077)<br>|
| China Growth Fund | 6 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 |
| Emerging Markets Debt Fund | 19280 | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 3058 | &nbsp;&nbsp; 16700 | &nbsp;&nbsp; 2377 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 378 | &nbsp;&nbsp; 2057 |

---

*June 30, 2025*

**92**

*Semi-Annual*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **Dollars** | **Dollars** | **Dollars** | **Dollars** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Fund** | **Sales** | **Reinvest** | **Redemptions** | **Total** | **Sales** | **Reinvest** | **Redemptions** | **Total** |
| Growth Fund | $2096 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $7375 | &nbsp;&nbsp; $(5279)<br>| &nbsp;&nbsp; 168 | &nbsp;&nbsp; — | &nbsp;&nbsp; 608 | &nbsp;&nbsp; $(440)<br>|
| Large Cap Growth Fund | 56994 | &nbsp;&nbsp; — | &nbsp;&nbsp; 58379 | &nbsp;&nbsp; (1385)<br>| &nbsp;&nbsp; 2042 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2065 | &nbsp;&nbsp; (23)<br>|
| Mid Cap Value Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 76 | &nbsp;&nbsp; (76)<br>| &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; 7 | &nbsp;&nbsp; (6)<br>|
| Small-Mid Cap Core Fund | 11524 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13162 | &nbsp;&nbsp; (1638)<br>| &nbsp;&nbsp; 721 | &nbsp;&nbsp; — | &nbsp;&nbsp; 851 | &nbsp;&nbsp; (130)<br>|
| Small-Mid Cap Growth Fund | 51335 | &nbsp;&nbsp; — | &nbsp;&nbsp; 160174 | &nbsp;&nbsp; (108839)<br>| &nbsp;&nbsp; 2056 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5809 | &nbsp;&nbsp; (3753)<br>|
| Small-Mid Cap Value Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small Cap Growth Fund | 23498 | &nbsp;&nbsp; — | &nbsp;&nbsp; 27660 | &nbsp;&nbsp; (4162)<br>| &nbsp;&nbsp; 708 | &nbsp;&nbsp; — | &nbsp;&nbsp; 850 | &nbsp;&nbsp; (142)<br>|
| Small Cap Value Fund | 18620 | &nbsp;&nbsp; — | &nbsp;&nbsp; 55709 | &nbsp;&nbsp; (37089)<br>| &nbsp;&nbsp; 673 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1978 | &nbsp;&nbsp; (1305)<br>|
| Global Leaders Fund | 1646 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2315 | &nbsp;&nbsp; (669)<br>| &nbsp;&nbsp; 144 | &nbsp;&nbsp; — | &nbsp;&nbsp; 216 | &nbsp;&nbsp; (72)<br>|
| International Leaders Fund | 6380 | &nbsp;&nbsp; — | &nbsp;&nbsp; 182572 | &nbsp;&nbsp; (176192)<br>| &nbsp;&nbsp; 313 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8607 | &nbsp;&nbsp; (8294)<br>|
| International Growth Fund | 4473 | &nbsp;&nbsp; — | &nbsp;&nbsp; 28879 | &nbsp;&nbsp; (24406)<br>| &nbsp;&nbsp; 158 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1088 | &nbsp;&nbsp; (930)<br>|
| International Small Cap Growth <br> Fund<br>| 2224 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1789 | &nbsp;&nbsp; 435 | &nbsp;&nbsp; 162 | &nbsp;&nbsp; — | &nbsp;&nbsp; 139 | &nbsp;&nbsp; 23 |
| Emerging Markets Leaders Fund | 3236 | &nbsp;&nbsp; — | &nbsp;&nbsp; 24907 | &nbsp;&nbsp; (21671)<br>| &nbsp;&nbsp; 347 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2527 | &nbsp;&nbsp; (2180)<br>|
| Emerging Markets Growth Fund | 64804 | &nbsp;&nbsp; — | &nbsp;&nbsp; 120480 | &nbsp;&nbsp; (55676)<br>| &nbsp;&nbsp; 5107 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8978 | &nbsp;&nbsp; (3871)<br>|
| Emerging Markets ex China Growth <br> Fund<br>| 1949 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1871 | &nbsp;&nbsp; 78 | &nbsp;&nbsp; 157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 6 |
| Emerging Markets Small Cap <br> Growth Fund<br>| 12801 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29996 | &nbsp;&nbsp; (17195)<br>| &nbsp;&nbsp; 620 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1545 | &nbsp;&nbsp; (925)<br>|
| China Growth Fund | 24 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 4 |
| Emerging Markets Debt Fund | 5254 | &nbsp;&nbsp; 965 | &nbsp;&nbsp; 31410 | &nbsp;&nbsp; (25191)<br>| &nbsp;&nbsp; 648 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 3880 | &nbsp;&nbsp; (3114)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Dollars** | **Dollars** | **Dollars** | **Dollars** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Fund** | **Sales** | **Reinvest** | **Redemptions** | **Total** | **Sales** | **Reinvest** | **Redemptions** | **Total** |
| Institutional International Growth <br> Fund<br>| $47543 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $85216 | &nbsp;&nbsp; $(37673)<br>| &nbsp;&nbsp; $3333 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $5817 | &nbsp;&nbsp; $(2484)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** |
|  | **Dollars** | **Dollars** | **Dollars** | **Dollars** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Fund** | **Sales** | **Reinvest** | **Redemptions** | **Total** | **Sales** | **Reinvest** | **Redemptions** | **Total** |
| Growth Fund | $3869 | &nbsp;&nbsp; $— | &nbsp;&nbsp; $24193 | &nbsp;&nbsp; $(20324)<br>| &nbsp;&nbsp; 327 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2110 | &nbsp;&nbsp; $(1783)<br>|
| Large Cap Growth Fund | 237090 | &nbsp;&nbsp; — | &nbsp;&nbsp; 393016 | &nbsp;&nbsp; (155926)<br>| &nbsp;&nbsp; 8497 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14123 | &nbsp;&nbsp; (5626)<br>|
| Mid Cap Value Fund |  | &nbsp;&nbsp; — | &nbsp;&nbsp; 107 | &nbsp;&nbsp; (107)<br>| &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10 | &nbsp;&nbsp; (8)<br>|
| Small-Mid Cap Core Fund | 24659 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16973 | &nbsp;&nbsp; 7686 | &nbsp;&nbsp; 1567 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1083 | &nbsp;&nbsp; 484 |
| Small-Mid Cap Growth Fund | 100939 | &nbsp;&nbsp; — | &nbsp;&nbsp; 430558 | &nbsp;&nbsp; (329619)<br>| &nbsp;&nbsp; 4021 | &nbsp;&nbsp; — | &nbsp;&nbsp; 16388 | &nbsp;&nbsp; (12367)<br>|
| Small-Mid Cap Value Fund | 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small Cap Growth Fund | 146258 | &nbsp;&nbsp; — | &nbsp;&nbsp; 114818 | &nbsp;&nbsp; 31440 | &nbsp;&nbsp; 4457 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3623 | &nbsp;&nbsp; 834 |
| Small Cap Value Fund | 67256 | &nbsp;&nbsp; — | &nbsp;&nbsp; 238610 | &nbsp;&nbsp; (171354)<br>| &nbsp;&nbsp; 2447 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8701 | &nbsp;&nbsp; (6254)<br>|
| Global Leaders Fund | 2515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10658 | &nbsp;&nbsp; (8143)<br>| &nbsp;&nbsp; 222 | &nbsp;&nbsp; — | &nbsp;&nbsp; 982 | &nbsp;&nbsp; (760)<br>|
| International Leaders Fund | 100157 | &nbsp;&nbsp; — | &nbsp;&nbsp; 314574 | &nbsp;&nbsp; (214417)<br>| &nbsp;&nbsp; 4960 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14976 | &nbsp;&nbsp; (10016)<br>|
| International Growth Fund | 80654 | &nbsp;&nbsp; — | &nbsp;&nbsp; 246000 | &nbsp;&nbsp; (165346)<br>| &nbsp;&nbsp; 2875 | &nbsp;&nbsp; — | &nbsp;&nbsp; 8874 | &nbsp;&nbsp; (5999)<br>|
| Institutional International Growth <br> Fund<br>| 47543 | &nbsp;&nbsp; — | &nbsp;&nbsp; 85216 | &nbsp;&nbsp; (37673)<br>| &nbsp;&nbsp; 3333 | &nbsp;&nbsp; — | &nbsp;&nbsp; 5817 | &nbsp;&nbsp; (2484)<br>|
| International Small Cap Growth <br> Fund<br>| 3957 | &nbsp;&nbsp; — | &nbsp;&nbsp; 10676 | &nbsp;&nbsp; (6719)<br>| &nbsp;&nbsp; 299 | &nbsp;&nbsp; — | &nbsp;&nbsp; 841 | &nbsp;&nbsp; (542)<br>|
| Emerging Markets Leaders Fund | 6576 | &nbsp;&nbsp; — | &nbsp;&nbsp; 29867 | &nbsp;&nbsp; (23291)<br>| &nbsp;&nbsp; 702 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3050 | &nbsp;&nbsp; (2348)<br>|
| Emerging Markets Growth Fund | 113229 | &nbsp;&nbsp; — | &nbsp;&nbsp; 184131 | &nbsp;&nbsp; (70902)<br>| &nbsp;&nbsp; 8972 | &nbsp;&nbsp; — | &nbsp;&nbsp; 13968 | &nbsp;&nbsp; (4996)<br>|
| Emerging Markets ex China <br> Growth Fund<br>| 2196 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3338 | &nbsp;&nbsp; (1142)<br>| &nbsp;&nbsp; 176 | &nbsp;&nbsp; — | &nbsp;&nbsp; 268 | &nbsp;&nbsp; (92)<br>|
| Emerging Markets Small Cap <br> Growth Fund<br>| 29152 | &nbsp;&nbsp; — | &nbsp;&nbsp; 67523 | &nbsp;&nbsp; (38371)<br>| &nbsp;&nbsp; 1441 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3466 | &nbsp;&nbsp; (2025)<br>|
| China Growth Fund | 30 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; 5 |
| Emerging Markets Debt Fund | 24534 | &nbsp;&nbsp; 1443 | &nbsp;&nbsp; 34468 | &nbsp;&nbsp; (8491)<br>| &nbsp;&nbsp; 3025 | &nbsp;&nbsp; 176 | &nbsp;&nbsp; 4258 | &nbsp;&nbsp; (1057)<br>|

---

*June 30, 2025*

**93**

*William Blair Funds*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

The following tables summarize the activity in capital shares of each Fund for the year ended December 31, 2024 (in thousands):

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **Dollars** | **Dollars** | **Dollars** | **Dollars** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Fund** | **Sales** | **Reinvest** | **Redemptions** | **Total** | **Sales** | **Reinvest** | **Redemptions** | **Total** |
| Growth Fund | $1692 | &nbsp;&nbsp; $7988 | &nbsp;&nbsp; $7179 | &nbsp;&nbsp; $2501 | &nbsp;&nbsp; 158 | &nbsp;&nbsp; 906 | &nbsp;&nbsp; 675 | &nbsp;&nbsp; $389 |
| Large Cap Growth Fund | 22102 | &nbsp;&nbsp; 10393 | &nbsp;&nbsp; 42859 | &nbsp;&nbsp; (10364)<br>| &nbsp;&nbsp; 838 | &nbsp;&nbsp; 380 | &nbsp;&nbsp; 1632 | &nbsp;&nbsp; (414)<br>|
| Small-Mid Cap Growth Fund | 6291 | &nbsp;&nbsp; 11193 | &nbsp;&nbsp; 35096 | &nbsp;&nbsp; (17612)<br>| &nbsp;&nbsp; 231 | &nbsp;&nbsp; 446 | &nbsp;&nbsp; 1316 | &nbsp;&nbsp; (639)<br>|
| Small Cap Growth Fund | 13407 | &nbsp;&nbsp; 14930 | &nbsp;&nbsp; 20606 | &nbsp;&nbsp; 7731 | &nbsp;&nbsp; 461 | &nbsp;&nbsp; 522 | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 276 |
| Small Cap Value Fund | 224 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 639 | &nbsp;&nbsp; (339)<br>| &nbsp;&nbsp; 7 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; (11)<br>|
| Global Leaders Fund | 997 | &nbsp;&nbsp; 1045 | &nbsp;&nbsp; 6069 | &nbsp;&nbsp; (4027)<br>| &nbsp;&nbsp; 61 | &nbsp;&nbsp; 98 | &nbsp;&nbsp; 368 | &nbsp;&nbsp; (209)<br>|
| International Leaders Fund | 3525 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 10894 | &nbsp;&nbsp; (7294)<br>| &nbsp;&nbsp; 175 | &nbsp;&nbsp; 4 | &nbsp;&nbsp; 540 | &nbsp;&nbsp; (361)<br>|
| International Growth Fund | 5456 | &nbsp;&nbsp; 18262 | &nbsp;&nbsp; 49293 | &nbsp;&nbsp; (25575)<br>| &nbsp;&nbsp; 188 | &nbsp;&nbsp; 692 | &nbsp;&nbsp; 1738 | &nbsp;&nbsp; (858)<br>|
| International Small Cap Growth Fund | 11 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 240 | &nbsp;&nbsp; (210)<br>| &nbsp;&nbsp; — | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 20 | &nbsp;&nbsp; (18)<br>|
| Emerging Markets Leaders Fund | 8438 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 8620 | &nbsp;&nbsp; (181)<br>| &nbsp;&nbsp; 935 | &nbsp;&nbsp; — | &nbsp;&nbsp; 955 | &nbsp;&nbsp; (20)<br>|
| Emerging Markets Growth Fund | 13082 | &nbsp;&nbsp; — | &nbsp;&nbsp; 12981 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 1075 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1068 | &nbsp;&nbsp; 7 |
| Emerging Markets Small Cap Growth <br> Fund<br>| 2752 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2926 | &nbsp;&nbsp; (174)<br>| &nbsp;&nbsp; 134 | &nbsp;&nbsp; — | &nbsp;&nbsp; 141 | &nbsp;&nbsp; (7)<br>|

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **Dollars** | **Dollars** | **Dollars** | **Dollars** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Fund** | **Sales** | **Reinvest** | **Redemptions** | **Total** | **Sales** | **Reinvest** | **Redemptions** | **Total** |
| Growth Fund | $6473 | &nbsp;&nbsp; $32153 | &nbsp;&nbsp; $29029 | &nbsp;&nbsp; $9597 | &nbsp;&nbsp; 451 | &nbsp;&nbsp; 2548 | &nbsp;&nbsp; 2030 | &nbsp;&nbsp; $969 |
| Large Cap Growth Fund | 1016607 | &nbsp;&nbsp; 110088 | &nbsp;&nbsp; 460951 | &nbsp;&nbsp; 665744 | &nbsp;&nbsp; 36237 | &nbsp;&nbsp; 3724 | &nbsp;&nbsp; 15997 | &nbsp;&nbsp; 23964 |
| Mid Cap Value Fund | 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Small-Mid Cap Core Fund | 29987 | &nbsp;&nbsp; 1252 | &nbsp;&nbsp; 94439 | &nbsp;&nbsp; (63200)<br>| &nbsp;&nbsp; 1900 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 5677 | &nbsp;&nbsp; (3702)<br>|
| Small-Mid Cap Growth Fund | 163796 | &nbsp;&nbsp; 133580 | &nbsp;&nbsp; 499996 | &nbsp;&nbsp; (202620)<br>| &nbsp;&nbsp; 5494 | &nbsp;&nbsp; 4802 | &nbsp;&nbsp; 16869 | &nbsp;&nbsp; (6573)<br>|
| Small-Mid Cap Value Fund | 1281 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 1239 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; — | &nbsp;&nbsp; 114 | &nbsp;&nbsp; 3 |
| Small Cap Growth Fund | 118867 | &nbsp;&nbsp; 48140 | &nbsp;&nbsp; 133559 | &nbsp;&nbsp; 33448 | &nbsp;&nbsp; 3368 | &nbsp;&nbsp; 1380 | &nbsp;&nbsp; 3840 | &nbsp;&nbsp; 908 |
| Small Cap Value Fund | 120285 | &nbsp;&nbsp; 26992 | &nbsp;&nbsp; 219859 | &nbsp;&nbsp; (72582)<br>| &nbsp;&nbsp; 4026 | &nbsp;&nbsp; 918 | &nbsp;&nbsp; 7241 | &nbsp;&nbsp; (2297)<br>|
| Global Leaders Fund | 1465 | &nbsp;&nbsp; 16680 | &nbsp;&nbsp; 39204 | &nbsp;&nbsp; (21059)<br>| &nbsp;&nbsp; 101 | &nbsp;&nbsp; 1542 | &nbsp;&nbsp; 2474 | &nbsp;&nbsp; (831)<br>|
| International Leaders Fund | 275559 | &nbsp;&nbsp; 3114 | &nbsp;&nbsp; 127247 | &nbsp;&nbsp; 151426 | &nbsp;&nbsp; 13568 | &nbsp;&nbsp; 161 | &nbsp;&nbsp; 6263 | &nbsp;&nbsp; 7466 |
| International Growth Fund | 137229 | &nbsp;&nbsp; 66274 | &nbsp;&nbsp; 165255 | &nbsp;&nbsp; 38248 | &nbsp;&nbsp; 4642 | &nbsp;&nbsp; 2422 | &nbsp;&nbsp; 5631 | &nbsp;&nbsp; 1433 |
| International Small Cap Growth <br> Fund<br>| 8766 | &nbsp;&nbsp; 1285 | &nbsp;&nbsp; 38332 | &nbsp;&nbsp; (28281)<br>| &nbsp;&nbsp; 719 | &nbsp;&nbsp; 105 | &nbsp;&nbsp; 3075 | &nbsp;&nbsp; (2251)<br>|
| Emerging Markets Leaders <br> Fund<br>| 1830 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 5735 | &nbsp;&nbsp; (3878)<br>| &nbsp;&nbsp; 206 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 632 | &nbsp;&nbsp; (423)<br>|
| Emerging Markets Growth <br> Fund<br>| 120053 | &nbsp;&nbsp; 237 | &nbsp;&nbsp; 58591 | &nbsp;&nbsp; 61699 | &nbsp;&nbsp; 9502 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 4771 | &nbsp;&nbsp; 4749 |
| Emerging Markets ex China <br> Growth Fund<br>| 6436 | &nbsp;&nbsp; — | &nbsp;&nbsp; 243 | &nbsp;&nbsp; 6193 | &nbsp;&nbsp; 491 | &nbsp;&nbsp; — | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 472 |
| Emerging Markets Small Cap <br> Growth Fund<br>| 48503 | &nbsp;&nbsp; — | &nbsp;&nbsp; 41980 | &nbsp;&nbsp; 6523 | &nbsp;&nbsp; 2336 | &nbsp;&nbsp; — | &nbsp;&nbsp; 1989 | &nbsp;&nbsp; 347 |
| China Growth Fund | 191 | &nbsp;&nbsp; 1 | &nbsp;&nbsp; 289 | &nbsp;&nbsp; (97)<br>| &nbsp;&nbsp; 36 | &nbsp;&nbsp; — | &nbsp;&nbsp; 56 | &nbsp;&nbsp; (20)<br>|
| Emerging Markets Debt Fund | 19094 | &nbsp;&nbsp; 342 | &nbsp;&nbsp; 8748 | &nbsp;&nbsp; 10688 | &nbsp;&nbsp; 2362 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 1100 | &nbsp;&nbsp; 1304 |

---

*June 30, 2025*

**94**

*Semi-Annual*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **Dollars** | **Dollars** | **Dollars** | **Dollars** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Fund** | **Sales** | **Reinvest** | **Redemptions** | **Total** | **Sales** | **Reinvest** | **Redemptions** | **Total** |
| Growth Fund | $4611 | &nbsp;&nbsp; $8980 | &nbsp;&nbsp; $14090 | &nbsp;&nbsp; $(499)<br>| &nbsp;&nbsp; 324 | &nbsp;&nbsp; 707 | &nbsp;&nbsp; 959 | &nbsp;&nbsp; $72 |
| Large Cap Growth Fund | 286507 | &nbsp;&nbsp; 23981 | &nbsp;&nbsp; 146085 | &nbsp;&nbsp; 164403 | &nbsp;&nbsp; 9906 | &nbsp;&nbsp; 812 | &nbsp;&nbsp; 5006 | &nbsp;&nbsp; 5712 |
| Mid Cap Value Fund | 131 | &nbsp;&nbsp; 21 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; 150 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14 |
| Small-Mid Cap Core Fund | 10741 | &nbsp;&nbsp; 1036 | &nbsp;&nbsp; 40363 | &nbsp;&nbsp; (28586)<br>| &nbsp;&nbsp; 671 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 2489 | &nbsp;&nbsp; (1756)<br>|
| Small-Mid Cap Growth Fund | 193373 | &nbsp;&nbsp; 61344 | &nbsp;&nbsp; 135020 | &nbsp;&nbsp; 119697 | &nbsp;&nbsp; 6373 | &nbsp;&nbsp; 2196 | &nbsp;&nbsp; 4574 | &nbsp;&nbsp; 3995 |
| Small-Mid Cap Value Fund | 1749 | &nbsp;&nbsp; 60 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 1692 | &nbsp;&nbsp; 159 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 11 | &nbsp;&nbsp; 154 |
| Small Cap Growth Fund | 96213 | &nbsp;&nbsp; 23412 | &nbsp;&nbsp; 50540 | &nbsp;&nbsp; 69085 | &nbsp;&nbsp; 2711 | &nbsp;&nbsp; 668 | &nbsp;&nbsp; 1408 | &nbsp;&nbsp; 1971 |
| Small Cap Value Fund | 177269 | &nbsp;&nbsp; 16919 | &nbsp;&nbsp; 66572 | &nbsp;&nbsp; 127616 | &nbsp;&nbsp; 5594 | &nbsp;&nbsp; 576 | &nbsp;&nbsp; 2201 | &nbsp;&nbsp; 3969 |
| Global Leaders Fund | 267 | &nbsp;&nbsp; 4655 | &nbsp;&nbsp; 11047 | &nbsp;&nbsp; (6125)<br>| &nbsp;&nbsp; 16 | &nbsp;&nbsp; 430 | &nbsp;&nbsp; 905 | &nbsp;&nbsp; (459)<br>|
| International Leaders Fund | 38575 | &nbsp;&nbsp; 3225 | &nbsp;&nbsp; 92783 | &nbsp;&nbsp; (50983)<br>| &nbsp;&nbsp; 1898 | &nbsp;&nbsp; 166 | &nbsp;&nbsp; 4609 | &nbsp;&nbsp; (2545)<br>|
| International Growth Fund | 6191 | &nbsp;&nbsp; 7954 | &nbsp;&nbsp; 32167 | &nbsp;&nbsp; (18022)<br>| &nbsp;&nbsp; 212 | &nbsp;&nbsp; 291 | &nbsp;&nbsp; 1086 | &nbsp;&nbsp; (583)<br>|
| International Small Cap Growth <br> Fund<br>| 7967 | &nbsp;&nbsp; 1253 | &nbsp;&nbsp; 60016 | &nbsp;&nbsp; (50796)<br>| &nbsp;&nbsp; 645 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; 4781 | &nbsp;&nbsp; (4034)<br>|
| Emerging Markets Leaders Fund | 7383 | &nbsp;&nbsp; 476 | &nbsp;&nbsp; 106204 | &nbsp;&nbsp; (98345)<br>| &nbsp;&nbsp; 824 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 11596 | &nbsp;&nbsp; (10721)<br>|
| Emerging Markets Growth Fund | 121666 | &nbsp;&nbsp; 772 | &nbsp;&nbsp; 204453 | &nbsp;&nbsp; (82015)<br>| &nbsp;&nbsp; 9390 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 16419 | &nbsp;&nbsp; (6970)<br>|
| Emerging Markets ex China <br> Growth Fund<br>| 7969 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3457 | &nbsp;&nbsp; 4512 | &nbsp;&nbsp; 601 | &nbsp;&nbsp; — | &nbsp;&nbsp; 279 | &nbsp;&nbsp; 322 |
| Emerging Markets Small Cap <br> Growth Fund<br>| 21993 | &nbsp;&nbsp; — | &nbsp;&nbsp; 52327 | &nbsp;&nbsp; (30334)<br>| &nbsp;&nbsp; 1045 | &nbsp;&nbsp; — | &nbsp;&nbsp; 2505 | &nbsp;&nbsp; (1460)<br>|
| China Growth Fund | 39 | &nbsp;&nbsp; 24 | &nbsp;&nbsp; 239 | &nbsp;&nbsp; (176)<br>| &nbsp;&nbsp; 8 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 46 | &nbsp;&nbsp; (33)<br>|
| Emerging Markets Debt Fund | 544 | &nbsp;&nbsp; 3497 | &nbsp;&nbsp; 3064 | &nbsp;&nbsp; 977 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 436 | &nbsp;&nbsp; 381 | &nbsp;&nbsp; 124 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** | **Institutional Class** |
|  | **Dollars** | **Dollars** | **Dollars** | **Dollars** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Fund** | **Sales** | **Reinvest** | **Redemptions** | **Total** | **Sales** | **Reinvest** | **Redemptions** | **Total** |
| Institutional International Growth Fund | $66691 | &nbsp;&nbsp; $61982 | &nbsp;&nbsp; $121855 | &nbsp;&nbsp; $6818 | &nbsp;&nbsp; $4505 | &nbsp;&nbsp; $4511 | &nbsp;&nbsp; $8176 | &nbsp;&nbsp; $840 |

---

---

| | | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** | **Net Change in Net Assets Relating to Fund Share Activity** |
|  | **Dollars** | **Dollars** | **Dollars** | **Dollars** | **Shares** | **Shares** | **Shares** | **Shares** |
| **Fund** | **Sales** | **Reinvest** | **Redemptions** | **Total** | **Sales** | **Reinvest** | **Redemptions** | **Total** |
| Growth Fund | $12776 | &nbsp;&nbsp; $49121 | &nbsp;&nbsp; $50298 | &nbsp;&nbsp; $11599 | &nbsp;&nbsp; 933 | &nbsp;&nbsp; 4161 | &nbsp;&nbsp; 3664 | &nbsp;&nbsp; $1430 |
| Large Cap Growth Fund | 1325216 | &nbsp;&nbsp; 144462 | &nbsp;&nbsp; 649895 | &nbsp;&nbsp; 819783 | &nbsp;&nbsp; 46981 | &nbsp;&nbsp; 4916 | &nbsp;&nbsp; 22635 | &nbsp;&nbsp; 29262 |
| Mid Cap Value Fund | 132 | &nbsp;&nbsp; 22 | &nbsp;&nbsp; 3 | &nbsp;&nbsp; 151 | &nbsp;&nbsp; 12 | &nbsp;&nbsp; 2 | &nbsp;&nbsp; — | &nbsp;&nbsp; 14 |
| Small-Mid Cap Core Fund | 40728 | &nbsp;&nbsp; 2288 | &nbsp;&nbsp; 134802 | &nbsp;&nbsp; (91786)<br>| &nbsp;&nbsp; 2571 | &nbsp;&nbsp; 137 | &nbsp;&nbsp; 8166 | &nbsp;&nbsp; (5458)<br>|
| Small-Mid Cap Growth Fund | 363460 | &nbsp;&nbsp; 206117 | &nbsp;&nbsp; 670112 | &nbsp;&nbsp; (100535)<br>| &nbsp;&nbsp; 12098 | &nbsp;&nbsp; 7444 | &nbsp;&nbsp; 22759 | &nbsp;&nbsp; (3217)<br>|
| Small-Mid Cap Value Fund | 3030 | &nbsp;&nbsp; 62 | &nbsp;&nbsp; 1356 | &nbsp;&nbsp; 1736 | &nbsp;&nbsp; 276 | &nbsp;&nbsp; 6 | &nbsp;&nbsp; 125 | &nbsp;&nbsp; 157 |
| Small Cap Growth Fund | 228487 | &nbsp;&nbsp; 86482 | &nbsp;&nbsp; 204705 | &nbsp;&nbsp; 110264 | &nbsp;&nbsp; 6540 | &nbsp;&nbsp; 2570 | &nbsp;&nbsp; 5955 | &nbsp;&nbsp; 3155 |
| Small Cap Value Fund | 297778 | &nbsp;&nbsp; 43987 | &nbsp;&nbsp; 287070 | &nbsp;&nbsp; 54695 | &nbsp;&nbsp; 9627 | &nbsp;&nbsp; 1497 | &nbsp;&nbsp; 9463 | &nbsp;&nbsp; 1661 |
| Global Leaders Fund | 2729 | &nbsp;&nbsp; 22380 | &nbsp;&nbsp; 56320 | &nbsp;&nbsp; (31211)<br>| &nbsp;&nbsp; 178 | &nbsp;&nbsp; 2070 | &nbsp;&nbsp; 3747 | &nbsp;&nbsp; (1499)<br>|
| International Leaders Fund | 317659 | &nbsp;&nbsp; 6414 | &nbsp;&nbsp; 230924 | &nbsp;&nbsp; 93149 | &nbsp;&nbsp; 15641 | &nbsp;&nbsp; 331 | &nbsp;&nbsp; 11412 | &nbsp;&nbsp; 4560 |
| International Growth Fund | 148876 | &nbsp;&nbsp; 92490 | &nbsp;&nbsp; 246715 | &nbsp;&nbsp; (5349)<br>| &nbsp;&nbsp; 5042 | &nbsp;&nbsp; 3405 | &nbsp;&nbsp; 8455 | &nbsp;&nbsp; (8)<br>|
| Institutional International <br> Growth Fund<br>| 66691 | &nbsp;&nbsp; 61982 | &nbsp;&nbsp; 121855 | &nbsp;&nbsp; 6818 | &nbsp;&nbsp; 4505 | &nbsp;&nbsp; 4511 | &nbsp;&nbsp; 8176 | &nbsp;&nbsp; 840 |
| International Small Cap <br> Growth Fund<br>| 16744 | &nbsp;&nbsp; 2557 | &nbsp;&nbsp; 98588 | &nbsp;&nbsp; (79287)<br>| &nbsp;&nbsp; 1364 | &nbsp;&nbsp; 209 | &nbsp;&nbsp; 7876 | &nbsp;&nbsp; (6303)<br>|
| Emerging Markets Leaders <br> Fund<br>| 17651 | &nbsp;&nbsp; 504 | &nbsp;&nbsp; 120559 | &nbsp;&nbsp; (102404)<br>| &nbsp;&nbsp; 1965 | &nbsp;&nbsp; 54 | &nbsp;&nbsp; 13183 | &nbsp;&nbsp; (11164)<br>|
| Emerging Markets Growth <br> Fund<br>| 254801 | &nbsp;&nbsp; 1009 | &nbsp;&nbsp; 276025 | &nbsp;&nbsp; (20215)<br>| &nbsp;&nbsp; 19967 | &nbsp;&nbsp; 77 | &nbsp;&nbsp; 22258 | &nbsp;&nbsp; (2214)<br>|
| Emerging Markets ex China <br> Growth Fund<br>| 14405 | &nbsp;&nbsp; — | &nbsp;&nbsp; 3700 | &nbsp;&nbsp; 10705 | &nbsp;&nbsp; 1092 | &nbsp;&nbsp; — | &nbsp;&nbsp; 298 | &nbsp;&nbsp; 794 |
| Emerging Markets Small Cap <br> Growth Fund<br>| 73248 | &nbsp;&nbsp; — | &nbsp;&nbsp; 97233 | &nbsp;&nbsp; (23985)<br>| &nbsp;&nbsp; 3515 | &nbsp;&nbsp; — | &nbsp;&nbsp; 4635 | &nbsp;&nbsp; (1120)<br>|
| China Growth Fund | 230 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 528 | &nbsp;&nbsp; (273)<br>| &nbsp;&nbsp; 44 | &nbsp;&nbsp; 5 | &nbsp;&nbsp; 102 | &nbsp;&nbsp; (53)<br>|
| Emerging Markets Debt Fund | 19638 | &nbsp;&nbsp; 3839 | &nbsp;&nbsp; 11812 | &nbsp;&nbsp; 11665 | &nbsp;&nbsp; 2431 | &nbsp;&nbsp; 478 | &nbsp;&nbsp; 1481 | &nbsp;&nbsp; 1428 |

---

*June 30, 2025*

**95**

*William Blair Funds*

------

**Notes to Financial Statements (Information as of June 30, 2025 is unaudited)**

&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(8)** **Subsequent Events**

The Funds have evaluated subsequent events through the date of issuance of the Funds' financial statements and have determined there is no impact to the Funds' financial statements.

*June 30, 2025*

**96**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $8.79 | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp; $7.95 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $11.15 | &nbsp;&nbsp; $9.45 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.03)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) on investments | 0.34 | 2.20 | 3.03 | &nbsp;&nbsp; (3.44)<br>| 2.49 | 3.43 |
| Total from investment operations | 0.31 | 2.13 | 2.99 | &nbsp;&nbsp; (3.49)<br>| 2.41 | 3.38 |
| Less distributions from: |  |  |  |  |  |  |
| Net realized gain |  | 3.04 | 1.24 | 0.37 | 1.75 | 1.68 |
| Total distributions |  | 3.04 | 1.24 | 0.37 | 1.75 | 1.68 |
| Net asset value, end of period | $9.10 | &nbsp;&nbsp; $8.79 | &nbsp;&nbsp; $9.70 | &nbsp;&nbsp; $7.95 | &nbsp;&nbsp; $11.81 | &nbsp;&nbsp; $11.15 |
| Total return (%)\* | 3.53 | 21.81 | 37.76 | &nbsp;&nbsp; (29.65)<br>| 22.09 | 35.97 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.26 | 1.23 | 1.26 | 1.24 | 1.21 | 1.26 |
| Expenses, net of waivers and reimbursements | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 | 1.20 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| (0.79)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.55)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| (0.73)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.66)<br>| &nbsp;&nbsp; (0.49)<br>|
| Class N net assets at the end of the period (in thousands) | $29850 | &nbsp;&nbsp; $31317 | &nbsp;&nbsp; $30789 | &nbsp;&nbsp; $23829 | &nbsp;&nbsp; $36807 | &nbsp;&nbsp; $35494 |
| Portfolio turnover rate (%)\* | 45 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 46 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $12.58 | &nbsp;&nbsp; $12.77 | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $13.64 | &nbsp;&nbsp; $11.25 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.03)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net realized and unrealized gain (loss) on investments | 0.50 | 2.90 | 3.88 | &nbsp;&nbsp; (4.35)<br>| 3.07 | 4.10 |
| Total from investment operations | 0.47 | 2.85 | 3.86 | &nbsp;&nbsp; (4.39)<br>| 3.02 | 4.07 |
| Less distributions from: |  |  |  |  |  |  |
| Net realized gain |  | 3.04 | 1.24 | 0.37 | 1.75 | 1.68 |
| Total distributions |  | 3.04 | 1.24 | 0.37 | 1.75 | 1.68 |
| Net asset value, end of period | $13.05 | &nbsp;&nbsp; $12.58 | &nbsp;&nbsp; $12.77 | &nbsp;&nbsp; $10.15 | &nbsp;&nbsp; $14.91 | &nbsp;&nbsp; $13.64 |
| Total return (%)\* | 3.74 | 22.21 | 38.15 | &nbsp;&nbsp; (29.52)<br>| 22.54 | 36.35 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses | 0.92 | 0.89 | 0.91 | 0.92 | 0.89 | 0.93 |
| Net investment income (loss) | (0.45)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.35)<br>| &nbsp;&nbsp; (0.23)<br>|
| Class I net assets at the end of the period (in thousands) | $166513 | &nbsp;&nbsp; $173863 | &nbsp;&nbsp; $164166 | &nbsp;&nbsp; $136051 | &nbsp;&nbsp; $293900 | &nbsp;&nbsp; $249716 |
| Portfolio turnover rate (%)\* | 45 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 46 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**97**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Growth Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $12.66 | &nbsp;&nbsp; $12.84 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $14.95 | &nbsp;&nbsp; $13.67 | &nbsp;&nbsp; $11.26 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.02)<br>| &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net realized and unrealized gain (loss) on investments | 0.49 | 2.91 | 3.90 | &nbsp;&nbsp; (4.37)<br>| 3.07 | 4.12 |
| Total from investment operations | 0.47 | 2.86 | 3.89 | &nbsp;&nbsp; (4.39)<br>| 3.03 | 4.09 |
| Less distributions from: |  |  |  |  |  |  |
| Net realized gain |  | 3.04 | 1.24 | 0.37 | 1.75 | 1.68 |
| Total distributions |  | 3.04 | 1.24 | 0.37 | 1.75 | 1.68 |
| Net asset value, end of period | $13.13 | &nbsp;&nbsp; $12.66 | &nbsp;&nbsp; $12.84 | &nbsp;&nbsp; $10.19 | &nbsp;&nbsp; $14.95 | &nbsp;&nbsp; $13.67 |
| Total return (%)\* | 3.71 | 22.26 | 38.19 | &nbsp;&nbsp; (29.44)<br>| 22.55 | 36.50 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses | 0.88 | 0.85 | 0.87 | 0.87 | 0.84 | 0.87 |
| Net investment income (loss) | (0.41)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.23)<br>|
| Class R6 net assets at the end of the period (in thousands) | $40639 | &nbsp;&nbsp; $44736 | &nbsp;&nbsp; $44437 | &nbsp;&nbsp; $29128 | &nbsp;&nbsp; $14993 | &nbsp;&nbsp; $12041 |
| Portfolio turnover rate (%)\* | 45 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 30 | &nbsp;&nbsp; 46 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**98**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Large Cap Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $27.15 | &nbsp;&nbsp; $22.95 | &nbsp;&nbsp; $16.38 | &nbsp;&nbsp; $24.49 | &nbsp;&nbsp; $20.03 | &nbsp;&nbsp; $15.27 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.05)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| &nbsp;&nbsp; (0.07)<br>| 0.01 |
| Net realized and unrealized gain (loss) on investments | 1.59 | 6.03 | 6.59 | &nbsp;&nbsp; (7.96)<br>| 5.65 | 5.52 |
| Total from investment operations | 1.54 | 5.93 | 6.57 | &nbsp;&nbsp; (7.99)<br>| 5.58 | 5.53 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.00 <br><sup>^</sup><br>|
| Net realized gain |  | 1.73 | &nbsp;&nbsp; — | 0.12 | 1.12 | 0.77 |
| Total distributions |  | 1.73 | &nbsp;&nbsp; — | 0.12 | 1.12 | 0.77 |
| Net asset value, end of period | $28.69 | &nbsp;&nbsp; $27.15 | &nbsp;&nbsp; $22.95 | &nbsp;&nbsp; $16.38 | &nbsp;&nbsp; $24.49 | &nbsp;&nbsp; $20.03 |
| Total return (%)\* | 5.67 | 25.79 | 40.11 | &nbsp;&nbsp; (32.61)<br>| 28.03 | 36.30 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.02 | 1.03 | 1.04 | 1.03 | 1.05 | 1.09 |
| Expenses, net of waivers and reimbursements | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| (0.53)<br>| &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.15)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| (0.41)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.31)<br>| 0.04 |
| Class N net assets at the end of the period (in thousands) | $164082 | &nbsp;&nbsp; $176066 | &nbsp;&nbsp; $158351 | &nbsp;&nbsp; $132225 | &nbsp;&nbsp; $203014 | &nbsp;&nbsp; $138152 |
| Portfolio turnover rate (%)\* | 20 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 35 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $29.33 | &nbsp;&nbsp; $24.64 | &nbsp;&nbsp; $17.54 | &nbsp;&nbsp; $26.18 | &nbsp;&nbsp; $21.29 | &nbsp;&nbsp; $16.19 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.02)<br>| &nbsp;&nbsp; (0.03)<br>| 0.03 | 0.03 | &nbsp;&nbsp; (0.02)<br>| 0.06 |
| Net realized and unrealized gain (loss) on investments | 1.73 | 6.47 | 7.07 | &nbsp;&nbsp; (8.53)<br>| 6.03 | 5.85 |
| Total from investment operations | 1.71 | 6.44 | 7.10 | &nbsp;&nbsp; (8.50)<br>| 6.01 | 5.91 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.02 | &nbsp;&nbsp; — | 0.02 | &nbsp;&nbsp; — | 0.04 |
| Net realized gain |  | 1.73 | &nbsp;&nbsp; — | 0.12 | 1.12 | 0.77 |
| Total distributions |  | 1.75 | &nbsp;&nbsp; — | 0.14 | 1.12 | 0.81 |
| Net asset value, end of period | $31.04 | &nbsp;&nbsp; $29.33 | &nbsp;&nbsp; $24.64 | &nbsp;&nbsp; $17.54 | &nbsp;&nbsp; $26.18 | &nbsp;&nbsp; $21.29 |
| Total return (%)\* | 5.83 | 26.08 | 40.48 | &nbsp;&nbsp; (32.46)<br>| 28.39 | 36.59 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 0.75 | 0.75 | 0.78 | 0.79 | 0.75 | 0.80 |
| Expenses, net of waivers and reimbursements | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| (0.26)<br>| &nbsp;&nbsp; (0.22)<br>| 0.02 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.17)<br>| 0.16 |
| Net investment income (loss), net of waivers and <br> reimbursements<br>| (0.16)<br>| &nbsp;&nbsp; (0.12)<br>| 0.15 | 0.13 | &nbsp;&nbsp; (0.07)<br>| 0.31 |
| Class I net assets at the end of the period (in thousands) | $1987792 | &nbsp;&nbsp; $2020494 | &nbsp;&nbsp; $1106857 | &nbsp;&nbsp; $702441 | &nbsp;&nbsp; $669060 | &nbsp;&nbsp; $397370 |
| Portfolio turnover rate (%)\* | 20 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 35 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**99**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Large Cap Growth Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $29.33 | &nbsp;&nbsp; $24.64 | &nbsp;&nbsp; $17.53 | &nbsp;&nbsp; $26.16 | &nbsp;&nbsp; $21.27 | &nbsp;&nbsp; $16.17 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| 0.04 | 0.04 | &nbsp;&nbsp; (0.00 )<sup>^</sup><br>| 0.01 |
| Net realized and unrealized gain (loss) on investments | 1.73 | 6.47 | 7.07 | &nbsp;&nbsp; (8.52)<br>| 6.01 | 5.91 |
| Total from investment operations | 1.71 | 6.45 | 7.11 | &nbsp;&nbsp; (8.48)<br>| 6.01 | 5.92 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.03 | &nbsp;&nbsp; — | 0.03 | 0.00 <br><sup>^</sup><br>| 0.05 |
| Net realized gain |  | 1.73 | &nbsp;&nbsp; — | 0.12 | 1.12 | 0.77 |
| Total distributions |  | 1.76 | &nbsp;&nbsp; — | 0.15 | 1.12 | 0.82 |
| Net asset value, end of period | $31.04 | &nbsp;&nbsp; $29.33 | &nbsp;&nbsp; $24.64 | &nbsp;&nbsp; $17.53 | &nbsp;&nbsp; $26.16 | &nbsp;&nbsp; $21.27 |
| Total return (%)\* | 5.83 | 26.14 | 40.56 | &nbsp;&nbsp; (32.41)<br>| 28.42 | 36.70 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 0.64 | 0.65 | 0.65 | 0.66 | 0.67 | 0.70 |
| Expenses, net of waivers and reimbursements | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 | 0.60 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| (0.15)<br>| &nbsp;&nbsp; (0.12)<br>| 0.14 | 0.13 | &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| (0.11)<br>| &nbsp;&nbsp; (0.07)<br>| 0.19 | 0.19 | &nbsp;&nbsp; (0.01)<br>| 0.07 |
| Class R6 net assets at the end of the period (in thousands) | $641336 | &nbsp;&nbsp; $606663 | &nbsp;&nbsp; $368894 | &nbsp;&nbsp; $238354 | &nbsp;&nbsp; $233946 | &nbsp;&nbsp; $177347 |
| Portfolio turnover rate (%)\* | 20 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 43 | &nbsp;&nbsp; 29 | &nbsp;&nbsp; 26 | &nbsp;&nbsp; 35 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**100**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Mid Cap Value Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Period Ended** <br>**December 31,**<br>|
|  | **2025** | **2024** | **2023** | **2022**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $11.21 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income (loss) | 0.05 | 0.14 | 0.14 | 0.12 |
| Net realized and unrealized gain (loss) on investments | 0.17 | 0.96 | 1.07 | &nbsp;&nbsp; (0.83)<br>|
| Total from investment operations | 0.22 | 1.10 | 1.21 | &nbsp;&nbsp; (0.71)<br>|
| Less distributions from: |  |  |  |  |
| Net investment income |  | 0.14 | 0.15 | 0.10 |
| Total distributions |  | 0.14 | 0.15 | 0.10 |
| Net asset value, end of period | $11.43 | &nbsp;&nbsp; $11.21 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $9.19 |
| Total return (%)\* | 1.96 | 10.71 | 13.21 | &nbsp;&nbsp; (7.13)<br>|
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |
| Expenses, before waivers and reimbursements | 8.83 | 8.77 | 9.08 | 8.52 |
| Expenses, net of waivers and reimbursements | 0.75 | 0.75 | 0.75 | 0.75 |
| Net investment income (loss), before waivers and reimbursements | (7.09)<br>| &nbsp;&nbsp; (6.75)<br>| &nbsp;&nbsp; (6.85)<br>| &nbsp;&nbsp; (6.14)<br>|
| Net investment income (loss), net of waivers and reimbursements | 0.99 | 1.27 | 1.48 | 1.63 |
| Class I net assets at the end of the period (in thousands) | $66 | &nbsp;&nbsp; $95 | &nbsp;&nbsp; $85 | &nbsp;&nbsp; $76 |
| Portfolio turnover rate (%)\* | 21 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 21 |

---

------

(a) For the period from March 16, 2022 (Commencement of Operations) to December 31, 2022. <br> \* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Period Ended** <br>**December 31,**<br>|
|  | **2025** | **2024** | **2023** | **2022**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $11.21 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $9.19 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income (loss) | 0.06 | 0.14 | 0.14 | 0.11 |
| Net realized and unrealized gain (loss) on investments | 0.16 | 0.96 | 1.08 | &nbsp;&nbsp; (0.82)<br>|
| Total from investment operations | 0.22 | 1.10 | 1.22 | &nbsp;&nbsp; (0.71)<br>|
| Less distributions from: |  |  |  |  |
| Net investment income |  | 0.14 | 0.16 | 0.10 |
| Total distributions |  | 0.14 | 0.16 | 0.10 |
| Net asset value, end of period | $11.43 | &nbsp;&nbsp; $11.21 | &nbsp;&nbsp; $10.25 | &nbsp;&nbsp; $9.19 |
| Total return (%)\* | 1.96 | 10.77 | 13.14 | &nbsp;&nbsp; (7.01)<br>|
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |
| Expenses, before waivers and reimbursements | 8.78 | 8.72 | 9.02 | 8.52 |
| Expenses, net of waivers and reimbursements | 0.70 | 0.70 | 0.70 | 0.70 |
| Net investment income (loss), before waivers and reimbursements | (6.97)<br>| &nbsp;&nbsp; (6.69)<br>| &nbsp;&nbsp; (6.82)<br>| &nbsp;&nbsp; (6.35)<br>|
| Net investment income (loss), net of waivers and reimbursements | 1.11 | 1.33 | 1.50 | 1.47 |
| Class R6 net assets at the end of the period (in thousands) | $1618 | &nbsp;&nbsp; $1662 | &nbsp;&nbsp; $1373 | &nbsp;&nbsp; $1431 |
| Portfolio turnover rate (%)\* | 21 | &nbsp;&nbsp; 39 | &nbsp;&nbsp; 32 | &nbsp;&nbsp; 21 |

---

------

(a) For the period from March 16, 2022 (Commencement of Operations) to December 31, 2022. <br> \* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**101**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Mid Cap Value Fund (continued)**

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**102**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Small-Mid Cap Core Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $16.91 | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $13.52 | &nbsp;&nbsp; $16.31 | &nbsp;&nbsp; $12.88 | &nbsp;&nbsp; $10.68 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.02 | 0.02 | 0.04 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.03)<br>| 0.00 <br><sup>^</sup><br>|
| Net realized and unrealized gain (loss) on investments | (0.55)<br>| 1.83 | 1.75 | &nbsp;&nbsp; (2.78)<br>| 3.46 | 2.20 |
| Total from investment operations | (0.53)<br>| 1.85 | 1.79 | &nbsp;&nbsp; (2.79)<br>| 3.43 | 2.20 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.02 | 0.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain |  | 0.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions |  | 0.23 | 0.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net asset value, end of period | $16.38 | &nbsp;&nbsp; $16.91 | &nbsp;&nbsp; $15.29 | &nbsp;&nbsp; $13.52 | &nbsp;&nbsp; $16.31 | &nbsp;&nbsp; $12.88 |
| Total return (%)\* | (3.08)<br>| 12.04 | 13.26 | &nbsp;&nbsp; (17.11)<br>| 26.63 | 20.60 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.28 | 1.15 | 1.16 | 1.21 | 1.25 | 1.22 |
| Expenses, net of waivers and reimbursements | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 | 0.95 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| (0.08)<br>| &nbsp;&nbsp; (0.06)<br>| 0.09 | &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.27)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 0.25 | 0.14 | 0.30 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.17)<br>| 0.00 |
| Class I net assets at the end of the period (in thousands) | $58684 | &nbsp;&nbsp; $50188 | &nbsp;&nbsp; $101972 | &nbsp;&nbsp; $87540 | &nbsp;&nbsp; $61433 | &nbsp;&nbsp; $22958 |
| Portfolio turnover rate (%)\* | 40 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 244 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $16.92 | &nbsp;&nbsp; $15.30 | &nbsp;&nbsp; $13.53 | &nbsp;&nbsp; $16.32 | &nbsp;&nbsp; $12.88 | &nbsp;&nbsp; $10.68 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.02 | 0.03 | 0.05 | 0.00 <br><sup>^</sup><br>| &nbsp;&nbsp; (0.02)<br>| 0.01 |
| Net realized and unrealized gain (loss) on investments | (0.54)<br>| 1.83 | 1.75 | &nbsp;&nbsp; (2.79)<br>| 3.46 | 2.19 |
| Total from investment operations | (0.52)<br>| 1.86 | 1.80 | &nbsp;&nbsp; (2.79)<br>| 3.44 | 2.20 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.03 | 0.03 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.00 <br><sup>^</sup><br>|
| Net realized gain |  | 0.21 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions |  | 0.24 | 0.03 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.00 <br><sup>^</sup><br>|
| Net asset value, end of period | $16.40 | &nbsp;&nbsp; $16.92 | &nbsp;&nbsp; $15.30 | &nbsp;&nbsp; $13.53 | &nbsp;&nbsp; $16.32 | &nbsp;&nbsp; $12.88 |
| Total return (%)\* | (3.07)<br>| 12.16 | 13.30 | &nbsp;&nbsp; (17.10)<br>| 26.71 | 20.60 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.07 | 1.01 | 1.01 | 1.05 | 1.16 | 1.07 |
| Expenses, net of waivers and reimbursements | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 0.11 | 0.07 | 0.24 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 0.28 | 0.18 | 0.35 | 0.01 | &nbsp;&nbsp; (0.11)<br>| 0.06 |
| Class R6 net assets at the end of the period (in thousands) | $70026 | &nbsp;&nbsp; $74463 | &nbsp;&nbsp; $94208 | &nbsp;&nbsp; $56681 | &nbsp;&nbsp; $31347 | &nbsp;&nbsp; $7087 |
| Portfolio turnover rate (%)\* | 40 | &nbsp;&nbsp; 59 | &nbsp;&nbsp; 41 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 244 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**103**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Small-Mid Cap Core Fund (continued)**

\*\* Annualized for periods less than a year.

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**104**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Small-Mid Cap Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $25.31 | &nbsp;&nbsp; $25.92 | &nbsp;&nbsp; $23.96 | &nbsp;&nbsp; $32.27 | &nbsp;&nbsp; $32.96 | &nbsp;&nbsp; $25.41 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.08)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.23)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net realized and unrealized gain (loss) on investments | (1.57)<br>| 3.07 | 4.35 | &nbsp;&nbsp; (7.22)<br>| 2.90 | 8.37 |
| Total from investment operations | (1.65)<br>| 2.88 | 4.19 | &nbsp;&nbsp; (7.45)<br>| 2.54 | 8.13 |
| Less distributions from: |  |  |  |  |  |  |
| Net realized gain |  | 3.49 | 2.23 | 0.86 | 3.23 | 0.58 |
| Total distributions |  | 3.49 | 2.23 | 0.86 | 3.23 | 0.58 |
| Net asset value, end of period | $23.66 | &nbsp;&nbsp; $25.31 | &nbsp;&nbsp; $25.92 | &nbsp;&nbsp; $23.96 | &nbsp;&nbsp; $32.27 | &nbsp;&nbsp; $32.96 |
| Total return (%)\* | (6.52)<br>| 11.21 | 17.64 | &nbsp;&nbsp; (23.11)<br>| 8.27 | 32.04 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.38 | 1.36 | 1.39 | 1.43 | 1.43 | 1.45 |
| Expenses, net of waivers and reimbursements | 1.24 | 1.24 | 1.28 | 1.35 | 1.35 | 1.35 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| (0.85)<br>| &nbsp;&nbsp; (0.80)<br>| &nbsp;&nbsp; (0.72)<br>| &nbsp;&nbsp; (0.96)<br>| &nbsp;&nbsp; (1.10)<br>| &nbsp;&nbsp; (1.01)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| (0.71)<br>| &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.61)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (1.02)<br>| &nbsp;&nbsp; (0.91)<br>|
| Class N net assets at the end of the period (in thousands) | $70770 | &nbsp;&nbsp; $89046 | &nbsp;&nbsp; $107791 | &nbsp;&nbsp; $110241 | &nbsp;&nbsp; $232166 | &nbsp;&nbsp; $314572 |
| Portfolio turnover rate (%)\* | 29 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 55 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $28.03 | &nbsp;&nbsp; $28.29 | &nbsp;&nbsp; $25.91 | &nbsp;&nbsp; $34.72 | &nbsp;&nbsp; $35.13 | &nbsp;&nbsp; $26.99 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.06)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.29)<br>| &nbsp;&nbsp; (0.19)<br>|
| Net realized and unrealized gain (loss) on <br> investments<br>| (1.73)<br>| 3.36 | 4.71 | &nbsp;&nbsp; (7.77)<br>| 3.11 | 8.91 |
| Total from investment operations | (1.79)<br>| 3.23 | 4.61 | &nbsp;&nbsp; (7.95)<br>| 2.82 | 8.72 |
| Less distributions from: |  |  |  |  |  |  |
| Net realized gain |  | 3.49 | 2.23 | 0.86 | 3.23 | 0.58 |
| Total distributions |  | 3.49 | 2.23 | 0.86 | 3.23 | 0.58 |
| Net asset value, end of period | $26.24 | &nbsp;&nbsp; $28.03 | &nbsp;&nbsp; $28.29 | &nbsp;&nbsp; $25.91 | &nbsp;&nbsp; $34.72 | &nbsp;&nbsp; $35.13 |
| Total return (%)\* | (6.39)<br>| 11.51 | 17.93 | &nbsp;&nbsp; (22.92)<br>| 8.56 | 32.35 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.13 | 1.11 | 1.14 | 1.17 | 1.16 | 1.17 |
| Expenses, net of waivers and reimbursements | 0.99 | 0.99 | 1.03 | 1.10 | 1.10 | 1.10 |
| Net investment income (loss), before waivers <br> and reimbursements<br>| (0.61)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.47)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.73)<br>|
| Net investment income (loss), net of waivers <br> and reimbursements<br>| (0.47)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.63)<br>| &nbsp;&nbsp; (0.77)<br>| &nbsp;&nbsp; (0.66)<br>|
| Class I net assets at the end of the period (in <br> thousands)<br>| $948547 | &nbsp;&nbsp; $1239788 | &nbsp;&nbsp; $1437622 | &nbsp;&nbsp; $1509931 | &nbsp;&nbsp; $2487862 | &nbsp;&nbsp; $3139290 |
| Portfolio turnover rate (%)\* | 29 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 55 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**105**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Small-Mid Cap Growth Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $28.15 | &nbsp;&nbsp; $28.39 | &nbsp;&nbsp; $25.99 | &nbsp;&nbsp; $34.79 | &nbsp;&nbsp; $35.18 | &nbsp;&nbsp; $27.01 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.05)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.09)<br>| &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.17)<br>|
| Net realized and unrealized gain (loss) on investments | (1.74)<br>| 3.36 | 4.72 | &nbsp;&nbsp; (7.79)<br>| 3.10 | 8.92 |
| Total from investment operations | (1.79)<br>| 3.25 | 4.63 | &nbsp;&nbsp; (7.94)<br>| 2.84 | 8.75 |
| Less distributions from: |  |  |  |  |  |  |
| Net realized gain |  | 3.49 | 2.23 | 0.86 | 3.23 | 0.58 |
| Total distributions |  | 3.49 | 2.23 | 0.86 | 3.23 | 0.58 |
| Net asset value, end of period | $26.36 | &nbsp;&nbsp; $28.15 | &nbsp;&nbsp; $28.39 | &nbsp;&nbsp; $25.99 | &nbsp;&nbsp; $34.79 | &nbsp;&nbsp; $35.18 |
| Total return (%)\* | (6.36)<br>| 11.54 | 17.95 | &nbsp;&nbsp; (22.84)<br>| 8.60 | 32.44 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 0.99 | 0.98 | 1.01 | 1.05 | 1.03 | 1.05 |
| Expenses, net of waivers and reimbursements | 0.94 | 0.94 | 0.97 | 1.05 | 1.03 | 1.05 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| (0.46)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.61)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| (0.41)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.55)<br>| &nbsp;&nbsp; (0.69)<br>| &nbsp;&nbsp; (0.61)<br>|
| Class R6 net assets at the end of the period (in thousands) | $423982 | &nbsp;&nbsp; $558398 | &nbsp;&nbsp; $449782 | &nbsp;&nbsp; $392153 | &nbsp;&nbsp; $328034 | &nbsp;&nbsp; $123220 |
| Portfolio turnover rate (%)\* | 29 | &nbsp;&nbsp; 63 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 38 | &nbsp;&nbsp; 55 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**106**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Small-Mid Cap Value Fund**

---

| | | | |
|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Period Ended** <br>**December 31,**<br>|
|  | **2025** | **2024** | **2023**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $10.97 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |
| Net investment income (loss) | 0.06 | 0.16 | 0.05 |
| Net realized and unrealized gain (loss) on investments | (0.49)<br>| 0.41 | 0.60 |
| Total from investment operations | (0.43)<br>| 0.57 | 0.65 |
| Less distributions from: |  |  |  |
| Net investment income |  | 0.10 | 0.05 |
| Net realized gain |  | 0.10 | &nbsp;&nbsp; — |
| Total distributions |  | 0.20 | 0.05 |
| Net asset value, end of period | $10.54 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $10.60 |
| Total return (%)\* | (3.92)<br>| 5.39 | 6.45 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |
| Expenses, before waivers and reimbursements | 5.19 | 5.98 | 10.69 |
| Expenses, net of waivers and reimbursements | 0.85 | 0.85 | 0.85 |
| Net investment income (loss), before waivers and reimbursements | (3.26)<br>| &nbsp;&nbsp; (3.67)<br>| &nbsp;&nbsp; (8.48)<br>|
| Net investment income (loss), net of waivers and reimbursements | 1.08 | 1.46 | 1.36 |
| Class I net assets at the end of the period (in thousands) | $117 | &nbsp;&nbsp; $121 | &nbsp;&nbsp; $84 |
| Portfolio turnover rate (%)\* | 27 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 33 |

---

------

(a) For the period from August 17, 2023 (Commencement of Operations) to December 31, 2023. <br> \* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | |
|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Period Ended** <br>**December 31,**<br>|
|  | **2025** | **2024** | **2023**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $10.96 | &nbsp;&nbsp; $10.60 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |
| Net investment income (loss) | 0.06 | 0.14 | 0.05 |
| Net realized and unrealized gain (loss) on investments | (0.48)<br>| 0.43 | 0.60 |
| Total from investment operations | (0.42)<br>| 0.57 | 0.65 |
| Less distributions from: |  |  |  |
| Net investment income |  | 0.11 | 0.05 |
| Net realized gain |  | 0.10 | &nbsp;&nbsp; — |
| Total distributions |  | 0.21 | 0.05 |
| Net asset value, end of period | $10.54 | &nbsp;&nbsp; $10.96 | &nbsp;&nbsp; $10.60 |
| Total return (%)\* | (3.83)<br>| 5.37 | 6.50 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |
| Expenses, before waivers and reimbursements | 5.15 | 5.95 | 10.66 |
| Expenses, net of waivers and reimbursements | 0.80 | 0.80 | 0.80 |
| Net investment income (loss), before waivers and reimbursements | (3.22)<br>| &nbsp;&nbsp; (3.90)<br>| &nbsp;&nbsp; (8.49)<br>|
| Net investment income (loss), net of waivers and reimbursements | 1.13 | 1.25 | 1.37 |
| Class R6 net assets at the end of the period (in thousands) | $3104 | &nbsp;&nbsp; $3229 | &nbsp;&nbsp; $1497 |
| Portfolio turnover rate (%)\* | 27 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 33 |

---

------

(a) For the period from August 17, 2023 (Commencement of Operations) to December 31, 2023. <br> \* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**107**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Small-Mid Cap Value Fund (continued)**

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**108**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Small Cap Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $28.97 | &nbsp;&nbsp; $27.36 | &nbsp;&nbsp; $24.01 | &nbsp;&nbsp; $31.90 | &nbsp;&nbsp; $34.49 | &nbsp;&nbsp; $27.75 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.09)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.29)<br>|
| Net realized and unrealized gain (loss) on investments | (1.47)<br>| 5.38 | 4.03 | &nbsp;&nbsp; (6.61)<br>| 4.56 | 10.86 |
| Total from investment operations | (1.56)<br>| 5.17 | 3.85 | &nbsp;&nbsp; (6.88)<br>| 4.11 | 10.57 |
| Less distributions from: |  |  |  |  |  |  |
| Net realized gain |  | 3.56 | 0.50 | 1.01 | 6.70 | 3.83 |
| Total distributions |  | 3.56 | 0.50 | 1.01 | 6.70 | 3.83 |
| Net asset value, end of period | $27.41 | &nbsp;&nbsp; $28.97 | &nbsp;&nbsp; $27.36 | &nbsp;&nbsp; $24.01 | &nbsp;&nbsp; $31.90 | &nbsp;&nbsp; $34.49 |
| Total return (%)\* | (5.38)<br>| 19.07 | 16.06 | &nbsp;&nbsp; (21.59)<br>| 12.91 | 38.32 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.39 | 1.39 | 1.46 | 1.55 | 1.56 | 1.58 |
| Expenses, net of waivers and reimbursements | 1.24 | 1.24 | 1.33 | 1.50 | 1.50 | 1.50 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| (0.80)<br>| &nbsp;&nbsp; (0.85)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (1.08)<br>| &nbsp;&nbsp; (1.24)<br>| &nbsp;&nbsp; (1.10)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| (0.65)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (1.03)<br>| &nbsp;&nbsp; (1.18)<br>| &nbsp;&nbsp; (1.02)<br>|
| Class N net assets at the end of the period (in thousands) | $128066 | &nbsp;&nbsp; $137552 | &nbsp;&nbsp; $122370 | &nbsp;&nbsp; $114324 | &nbsp;&nbsp; $179739 | &nbsp;&nbsp; $180635 |
| Portfolio turnover rate (%)\* | 36 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 71 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $35.35 | &nbsp;&nbsp; $32.64 | &nbsp;&nbsp; $28.49 | &nbsp;&nbsp; $37.52 | &nbsp;&nbsp; $39.36 | &nbsp;&nbsp; $31.19 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.06)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.41)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net realized and unrealized gain (loss) on investments | (1.80)<br>| 6.43 | 4.78 | &nbsp;&nbsp; (7.78)<br>| 5.27 | 12.24 |
| Total from investment operations | (1.86)<br>| 6.27 | 4.65 | &nbsp;&nbsp; (8.02)<br>| 4.86 | 12.00 |
| Less distributions from: |  |  |  |  |  |  |
| Net realized gain |  | 3.56 | 0.50 | 1.01 | 6.70 | 3.83 |
| Total distributions |  | 3.56 | 0.50 | 1.01 | 6.70 | 3.83 |
| Net asset value, end of period | $33.49 | &nbsp;&nbsp; $35.35 | &nbsp;&nbsp; $32.64 | &nbsp;&nbsp; $28.49 | &nbsp;&nbsp; $37.52 | &nbsp;&nbsp; $39.36 |
| Total return (%)\* | (5.26)<br>| 19.36 | 16.35 | &nbsp;&nbsp; (21.39)<br>| 13.22 | 38.68 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.12 | 1.12 | 1.18 | 1.28 | 1.25 | 1.30 |
| Expenses, net of waivers and reimbursements | 0.99 | 0.99 | 1.07 | 1.25 | 1.25 | 1.25 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| (0.52)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.54)<br>| &nbsp;&nbsp; (0.81)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.82)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| (0.39)<br>| &nbsp;&nbsp; (0.45)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.78)<br>| &nbsp;&nbsp; (0.93)<br>| &nbsp;&nbsp; (0.77)<br>|
| Class I net assets at the end of the period (in thousands) | $522733 | &nbsp;&nbsp; $514625 | &nbsp;&nbsp; $445483 | &nbsp;&nbsp; $303016 | &nbsp;&nbsp; $402629 | &nbsp;&nbsp; $390511 |
| Portfolio turnover rate (%)\* | 36 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 71 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**109**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Small Cap Growth Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $35.51 | &nbsp;&nbsp; $32.76 | &nbsp;&nbsp; $28.57 | &nbsp;&nbsp; $37.60 | &nbsp;&nbsp; $39.40 | &nbsp;&nbsp; $31.20 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | (0.06)<br>| &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.21)<br>| &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net realized and unrealized gain (loss) on investments | (1.80)<br>| 6.45 | 4.81 | &nbsp;&nbsp; (7.81)<br>| 5.27 | 12.26 |
| Total from investment operations | (1.86)<br>| 6.31 | 4.69 | &nbsp;&nbsp; (8.02)<br>| 4.90 | 12.03 |
| Less distributions from: |  |  |  |  |  |  |
| Net realized gain |  | 3.56 | 0.50 | 1.01 | 6.70 | 3.83 |
| Total distributions |  | 3.56 | 0.50 | 1.01 | 6.70 | 3.83 |
| Net asset value, end of period | $33.65 | &nbsp;&nbsp; $35.51 | &nbsp;&nbsp; $32.76 | &nbsp;&nbsp; $28.57 | &nbsp;&nbsp; $37.60 | &nbsp;&nbsp; $39.40 |
| Total return (%)\* | (5.24)<br>| 19.41 | 16.44 | &nbsp;&nbsp; (21.35)<br>| 13.31 | 38.76 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.00 | 1.00 | 1.06 | 1.18 | 1.16 | 1.19 |
| Expenses, net of waivers and reimbursements | 0.94 | 0.94 | 1.02 | 1.18 | 1.16 | 1.19 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| (0.41)<br>| &nbsp;&nbsp; (0.46)<br>| &nbsp;&nbsp; (0.42)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.71)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| (0.35)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.38)<br>| &nbsp;&nbsp; (0.70)<br>| &nbsp;&nbsp; (0.84)<br>| &nbsp;&nbsp; (0.71)<br>|
| Class R6 net assets at the end of the period (in thousands) | $246508 | &nbsp;&nbsp; $265194 | &nbsp;&nbsp; $180058 | &nbsp;&nbsp; $112497 | &nbsp;&nbsp; $127710 | &nbsp;&nbsp; $103462 |
| Portfolio turnover rate (%)\* | 36 | &nbsp;&nbsp; 75 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 45 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 71 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**110**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Small Cap Value Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended** <br>**December 31,** | **Years Ended** <br>**December 31,** | **Years Ended** <br>**December 31,** | **Period Ended** <br>**December 31,**<br>| **Period Ended** <br>**October 31,**<br>|
|  | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(a)</sup> <br>| **2021**<sup>(b)</sup> <br>|
| Net Asset Value, beginning of period | $29.67 | &nbsp;&nbsp; $29.78 | &nbsp;&nbsp; $27.76 | &nbsp;&nbsp; $33.63 | &nbsp;&nbsp; $33.49 | &nbsp;&nbsp; $32.15 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.11 | 0.22 | 0.21 | 0.15 | 0.00 <br><sup>^</sup><br>| 0.05 |
| Net realized and unrealized gain (loss) on investments | (1.94)<br>| 0.73 | 2.72 | &nbsp;&nbsp; (3.98)<br>| 1.37 | 1.29 |
| Total from investment operations | (1.83)<br>| 0.95 | 2.93 | &nbsp;&nbsp; (3.83)<br>| 1.37 | 1.34 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.18 | 0.18 | 0.12 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain |  | 0.88 | 0.73 | 1.92 | 1.23 | &nbsp;&nbsp; — |
| Total distributions |  | 1.06 | 0.91 | 2.04 | 1.23 | &nbsp;&nbsp; — |
| Net asset value, end of period | $27.84 | &nbsp;&nbsp; $29.67 | &nbsp;&nbsp; $29.78 | &nbsp;&nbsp; $27.76 | &nbsp;&nbsp; $33.63 | &nbsp;&nbsp; $33.49 |
| Total return (%)\* | (6.17)<br>| 3.21 | 10.59 | &nbsp;&nbsp; (11.36)<br>| 4.24 | 4.17 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.17 | 1.15 | 1.11 | 1.15 | 1.26 | 1.17 |
| Expenses, net of waivers and reimbursements | 1.15 | 1.15 | 1.11 | 1.15 | 1.15 | 1.15 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 0.77 | 0.74 | 0.76 | 0.48 | &nbsp;&nbsp; (0.05)<br>| 0.51 |
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 0.79 | 0.74 | 0.76 | 0.48 | 0.06 | 0.53 |
| Class N net assets at the end of the year (in thousands) | $1947 | &nbsp;&nbsp; $2258 | &nbsp;&nbsp; $2591 | &nbsp;&nbsp; $2648 | &nbsp;&nbsp; $3313 | &nbsp;&nbsp; $9805 |
| Portfolio turnover rate (%)\* | 14 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 35 |

---

------

---

| | |
|:---|:---|
| (a) | For the period from November 1, 2021 to December 31, 2021. |
| (b) | For the period from July 17, 2021 (Commencement of Operations) to October 31, 2021. |
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**111**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Small Cap Value Fund (continued)**

---

| | | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended** <br>**December 31,** | **Years Ended** <br>**December 31,** | **Years Ended** <br>**December 31,** | **Period Ended** <br>**December 31,**<br>| **Years Ended** <br>**October 31,** | **Years Ended** <br>**October 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(a)</sup> <br>| **2021** | **2020** |
| Net Asset Value, beginning of period | $29.61 | &nbsp;&nbsp; $29.74 | &nbsp;&nbsp; $27.72 | &nbsp;&nbsp; $33.58 | &nbsp;&nbsp; $33.52 | &nbsp;&nbsp; $23.79 | &nbsp;&nbsp; $28.84 |
| Income (loss) from investment <br> operations:<br>|  |  |  |  |  |  |  |
| Net investment income (loss) | 0.14 | 0.30 | 0.28 | 0.22 | 0.03 | 0.18 | 0.09 |
| Net realized and unrealized gain <br> (loss) on investments<br>| (1.93)<br>| 0.72 | 2.72 | &nbsp;&nbsp; (3.96)<br>| 1.35 | 12.91 | &nbsp;&nbsp; (3.89)<br>|
| Total from investment operations | (1.79)<br>| 1.02 | 3.00 | &nbsp;&nbsp; (3.74)<br>| 1.38 | 13.09 | &nbsp;&nbsp; (3.80)<br>|
| Less distributions from: |  |  |  |  |  |  |  |
| Net investment income |  | 0.27 | 0.25 | 0.20 | 0.09 | 0.11 | 0.07 |
| Net realized gain |  | 0.88 | 0.73 | 1.92 | 1.23 | 3.25 | 1.18 |
| Total distributions |  | 1.15 | 0.98 | 2.12 | 1.32 | 3.36 | 1.25 |
| Net asset value, end of period | $27.82 | &nbsp;&nbsp; $29.61 | &nbsp;&nbsp; $29.74 | &nbsp;&nbsp; $27.72 | &nbsp;&nbsp; $33.58 | &nbsp;&nbsp; $33.52 | &nbsp;&nbsp; $23.79 |
| Total return (%)\* | (6.05)<br>| 3.44 | 10.86 | &nbsp;&nbsp; (11.12)<br>| 4.31 | 55.32 | &nbsp;&nbsp; (13.91)<br>|
| Ratios to average daily net assets <br> (%):\*\* <br>|  |  |  |  |  |  |  |
| Expenses, before waivers and <br> reimbursements<br>| 0.94 | 0.92 | 0.92 | 0.94 | 0.82 | 0.86 | 0.89 |
| Expenses, net of waivers and <br> reimbursements<br>| 0.89 | 0.89 | 0.89 | 0.89 | 0.82 | 0.86 | 0.89 |
| Net investment income (loss), before <br> waivers and reimbursements<br>| 0.97 | 0.97 | 0.95 | 0.67 | 0.55 | 0.52 | 0.37 |
| Net investment income (loss), net of <br> waivers and reimbursements<br>| 1.02 | 1.00 | 0.98 | 0.72 | 0.55 | 0.52 | 0.37 |
| Class I net assets at the end of the <br> year (in thousands)<br>| $560037 | &nbsp;&nbsp; $742417 | &nbsp;&nbsp; $813809 | &nbsp;&nbsp; $758104 | &nbsp;&nbsp; $1059157 | &nbsp;&nbsp; $1143150 | &nbsp;&nbsp; $1181409 |
| Portfolio turnover rate (%)\* | 14 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 27 |

---

------

(a) For the period from November 1, 2021 to December 31, 2021. <br> \* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**112**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Small Cap Value Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended** <br>**December 31,** | **Years Ended** <br>**December 31,** | **Years Ended** <br>**December 31,** | **Period Ended** <br>**December 31,**<br>| **Period Ended** <br>**October 31,**<br>|
|  | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(a)</sup> <br>| **2021**<sup>(b)</sup> <br>|
| Net Asset Value, beginning of period | $29.60 | &nbsp;&nbsp; $29.73 | &nbsp;&nbsp; $27.71 | &nbsp;&nbsp; $33.58 | &nbsp;&nbsp; $33.53 | &nbsp;&nbsp; $32.15 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.16 | 0.34 | 0.30 | 0.26 | 0.03 | 0.06 |
| Net realized and unrealized gain (loss) on <br> investments<br>| (1.93)<br>| 0.71 | 2.73 | &nbsp;&nbsp; (3.98)<br>| 1.35 | 1.32 |
| Total from investment operations | (1.77)<br>| 1.05 | 3.03 | &nbsp;&nbsp; (3.72)<br>| 1.38 | 1.38 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.30 | 0.28 | 0.23 | 0.10 | &nbsp;&nbsp; — |
| Net realized gain |  | 0.88 | 0.73 | 1.92 | 1.23 | &nbsp;&nbsp; — |
| Total distributions |  | 1.18 | 1.01 | 2.15 | 1.33 | &nbsp;&nbsp; — |
| Net asset value, end of period | $27.83 | &nbsp;&nbsp; $29.60 | &nbsp;&nbsp; $29.73 | &nbsp;&nbsp; $27.71 | &nbsp;&nbsp; $33.58 | &nbsp;&nbsp; $33.53 |
| Total return (%)\* | (5.98)<br>| 3.56 | 10.96 | &nbsp;&nbsp; (11.06)<br>| 4.33 | 4.26 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses | 0.80 | 0.79 | 0.79 | 0.81 | 0.78 | 0.78 |
| Net investment income (loss) | 1.14 | 1.12 | 1.08 | 0.85 | 0.59 | 0.64 |
| Class R6 net assets at the end of the year (in <br> thousands)<br>| $534318 | &nbsp;&nbsp; $607061 | &nbsp;&nbsp; $491646 | &nbsp;&nbsp; $453456 | &nbsp;&nbsp; $1006928 | &nbsp;&nbsp; $867272 |
| Portfolio turnover rate (%)\* | 14 | &nbsp;&nbsp; 35 | &nbsp;&nbsp; 27 | &nbsp;&nbsp; 25 | &nbsp;&nbsp; 7 | &nbsp;&nbsp; 35 |

---

------

(a) For the period from November 1, 2021 to December 31, 2021.

(b) For the period from July 17, 2021 (Commencement of Operations) to October 31, 2021.

\* Not annualized for periods less than a year.

\*\* Annualized for periods less than a year.

On July 16, 2021, Small Cap Value Fund (the "Fund") acquired the assets and assumed the liabilities of the ICM Small Company Portfolio (the "Predecessor Fund"), a series of The Advisors' Inner Circle Fund, in a reorganization (the "Reorganization"). In the Reorganization, former shareholders of the Predecessor Fund received Class I shares of the Fund. The Predecessor Fund was advised by Investment Counselors of Maryland, LLC, which was acquired by the Adviser. The Predecessor Fund's (Institutional Class shares) performance and financial history have been adopted by Class I shares of the Fund following the Reorganization and are being used going forward from the date of the Reorganization. The performance of Class I shares of the Fund therefore reflects the performance of the Predecessor Fund prior to the Reorganization. The performance of the Predecessor Fund has not been restated to reflect the annual operating expenses of Class I shares of the Fund, which were different than those of the Predecessor Fund. Because the Fund had different fees and expenses than the Predecessor Fund, the Predecessor Fund would therefore have had different performance results if it was subject to the Fund's fees and expenses.

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**113**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Global Leaders Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $10.58 | &nbsp;&nbsp; $15.21 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $19.17 | &nbsp;&nbsp; $17.41 | &nbsp;&nbsp; $14.92 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.01 | &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.02)<br>| &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gain (loss) on investments | 0.88 | 1.19 | 3.01 | &nbsp;&nbsp; (5.61)<br>| 2.96 | 4.74 |
| Total from investment operations | 0.89 | 1.17 | 2.99 | &nbsp;&nbsp; (5.65)<br>| 2.85 | 4.68 |
| Less distributions from: |  |  |  |  |  |  |
| Net realized gain |  | 5.80 | 1.02 | 0.28 | 1.09 | 2.19 |
| Total distributions |  | 5.80 | 1.02 | 0.28 | 1.09 | 2.19 |
| Net asset value, end of period | $11.47 | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $15.21 | &nbsp;&nbsp; $13.24 | &nbsp;&nbsp; $19.17 | &nbsp;&nbsp; $17.41 |
| Total return (%)\* | 8.41 | 7.47 | 22.67 | &nbsp;&nbsp; (29.49)<br>| 16.55 | 31.50 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.75 | 1.53 | 1.42 | 1.45 | 1.38 | 1.45 |
| Expenses, net of waivers and reimbursements | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 |
| Net investment income (loss), before waivers and reimbursements | (0.48)<br>| &nbsp;&nbsp; (0.51)<br>| &nbsp;&nbsp; (0.43)<br>| &nbsp;&nbsp; (0.60)<br>| &nbsp;&nbsp; (0.79)<br>| &nbsp;&nbsp; (0.67)<br>|
| Net investment income (loss), net of waivers and reimbursements | 0.12 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.16)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.56)<br>| &nbsp;&nbsp; (0.37)<br>|
| Class N net assets at the end of the period (in thousands) | $2489 | &nbsp;&nbsp; $3527 | &nbsp;&nbsp; $8253 | &nbsp;&nbsp; $8317 | &nbsp;&nbsp; $13709 | &nbsp;&nbsp; $11861 |
| Portfolio turnover rate (%)\* | 40 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 27 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $10.77 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp; $19.28 | &nbsp;&nbsp; $17.47 | &nbsp;&nbsp; $14.93 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.02 | 0.02 | 0.01 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) on investments | 0.90 | 1.21 | 3.05 | &nbsp;&nbsp; (5.63)<br>| 2.96 | 4.74 |
| Total from investment operations | 0.92 | 1.23 | 3.06 | &nbsp;&nbsp; (5.64)<br>| 2.90 | 4.73 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.04 | 0.01 | 0.01 | &nbsp;&nbsp; — | 0.00 <br><sup>^</sup><br>|
| Net realized gain |  | 5.80 | 1.02 | 0.28 | 1.09 | 2.19 |
| Total distributions |  | 5.84 | 1.03 | 0.29 | 1.09 | 2.19 |
| Net asset value, end of period | $11.69 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $15.38 | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp; $19.28 | &nbsp;&nbsp; $17.47 |
| Total return (%)\* | 8.64 | 7.71 | 22.99 | &nbsp;&nbsp; (29.28)<br>| 16.78 | 31.86 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.42 | 1.22 | 1.14 | 1.12 | 1.07 | 1.12 |
| Expenses, net of waivers and reimbursements | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| (0.12)<br>| &nbsp;&nbsp; (0.19)<br>| &nbsp;&nbsp; (0.17)<br>| &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.31)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 0.40 | 0.13 | 0.07 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.32)<br>| &nbsp;&nbsp; (0.09)<br>|
| Class I net assets at the end of the period (in thousands) | $42049 | &nbsp;&nbsp; $44889 | &nbsp;&nbsp; $76915 | &nbsp;&nbsp; $69987 | &nbsp;&nbsp; $124488 | &nbsp;&nbsp; $107375 |
| Portfolio turnover rate (%)\* | 40 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 27 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**114**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Global Leaders Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $10.77 | &nbsp;&nbsp; $15.39 | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp; $19.30 | &nbsp;&nbsp; $17.47 | &nbsp;&nbsp; $14.93 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.03 | 0.03 | 0.02 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.05)<br>| 0.02 |
| Net realized and unrealized gain (loss) on investments | 0.89 | 1.20 | 3.05 | &nbsp;&nbsp; (5.64)<br>| 2.97 | 4.72 |
| Total from investment operations | 0.92 | 1.23 | 3.07 | &nbsp;&nbsp; (5.65)<br>| 2.92 | 4.74 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.05 | 0.01 | 0.02 | &nbsp;&nbsp; — | 0.01 |
| Net realized gain |  | 5.80 | 1.02 | 0.28 | 1.09 | 2.19 |
| Total distributions |  | 5.85 | 1.03 | 0.30 | 1.09 | 2.20 |
| Net asset value, end of period | $11.69 | &nbsp;&nbsp; $10.77 | &nbsp;&nbsp; $15.39 | &nbsp;&nbsp; $13.35 | &nbsp;&nbsp; $19.30 | &nbsp;&nbsp; $17.47 |
| Total return (%)\* | 8.54 | 7.78 | 23.13 | &nbsp;&nbsp; (29.30)<br>| 16.90 | 31.91 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.34 | 1.13 | 1.05 | 1.05 | 0.99 | 1.06 |
| Expenses, net of waivers and reimbursements | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 |
| Net investment income (loss), before waivers and reimbursements | 0.00 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.08)<br>| &nbsp;&nbsp; (0.30)<br>| &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.10)<br>|
| Net investment income (loss), net of waivers and reimbursements | 0.49 | 0.16 | 0.12 | &nbsp;&nbsp; (0.10)<br>| &nbsp;&nbsp; (0.26)<br>| 0.11 |
| Class R6 net assets at the end of the period (in thousands) | $5417 | &nbsp;&nbsp; $5761 | &nbsp;&nbsp; $15287 | &nbsp;&nbsp; $13255 | &nbsp;&nbsp; $5585 | &nbsp;&nbsp; $2946 |
| Portfolio turnover rate (%)\* | 40 | &nbsp;&nbsp; 57 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 15 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 27 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**115**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**International Leaders Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $19.25 | &nbsp;&nbsp; $19.45 | &nbsp;&nbsp; $17.28 | &nbsp;&nbsp; $24.28 | &nbsp;&nbsp; $22.69 | &nbsp;&nbsp; $18.08 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.11 | 0.06 | 0.05 | 0.04 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net realized and unrealized gain (loss) on investments | 2.93 | &nbsp;&nbsp; (0.21)<br>| 2.16 | &nbsp;&nbsp; (7.01)<br>| 2.35 | 4.82 |
| Total from investment operations | 3.04 | &nbsp;&nbsp; (0.15)<br>| 2.21 | &nbsp;&nbsp; (6.97)<br>| 2.23 | 4.78 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.05 | 0.04 | &nbsp;&nbsp; — | 0.00 <br><sup>^</sup><br>| &nbsp;&nbsp; — |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03 | 0.64 | 0.17 |
| Total distributions |  | 0.05 | 0.04 | 0.03 | 0.64 | 0.17 |
| Net asset value, end of period | $22.29 | &nbsp;&nbsp; $19.25 | &nbsp;&nbsp; $19.45 | &nbsp;&nbsp; $17.28 | &nbsp;&nbsp; $24.28 | &nbsp;&nbsp; $22.69 |
| Total return (%)\* | 15.79 | &nbsp;&nbsp; (0.76)<br>| 12.77 | &nbsp;&nbsp; (28.70)<br>| 9.93 | 26.45 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.27 | 1.26 | 1.26 | 1.26 | 1.30 | 1.31 |
| Expenses, net of waivers and reimbursements | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 | 1.15 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 1.01 | 0.19 | 0.17 | 0.09 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.39)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 1.13 | 0.30 | 0.28 | 0.20 | &nbsp;&nbsp; (0.50)<br>| &nbsp;&nbsp; (0.23)<br>|
| Class N net assets at the end of the period (in thousands) | $28948 | &nbsp;&nbsp; $26853 | &nbsp;&nbsp; $34162 | &nbsp;&nbsp; $35966 | &nbsp;&nbsp; $47234 | &nbsp;&nbsp; $19586 |
| Portfolio turnover rate (%)\* | 47 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 34 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $19.39 | &nbsp;&nbsp; $19.60 | &nbsp;&nbsp; $17.41 | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $22.80 | &nbsp;&nbsp; $18.13 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.14 | 0.10 | 0.10 | 0.08 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.00 )<sup>^</sup><br>|
| Net realized and unrealized gain (loss) on investments | 2.95 | &nbsp;&nbsp; (0.20)<br>| 2.18 | &nbsp;&nbsp; (7.05)<br>| 2.36 | 4.85 |
| Total from investment operations | 3.09 | &nbsp;&nbsp; (0.10)<br>| 2.28 | &nbsp;&nbsp; (6.97)<br>| 2.30 | 4.85 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.11 | 0.09 | &nbsp;&nbsp; — | 0.05 | 0.01 |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03 | 0.64 | 0.17 |
| Total distributions |  | 0.11 | 0.09 | 0.03 | 0.69 | 0.18 |
| Net asset value, end of period | $22.48 | &nbsp;&nbsp; $19.39 | &nbsp;&nbsp; $19.60 | &nbsp;&nbsp; $17.41 | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $22.80 |
| Total return (%)\* | 15.94 | &nbsp;&nbsp; (0.50)<br>| 13.09 | &nbsp;&nbsp; (28.55)<br>| 10.17 | 26.77 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.02 | 1.03 | 1.04 | 1.04 | 0.99 | 1.01 |
| Expenses, net of waivers and reimbursements | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 | 0.90 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 1.25 | 0.38 | 0.39 | 0.28 | &nbsp;&nbsp; (0.33)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 1.37 | 0.51 | 0.53 | 0.42 | &nbsp;&nbsp; (0.24)<br>| &nbsp;&nbsp; (0.00)<br>|
| Class I net assets at the end of the period (in thousands) | $605368 | &nbsp;&nbsp; $553671 | &nbsp;&nbsp; $413373 | &nbsp;&nbsp; $369171 | &nbsp;&nbsp; $591500 | &nbsp;&nbsp; $393596 |
| Portfolio turnover rate (%)\* | 47 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 34 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**116**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**International Leaders Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $19.40 | &nbsp;&nbsp; $19.62 | &nbsp;&nbsp; $17.42 | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $22.80 | &nbsp;&nbsp; $18.12 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.15 | 0.12 | 0.11 | 0.09 | &nbsp;&nbsp; (0.04)<br>| 0.02 |
| Net realized and unrealized gain (loss) on investments | 2.95 | &nbsp;&nbsp; (0.22)<br>| 2.19 | &nbsp;&nbsp; (7.05)<br>| 2.35 | 4.85 |
| Total from investment operations | 3.10 | &nbsp;&nbsp; (0.10)<br>| 2.30 | &nbsp;&nbsp; (6.96)<br>| 2.31 | 4.87 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.12 | 0.10 | &nbsp;&nbsp; — | 0.06 | 0.02 |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.03 | 0.64 | 0.17 |
| Total distributions |  | 0.12 | 0.10 | 0.03 | 0.70 | 0.19 |
| Net asset value, end of period | $22.50 | &nbsp;&nbsp; $19.40 | &nbsp;&nbsp; $19.62 | &nbsp;&nbsp; $17.42 | &nbsp;&nbsp; $24.41 | &nbsp;&nbsp; $22.80 |
| Total return (%)\* | 15.98 | &nbsp;&nbsp; (0.51)<br>| 13.20 | &nbsp;&nbsp; (28.51)<br>| 10.22 | 26.88 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 0.91 | 0.91 | 0.91 | 0.92 | 0.91 | 0.92 |
| Expenses, net of waivers and reimbursements | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 | 0.85 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 1.38 | 0.52 | 0.52 | 0.44 | &nbsp;&nbsp; (0.24)<br>| 0.03 |
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 1.44 | 0.58 | 0.58 | 0.51 | &nbsp;&nbsp; (0.18)<br>| 0.10 |
| Class R6 net assets at the end of the period (in thousands) | $486152 | &nbsp;&nbsp; $580142 | &nbsp;&nbsp; $636401 | &nbsp;&nbsp; $599084 | &nbsp;&nbsp; $667996 | &nbsp;&nbsp; $687171 |
| Portfolio turnover rate (%)\* | 47 | &nbsp;&nbsp; 66 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 18 | &nbsp;&nbsp; 34 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**117**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**International Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $26.35 | &nbsp;&nbsp; $27.73 | &nbsp;&nbsp; $24.92 | &nbsp;&nbsp; $37.57 | &nbsp;&nbsp; $38.75 | &nbsp;&nbsp; $29.68 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.16 | 0.09 | 0.14 | 0.11 | &nbsp;&nbsp; (0.28)<br>| &nbsp;&nbsp; (0.16)<br>|
| Net realized and unrealized gain (loss) on investments | 3.26 | 0.49 | 3.61 | &nbsp;&nbsp; (10.78)<br>| 3.51 | 9.55 |
| Total from investment operations | 3.42 | 0.58 | 3.75 | &nbsp;&nbsp; (10.67)<br>| 3.23 | 9.39 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.36 | 0.19 | 0.02 | &nbsp;&nbsp; — | 0.06 |
| Net realized gain |  | 1.60 | 0.75 | 1.96 | 4.41 | 0.26 |
| Total distributions |  | 1.96 | 0.94 | 1.98 | 4.41 | 0.32 |
| Net asset value, end of period | $29.77 | &nbsp;&nbsp; $26.35 | &nbsp;&nbsp; $27.73 | &nbsp;&nbsp; $24.92 | &nbsp;&nbsp; $37.57 | &nbsp;&nbsp; $38.75 |
| Total return (%)\* | 12.94 | 2.11 | 15.12 | &nbsp;&nbsp; (28.51)<br>| 8.68 | 31.64 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.37 | 1.40 | 1.39 | 1.40 | 1.46 | 1.47 |
| Expenses, net of waivers and reimbursements | 1.21 | 1.24 | 1.24 | 1.31 | 1.45 | 1.45 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 0.99 | 0.17 | 0.36 | 0.30 | &nbsp;&nbsp; (0.68)<br>| &nbsp;&nbsp; (0.56)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 1.15 | 0.33 | 0.51 | 0.39 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.54)<br>|
| Class N net assets at the end of the period (in thousands) | $258854 | &nbsp;&nbsp; $255168 | &nbsp;&nbsp; $292273 | &nbsp;&nbsp; $301485 | &nbsp;&nbsp; $293481 | &nbsp;&nbsp; $288976 |
| Portfolio turnover rate (%)\* | 37 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 27 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $27.31 | &nbsp;&nbsp; $28.67 | &nbsp;&nbsp; $25.74 | &nbsp;&nbsp; $38.68 | &nbsp;&nbsp; $39.65 | &nbsp;&nbsp; $30.38 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.19 | 0.17 | 0.21 | 0.24 | &nbsp;&nbsp; (0.15)<br>| &nbsp;&nbsp; (0.08)<br>|
| Net realized and unrealized gain (loss) on investments | 3.39 | 0.51 | 3.73 | &nbsp;&nbsp; (11.16)<br>| 3.59 | 9.79 |
| Total from investment operations | 3.58 | 0.68 | 3.94 | &nbsp;&nbsp; (10.92)<br>| 3.44 | 9.71 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.44 | 0.26 | 0.06 | &nbsp;&nbsp; — | 0.18 |
| Net realized gain |  | 1.60 | 0.75 | 1.96 | 4.41 | 0.26 |
| Total distributions |  | 2.04 | 1.01 | 2.02 | 4.41 | 0.44 |
| Net asset value, end of period | $30.89 | &nbsp;&nbsp; $27.31 | &nbsp;&nbsp; $28.67 | &nbsp;&nbsp; $25.74 | &nbsp;&nbsp; $38.68 | &nbsp;&nbsp; $39.65 |
| Total return (%)\* | 13.07 | 2.38 | 15.38 | &nbsp;&nbsp; (28.33)<br>| 9.01 | 31.99 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.07 | 1.10 | 1.10 | 1.12 | 1.14 | 1.16 |
| Expenses, net of waivers and reimbursements | 0.96 | 0.99 | 0.99 | 1.06 | 1.14 | 1.16 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 1.27 | 0.46 | 0.65 | 0.76 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.24)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 1.38 | 0.57 | 0.76 | 0.82 | &nbsp;&nbsp; (0.36)<br>| &nbsp;&nbsp; (0.24)<br>|
| Class I net assets at the end of the period (in thousands) | $987589 | &nbsp;&nbsp; $984762 | &nbsp;&nbsp; $992759 | &nbsp;&nbsp; $981813 | &nbsp;&nbsp; $1702775 | &nbsp;&nbsp; $1914460 |
| Portfolio turnover rate (%)\* | 37 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 27 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**118**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**International Growth Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $27.34 | &nbsp;&nbsp; $28.70 | &nbsp;&nbsp; $25.76 | &nbsp;&nbsp; $38.72 | &nbsp;&nbsp; $39.66 | &nbsp;&nbsp; $30.37 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.19 | 0.19 | 0.23 | 0.21 | &nbsp;&nbsp; (0.11)<br>| &nbsp;&nbsp; (0.07)<br>|
| Net realized and unrealized gain (loss) on investments | 3.40 | 0.51 | 3.73 | &nbsp;&nbsp; (11.13)<br>| 3.58 | 9.83 |
| Total from investment operations | 3.59 | 0.70 | 3.96 | &nbsp;&nbsp; (10.92)<br>| 3.47 | 9.76 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.46 | 0.27 | 0.08 | &nbsp;&nbsp; — | 0.21 |
| Net realized gain |  | 1.60 | 0.75 | 1.96 | 4.41 | 0.26 |
| Total distributions |  | 2.06 | 1.02 | 2.04 | 4.41 | 0.47 |
| Net asset value, end of period | $30.93 | &nbsp;&nbsp; $27.34 | &nbsp;&nbsp; $28.70 | &nbsp;&nbsp; $25.76 | &nbsp;&nbsp; $38.72 | &nbsp;&nbsp; $39.66 |
| Total return (%)\* | 13.09 | 2.43 | 15.47 | &nbsp;&nbsp; (28.30)<br>| 9.09 | 32.16 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 0.97 | 1.00 | 1.00 | 1.03 | 1.06 | 1.07 |
| Expenses, net of waivers and reimbursements | 0.91 | 0.94 | 0.94 | 1.01 | 1.06 | 1.07 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 1.29 | 0.56 | 0.76 | 0.69 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 1.35 | 0.62 | 0.82 | 0.71 | &nbsp;&nbsp; (0.25)<br>| &nbsp;&nbsp; (0.23)<br>|
| Class R6 net assets at the end of the period (in thousands) | $110634 | &nbsp;&nbsp; $123202 | &nbsp;&nbsp; $146072 | &nbsp;&nbsp; $151338 | &nbsp;&nbsp; $126641 | &nbsp;&nbsp; $109214 |
| Portfolio turnover rate (%)\* | 37 | &nbsp;&nbsp; 48 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 27 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**119**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Institutional International Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** | **Institutional** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $13.72 | &nbsp;&nbsp; $14.40 | &nbsp;&nbsp; $12.82 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $20.37 | &nbsp;&nbsp; $17.35 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.11 | 0.09 | 0.09 | 0.11 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) on investments | 1.69 | 0.26 | 1.85 | &nbsp;&nbsp; (5.47)<br>| 1.86 | 5.60 |
| Total from investment operations | 1.80 | 0.35 | 1.94 | &nbsp;&nbsp; (5.36)<br>| 1.81 | 5.59 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.20 | 0.13 | 0.06 | &nbsp;&nbsp; — | 0.02 |
| Net realized gain |  | 0.83 | 0.23 | 0.79 | 3.15 | 2.55 |
| Total distributions |  | 1.03 | 0.36 | 0.85 | 3.15 | 2.57 |
| Net asset value, end of period | $15.52 | &nbsp;&nbsp; $13.72 | &nbsp;&nbsp; $14.40 | &nbsp;&nbsp; $12.82 | &nbsp;&nbsp; $19.03 | &nbsp;&nbsp; $20.37 |
| Total return (%)\* | 13.12 | 2.41 | 15.20 | &nbsp;&nbsp; (28.28)<br>| 9.39 | 32.47 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 0.97 | 1.00 | 1.00 | 1.01 | 1.01 | 1.00 |
| Expenses, net of waivers and reimbursements | 0.91 | 0.94 | 0.94 | 0.98 | 1.01 | 1.00 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 1.42 | 0.56 | 0.61 | 0.71 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 1.48 | 0.62 | 0.67 | 0.74 | &nbsp;&nbsp; (0.22)<br>| &nbsp;&nbsp; (0.04)<br>|
| Net assets at the end of the period (in thousands) | $976109 | &nbsp;&nbsp; $897044 | &nbsp;&nbsp; $929474 | &nbsp;&nbsp; $908732 | &nbsp;&nbsp; $1281843 | &nbsp;&nbsp; $1326482 |
| Portfolio turnover rate (%)\* | 40 | &nbsp;&nbsp; 50 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 19 | &nbsp;&nbsp; 31 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**120**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**International Small Cap Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $12.09 | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $10.74 | &nbsp;&nbsp; $16.56 | &nbsp;&nbsp; $17.45 | &nbsp;&nbsp; $13.85 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.04 | 0.08 | 0.04 | 0.00 <br><sup>^</sup><br>| &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) on investments | 2.14 | &nbsp;&nbsp; (0.01)<br>| 1.51 | &nbsp;&nbsp; (5.82)<br>| 1.91 | 4.01 |
| Total from investment operations | 2.18 | 0.07 | 1.55 | &nbsp;&nbsp; (5.82)<br>| 1.79 | 3.96 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.19 | 0.08 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 2.68 | 0.36 |
| Total distributions |  | 0.19 | 0.08 | &nbsp;&nbsp; — | 2.68 | 0.36 |
| Net asset value, end of period | $14.27 | &nbsp;&nbsp; $12.09 | &nbsp;&nbsp; $12.21 | &nbsp;&nbsp; $10.74 | &nbsp;&nbsp; $16.56 | &nbsp;&nbsp; $17.45 |
| Total return (%)\* | 18.03 | 0.55 | 14.42 | &nbsp;&nbsp; (35.14)<br>| 10.87 | 28.68 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.59 | 1.55 | 1.53 | 1.49 | 1.46 | 1.52 |
| Expenses, net of waivers and reimbursements | 1.35 | 1.35 | 1.42 | 1.49 | 1.46 | 1.52 |
| Net investment income (loss), before waivers and reimbursements | 0.36 | 0.47 | 0.28 | 0.04 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.36)<br>|
| Net investment income (loss), net of waivers and reimbursements | 0.60 | 0.67 | 0.39 | 0.04 | &nbsp;&nbsp; (0.67)<br>| &nbsp;&nbsp; (0.36)<br>|
| Class N net assets at the end of the period (in thousands) | $1396 | &nbsp;&nbsp; $1322 | &nbsp;&nbsp; $1547 | &nbsp;&nbsp; $1638 | &nbsp;&nbsp; $3540 | &nbsp;&nbsp; $3101 |
| Portfolio turnover rate (%)\* | 32 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 63 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $12.27 | &nbsp;&nbsp; $12.40 | &nbsp;&nbsp; $10.90 | &nbsp;&nbsp; $16.80 | &nbsp;&nbsp; $17.66 | &nbsp;&nbsp; $13.98 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.05 | 0.11 | 0.07 | 0.03 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.01)<br>|
| Net realized and unrealized gain (loss) on investments | 2.19 | &nbsp;&nbsp; (0.02)<br>| 1.54 | &nbsp;&nbsp; (5.91)<br>| 1.93 | 4.06 |
| Total from investment operations | 2.24 | 0.09 | 1.61 | &nbsp;&nbsp; (5.88)<br>| 1.86 | 4.05 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.22 | 0.11 | 0.02 | 0.04 | 0.01 |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 2.68 | 0.36 |
| Total distributions |  | 0.22 | 0.11 | 0.02 | 2.72 | 0.37 |
| Net asset value, end of period | $14.51 | &nbsp;&nbsp; $12.27 | &nbsp;&nbsp; $12.40 | &nbsp;&nbsp; $10.90 | &nbsp;&nbsp; $16.80 | &nbsp;&nbsp; $17.66 |
| Total return (%)\* | 18.26 | 0.80 | 14.70 | &nbsp;&nbsp; (34.99)<br>| 11.17 | 29.04 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.30 | 1.26 | 1.25 | 1.23 | 1.19 | 1.25 |
| Expenses, net of waivers and reimbursements | 1.10 | 1.10 | 1.17 | 1.23 | 1.19 | 1.25 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 0.65 | 0.76 | 0.54 | 0.28 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.05)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 0.85 | 0.92 | 0.62 | 0.28 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.05)<br>|
| Class I net assets at the end of the period (in thousands) | $80468 | &nbsp;&nbsp; $74867 | &nbsp;&nbsp; $103520 | &nbsp;&nbsp; $98330 | &nbsp;&nbsp; $136573 | &nbsp;&nbsp; $145283 |
| Portfolio turnover rate (%)\* | 32 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 63 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**121**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**International Small Cap Growth Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $12.35 | &nbsp;&nbsp; $12.47 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $16.91 | &nbsp;&nbsp; $17.76 | &nbsp;&nbsp; $14.05 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.06 | 0.12 | 0.08 | 0.05 | &nbsp;&nbsp; (0.06)<br>| 0.00 <br><sup>^</sup><br>|
| Net realized and unrealized gain (loss) on investments | 2.19 | &nbsp;&nbsp; (0.01)<br>| 1.54 | &nbsp;&nbsp; (5.96)<br>| 1.95 | 4.09 |
| Total from investment operations | 2.25 | 0.11 | 1.62 | &nbsp;&nbsp; (5.91)<br>| 1.89 | 4.09 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.23 | 0.12 | 0.03 | 0.06 | 0.02 |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 2.68 | 0.36 |
| Total distributions |  | 0.23 | 0.12 | 0.03 | 2.74 | 0.38 |
| Net asset value, end of period | $14.60 | &nbsp;&nbsp; $12.35 | &nbsp;&nbsp; $12.47 | &nbsp;&nbsp; $10.97 | &nbsp;&nbsp; $16.91 | &nbsp;&nbsp; $17.76 |
| Total return (%)\* | 18.22 | 0.86 | 14.76 | &nbsp;&nbsp; (34.94)<br>| 11.27 | 29.23 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.21 | 1.17 | 1.15 | 1.14 | 1.10 | 1.14 |
| Expenses, net of waivers and reimbursements | 1.05 | 1.05 | 1.12 | 1.14 | 1.10 | 1.14 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 0.77 | 0.83 | 0.64 | 0.38 | &nbsp;&nbsp; (0.31)<br>| 0.02 |
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 0.93 | 0.95 | 0.67 | 0.38 | &nbsp;&nbsp; (0.31)<br>| 0.02 |
| Class R6 net assets at the end of the period (in thousands) | $100263 | &nbsp;&nbsp; $84511 | &nbsp;&nbsp; $135679 | &nbsp;&nbsp; $134982 | &nbsp;&nbsp; $243398 | &nbsp;&nbsp; $188497 |
| Portfolio turnover rate (%)\* | 32 | &nbsp;&nbsp; 49 | &nbsp;&nbsp; 37 | &nbsp;&nbsp; 51 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 63 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**122**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Emerging Markets Leaders Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $9.21 | &nbsp;&nbsp; $8.72 | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $13.26 | &nbsp;&nbsp; $10.51 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.07 | 0.04 | 0.05 | 0.02 | &nbsp;&nbsp; (0.06)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) on investments | 1.00 | 0.46 | 0.43 | &nbsp;&nbsp; (2.98)<br>| &nbsp;&nbsp; (0.98)<br>| 2.88 |
| Total from investment operations | 1.07 | 0.50 | 0.48 | &nbsp;&nbsp; (2.96)<br>| &nbsp;&nbsp; (1.04)<br>| 2.86 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.01 | 0.05 | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; — |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.08 | 0.88 | 0.11 |
| Total distributions |  | 0.01 | 0.05 | 0.08 | 0.89 | 0.11 |
| Net asset value, end of period | $10.28 | &nbsp;&nbsp; $9.21 | &nbsp;&nbsp; $8.72 | &nbsp;&nbsp; $8.29 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $13.26 |
| Total return (%)\* | 11.62 | 5.69 | 5.85 | &nbsp;&nbsp; (26.11)<br>| &nbsp;&nbsp; (7.69)<br>| 27.23 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.54 | 1.50 | 1.46 | 1.48 | 1.56 | 1.63 |
| Expenses, net of waivers and reimbursements | 1.24 | 1.24 | 1.24 | 1.29 | 1.40 | 1.40 |
| Net investment income (loss), before waivers and reimbursements | 1.15 | 0.14 | 0.41 | 0.05 | &nbsp;&nbsp; (0.64)<br>| &nbsp;&nbsp; (0.45)<br>|
| Net investment income (loss), net of waivers and reimbursements | 1.45 | 0.40 | 0.63 | 0.24 | &nbsp;&nbsp; (0.48)<br>| &nbsp;&nbsp; (0.22)<br>|
| Class N net assets at the end of the period (in thousands) | $828 | &nbsp;&nbsp; $879 | &nbsp;&nbsp; $1007 | &nbsp;&nbsp; $1092 | &nbsp;&nbsp; $2096 | &nbsp;&nbsp; $1803 |
| Portfolio turnover rate (%)\* | 36 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 47 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $9.25 | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $13.28 | &nbsp;&nbsp; $10.52 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.07 | 0.06 | 0.09 | 0.06 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.00 )<sup>^</sup><br>|
| Net realized and unrealized gain (loss) on investments | 1.01 | 0.45 | 0.42 | &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (0.98)<br>| 2.89 |
| Total from investment operations | 1.08 | 0.51 | 0.51 | &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (1.02)<br>| 2.89 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.02 | 0.07 | &nbsp;&nbsp; — | 0.05 | 0.02 |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.08 | 0.88 | 0.11 |
| Total distributions |  | 0.02 | 0.07 | 0.08 | 0.93 | 0.13 |
| Net asset value, end of period | $10.33 | &nbsp;&nbsp; $9.25 | &nbsp;&nbsp; $8.76 | &nbsp;&nbsp; $8.32 | &nbsp;&nbsp; $11.33 | &nbsp;&nbsp; $13.28 |
| Total return (%)\* | 11.68 | 5.86 | 6.13 | &nbsp;&nbsp; (25.84)<br>| &nbsp;&nbsp; (7.48)<br>| 27.52 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.26 | 1.23 | 1.18 | 1.19 | 1.28 | 1.33 |
| Expenses, net of waivers and reimbursements | 0.99 | 0.99 | 0.99 | 1.05 | 1.15 | 1.15 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 1.12 | 0.45 | 0.82 | 0.46 | &nbsp;&nbsp; (0.40)<br>| &nbsp;&nbsp; (0.21)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 1.39 | 0.69 | 1.01 | 0.60 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.03)<br>|
| Class I net assets at the end of the period (in thousands) | $10294 | &nbsp;&nbsp; $10634 | &nbsp;&nbsp; $13772 | &nbsp;&nbsp; $29682 | &nbsp;&nbsp; $42750 | &nbsp;&nbsp; $62319 |
| Portfolio turnover rate (%)\* | 36 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 47 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**123**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Emerging Markets Leaders Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $9.24 | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $11.32 | &nbsp;&nbsp; $13.26 | &nbsp;&nbsp; $10.51 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.07 | 0.07 | 0.09 | 0.06 | &nbsp;&nbsp; (0.02)<br>| 0.00 <br><sup>^</sup><br>|
| Net realized and unrealized gain (loss) on investments | 1.02 | 0.45 | 0.42 | &nbsp;&nbsp; (2.99)<br>| &nbsp;&nbsp; (0.98)<br>| 2.89 |
| Total from investment operations | 1.09 | 0.52 | 0.51 | &nbsp;&nbsp; (2.93)<br>| &nbsp;&nbsp; (1.00)<br>| 2.89 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.03 | 0.07 | &nbsp;&nbsp; — | 0.06 | 0.03 |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.08 | 0.88 | 0.11 |
| Total distributions |  | 0.03 | 0.07 | 0.08 | 0.94 | 0.14 |
| Net asset value, end of period | $10.33 | &nbsp;&nbsp; $9.24 | &nbsp;&nbsp; $8.75 | &nbsp;&nbsp; $8.31 | &nbsp;&nbsp; $11.32 | &nbsp;&nbsp; $13.26 |
| Total return (%)\* | 11.80 | 5.92 | 6.22 | &nbsp;&nbsp; (25.86)<br>| &nbsp;&nbsp; (7.35)<br>| 27.50 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.17 | 1.13 | 1.08 | 1.11 | 1.20 | 1.26 |
| Expenses, net of waivers and reimbursements | 0.94 | 0.94 | 0.94 | 1.00 | 1.10 | 1.10 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 1.21 | 0.60 | 0.90 | 0.50 | &nbsp;&nbsp; (0.26)<br>| &nbsp;&nbsp; (0.11)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 1.44 | 0.79 | 1.04 | 0.61 | &nbsp;&nbsp; (0.16)<br>| 0.05 |
| Class R6 net assets at the end of the period (in thousands) | $148659 | &nbsp;&nbsp; $153188 | &nbsp;&nbsp; $238806 | &nbsp;&nbsp; $321319 | &nbsp;&nbsp; $428839 | &nbsp;&nbsp; $198015 |
| Portfolio turnover rate (%)\* | 36 | &nbsp;&nbsp; 67 | &nbsp;&nbsp; 44 | &nbsp;&nbsp; 42 | &nbsp;&nbsp; 40 | &nbsp;&nbsp; 47 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**124**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Emerging Markets Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $12.53 | &nbsp;&nbsp; $11.35 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $15.55 | &nbsp;&nbsp; $18.42 | &nbsp;&nbsp; $13.67 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.05 | 0.02 | 0.06 | 0.02 | &nbsp;&nbsp; (0.13)<br>| &nbsp;&nbsp; (0.09)<br>|
| Net realized and unrealized gain (loss) on investments | 1.08 | 1.16 | 0.97 | &nbsp;&nbsp; (5.20)<br>| 0.62 | 5.60 |
| Total from investment operations | 1.13 | 1.18 | 1.03 | &nbsp;&nbsp; (5.18)<br>| 0.49 | 5.51 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; — | 0.03 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02 | 3.36 | 0.76 |
| Total distributions |  | &nbsp;&nbsp; — | 0.03 | 0.02 | 3.36 | 0.76 |
| Net asset value, end of period | $13.66 | &nbsp;&nbsp; $12.53 | &nbsp;&nbsp; $11.35 | &nbsp;&nbsp; $10.35 | &nbsp;&nbsp; $15.55 | &nbsp;&nbsp; $18.42 |
| Total return (%)\* | 9.02 | 10.40 | 9.99 | &nbsp;&nbsp; (33.33)<br>| 2.97 | 40.43 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.43 | 1.43 | 1.46 | 1.50 | 1.55 | 1.55 |
| Expenses, net of waivers and reimbursements | 1.24 | 1.24 | 1.24 | 1.36 | 1.55 | 1.55 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 0.68 | &nbsp;&nbsp; (0.06)<br>| 0.38 | 0.07 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.60)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 0.87 | 0.13 | 0.60 | 0.21 | &nbsp;&nbsp; (0.65)<br>| &nbsp;&nbsp; (0.60)<br>|
| Class N net assets at the end of the period (in thousands) | $15691 | &nbsp;&nbsp; $15265 | &nbsp;&nbsp; $13748 | &nbsp;&nbsp; $14664 | &nbsp;&nbsp; $28565 | &nbsp;&nbsp; $18606 |
| Portfolio turnover rate (%)\* | 40 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 77 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $12.82 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $15.85 | &nbsp;&nbsp; $18.66 | &nbsp;&nbsp; $13.82 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.07 | 0.04 | 0.09 | 0.05 | &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.05)<br>|
| Net realized and unrealized gain (loss) on investments | 1.11 | 1.19 | 0.99 | &nbsp;&nbsp; (5.30)<br>| 0.62 | 5.66 |
| Total from investment operations | 1.18 | 1.23 | 1.08 | &nbsp;&nbsp; (5.25)<br>| 0.55 | 5.61 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.01 | 0.06 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01 |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02 | 3.36 | 0.76 |
| Total distributions |  | 0.01 | 0.06 | 0.02 | 3.36 | 0.77 |
| Net asset value, end of period | $14.00 | &nbsp;&nbsp; $12.82 | &nbsp;&nbsp; $11.60 | &nbsp;&nbsp; $10.58 | &nbsp;&nbsp; $15.85 | &nbsp;&nbsp; $18.66 |
| Total return (%)\* | 9.20 | 10.62 | 10.23 | &nbsp;&nbsp; (33.14)<br>| 3.25 | 40.72 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.17 | 1.18 | 1.20 | 1.24 | 1.27 | 1.30 |
| Expenses, net of waivers and reimbursements | 0.99 | 0.99 | 0.99 | 1.11 | 1.27 | 1.30 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 0.94 | 0.16 | 0.61 | 0.32 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.33)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 1.12 | 0.35 | 0.82 | 0.45 | &nbsp;&nbsp; (0.37)<br>| &nbsp;&nbsp; (0.33)<br>|
| Class I net assets at the end of the period (in thousands) | $260870 | &nbsp;&nbsp; $252524 | &nbsp;&nbsp; $173377 | &nbsp;&nbsp; $174884 | &nbsp;&nbsp; $190985 | &nbsp;&nbsp; $113697 |
| Portfolio turnover rate (%)\* | 40 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 77 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**125**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Emerging Markets Growth Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $12.98 | &nbsp;&nbsp; $11.74 | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $16.04 | &nbsp;&nbsp; $18.84 | &nbsp;&nbsp; $13.94 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.08 | 0.05 | 0.09 | 0.06 | &nbsp;&nbsp; (0.05)<br>| &nbsp;&nbsp; (0.03)<br>|
| Net realized and unrealized gain (loss) on investments | 1.11 | 1.21 | 1.01 | &nbsp;&nbsp; (5.37)<br>| 0.63 | 5.71 |
| Total from investment operations | 1.19 | 1.26 | 1.10 | &nbsp;&nbsp; (5.31)<br>| 0.58 | 5.68 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | 0.02 | 0.07 | &nbsp;&nbsp; — | 0.02 | 0.02 |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.02 | 3.36 | 0.76 |
| Total distributions |  | 0.02 | 0.07 | 0.02 | 3.38 | 0.78 |
| Net asset value, end of period | $14.17 | &nbsp;&nbsp; $12.98 | &nbsp;&nbsp; $11.74 | &nbsp;&nbsp; $10.71 | &nbsp;&nbsp; $16.04 | &nbsp;&nbsp; $18.84 |
| Total return (%)\* | 9.17 | 10.71 | 10.26 | &nbsp;&nbsp; (33.13)<br>| 3.37 | 40.90 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.05 | 1.06 | 1.08 | 1.14 | 1.17 | 1.20 |
| Expenses, net of waivers and reimbursements | 0.94 | 0.94 | 0.94 | 1.06 | 1.17 | 1.20 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 1.07 | 0.31 | 0.68 | 0.41 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 1.18 | 0.43 | 0.82 | 0.49 | &nbsp;&nbsp; (0.27)<br>| &nbsp;&nbsp; (0.22)<br>|
| Class R6 net assets at the end of the period (in thousands) | $613580 | &nbsp;&nbsp; $612245 | &nbsp;&nbsp; $635716 | &nbsp;&nbsp; $480586 | &nbsp;&nbsp; $822288 | &nbsp;&nbsp; $1063433 |
| Portfolio turnover rate (%)\* | 40 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 58 | &nbsp;&nbsp; 92 | &nbsp;&nbsp; 52 | &nbsp;&nbsp; 77 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**126**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Emerging Markets ex China Growth Fund**

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Period Ended** <br>**December 31,**<br>|
|  | **2025** | **2024** | **2023** | **2022**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $13.21 | &nbsp;&nbsp; $11.64 | &nbsp;&nbsp; $9.41 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income (loss) | 0.09 | 0.05 | 0.08 | 0.02 |
| Net realized and unrealized gain (loss) on investments | 1.05 | 1.52 | 2.25 | &nbsp;&nbsp; (0.61)<br>|
| Total from investment operations | 1.14 | 1.57 | 2.33 | &nbsp;&nbsp; (0.59)<br>|
| Less distributions from: |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; — | 0.10 | &nbsp;&nbsp; — |
| Total distributions |  | &nbsp;&nbsp; — | 0.10 | &nbsp;&nbsp; — |
| Net asset value, end of period | $14.35 | &nbsp;&nbsp; $13.21 | &nbsp;&nbsp; $11.64 | &nbsp;&nbsp; $9.41 |
| Total return (%)\* | 8.63 | 13.49 | 24.75 | &nbsp;&nbsp; (5.90)<br>|
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |
| Expenses, before waivers and reimbursements | 1.96 | 2.11 | 2.35 | 2.77 |
| Expenses, net of waivers and reimbursements | 0.99 | 0.99 | 0.99 | 0.99 |
| Net investment income (loss), before waivers and reimbursements | 0.37 | &nbsp;&nbsp; (0.75)<br>| &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (1.40)<br>|
| Net investment income (loss), net of waivers and reimbursements | 1.34 | 0.37 | 0.78 | 0.38 |
| Class I net assets at the end of the period (in thousands) | $8864 | &nbsp;&nbsp; $9452 | &nbsp;&nbsp; $2841 | &nbsp;&nbsp; $9 |
| Portfolio turnover rate (%)\* | 42 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 64 |

---

------

(a) For the period from July 29, 2022 (Commencement of Operations) to December 31, 2022. <br> \* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | |
|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Period Ended** <br>**December 31,**<br>|
|  | **2025** | **2024** | **2023** | **2022**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $13.23 | &nbsp;&nbsp; $11.65 | &nbsp;&nbsp; $9.42 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |
| Net investment income (loss) | 0.09 | 0.06 | 0.08 | 0.02 |
| Net realized and unrealized gain (loss) on investments | 1.06 | 1.52 | 2.25 | &nbsp;&nbsp; (0.60)<br>|
| Total from investment operations | 1.15 | 1.58 | 2.33 | &nbsp;&nbsp; (0.58)<br>|
| Less distributions from: |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; — | 0.10 | &nbsp;&nbsp; — |
| Total distributions |  | &nbsp;&nbsp; — | 0.10 | &nbsp;&nbsp; — |
| Net asset value, end of period | $14.38 | &nbsp;&nbsp; $13.23 | &nbsp;&nbsp; $11.65 | &nbsp;&nbsp; $9.42 |
| Total return (%)\* | 8.69 | 13.56 | 24.75 | &nbsp;&nbsp; (5.80)<br>|
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |
| Expenses, before waivers and reimbursements | 1.88 | 2.01 | 2.26 | 2.78 |
| Expenses, net of waivers and reimbursements | 0.94 | 0.94 | 0.94 | 0.94 |
| Net investment income (loss), before waivers and reimbursements | 0.47 | &nbsp;&nbsp; (0.57)<br>| &nbsp;&nbsp; (0.53)<br>| &nbsp;&nbsp; (1.42)<br>|
| Net investment income (loss), net of waivers and reimbursements | 1.41 | 0.50 | 0.79 | 0.42 |
| Class R6 net assets at the end of the period (in thousands) | $28369 | &nbsp;&nbsp; $26020 | &nbsp;&nbsp; $19169 | &nbsp;&nbsp; $13024 |
| Portfolio turnover rate (%)\* | 42 | &nbsp;&nbsp; 69 | &nbsp;&nbsp; 55 | &nbsp;&nbsp; 64 |

---

------

(a) For the period from July 29, 2022 (Commencement of Operations) to December 31, 2022. <br> \* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**127**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Emerging Markets ex China Growth Fund (continued)**

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**128**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Emerging Markets Small Cap Growth Fund**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** | **Class N** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $21.26 | &nbsp;&nbsp; $19.66 | &nbsp;&nbsp; $16.13 | &nbsp;&nbsp; $23.52 | &nbsp;&nbsp; $22.22 | &nbsp;&nbsp; $16.80 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.19 | 0.06 | 0.03 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.20)<br>| &nbsp;&nbsp; (0.06)<br>|
| Net realized and unrealized gain (loss) on investments | 0.70 | 1.54 | 3.51 | &nbsp;&nbsp; (6.59)<br>| 3.53 | 5.48 |
| Total from investment operations | 0.89 | 1.60 | 3.54 | &nbsp;&nbsp; (6.60)<br>| 3.33 | 5.42 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; — | 0.01 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.79 | 2.03 | &nbsp;&nbsp; — |
| Total distributions |  | &nbsp;&nbsp; — | 0.01 | 0.79 | 2.03 | &nbsp;&nbsp; — |
| Net asset value, end of period | $22.15 | &nbsp;&nbsp; $21.26 | &nbsp;&nbsp; $19.66 | &nbsp;&nbsp; $16.13 | &nbsp;&nbsp; $23.52 | &nbsp;&nbsp; $22.22 |
| Total return (%)\* | 4.24 | 8.09 | 21.93 | &nbsp;&nbsp; (28.12)<br>| 15.23 | 32.26 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.74 | 1.70 | 1.70 | 1.69 | 1.60 | 1.77 |
| Expenses, net of waivers and reimbursements | 1.40 | 1.40 | 1.45 | 1.55 | 1.55 | 1.55 |
| Net investment income (loss), before waivers and reimbursements | 1.61 | &nbsp;&nbsp; (0.01)<br>| &nbsp;&nbsp; (0.07)<br>| &nbsp;&nbsp; (0.18)<br>| &nbsp;&nbsp; (0.88)<br>| &nbsp;&nbsp; (0.58)<br>|
| Net investment income (loss), net of waivers and reimbursements | 1.95 | 0.29 | 0.18 | &nbsp;&nbsp; (0.04)<br>| &nbsp;&nbsp; (0.83)<br>| &nbsp;&nbsp; (0.36)<br>|
| Class N net assets at the end of the period (in thousands) | $3683 | &nbsp;&nbsp; $4021 | &nbsp;&nbsp; $3857 | &nbsp;&nbsp; $3069 | &nbsp;&nbsp; $4262 | &nbsp;&nbsp; $3947 |
| Portfolio turnover rate (%)\* | 135 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 119 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $21.63 | &nbsp;&nbsp; $19.96 | &nbsp;&nbsp; $16.37 | &nbsp;&nbsp; $23.79 | &nbsp;&nbsp; $22.40 | &nbsp;&nbsp; $16.90 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.22 | 0.11 | 0.07 | 0.04 | &nbsp;&nbsp; (0.14)<br>| &nbsp;&nbsp; (0.02)<br>|
| Net realized and unrealized gain (loss) on investments | 0.72 | 1.56 | 3.57 | &nbsp;&nbsp; (6.67)<br>| 3.56 | 5.53 |
| Total from investment operations | 0.94 | 1.67 | 3.64 | &nbsp;&nbsp; (6.63)<br>| 3.42 | 5.51 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; — | 0.05 | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.01 |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.79 | 2.03 | &nbsp;&nbsp; — |
| Total distributions |  | &nbsp;&nbsp; — | 0.05 | 0.79 | 2.03 | 0.01 |
| Net asset value, end of period | $22.57 | &nbsp;&nbsp; $21.63 | &nbsp;&nbsp; $19.96 | &nbsp;&nbsp; $16.37 | &nbsp;&nbsp; $23.79 | &nbsp;&nbsp; $22.40 |
| Total return (%)\* | 4.35 | 8.37 | 22.25 | &nbsp;&nbsp; (27.93)<br>| 15.51 | 32.60 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.46 | 1.42 | 1.43 | 1.40 | 1.31 | 1.45 |
| Expenses, net of waivers and reimbursements | 1.15 | 1.15 | 1.20 | 1.30 | 1.30 | 1.30 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 1.88 | 0.25 | 0.18 | 0.11 | &nbsp;&nbsp; (0.59)<br>| &nbsp;&nbsp; (0.25)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 2.19 | 0.52 | 0.41 | 0.21 | &nbsp;&nbsp; (0.58)<br>| &nbsp;&nbsp; (0.10)<br>|
| Class I net assets at the end of the period (in thousands) | $135342 | &nbsp;&nbsp; $153032 | &nbsp;&nbsp; $134297 | &nbsp;&nbsp; $108401 | &nbsp;&nbsp; $171994 | &nbsp;&nbsp; $151302 |
| Portfolio turnover rate (%)\* | 135 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 119 |

---

------

\* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**129**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Emerging Markets Small Cap Growth Fund (continued)**

---

| | | | | | | |
|:---|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** |
|  | **2025** | **2024** | **2023** | **2022** | **2021** | **2020** |
| Net asset value, beginning of period | $21.70 | &nbsp;&nbsp; $20.02 | &nbsp;&nbsp; $16.41 | &nbsp;&nbsp; $23.84 | &nbsp;&nbsp; $22.44 | &nbsp;&nbsp; $16.93 |
| Income (loss) from investment operations: |  |  |  |  |  |  |
| Net investment income (loss) | 0.23 | 0.11 | 0.08 | 0.05 | &nbsp;&nbsp; (0.12)<br>| &nbsp;&nbsp; (0.00 )<sup>^</sup><br>|
| Net realized and unrealized gain (loss) on investments | 0.72 | 1.57 | 3.59 | &nbsp;&nbsp; (6.69)<br>| 3.56 | 5.53 |
| Total from investment operations | 0.95 | 1.68 | 3.67 | &nbsp;&nbsp; (6.64)<br>| 3.44 | 5.53 |
| Less distributions from: |  |  |  |  |  |  |
| Net investment income |  | &nbsp;&nbsp; — | 0.06 | &nbsp;&nbsp; — | 0.01 | 0.02 |
| Net realized gain |  | &nbsp;&nbsp; — | &nbsp;&nbsp; — | 0.79 | 2.03 | &nbsp;&nbsp; — |
| Total distributions |  | &nbsp;&nbsp; — | 0.06 | 0.79 | 2.04 | 0.02 |
| Net asset value, end of period | $22.65 | &nbsp;&nbsp; $21.70 | &nbsp;&nbsp; $20.02 | &nbsp;&nbsp; $16.41 | &nbsp;&nbsp; $23.84 | &nbsp;&nbsp; $22.44 |
| Total return (%)\* | 4.38 | 8.39 | 22.37 | &nbsp;&nbsp; (27.91)<br>| 15.58 | 32.66 |
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.35 | 1.31 | 1.32 | 1.31 | 1.23 | 1.36 |
| Expenses, net of waivers and reimbursements | 1.10 | 1.10 | 1.15 | 1.25 | 1.23 | 1.25 |
| Net investment income (loss), before waivers and <br> reimbursements<br>| 2.00 | 0.33 | 0.29 | 0.18 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.14)<br>|
| Net investment income (loss), net of waivers and <br> reimbursements<br>| 2.25 | 0.54 | 0.46 | 0.24 | &nbsp;&nbsp; (0.49)<br>| &nbsp;&nbsp; (0.03)<br>|
| Class R6 net assets at the end of the period (in thousands) | $230551 | &nbsp;&nbsp; $241040 | &nbsp;&nbsp; $251558 | &nbsp;&nbsp; $211203 | &nbsp;&nbsp; $324152 | &nbsp;&nbsp; $152160 |
| Portfolio turnover rate (%)\* | 135 | &nbsp;&nbsp; 188 | &nbsp;&nbsp; 117 | &nbsp;&nbsp; 101 | &nbsp;&nbsp; 76 | &nbsp;&nbsp; 119 |

---

------

---

| | |
|:---|:---|
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**130**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**China Growth Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Period Ended** <br>**December 31,**<br>|
|  | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $5.30 | &nbsp;&nbsp; $4.87 | &nbsp;&nbsp; $6.46 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) | 0.03 | 0.06 | 0.05 | 0.03 | &nbsp;&nbsp; (0.04)<br>|
| Net realized and unrealized gain (loss) on investments | 0.57 | 0.44 | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp; (0.42)<br>|
| Total from investment operations | 0.60 | 0.50 | &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (3.08)<br>| &nbsp;&nbsp; (0.46)<br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income |  | 0.07 | 0.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Total distributions |  | 0.07 | 0.02 | &nbsp;&nbsp; — | &nbsp;&nbsp; — |
| Net asset value, end of period | $5.90 | &nbsp;&nbsp; $5.30 | &nbsp;&nbsp; $4.87 | &nbsp;&nbsp; $6.46 | &nbsp;&nbsp; $9.54 |
| Total return (%)\* | 11.32 | 10.34 | &nbsp;&nbsp; (24.28)<br>| &nbsp;&nbsp; (32.43)<br>| &nbsp;&nbsp; (4.40)<br>|
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |
| Expenses, before waivers and reimbursements | 9.33 | 9.46 | 9.78 | 5.31 | 4.74 |
| Expenses, net of waivers and reimbursements | 0.99 | 0.99 | 0.99 | 1.01 | 1.05 |
| Net investment income (loss), before waivers and reimbursements | (7.24)<br>| &nbsp;&nbsp; (7.33)<br>| &nbsp;&nbsp; (7.93)<br>| &nbsp;&nbsp; (3.90)<br>| &nbsp;&nbsp; (4.69)<br>|
| Net investment income (loss), net of waivers and reimbursements | 1.10 | 1.14 | 0.86 | 0.40 | &nbsp;&nbsp; (1.00)<br>|
| Class I net assets at the end of the period (in thousands) | $80 | &nbsp;&nbsp; $68 | &nbsp;&nbsp; $160 | &nbsp;&nbsp; $509 | &nbsp;&nbsp; $5538 |
| Portfolio turnover rate (%)\* | 33 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 4 |

---

------

(a) For the period from August 27, 2021 (Commencement of Operations) to December 31, 2021. <br> \* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Period Ended** <br>**December 31,**<br>|
|  | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $5.28 | &nbsp;&nbsp; $4.85 | &nbsp;&nbsp; $6.45 | &nbsp;&nbsp; $9.54 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) | 0.03 | 0.06 | 0.04 | 0.02 | &nbsp;&nbsp; (0.03)<br>|
| Net realized and unrealized gain (loss) on investments | 0.56 | 0.45 | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (3.11)<br>| &nbsp;&nbsp; (0.43)<br>|
| Total from investment operations | 0.59 | 0.51 | &nbsp;&nbsp; (1.57)<br>| &nbsp;&nbsp; (3.09)<br>| &nbsp;&nbsp; (0.46)<br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income |  | 0.08 | 0.03 | 0.00 <br><sup>^</sup><br>| &nbsp;&nbsp; — |
| Total distributions |  | 0.08 | 0.03 | 0.00 <br><sup>^</sup><br>| &nbsp;&nbsp; — |
| Net asset value, end of period | $5.87 | &nbsp;&nbsp; $5.28 | &nbsp;&nbsp; $4.85 | &nbsp;&nbsp; $6.45 | &nbsp;&nbsp; $9.54 |
| Total return (%)\* | 11.17 | 10.46 | &nbsp;&nbsp; (24.38)<br>| &nbsp;&nbsp; (32.49)<br>| &nbsp;&nbsp; (4.40)<br>|
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |
| Expenses, before waivers and reimbursements | 9.31 | 9.39 | 9.75 | 5.27 | 4.72 |
| Expenses, net of waivers and reimbursements | 0.94 | 0.94 | 0.94 | 0.96 | 1.00 |
| Net investment income (loss), before waivers and reimbursements | (7.24)<br>| &nbsp;&nbsp; (7.21)<br>| &nbsp;&nbsp; (8.08)<br>| &nbsp;&nbsp; (4.01)<br>| &nbsp;&nbsp; (4.61)<br>|
| Net investment income (loss), net of waivers and reimbursements | 1.13 | 1.24 | 0.73 | 0.30 | &nbsp;&nbsp; (0.89)<br>|
| Class R6 net assets at the end of the period (in thousands) | $1871 | &nbsp;&nbsp; $1660 | &nbsp;&nbsp; $1687 | &nbsp;&nbsp; $1438 | &nbsp;&nbsp; $1687 |
| Portfolio turnover rate (%)\* | 33 | &nbsp;&nbsp; 81 | &nbsp;&nbsp; 97 | &nbsp;&nbsp; 36 | &nbsp;&nbsp; 4 |

---

------

---

| | |
|:---|:---|
| (a) | For the period from August 27, 2021 (Commencement of Operations) to December 31, 2021. |
| ^ | Amount is less than $0.005 per share. |
| \* | Not annualized for periods less than a year. |
| \*\* | Annualized for periods less than a year. |

---

See accompanying Notes to Financial Statements.

*June 30, 2025*

**131**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**China Growth Fund (continued)**

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**132**

*Semi-Annual*

------

**Financial Highlights** — For a share outstanding throughout each period

**Emerging Markets Debt Fund**

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class I** | **Class I** | **Class I** | **Class I** | **Class I** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Period Ended** <br>**December 31,**<br>|
|  | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $8.06 | &nbsp;&nbsp; $7.89 | &nbsp;&nbsp; $7.44 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) | 0.27 | 0.59 | 0.52 | 0.48 | 0.27 |
| Net realized and unrealized gain (loss) on investments | 0.26 | 0.11 | 0.44 | &nbsp;&nbsp; (2.10)<br>| &nbsp;&nbsp; (0.40)<br>|
| Total from investment operations | 0.53 | 0.70 | 0.96 | &nbsp;&nbsp; (1.62)<br>| &nbsp;&nbsp; (0.13)<br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income | 0.28 | 0.53 | 0.48 | 0.51 | 0.28 |
| Return of capital |  | &nbsp;&nbsp; — | 0.03 | 0.02 | &nbsp;&nbsp; — |
| Total distributions | 0.28 | 0.53 | 0.51 | 0.53 | 0.28 |
| Net asset value, end of period | $8.31 | &nbsp;&nbsp; $8.06 | &nbsp;&nbsp; $7.89 | &nbsp;&nbsp; $7.44 | &nbsp;&nbsp; $9.59 |
| Total return (%)\* | 6.64 | 9.06 | 13.41 | &nbsp;&nbsp; (16.93)<br>| &nbsp;&nbsp; (1.39)<br>|
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.17 | 1.12 | 1.26 | 1.28 | 1.24 |
| Expenses, net of waivers and reimbursements | 0.70 | 0.70 | 0.70 | 0.70 | 0.70 |
| Net investment income (loss), before waivers and reimbursements | 6.24 | 6.92 | 6.42 | 5.39 | 4.02 |
| Net investment income (loss), net of waivers and reimbursements | 6.71 | 7.34 | 6.98 | 5.97 | 4.56 |
| Class I net assets at the end of the period (in thousands) | $31289 | &nbsp;&nbsp; $13787 | &nbsp;&nbsp; $3205 | &nbsp;&nbsp; $923 | &nbsp;&nbsp; $1484 |
| Portfolio turnover rate (%)\* | 77 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 72 |

---

------

(a) For the period from May 25, 2021 (Commencement of Operations) to December 31, 2021. <br> \* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

---

| | | | | | |
|:---|:---|:---|:---|:---|:---|
|  | **Class R6** | **Class R6** | **Class R6** | **Class R6** | **Class R6** |
|  | **(unaudited)** <br>**Period Ended** <br>**June 30,**<br>| **Years Ended December 31,** | **Years Ended December 31,** | **Years Ended December 31,** | **Period Ended** <br>**December 31,**<br>|
|  | **2025** | **2024** | **2023** | **2022** | **2021**<sup>(a)</sup> <br>|
| Net asset value, beginning of period | $8.05 | &nbsp;&nbsp; $7.88 | &nbsp;&nbsp; $7.44 | &nbsp;&nbsp; $9.59 | &nbsp;&nbsp; $10.00 |
| Income (loss) from investment operations: |  |  |  |  |  |
| Net investment income (loss) | 0.28 | 0.58 | 0.53 | 0.48 | 0.28 |
| Net realized and unrealized gain (loss) on investments | 0.25 | 0.12 | 0.42 | &nbsp;&nbsp; (2.09)<br>| &nbsp;&nbsp; (0.41)<br>|
| Total from investment operations | 0.53 | 0.70 | 0.95 | &nbsp;&nbsp; (1.61)<br>| &nbsp;&nbsp; (0.13)<br>|
| Less distributions from: |  |  |  |  |  |
| Net investment income | 0.28 | 0.53 | 0.48 | 0.52 | 0.28 |
| Return of capital |  | &nbsp;&nbsp; — | 0.03 | 0.02 | &nbsp;&nbsp; — |
| Total distributions | 0.28 | 0.53 | 0.51 | 0.54 | 0.28 |
| Net asset value, end of period | $8.30 | &nbsp;&nbsp; $8.05 | &nbsp;&nbsp; $7.88 | &nbsp;&nbsp; $7.44 | &nbsp;&nbsp; $9.59 |
| Total return (%)\* | 6.68 | 9.14 | 13.48 | &nbsp;&nbsp; (16.95)<br>| &nbsp;&nbsp; (1.32)<br>|
| Ratios to average daily net assets (%):\*\* <br>|  |  |  |  |  |
| Expenses, before waivers and reimbursements | 1.10 | 1.02 | 1.17 | 1.20 | 1.17 |
| Expenses, net of waivers and reimbursements | 0.65 | 0.65 | 0.65 | 0.65 | 0.65 |
| Net investment income (loss), before waivers and reimbursements | 6.52 | 6.83 | 6.52 | 5.50 | 4.10 |
| Net investment income (loss), net of waivers and reimbursements | 6.97 | 7.20 | 7.04 | 6.05 | 4.62 |
| Class R6 net assets at the end of the period (in thousands) | $28056 | &nbsp;&nbsp; $52304 | &nbsp;&nbsp; $50231 | &nbsp;&nbsp; $44903 | &nbsp;&nbsp; $50010 |
| Portfolio turnover rate (%)\* | 77 | &nbsp;&nbsp; 104 | &nbsp;&nbsp; 106 | &nbsp;&nbsp; 118 | &nbsp;&nbsp; 72 |

---

------

(a) For the period from May 25, 2021 (Commencement of Operations) to December 31, 2021. <br> \* Not annualized for periods less than a year. <br> \*\* Annualized for periods less than a year.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**133**

*William Blair Funds*

------

**Financial Highlights** — For a share outstanding throughout each period

**Emerging Markets Debt Fund (continued)**

Note: Net investment income (loss) per share is based on the average shares outstanding during the period.

**Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Results shown are annual returns, which assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call 1-800-742-7272 or visit our website at** www.williamblairfunds.com.

See accompanying Notes to Financial Statements.

*June 30, 2025*

**134**

*Semi-Annual*

------

<sup>RENEWAL OF THE MANAGEMENT AGREEMENT</sup>

On April 23, 2025, the Board of Trustees (the "Board") of the William Blair Funds (the "Trust"), including the Trustees who are not "interested persons" of the Trust as defined by the Investment Company Act of 1940, as amended (the "Independent Trustees"), approved the renewal for an additional one-year term of the Trust's Management Agreement with William Blair Investment Management, LLC (the "Adviser") on behalf of each of the William Blair Funds (each, a "Fund" and collectively, the "Funds"). In deciding to approve the renewal of the Management Agreement, the Board did not identify any single factor or group of factors as all important or controlling and considered all factors together. The Board did not allot a particular weight to any one factor or group of factors.

The information in this summary outlines the Board's considerations associated with its renewal of the Management Agreement. In connection with its deliberations regarding the continuation of the Management Agreement, the Board considered such information and factors as it believed to be necessary to evaluate the terms of the Management Agreement. As described below, the Board considered the nature, quality and extent of the services performed by the Adviser under the Management Agreement; the investment performance of each Fund and the Adviser; comparative management fees and expense ratios as prepared by an independent provider (FUSE Research Network LLC ("FUSE")); the estimated profitability realized by the Adviser; the extent to which the Adviser realizes economies of scale as a Fund grows; and whether incidental (or "fall-out") benefits are being realized by the Adviser. In addition, the Independent Trustees discussed the renewal of the Management Agreement with Trust management and in private sessions with independent legal counsel at which no representatives of the Adviser were present.

The Board, including the Independent Trustees, considered the renewal of the Management Agreement pursuant to a process that concluded at the Board's April 23, 2025 meeting. In preparation for the review process, the Independent Trustees considered the type and nature of information to be requested, and independent legal counsel sent a formal request for information to the Adviser. The Adviser provided extensive information in response to the request. After reviewing the information received, the Independent Trustees requested supplemental information, which the Adviser provided. The Independent Trustees also received a memorandum from legal counsel advising them of their duties and responsibilities in connection with the consideration of the Management Agreement. For each Fund, the Independent Trustees reviewed comparative performance information and comparative management fees and net expense ratios provided by FUSE for a peer group of funds and a broader peer universe of funds. In addition, the Independent Trustees considered: (1) the nature, quality and extent of the services provided by the Adviser; (2) information comparing the performance of each Fund to one or more relevant securities indexes; (3) information comparing management fees of each Fund to fees charged by the Adviser to other funds and client accounts with similar investment strategies; (4) the estimated allocated direct or indirect costs of services provided and estimated profits realized by the Adviser for both the Trust as a whole and each Fund individually; and (5) information describing other benefits to the Adviser and its affiliate, William Blair & Company, L.L.C. (the "Distributor"), resulting from their relationship with the Funds. The Independent Trustees also noted that they receive information from the Adviser regarding the Funds throughout the year in connection with regular Board meetings, including presentations from portfolio managers. In addition, the Adviser made a presentation to the Board regarding the contract review information, including addressing the supplemental information requests, and answered questions from the Independent Trustees. The Board, including the Independent Trustees, determined that, given the totality of the information provided with respect to the Management Agreement, the Board had received sufficient information to renew the Management Agreement. The Independent Trustees noted that in evaluating the Management Agreement, they were taking into account their accumulated experience as Board members in working with the Adviser on matters relating to the Funds. Based on their review, the Independent Trustees concluded that it was in the best interests of each Fund to renew the Management Agreement and, accordingly, recommended to the Board of the Trust the renewal of the Management Agreement for each Fund. The Board considered the recommendation of the Independent Trustees along with other factors that the Board deemed relevant.

*Nature, Quality and Extent of Services*. In evaluating the nature, quality and extent of the services provided by the Adviser to the Funds, the Board noted that the Adviser is a quality firm with a reputation for integrity and honesty that employs high-quality people and has a long association with the Funds. The Board believes that a long-term relationship with a capable, conscientious adviser is in the best interests of shareholders, and that shareholders have invested in the Funds knowing that the Adviser manages the Funds and knowing the management fees. The Board considered the Adviser's fundamental research approach in actively managed, process-oriented investing. The Board considered biographical information about the Trust's officers, other Adviser personnel and the Funds' portfolio managers, including information on the portfolio managers' personal investments in the Fund(s) they manage. The Board also considered the administrative services performed by the Adviser, financial information regarding the Adviser, the Adviser's execution quality and use of soft dollars, risk management oversight, compliance program and the expense limitations proposed for each of the Funds' share classes. In addition, the Board considered the nature, quality and extent of the services that the Adviser provides to the Funds compared to the services that the Adviser provides to other clients. The Board noted that the Adviser pays the compensation of all of the officers of the Trust. Based upon all relevant factors, the Board concluded that the nature, quality and extent of the services provided by the Adviser to each Fund were appropriate.

**135**

------

*Performance*. The Board reviewed information on the annualized net total returns of Class I shares of the Funds (except for the Institutional International Growth Fund, which does not have share classes) for the one-, three-, five- and ten-year periods ended December 31, 2024, as applicable, along with annualized total return information for a broad peer universe of funds and one or more benchmark securities indexes. For purposes of this report, Class I shares were used for comparison purposes for all Funds (except for the Institutional International Growth Fund, which does not have share classes) as the Board noted that Class I shares represent the largest percentage of assets in the Trust. In evaluating performance, the Board recognized that the performance data reflects a snapshot of periods as of a particular date and that selecting different performance periods may produce different results.

The Board considered that the Adviser seeks to provide superior performance over the long term and was committed to managing each Fund consistently with the Fund's stated investment strategies and that at times relative performance will be affected by whether the market environment favors or disfavors particular investments, styles and/or market capitalizations. The Board considered that the Adviser had managed the Funds consistent with their respective investment strategies. Based on the information provided, the Board considered the following with respect to the total returns of each Fund:

<u>Growth Fund.</u>The Board considered that the Fund's total return was below the median of its peer universe for the one-, three- and five-year periods ended December 31, 2024. The Board also considered that the Fund underperformed the benchmark (Russell 3000® Growth Index) for the one-, three- and five-year periods ended December 31, 2024. The Board considered the Adviser's statements that relative underperformance over the three- and five-year periods was primarily due to a headwind associated with the Fund's typical smaller size bias and negative stock selection within mega capitalization information technology stocks.

<u>Large Cap Growth Fund.</u>The Board considered that the Fund's total return was below the median of its peer universe for the one- and three-year periods and above the median of its peer universe for the five-year period ended December 31, 2024. The Board also considered that the Fund underperformed the benchmark (Russell 1000® Growth Index) for the one-, three- and five-year periods ended December 31, 2024.

<u>Mid Cap Value Fund.</u>The Board considered that the Fund's total return was above the median of its peer universe and below the return of the benchmark (Russell Midcap Value Index) for the one-year period ended December 31, 2024. The Board considered that the Fund commenced operations on March 16, 2022, which provided a limited period of time to evaluate investment performance.

<u>Small-Mid Cap Core Fund.</u>The Board considered that the Fund's total return was above the median of its peer universe for the one- and five-year periods and below the median of its peer universe for the three-year period ended December 31, 2024. The Board also considered that the Fund outperformed the benchmark (Russell 2500™ Index) for the one- and five-year periods and underperformed the benchmark for the three-year period ended December 31, 2024.

<u>Small-Mid Cap Growth Fund.</u>The Board considered that the Fund's total return was below the median of its peer universe for the one- and five-year periods and above the median of its peer universe for the three-year period ended December 31, 2024. The Board also considered that the Fund underperformed the benchmark (Russell 2500™ Growth Index) for the one- and five-year periods and outperformed the benchmark for the three-year period ended December 31, 2024.

<u>Small-Mid Cap Value Fund.</u>The Board considered that the Fund's total return was below the median of its peer universe and the return of the benchmark (Russell 2500™ Value Index) for the one-year period ended December 31, 2024. The Board considered that the Fund commenced operations on August 17, 2023, which provided a limited period of time to evaluate investment performance.

<u>Small Cap Growth Fund.</u> The Board considered that the Fund's total return was above the median of its peer universe for the one-, three- and five-year periods ended December 31, 2024. The Board also considered that the Fund outperformed the benchmark (Russell 2000® Growth Index) for the one-, three- and five-year periods ended December 31, 2024.

<u>Small Cap Value Fund.</u>The Board considered that the Fund's total return was below the median of its peer universe for the one-, three- and five-year periods ended December 31, 2024. The Board also considered that the Fund underperformed the benchmark (Russell 2000® Value Index) for the one-, three- and five-year periods ended December 31, 2024. The Board considered the Adviser's statements that the Fund is constructed to capture the small cap value premium over longer periods of time, and that the market has not rewarded valuation or smaller sized stocks during the three-year period ended December 31, 2024.

<u>Global Leaders Fund.</u>The Board considered that the Fund's total return was below the median of its peer universe for the one-, three- and five-year periods ended December 31, 2024. The Board also considered that the Fund underperformed the benchmark (MSCI All Country World IMI (net) Index) for the one-, three- and five-year periods ended December 31, 2024.

**136**

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The Board considered that the Fund's relative underperformance was largely attributable to calendar years 2022 and 2024 and the Adviser's statements that the Fund prefers quality companies within a growth universe that tend to command a premium, and that the outperformance of valuation (which means the cheapest stocks strongly outperformed expensive stocks) over the three-year period ended December 31, 2024 was a significant headwind. The Board also considered the Adviser's statements that, from an attribution perspective over the trailing three-year period, relative underperformance was primarily driven by an underweight allocation within the energy and financials sectors coupled with negative stock selection within the information technology and healthcare sectors.

<u>International Leaders Fund.</u>The Board considered that the Fund's total return was below the median of its peer universe for the one-, three- and five-year periods ended December 31, 2024. The Board also considered that the Fund underperformed the benchmark (MSCI All Country World Ex-U.S. IMI (net) Index) for the one-, three- and five-year periods ended December 31, 2024. The Board considered that the Fund's relative underperformance was largely attributable to calendar years 2022 and 2024 and the Adviser's statements that the Fund prefers quality companies within a growth universe that tend to command a premium, and that the outperformance of valuation (which means the cheapest stocks strongly outperformed expensive stocks) over the three-year period ended December 31, 2024 was a significant headwind. The Board also considered the Adviser's statements that, from an attribution perspective over the trailing three-year period, relative underperformance was primarily driven by an underweight allocation within the financials sector coupled with negative stock selection within the industrials and information technology sectors.

<u>International Growth Fund.</u>The Board considered that the Fund's total return was below the median of its peer universe for the one-, three- and five-year periods ended December 31, 2024. The Board also considered that the Fund underperformed the benchmark (MSCI All Country World Ex-U.S. IMI (net) Index) for the one-, three- and five-year periods ended December 31, 2024. The Board considered that the Fund's relative underperformance was largely attributable to calendar years 2022 and 2024 and the Adviser's statements that the Fund prefers quality companies within a growth universe that tend to command a premium, and that the outperformance of valuation (which means the cheapest stocks strongly outperformed expensive stocks) over the three-year period ended December 31, 2024 was a significant headwind. The Board also considered the Adviser's statements that, from an attribution perspective over the trailing three-year period, relative underperformance was primarily driven by an underweight allocation within the financials sector coupled with negative stock selection within the industrials and information technology sectors.

I<u>nstitutional International Growth Fund.</u>The Board considered that the Fund's total return was below the median of its peer universe for the one- and three-year periods and equal to the median of its peer universe for the five-year period ended December 31, 2024. The Board also considered that the Fund underperformed the benchmark (MSCI All Country World Ex-U.S. IMI (net) Index) for the one- and three-year periods and outperformed the benchmark for the five-year period ended December 31, 2024.

<u>International Small Cap Growth Fund.</u>The Board considered that the Fund's total return was below the median of its peer universe for the one- and three-year periods and above the median of its peer universe for the five-year period ended December 31, 2024. The Board also considered that the Fund underperformed the benchmark (MSCI All Country World Ex-U.S. Small Cap (net) Index) for the one-, three- and five-year periods ended December 31, 2024. The Board considered that the Fund's relative underperformance was largely attributable to calendar years 2022 and 2024 and the Adviser's statements that the Fund prefers quality companies within a growth universe that tend to command a premium, and that the outperformance of valuation (which means the cheapest stocks strongly outperformed expensive stocks) over the three-year period ended December 31, 2024 was a significant headwind. The Board also considered the Adviser's statements that, from an attribution perspective over the trailing three-year period, relative underperformance was primarily driven by an underweight allocation within the energy sector coupled with negative stock selection within the industrials and consumer discretionary sectors.

<u>Emerging Markets Leaders Fund.</u>The Board considered that the Fund's total return was below the median of its peer universe for the one-, three- and five-year periods ended December 31, 2024. The Board also considered that the Fund underperformed the benchmark (MSCI Emerging Markets (net) Index) for the one-, three- and five-year periods ended December 31, 2024. The Board considered the Adviser's statements that the Fund prefers quality companies within a growth universe that tend to command a premium, and that the outperformance of valuation (which means the cheapest stocks strongly outperformed expensive stocks) over the three-year period ended December 31, 2024 was a significant headwind. The Board also considered the Adviser's statements that, from an attribution perspective over the trailing three-year period, relative underperformance was primarily driven by an underweight allocation to and negative stock selection within the financials sector coupled with negative stock selection within the information technology sector.

<u>Emerging Markets Growth Fund.</u>The Board considered that the Fund's total return was above the median of its peer universe for the one- and five-year periods and below the median of its peer universe for the three-year period ended December 31,

**137**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

2024. The Board also considered that the Fund outperformed the benchmark (MSCI Emerging Markets IMI (net) Index) for the one- and five-year periods and underperformed the benchmark for the three-year period ended December 31, 2024.

<u>Emerging Markets ex China Growth Fund.</u>The Board considered that the Fund's total return was above the median of its peer universe and above the return of the benchmark (MSCI Emerging Markets ex-China (net) Index) for the one-year period ended December 31, 2024. The Board considered that the Fund commenced operations on July 29, 2022, which provided a limited period of time to evaluate investment performance.

<u>Emerging Markets Small Cap Growth Fund</u>. The Board considered that the Fund's total return was above the median of its peer universe for the one-, three- and five-year periods ended December 31, 2024. The Board also considered that the Fund outperformed the benchmark (MSCI Emerging Markets Small Cap (net) Index) for the one-year period and underperformed the benchmark for the three- and five-year periods ended December 31, 2024.

<u>China Growth Fund.</u>The Board considered that the Fund's total return was above the median of its peer universe for the one-year period and below the median of its peer universe for the three-year period ended December 31, 2024. The Board also considered that the Fund underperformed the benchmark (MSCI China All Shares (net) Index) for the one and three-year periods ended December 31, 2024. The Board considered the Adviser's statements that the Fund prefers quality companies within a growth universe that tend to command a premium, and that the outperformance of valuation (which means the cheapest stocks strongly outperformed expensive stocks) over the three-year period ended December 31, 2024 was a significant headwind. The Board also considered the Adviser's statements that, from an attribution perspective over the trailing three-year period, relative underperformance was primarily driven by an underweight allocation to and negative stock selection within the financials sector coupled with negative stock selection within the consumer discretionary and information technology sectors.

<u>Emerging Markets Debt Fund.</u>The Board considered that the Fund's total return was above the median of its peer universe for the one- and three-year periods ended December 31, 2024. The Board also considered that the Fund outperformed the benchmark (J.P. Morgan Emerging Markets Bond Index Global Diversified Unhedged (net)) for the one and three-year periods ended December 31, 2024.

*Management Fees.* The Board reviewed each Fund's management fee and reviewed information comparing each Fund's management fee to the management fees of a peer group of funds and a broader peer universe of funds provided by FUSE for Class I shares of the Funds (except for the Institutional International Growth Fund, which does not have share classes). The FUSE peer group for Class I shares of each Fund other than the Institutional International Growth Fund, and the peer group for the Institutional International Growth Fund, consisted of a group of funds with similar investment, operational and pricing characteristics and comparable asset levels, as determined by FUSE. In considering the FUSE information, the Board noted that the gross management fees for the Growth Fund, the Large Cap Growth Fund, the Mid Cap Value Fund, the Small-Mid Cap Value Fund, the Small Cap Value Fund, the Global Leaders Fund, the Emerging Markets Leaders Fund, the Emerging Markets Growth Fund, the Emerging Markets Small Cap Growth Fund, the China Growth Fund and the Emerging Markets Debt Fund were below the median gross management fees of their respective peer groups. The Board also noted that the gross management fee for the International Small Cap Growth Fund was equal to the median gross management fee of its peer group. The Board further noted that the gross management fees for the Small-Mid Cap Core Fund, the Small-Mid Cap Growth Fund, the Small Cap Growth Fund, the International Leaders Fund, the International Growth Fund, the Institutional International Growth Fund and the Emerging Markets ex China Growth Fund were above the median gross management fees of their respective peer groups. The Board also considered the Adviser's proposals to reduce the contractual management fees for the International Growth Fund and the Institutional International Growth Fund.

The Board noted the current and proposed contractual expense limitations for the share classes of the Funds. The Board considered that the Adviser proposed to contractually limit operating expenses until April 30, 2026 for each share class of the Funds (and for the Institutional International Growth Fund, which does not have share classes). The Board considered the amount of management fees waived and other expenses reimbursed by the Adviser on behalf of the Funds in 2024.

For each Fund, the Board also reviewed amounts charged by the Adviser to other pooled investment vehicles, including other registered funds for which the Adviser acts as a sub-adviser, and the Adviser's fee schedule for institutional accounts. With respect to other pooled investment vehicles and institutional accounts, the Board considered the Adviser's statements to the effect that the level of services provided to the Funds and the regulatory responsibilities associated with sponsoring registered investment companies were greater as compared to the work involved for other pooled investment vehicles, including other registered funds for which the Adviser acts as a sub-adviser, and institutional accounts. In addition, the Board considered the Adviser's statements to the effect that institutional accounts are distributed differently, operate under different investment and regulatory structures and have different business risks as compared to the Funds and that there are responsibilities and duties involved in sponsoring a registered fund that are not present in sub-advising a registered fund.

**138**

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On the basis of all the information provided, the Board concluded that each Fund's management fee, coupled with the applicable expense limitations, was reasonable.

*Profitability.* With respect to the profitability of the Management Agreement to the Adviser, the Board considered the overall fees paid under the Management Agreement, including the estimated allocated costs of the services provided, management fees waived and other expenses reimbursed, if any, and profits realized by the Adviser from its relationship with the Trust as a whole and each Fund individually. The Board concluded that the estimated profits realized by the Adviser were not unreasonable.

*Economies of Scale*. The Board considered the extent to which economies of scale would be realized as the Funds grow and whether fee levels reflect these economies of scale for the benefit of investors. The Board noted the Adviser's statements to the effect that the resources required for the Adviser's fundamental investment process typically increase as a Fund increases in size. The Board also considered that certain of the Funds were part of investment strategies that were capacity constrained by the Adviser so that opportunities for economies of scale were limited.

In considering whether fee levels reflect economies of scale for the benefit of Fund investors, the Board considered each Fund's asset size, management fee breakpoints for applicable Funds, the expense limitations in place and net expense ratios for each Fund, as applicable, and the proposed reductions in management fees for the International Growth Fund and the Institutional International Growth Fund. The Board concluded that in the aggregate the Funds' fee levels reasonably reflect appropriate recognition of economies of scale.

*Other Benefits*. The Board considered benefits derived by the Adviser and its affiliates from their relationship with the Funds, including (1) receipt of research from brokerage firms; (2) soft dollars, which pertain primarily to the Funds investing in equity securities; (3) reimbursement of some intermediary fees in the nature of sub-transfer agency fees; (4) fees from Class N shares of the Funds to the Distributor pursuant to the Rule 12b-1 Plan, nearly all of which are paid to third parties; and (5) favorable media coverage. The Board determined that the Funds' management fees were reasonable in light of these benefits.

*Conclusion*. Based upon all of the information considered and the conclusions reached, the Board determined that the terms of the Management Agreement continue to be fair and reasonable, and that the continuation of the Management Agreement is in the best interests of each Fund.

**139**

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;

**(Unaudited)**

**Additional Federal Income Tax Information:**

Under Section 852(b)(3)(C) of the Code, the Funds hereby designate the following amounts as capital gain dividends for the fiscal year ended December 31, 2024 (in thousands):

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| | |
|:---|:---|
| **Fund** | **Capital Gain Dividend** |
| Growth Fund | $57452 |
| Large Cap Growth Fund | 170789 |
| Small-Mid Cap Core Fund | 3242 |
| Small-Mid Cap Growth Fund | 207874 |
| Small Cap Growth Fund | 72466 |
| Small Cap Value Fund | 34266 |
| Global Leaders Fund | 30584 |
| International Growth Fund | 86380 |
| Institutional International Growth Fund | 54338 |

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*June 30, 2025*

**140**

*Semi-Annual*

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**BOARD OF TRUSTEES** *(effective August 4, 2025)*

**Vann Avedisian**

*Co-founder and Partner, Newbond Holdings*

**Kathleen Barr, Chair**

*Retired Senior Managing Director, PNC Capital Advisors, LLC*

**Michelle Borré**

*Retired Senior Portfolio Manager and Senior Vice President, OppenheimerFunds*

**Cissie Citardi**

*Partner, William Blair*

**Daniel Leib**

*Chief Executive Officer, Donnelley Financial Solutions, Inc.*

**Dorri McWhorter**

*President and Chief Executive Officer, The Executives' Club of Chicago*

**Steven Zenz**

*Retired Partner, KPMG LLP*

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**Officers**

------

Lisa Rusch, *President*

Alaina Anderson, CFA, *Senior Vice President*

Marcelo Assalin, CFA, *Senior Vice President*

Paul Birchenough, *Senior Vice President*

Daniel Crowe, CFA, *Senior Vice President*

Robert J. Duwa, CFA, *Senior Vice President*

Simon Fennell, *Senior Vice President*

James S. Golan, CFA, *Senior Vice President*

William V. Heaphy, CFA, *Senior Vice President*

Kenneth J. McAtamney, *Senior Vice President*

Todd M. McClone, CFA, *Senior Vice President*

Casey K. Preyss, CFA, *Senior Vice President*

David P. Ricci, CFA, *Senior Vice President*

Marco Ruijer, CFA, *Senior Vice President*

Hugo Scott-Gall, *Senior Vice President*

Ward D. Sexton, CFA, *Senior Vice President*

Andrew Siepker, CFA, *Senior Vice President*

Ian Smith, *Senior Vice President*

Mark C. Thompson, CFA, *Senior Vice President*

Vivian Lin Thurston, CFA, *Senior Vice President*

Dan Zelazny, *Senior Vice President*

Nicholas Zimmerman, CFA, *Senior Vice President*

Matthew Fleming, CFA, *Vice President*

Jared Lou, CFA, *Vice President*

Arun Sharma, *Vice President*

Daniel Carey, *Chief Legal Officer and Assistant Secretary*

E. Laura Simsic, *Chief Compliance Officer* 

John M. Raczek, *Treasurer*

Andrew T. Pfau, *Secretary*

David M. Cihak, *Assistant Treasurer*

**Investment Adviser**

William Blair Investment Management, LLC

**Distributor**

William Blair & Company, L.L.C.

**Independent Registered Public Accounting Firm**

Ernst & Young LLP

**Transfer Agent**

SS&C GIDS, Inc.

For customer assistance, call 1-800-635-2886

P.O. Box 219137

Kansas City, Missouri 64121-9137

*June 30, 2025*

**141**

*William Blair Funds*

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William Blair Funds

U.S. EQUITY

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Growth Fund

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Large Cap Growth Fund

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Mid Cap Value Fund

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Small-Mid Cap Core Fund

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Small-Mid Cap Growth Fund

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Small-Mid Cap Value Fund

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Small Cap Growth Fund

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Small Cap Value Fund

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GLOBAL EQUITY

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Global Leaders Fund

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INTERNATIONAL EQUITY

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International Leaders Fund

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International Growth Fund

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Institutional International Growth Fund

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International Small Cap Growth Fund

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Emerging Markets Leaders Fund

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Emerging Markets Growth Fund

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Emerging Markets ex China Growth Fund

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Emerging Markets Small Cap Growth Fund

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China Growth Fund

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EMERGING MARKETS DEBT

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Emerging Markets Debt Fund

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+1 800 742 7272

williamblairfunds.com

<sup>©</sup>William Blair & Company, L.L.C., distributor

150 North Riverside Plaza

Chicago, Illinois 60606

103188

![](img4a8d4e032.jpg)

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 8. Changes in and Disagreements with Accountants for Open-End Management Investment Companies.**

Not applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 9. Proxy Disclosures for Open-End Management Investment Companies.**

Not applicable.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 10. Remuneration Paid to Directors, Officers, and Others of Open-End Management Investment Companies.** 

Disclosure in response to this item is included under Item 7 of this Form N-CSR.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 11. Statement Regarding Basis for Approval of Investment Advisory Contract.** 

Disclosure in response to this item is included under Item 7 of this Form N-CSR.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 12. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies** 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 13. Portfolio Managers of Closed-End Management Investment Companies** 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 14. Purchase of Equity Securities by Closed-End Management Investment Companies and Affiliated Purchasers** 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 15. Submission of Matters to a Vote of Security Holders** 

There have been no material changes to the procedures by which shareholders may recommend nominees to the Registrant's Board of Trustees since the Registrant last provided disclosure in response to this item.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 16. Controls and Procedures**

* The Registrant's principal executive and principal financial officers, or persons performing similar functions, have concluded that the Registrant's Disclosure Controls and Procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, as amended (the "1940 Act") (17 CFR 270.30a-3(c)) are effective, as of a date within 90 days of the filing date of this report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures required by Rule 30a-3 (b) under the 1940 Act (17 CFR 270.30a-3(b) and Rules 13a-15(b) or 15d-15(b) under the Securities Exchange Act of 1934, as amended to date (17 CFR 240.13a-15(b) or 240.15d-15(b)).

* There were no changes in the Registrant's internal control over financial reporting (as defined in Rule 30a-3(d) under the 1940 Act (17 CFR 270.30a-3(d)) that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the Registrant's internal control over financial reporting.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 17. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies** 

Not applicable to this Registrant, insofar as the Registrant is not a closed-end management investment company.

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&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp;&nbsp; **Item 18. Recovery of Erroneously Awarded Compensation** 

(a) Not applicable.

(b) Not applicable.

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**Item 19. Exhibits** 

19. (a) (1) Not applicable.

19. (a) (2) Not applicable to this Registrant.

19. (a) (3) (1) [Certification of Principal Executive Officer Required by Rule 30a-2(a) of the Investment Company Act of 1940 is filed as an exhibit hereto](EX-99_CERT.htm).

19. (a) (3) (2) [Certification of Principal Financial Officer Required by Rule 30a-2(a) of the Investment Company Act of 1940 is filed as an exhibit hereto](EX-99_CERT.htm).

19. (a) (4) Not applicable.

19. (a) (5) Not applicable.

19. (b) [Certifications of the Principal Executive Officer and Principal Financial Officer of the issuer as required by Rule 30a-2(b) of the Investment Company Act of 1940 are filed as exhibits hereto](EX-99.906_CERT.htm).

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SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

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| | |
|:---|:---|
|  | William Blair Funds |
|  | /s/ Stephanie G. Braming |
| By: | Lisa D. Rusch<br>President<br>(Principal Executive Officer) |
| Date: | September 5, 2025 |

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Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

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| | |
|:---|:---|
|  | /s/ Stephanie G. Braming |
|  | LIsa D. Rusch<br>President<br>(Principal Executive Officer) |
| Date: | September 5, 2025 |

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| | |
|:---|:---|
|  | /s/ John M. Raczek |
| By: | John M. Raczek<br>Treasurer<br>(Principal Financial Officer) |
| Date: | September 5, 2025 |

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## Ex-99.Cert

#### Exhibit 19 (a) (3) (1)

#### CERTIFICATION Pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 and Section 302 of the Sarbanes-Oxley Act of 2002
I, Lisa Rusch, certify that:

1. I have reviewed this report on Form N-CSR of William Blair Funds ;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 5, 2025

Lisa Rusch

Principal Executive Officer

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#### Exhibit 19 (a) (3) (2)
CERTIFICATIONPursuant to Rule 30a-2(a) under the Investment Company Act of 1940 andSection 302 of the Sarbanes-Oxley Act of 2002

I, John M. Raczek, certify that:

1. I have reviewed this report on Form N-CSR of William Blair Funds ;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the financial statements, and other financial information included in this report, fairly present in all material respects the financial condition, results of operations, changes in net assets, and cash flows (if the financial statements are required to include a statement of cash flows) of the registrant as of, and for, the periods presented in this report;

4. The registrant's other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant's disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report based on such evaluation; and

(d) Disclosed in this report any change in the registrant's internal control over financial reporting that occurred during the period covered by this report that has materially affected, or is reasonably likely to materially affect, the registrant's internal control over financial reporting; and

5. The registrant's other certifying officer and I have disclosed to the registrant's auditors and the audit committee of the registrant's board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant's ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant's internal control over financial reporting.

Date: September 5, 2025

John M. Raczek

Principal Financial Officer

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## Exhibit 99.906

#### Exhibit 19 (b)

#### CERTIFICATIONS Pursuant to Rule 30a-2(b) under the Investment Company Act of 1940 and Section 906 of the Sarbanes-Oxley Act of 2002
Name of Issuer: William Blair Funds

Each of the undersigned, the principal executive officer and principal financial officer of the above named issuer, hereby certify to the best of their knowledge and belief that:

1. The Registrant's annual report on Form N-CSR fully complies with the requirements of Section 13 (a) or Section 15 (d) of the Securities Exchange Act of 1934; and

2. The information contained in Form N-CSR fairly presents, in all material respects, the financial condition and results of operations of the issuer.

By: Lisa Rusch

Principal Executive Officer

Date: September 5, 2025

By: John M. Raczek

Principal Financial Officer

Date: September 5, 2025

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