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William Blair Funds

06/30/2026 | Press release | Distributed by Public on 06/30/2026 04:25

Summary Prospectus by Investment Company (Form 497K)

WILLIAM BLAIR FUNDS

William Blair Mid Cap Value Fund

William Blair Small-Mid Cap Value Fund

William Blair Small Cap Value Fund

(each a "Fund" and collectively, the "Funds")

Supplement dated June 30, 2026 to each Fund's Summary Prospectus

and the Funds' Prospectus, each dated May 1, 2026, as supplemented

Effective immediately:

1.

The information below replaces similar disclosure in the respective "Management" section of each Fund's Summary Prospectus and the "Summary - Management" section of the Prospectus as follows:

For the William Blair Mid Cap Value Fund:

Portfolio Managers. Matthew Fleming, a Partner of the Adviser, and Mark Goodman, an Associate of the Adviser, co-manage the Fund. Mr. Fleming has co-managed the Fund since its inception in 2022. Mr. Goodman has co-managed the Fund since 2025.

For the William Blair Small-Mid Cap Value Fund:

Portfolio Managers. Matthew Fleming, a Partner of the Adviser, and Mark Goodman, an Associate of the Adviser, co-manage the Fund. Mr. Fleming has co-managed the Fund since its inception in 2023. Mr. Goodman has co-managed the Fund since 2025.

For the William Blair Small Cap Value Fund:

Portfolio Managers. Matthew Fleming, a Partner of the Adviser, and Mark Goodman, an Associate of the Adviser, co-manage the Fund. Mr. Fleming has co-managed the Fund since 2024. Mr. Goodman has co-managed the Fund since 2025.

2.

Corresponding changes are made in the Prospectus under "Management of the Funds - Portfolio Management."

WILLIAM BLAIR FUNDS

150 North Riverside Plaza

Chicago, Illinois 60606

Please retain this supplement for future reference.

William Blair Funds published this content on June 30, 2026, and is solely responsible for the information contained herein. Distributed via EDGAR on June 30, 2026 at 10:25 UTC. If you believe the information included in the content is inaccurate or outdated and requires editing or removal, please contact us at [email protected]