THE SECURITIES ACT OF 1933		☒
		Pre-Effective Amendment No.		☐
		Post-Effective Amendment No. 153		☒

		THE INVESTMENT COMPANY ACT OF 1940		☒
		Amendment No. 154		☒

(Name and Address of Agent for Service)   Stephanie G. Braming William Blair Investment Management, LLC 150 North Riverside Plaza Chicago, Illinois 60606		Copy to:   Christopher P. Harvey, Esq. Dechert LLP One International Place, 40th Floor 100 Oliver Street Boston, Massachusetts 02110

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immediately upon filing pursuant to paragraph (b)

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on May 1, 2024, pursuant to paragraph (b)

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60 days after filing pursuant to paragraph (a)(1)

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on     , pursuant to paragraph (a)(1)

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75 days after filing pursuant to paragraph (a)(2)

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on     , pursuant to paragraph (a)(2) of Rule 485.

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this post-effective amendment designates a new effective date for a previously filed post-effective amendment.

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WILLIAM BLAIR GROWTH FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

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In choosing investments, the Adviser performs fundamental company analysis and focuses on stock selection. The Adviser evaluates the extent to which a company meets the quality growth criteria set forth below. All of the criteria are evaluated relative to the valuation of the security. The weight given to a particular investment criterion will depend upon the circumstances, and Fund holdings may not meet all of the following criteria: (a) the company should be, or should have the expectation of becoming, a significant provider in the primary markets it serves, (b) the company should have some distinctive attribute relative to present or potential competitors (for example, this may take the form of proprietary products or processes, a unique distribution system, an entrenched brand name or an especially strong financial position relative to its competition), (c) the company should participate in an industry expected to grow rapidly due to economic factors or technological change or should grow through market share gains in its industry and (d) the company should have a strong management team.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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WILLIAM BLAIR LARGE CAP GROWTH FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

---

In choosing investments, the Adviser performs fundamental company analysis and focuses on stock selection. The Adviser evaluates the extent to which a company meets the quality growth criteria set forth below. All of the criteria are evaluated relative to the valuation of the security. The weight given to a particular investment criterion will depend upon the circumstances, and Fund holdings may not meet all of the following criteria: (a) the company should be, or should have the expectation of becoming, a significant provider in the primary markets it serves, (b) the company should have some distinctive attribute relative to present or potential competitors (for example, this may take the form of proprietary products or processes, a unique distribution system, an entrenched brand name or an especially strong financial position relative to its competition), (c) the company should participate in an industry expected to grow rapidly due to economic factors or technological change or should grow through market share gains in its industry and (d) the company should have a strong management team.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular

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industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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WILLIAM BLAIR MID CAP VALUE FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

		Class I				Class R6
Maximum Sales Charge (Load) Imposed on Purchases			None				None
Redemption Fee			None				None

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

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In selecting investments for the Fund, the Adviser typically looks to invest in companies with leading market share positions, shareholder oriented managements, and strong balance sheet and cash flow ratios. Usually, the shares of the companies the Adviser buys are selling at a price to earnings ratio below the average price to earnings ratio of the stocks that comprise the Russell Midcap^® Index. In addition, the companies selected by the Adviser usually have higher returns on equity and capital than the average company in the Russell Midcap^® Index. The Adviser screens the Fund’s universe of potential investments to identify potentially undervalued securities based on factors such as financial strength, earnings valuation, and earnings quality. The Adviser further narrows the list of potential investments through traditional fundamental security analysis, which may include interviews with company management and a review of the assessments and opinions of outside analysts and consultants. Securities are sold when the Adviser believes the shares have become relatively overvalued or it finds more attractive alternatives. The Adviser generally will not sell a security merely due to market appreciation outside the Fund’s target capitalization range if it believes the company has valuation upside potential.

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Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

REIT Risk. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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		Highest Quarterly Return 10.92% (4Q23)		Lowest Quarterly Return (3.60)% (3Q23)

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WILLIAM BLAIR SMALL-MID CAP CORE FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

		Class I				Class R6
Maximum Sales Charge (Load) Imposed on Purchases			None				None
Redemption Fee			None				None

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

---

In choosing investments, the Adviser performs fundamental company analysis and focuses on stock selection. The Adviser evaluates the extent to which a company meets the criteria set forth below. All of the criteria are evaluated relative to the valuation of the security. The weight given to a particular investment criterion will depend upon the circumstances, and Fund holdings may not meet all of the following criteria: (a) the company should be, or should have the expectation of becoming, a significant provider in the primary markets it serves; (b) the company should have some distinctive attribute relative to present or potential competitors (this may, for example, take the form of proprietary products or processes, a unique distribution system, an entrenched brand name or an especially strong financial position relative to its competition); and (c) the company should have a strong management team.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset

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classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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WILLIAM BLAIR SMALL-MID CAP GROWTH FUND			SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

*	The Management Fee has been restated to reflect a reduction to 0.94% of average daily net assets effective May 1, 2023.

***	The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement does not equal the net expense ratio to average daily net assets in the Financial Highlights section of this Prospectus as a result of a change in the management fee and contractual expense limits.

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In choosing investments, the Adviser performs fundamental company analysis and focuses on stock selection. The Adviser evaluates the extent to which a company meets the quality growth criteria set forth below. All of the criteria are evaluated relative to the valuation of the security. The weight given to a particular investment criterion will depend upon the circumstances, and Fund holdings may not meet all of the following criteria: (a) the company should be, or should have the expectation of becoming, a significant provider in the primary markets it serves, (b) the company should have some distinctive attribute relative to present or potential competitors (for example, this may take the form of proprietary products or processes, a unique distribution system, an entrenched brand name or an especially strong financial position relative to its competition), (c) the company should participate in an industry expected to grow rapidly due to economic factors or technological change or should grow through market share gains in its industry and (d) the company should have a strong management team.

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Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblairfunds.com or call 1‑800‑635‑2886.

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WILLIAM BLAIR SMALL-MID CAP VALUE FUND			SUMMARY

Shareholder Fees (fees paid directly from your investment):

		Class I				Class R6
Maximum Sales Charge (Load) Imposed on Purchases			None				None
Redemption Fee			None				None

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

---

In selecting investments for the Fund, the Adviser typically looks to invest in companies with leading market share positions, shareholder-oriented managements, and strong balance sheet and cash flow ratios. Usually, the shares of the companies the Adviser buys are selling at a price to earnings ratio below the average price to earnings ratio of the stocks that comprise the Russell 2500^TM Value Index. In addition, the companies selected by the Adviser usually have higher returns on equity and capital than the average company in the Russell 2500^TM Value Index. The Adviser screens the Fund’s universe of potential investments to identify potentially undervalued securities based on factors such as financial strength, earnings valuation and earnings quality. The Adviser further narrows the list of potential investments through traditional fundamental security analysis, which may include interviews with company management and a review of the assessments and opinions of outside analysts and consultants. Securities are sold when the Adviser believes the shares have become relatively overvalued or it finds more attractive alternatives. The Adviser generally will not sell a security merely due to market appreciation outside the Fund’s target capitalization range if it believes the company has valuation upside potential.

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Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

REIT Risk. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

New Fund Risk. As a new fund, there can be no assurance that the Fund will grow to or maintain an economically viable size, in which case it could ultimately liquidate.

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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WILLIAM BLAIR SMALL CAP GROWTH FUND			SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

*	The Management Fee has been restated to reflect a reduction to 0.94% of average daily net assets effective May 1, 2023.

***	The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement does not equal the net expense ratio to average daily net assets in the Financial Highlights section of this Prospectus as a result of a change in the management fee and contractual expense limits.

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In choosing investments, the Adviser performs fundamental company analysis and focuses on stock selection. The Adviser evaluates the extent to which a company meets the quality growth criteria set forth below. All of the criteria are evaluated relative to the valuation of the security. The weight given to a particular investment criterion will depend upon the circumstances, and Fund holdings may not meet all of the following criteria: (a) the company should be, or should have the expectation of becoming, a significant provider in the primary markets it serves, (b) the company should have some distinctive attribute relative to present or potential competitors (for example, this may take the form of proprietary products or processes, a unique distribution system, an entrenched brand name or an especially strong financial position relative to its competition), (c) the company should participate in an industry expected to grow rapidly due to economic factors or technological change or should grow through market share gains in its industry and (d) the company should have a strong management team.

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Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

Small and Micro-Cap Company Risk. Stocks of small and micro cap companies involve greater risk than those of larger, more established companies. This is because small and micro cap companies may be in earlier stages of development, may be dependent on a small number of products or services, may lack substantial capital reserves and/or do not have proven track records. Small and micro cap companies may be traded in low volumes. This can increase volatility and increase the risk that the Fund will not be able to sell a security on short notice at a reasonable price. The securities of small and micro cap companies may be more volatile and less liquid than securities of large capitalized companies. For purposes of the Fund, micro cap companies are companies with market capitalizations of $1 billion or less at the time of the Fund’s investment.

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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does not necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblairfunds.com or call 1‑800‑635‑2886.

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WILLIAM BLAIR SMALL CAP VALUE FUND			SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

---

In selecting investments for the Fund, the Adviser typically looks to invest in companies with leading market share positions, shareholder oriented managements, and strong balance sheet and cash flow ratios. Usually, the shares of the companies the Adviser buys are selling at a price to earnings ratio below the average price to earnings ratio of the stocks that comprise the Russell 2000^® Index. In addition, the companies selected by the Adviser usually have higher returns on equity and capital than the average company in the Russell 2000^® Index. The Adviser screens the Fund’s universe of potential investments to identify potentially undervalued securities based on factors such as financial strength, earnings valuation, and earnings quality. The Adviser further narrows the list of potential investments through traditional fundamental security analysis, which may include interviews with company management and a review of the assessments and opinions of outside analysts and consultants. Securities are sold when the Adviser believes the shares have become relatively overvalued or it finds more attractive alternatives. The Adviser generally will not sell a security merely due to market appreciation outside the Fund’s target capitalization range if it believes the company has valuation upside potential.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to

---

factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

Small and Micro Cap Company Risk. Stocks of small and micro cap companies involve greater risk than those of larger, more established companies. This is because small and micro cap companies may be in earlier stages of development, may be dependent on a small number of products or services, may lack substantial capital reserves and/or do not have proven track records. Small and micro cap companies may be traded in low volumes. This can increase volatility and increase the risk that the Fund will not be able to sell a security on short notice at a reasonable price. The securities of small and micro cap companies may be more volatile and less liquid than securities of large capitalized companies. For purposes of the Fund, micro cap companies are companies with market capitalizations of $500 million or less at the time of the Fund’s investment.

REIT Risk. REITs are pooled investment vehicles that own, and usually operate, income-producing real estate. REITs are susceptible to the risks associated with direct ownership of real estate, such as the following: declines in property values; increases in property taxes, operating expenses, interest rates or competition; overbuilding; zoning changes; and losses from casualty or condemnation. REITs typically incur fees that are separate from those of the Fund. Accordingly, the Fund’s shareholders will indirectly bear a proportionate share of the REITs’ operating expenses, in addition to paying Fund expenses. REIT operating expenses are not reflected in the fee table and example in this Prospectus.

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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WILLIAM BLAIR GLOBAL LEADERS FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

---

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

The Adviser will vary the Fund’s sector and geographic diversification based upon the Adviser’s ongoing evaluation of economic, market and political trends throughout the world. In making decisions regarding country allocation, the Adviser will consider such factors as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could

---

also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Currency Risk. The value of the Fund’s portfolio may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms.

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

Geographic Risk. To the extent that the Fund invests a significant portion of its assets in any one country or geographic region, the Fund will be subject to greater risk of loss or volatility than if the Fund always maintained wide geographic diversity among the countries and geographic regions in which it invests. Investing in any one country or geographic region makes the Fund more vulnerable to the risks of adverse securities markets, exchange rates and social, political, regulatory and economic events in that one country or geographic region.

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

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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WILLIAM BLAIR INTERNATIONAL LEADERS FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

---

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

The Adviser will vary the Fund’s sector and geographic diversification based upon the Adviser’s ongoing evaluation of economic, market and political trends throughout the world. In making decisions regarding country allocation, the Adviser will consider such factors as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts

---

of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Currency Risk. The value of the Fund’s portfolio may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms.

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

Geographic Risk. To the extent that the Fund invests a significant portion of its assets in any one country or geographic region, the Fund will be subject to greater risk of loss or volatility than if the Fund always maintained wide geographic diversity among the countries and geographic regions in which it invests. Investing in any one country or geographic region makes the Fund more vulnerable to the risks of adverse securities markets, exchange rates and social, political, regulatory and economic events in that one country or geographic region.

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

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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Focus Risk. To the extent that the Fund focuses its investments in particular industries, asset classes or sectors of the economy, any market changes affecting companies in those industries, asset classes or sectors may impact the Fund’s performance. In addition, because the Fund may focus its investments in a limited number of securities, its performance may be more volatile than a fund that invests in a greater number of securities.

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

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shares to offset other taxable capital gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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WILLIAM BLAIR INTERNATIONAL GROWTH FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

---

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

The Adviser will vary the Fund’s sector and geographic diversification based upon the Adviser’s ongoing evaluation of economic, market and political trends throughout the world. In making decisions regarding country allocation, the Adviser will consider such factors as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts

---

of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Currency Risk. The value of the Fund’s portfolio may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms.

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

Geographic Risk. To the extent that the Fund invests a significant portion of its assets in any one country or geographic region, the Fund will be subject to greater risk of loss or volatility than if the Fund always maintained wide geographic diversity among the countries and geographic regions in which it invests. Investing in any one country or geographic region makes the Fund more vulnerable to the risks of adverse securities markets, exchange rates and social, political, regulatory and economic events in that one country or geographic region.

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

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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WILLIAM BLAIR INSTITUTIONAL INTERNATIONAL GROWTH FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

Maximum Sales Charge (Load) Imposed on Purchases			None
Redemption Fee			None

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

1 Year				3 Years				5 Years				10 Years
	$96				$312				$547				$1,219

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equity investments (e.g., securities convertible into common stocks), issued by companies of all sizes domiciled outside the U.S. that the Adviser believes have above-average growth, profitability and quality characteristics. The Adviser seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development. The Fund’s investments are normally allocated among at least six different countries and no more than 50% of the Fund’s equity holdings may be invested in securities of issuers in one country at any given time. Normally, the Fund’s investments will be divided among Continental Europe, the United Kingdom, Canada, Japan and the markets of the Pacific Basin. The Fund may invest the greater of 35% of its net assets or twice the emerging markets component of the MSCI All Country World Ex-U.S. Investable Market Index (IMI) (net) in emerging markets, which include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries.

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

The Adviser will vary the Fund’s sector and geographic diversification based upon the Adviser’s ongoing evaluation of economic, market and political trends throughout the world. In making decisions regarding country allocation, the Adviser will consider such factors as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Currency Risk. The value of the Fund’s portfolio may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms.

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

Geographic Risk. To the extent that the Fund invests a significant portion of its assets in any one country or geographic region, the Fund will be subject to greater risk of loss or volatility than if the Fund always maintained wide geographic diversity among the countries and geographic regions in which it invests. Investing in any one country or geographic region makes the Fund more vulnerable to the risks of adverse securities markets, exchange rates and social, political, regulatory and economic events in that one country or geographic region.

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

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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WILLIAM BLAIR INTERNATIONAL SMALL CAP GROWTH FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

**	The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement does not equal the net expense ratio to average daily net assets in the Financial Highlights section of this Prospectus as a result of a change in the contractual expense limits.

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

The Adviser will vary the Fund’s sector and geographic diversification based upon the Adviser’s ongoing evaluation of economic, market and political trends throughout the world. In making decisions regarding country allocation, the Adviser will consider such factors as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market

---

conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Currency Risk. The value of the Fund’s portfolio may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms.

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

Geographic Risk. To the extent that the Fund invests a significant portion of its assets in any one country or geographic region, the Fund will be subject to greater risk of loss or volatility than if the Fund always maintained wide geographic diversity among the countries and geographic regions in which it invests. Investing in any one country or geographic region makes the Fund more vulnerable to the risks of adverse securities markets, exchange rates and social, political, regulatory and economic events in that one country or geographic region.

Small and Micro Cap Company Risk. Stocks of small and micro cap companies involve greater risk than those of larger, more established companies. This is because small and micro cap companies may be in earlier stages of development, may be dependent on a small number of products or services, may lack substantial capital reserves and/or do not have proven track records. Small and micro cap companies may be traded in low volumes. This can increase volatility and increase the risk that the Fund will not be able to sell a security on short notice at a reasonable price. The securities of small and micro cap companies may be more volatile and less liquid than securities of large capitalized companies. For purposes of the Fund, micro cap are companies with market capitalizations of $500 million or less at the time of the Fund’s investment.

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments).

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

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

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

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

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WILLIAM BLAIR EMERGING MARKETS LEADERS FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

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

The Adviser will vary the Fund’s sector and geographic diversification based upon the Adviser’s ongoing evaluation of economic, market and political trends throughout the world. In making decisions regarding country allocation, the Adviser will consider such factors as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts

---

of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Currency Risk. The value of the Fund’s portfolio may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms. The currencies of emerging market countries may experience a devaluation relative to the U.S. dollar, and continued devaluations may adversely affect the value of the Fund’s assets denominated in such currencies. Many emerging market countries have experienced substantial rates of inflation for many years, and continued inflation may adversely affect the economies and securities markets of such countries.

Emerging Markets Risk. Foreign investment risk is typically magnified in emerging markets, which are the less developed and developing nations. Many emerging market countries have experienced substantial rates of inflation for many years, and continued inflation may adversely affect the economies and securities markets of such countries.

Geographic Risk. To the extent that the Fund invests a significant portion of its assets in any one country or geographic region, the Fund will be subject to greater risk of loss or volatility than if the Fund always maintained wide geographic diversity among the countries and geographic regions in which it invests. Investing in any one country or geographic region makes the Fund more vulnerable to the risks of adverse securities markets, exchange rates and social, political, regulatory and economic events in that one country or geographic region.

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

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments). In addition, separate accounts managed by the Adviser may invest in the Fund and, therefore, the Adviser at times may have

---

discretionary authority over a significant portion of the assets of the Fund. In such instances, the Adviser’s decision to make changes to or rebalance its clients’ allocations in the separate accounts may substantially impact the Fund’s performance.

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

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

Focus Risk. To the extent that the Fund focuses its investments in particular industries, asset classes or sectors of the economy, any market changes affecting companies in those industries, asset classes or sectors may impact the Fund’s performance. In addition, because the Fund may focus its investments in a limited number of securities, its performance may be more volatile than a fund that invests in a greater number of securities.

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

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WILLIAM BLAIR EMERGING MARKETS GROWTH FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

---

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

The Adviser will vary the Fund’s sector and geographic diversification based upon the Adviser’s ongoing evaluation of economic, market and political trends throughout the world. In making decisions regarding country allocation, the Adviser will consider such factors as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts

---

of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Currency Risk. The value of the Fund’s portfolio may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms. The currencies of emerging market countries may experience a devaluation relative to the U.S. dollar, and continued devaluations may adversely affect the value of the Fund’s assets denominated in such currencies. Many emerging market countries have experienced substantial rates of inflation for many years, and continued inflation may adversely affect the economies and securities markets of such countries.

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

Geographic Risk. To the extent that the Fund invests a significant portion of its assets in any one country or geographic region, the Fund will be subject to greater risk of loss or volatility than if the Fund always maintained wide geographic diversity among the countries and geographic regions in which it invests. Investing in any one country or geographic region makes the Fund more vulnerable to the risks of adverse securities markets, exchange rates and social, political, regulatory and economic events in that one country or geographic region.

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

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

---

decision to make changes to or rebalance its clients’ allocations in the separate accounts may substantially impact the Fund’s performance.

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

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

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

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

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“Return Before Taxes” because the investor is assumed to be able to use the capital loss on the sale of Fund shares to offset other taxable capital gains. Actual after-tax returns depend on an investor’s tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement accounts.

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WILLIAM BLAIR EMERGING MARKETS EX CHINA GROWTH FUND			SUMMARY

Shareholder Fees (fees paid directly from your investment):

		Class I				Class R6
Maximum Sales Charge (Load) Imposed on Purchases			None				None
Redemption Fee			None				None

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

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

The Adviser will vary the Fund’s sector and geographic diversification based upon the Adviser’s ongoing evaluation of economic, market and political trends throughout the world. In making decisions regarding country allocation, the Adviser will consider such factors as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market

---

conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Currency Risk. The value of the Fund’s portfolio may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms. The currencies of emerging market countries may experience a devaluation relative to the U.S. dollar, and continued devaluations may adversely affect the value of the Fund’s assets denominated in such currencies. Many emerging market countries have experienced substantial rates of inflation for many years, and continued inflation may adversely affect the economies and securities markets of such countries.

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

Geographic Risk. To the extent that the Fund invests a significant portion of its assets in any one country or geographic region, the Fund will be subject to greater risk of loss or volatility than if the Fund always maintained wide geographic diversity among the countries and geographic regions in which it invests. Investing in any one country or geographic region makes the Fund more vulnerable to the risks of adverse securities markets, exchange rates and social, political, regulatory and economic events in that one country or geographic region.

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

Share Ownership Concentration Risk. To the extent that a significant portion of the Fund’s shares is held by a limited number of shareholders or their affiliates, there is a risk that the share trading activities of these shareholders could disrupt the Fund’s investment strategies, which could have adverse consequences for the Fund and other shareholders (e.g., by requiring the Fund to sell investments at inopportune times or causing the Fund to maintain larger-than-expected cash positions pending acquisition of investments). In addition, separate

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accounts managed by the Adviser may invest in the Fund and, therefore, the Adviser at times may have discretionary authority over a significant portion of the assets of the Fund. In such instances, the Adviser’s decision to make changes to or rebalance its clients’ allocations in the separate accounts may substantially impact the Fund’s performance.

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

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

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

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

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WILLIAM BLAIR EMERGING MARKETS SMALL CAP GROWTH FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

Class N

Class I

Class R6

Maximum Sales Charge (Load) Imposed on Purchases

None

None

None

Redemption Fee

None

None

None

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

**	The Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement does not equal the net expense ratio to average daily net assets in the Financial Highlights section of this Prospectus as a result of a change in contractual expense limits.

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

The Adviser will vary the Fund’s sector and geographic diversification based upon the Adviser’s ongoing evaluation of economic, market and political trends throughout the world. In making decisions regarding country allocation, the Adviser will consider such factors as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular

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industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

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

Currency Risk. The value of the Fund’s portfolio may be affected by changes in exchange rates or control regulations. If a local currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a local currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms. The currencies of emerging market countries may experience a devaluation relative to the U.S. dollar, and continued devaluations may adversely affect the value of the Fund’s assets denominated in such currencies. Many emerging market countries have experienced substantial rates of inflation for many years, and continued inflation may adversely affect the economies and securities markets of such countries.

Emerging Markets Risk. Foreign investment risk is typically magnified in emerging markets, which are the less developed and developing nations. Many emerging market countries have experienced substantial rates of inflation for many years, and continued inflation may adversely affect the economies and securities markets of such countries.

Geographic Risk. To the extent that the Fund invests a significant portion of its assets in any one country or geographic region, the Fund will be subject to greater risk of loss or volatility than if the Fund always maintained wide geographic diversity among the countries and geographic regions in which it invests. Investing in any one country or geographic region makes the Fund more vulnerable to the risks of adverse securities markets, exchange rates and social, political, regulatory and economic events in that one country or geographic region.

Small and Micro Cap Company Risk. Stocks of small and micro cap companies involve greater risk than those of larger, more established companies. This is because small and micro cap companies may be in earlier stages of development, may be dependent on a small number of products or services, may lack substantial capital reserves and/or do not have proven track records. Small and micro cap companies may be traded in low volumes. This can increase volatility and increase the risk that the Fund will not be able to sell a security on short notice at a reasonable price. The securities of small and micro cap companies may be more volatile and less liquid than securities of large capitalized companies. For purposes of the Fund, micro cap companies are companies with market capitalizations of $500 million or less at the time of the Fund’s investment.

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Portfolio Turnover Rate Risk. Higher portfolio turnover rates involve correspondingly higher transaction costs, which are borne directly by the Fund. In addition, the Fund may realize significant short-term and long-term capital gains if portfolio turnover rate is high, which will result in taxable distributions to investors that may be greater than those made by other funds with lower portfolio turnover rates.

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

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

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

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

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

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WILLIAM BLAIR CHINA GROWTH FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

		Class I				Class R6
Maximum Sales Charge (Load) Imposed on Purchases			None				None
Redemption Fee			None				None

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

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

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

 

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

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

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

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

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

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

Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. Events such as war, acts of terrorism, social unrest, natural disasters, the spread of infectious illness or other public health threats could also significantly impact the Fund and its investments. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

Currency Risk. The value of the Fund’s portfolio may be affected by changes in exchange rates or control regulations. If a non-U.S. currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a non-U.S. currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms.

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

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

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

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

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

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

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

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WILLIAM BLAIR EMERGING MARKETS DEBT FUND

SUMMARY

Shareholder Fees (fees paid directly from your investment):

		Class I				Class R6
Maximum Sales Charge (Load) Imposed on Purchases			None				None
Redemption Fee			None				None

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

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Debt securities in which the Fund invests include fixed-rate and floating-rate bonds issued by various public (governmental) and private (corporate) issuers (including private placements and restricted securities). The Fund invests a significant portion of its assets in sovereign debt securities (debt securities issued or guaranteed by foreign sovereign governments or their agencies, authorities or political subdivisions or instrumentalities, and supranational agencies) and debt securities of quasi-sovereign issuers (entities owned by a sovereign government). The Fund may also invest in debt securities issued or guaranteed by foreign corporations and foreign financial institutions. The Fund may invest in debt securities of any credit rating, including investment grade securities, below investment grade securities (commonly referred to as “high yield” or “junk bonds”), and unrated securities. The Fund may invest up to a maximum of 10% of the Fund’s net assets in distressed or defaulted debt securities. The Fund may invest in securities of any maturity.

The majority of the Fund’s investments are generally made in securities of issuers based in South and Central America (including the Caribbean), Central Europe, Eastern Europe, Asia, Africa and the Middle East. More specifically, the Fund invests in countries where the Adviser is able to assess the specific political and economic risks and in countries that have undertaken certain economic reforms and reached certain growth objectives. Countries in which the Fund invests include frontier markets (emerging markets that are early in their development).

The Fund invests in assets denominated in the currencies of economically developed and politically stable countries that are members of the Organisation for Economic Co-operation and Development (OECD), as well as in assets denominated in local currency. The Adviser may, but is not required to, hedge the currency risk associated with the Fund’s investments.

As part of its investment strategy, the Fund may utilize derivatives, including futures and forward contracts, swaps (including credit default swaps and total return swaps), credit derivatives, and currency-related derivatives. Derivatives are primarily utilized to hedge interest rate duration risk and foreign exchange risk.

Additionally, the Fund may maintain assets in cash, deposit, call or current accounts or invest in short-term instruments, such as money market funds, U.S. or other government securities, certificates of deposit, bankers’ acceptances or similar temporary investments, to meet the expense needs of the Fund and/or to fund withdrawals or for such other purposes as may be determined by the Adviser.

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

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Market Risk. The value of the Fund’s investments may go up or down, sometimes rapidly or unpredictably. The value of an investment may decline due to factors affecting securities markets generally or particular industries represented in the securities markets. The value of an investment may decline due to general market conditions that are not specifically related to a particular company, such as real or perceived adverse economic conditions, recessions, inflation, rapid interest rate changes, changes in the general outlook for corporate earnings, changes in interest or currency rates or adverse investor sentiment generally. The value of an investment may also decline due to factors that affect a particular industry or industries, such as labor shortages or increased production costs and competitive conditions within an industry. During a general downturn in the securities markets, multiple asset classes may decline in value simultaneously. Geopolitical and other events may also disrupt securities markets and adversely affect global economies and markets and thereby decrease the value of the Fund’s investments.

Credit Risk. The value of the Fund’s fixed income securities is subject to the ability of the issuers of such securities to make interest payments or principal payment at maturity. The credit ratings of issuers could change and negatively affect the Fund’s share price or yield. The Fund’s net asset value and total return may be adversely affected by the inability of the issuers of the Fund’s securities to make interest payments or payment at maturity. The Fund’s investments in obligations issued or guaranteed by U.S. Government agencies or instrumentalities may not be backed by the full faith and credit of the United States and may differ in the degree of support provided by the U.S. Government.

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

Emerging Markets Risk. Foreign investment risk is typically magnified in emerging markets, which are the less developed and developing nations. These risks are further magnified in frontier markets, which are among the smallest and least mature investment markets.

Sovereign and Quasi-Sovereign Default Risk. The Fund invests in securities issued by or guaranteed by non-U.S. sovereign governments (known as sovereign debt securities) and in securities issued by entities that are owned or guaranteed by non-U.S. sovereign governments (known as quasi-sovereign debt securities). An issuer of sovereign or quasi-sovereign debt held by the Fund, or the governmental authorities that control the repayment of the debt, may be unable or unwilling to repay the principal or interest when due. This may result from political

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or social factors, the general economic environment of a country or levels of foreign debt or foreign currency exchange rates.

Aggressive Investment Technique Risk. The Fund may use investment techniques and financial instruments that may be considered aggressive, including but not limited to the use of futures contracts, options on futures contracts, securities and indices, forward contracts, swap agreements and similar instruments. Such techniques may also include taking short positions or using other techniques that are intended to provide inverse exposure to a particular market or other asset class, as well as leverage, which can expose the Fund to potentially dramatic losses or gains. These techniques may expose the Fund to potentially dramatic losses in the value of certain of its portfolio holdings.

Counterparty and Contractual Default Risk. The Fund’s investments in derivatives and other financial instruments that involve counterparties subject the Fund to the risk that the counterparty could default on its obligations under the agreement, either through the counterparty’s failure or inability to perform its obligations or bankruptcy.

Credit Default Swap Risk. Credit default swaps are subject to the credit risk of the underlying reference obligation and to counterparty credit risk. If the counterparty fails to meet its obligations, the Fund may lose money. Credit default swaps are also subject to the risk that the Adviser will not properly assess the risk of the underlying reference obligation. If the Fund is selling credit protection, there is a risk that a credit event will occur and that the Fund will have to pay the counterparty. If the Fund is buying credit protection, there is a risk that no credit event will occur and the Fund will receive no benefit for the premium paid. Credit default swaps may be difficult to value and may have the effect of leverage on the Fund.

Currency Risk. The value of the Fund’s portfolio may be affected by changes in exchange rates or control regulations. If a non-U.S. currency gains against the U.S. dollar, the value of the security increases in U.S. dollar terms. If a non-U.S. currency declines against the U.S. dollar, the value of the security decreases in U.S. dollar terms.

Derivatives Risk. Investing in derivatives, including futures and forward contracts, swaps, credit derivatives, and currency-related derivatives, involves investment techniques and risks different from those associated with ordinary mutual fund securities transactions and may involve increased transaction costs. The Fund’s investment in derivatives may rise or fall more rapidly in value than other investments and may reduce the Fund’s returns. Changes in the value of the derivative may not correlate perfectly, or at all, with the underlying asset, reference rate or index, and the Fund could lose more than the principal amount invested. Derivatives also may be subject to certain other risks such as leveraging risk, liquidity risk, interest rate risk, market risk, credit risk, counterparty risk, operational risk, legal risk, management risk and the risk of mispricing or improper valuation. Derivatives also may not behave as anticipated by the Fund, especially in abnormal market conditions. The use of derivatives may increase the volatility of the Fund’s net asset value. Derivatives may be leveraged such that a small investment in derivative instruments can have a significant impact on the Fund’s exposure to stock market

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values, interest rates, currency exchange rates or other investments. As a result, a relatively small price movement in a derivatives contract may cause an immediate and substantial loss or gain. It may be difficult or impossible for the Fund to purchase or sell certain derivatives in sufficient amounts to achieve the desired level of exposure, which may result in a loss or may be costly to the Fund. In addition, the possible lack of a liquid secondary market for certain derivatives and the resulting inability of the Fund to sell or otherwise close out a derivatives position could expose the Fund to losses and could make such derivatives more difficult for the Fund to value accurately. Some derivatives are more sensitive to market price fluctuations and to interest rate changes than other investments. The Fund also could suffer losses related to its derivatives positions as a result of unanticipated market movements, which losses are potentially unlimited. The Fund also may be exposed to losses if the counterparty in the transaction does not fulfill its contractual obligation. In addition, derivatives traded over-the-counter (“OTC derivatives”) do not benefit from the protections provided by exchanges in the event that a counterparty is unable to fulfill its contractual obligation. Such OTC derivatives therefore involve greater counterparty and credit risk and may be more difficult to value than exchange-traded derivatives. When a derivative is used as a hedge against a position that the Fund holds, any loss generated by the derivative should generally be offset by gains on the hedged instrument, and vice versa. While hedging can reduce or eliminate losses, it also can reduce or eliminate gains. Hedges are sometimes subject to imperfect matching between the derivative and the hedged investment, and there can be no assurance that the Fund’s hedging transactions will be effective. Also, suitable derivative transactions may not be available in all circumstances. Derivatives are subject to fees and other costs which are not reflected in the Annual Fund Operating Expenses table.

Derivatives are also subject to liquidity risk. Liquidity risk is the risk that a derivative instrument cannot be sold, closed out or replaced quickly at or very close to its fundamental value. Generally, exchange-traded derivatives are very liquid because the exchange clearinghouse is the counterparty of every contract. OTC derivatives are less liquid than exchange-traded derivatives since they often can be closed out only with the other party to the transaction. The Fund’s ability to sell or close out a position in an instrument prior to expiration or maturity depends on the existence of a liquid secondary market or, in the absence of such a market, the ability and willingness of the counterparty to enter into a transaction closing out the position. Therefore, there is no assurance that any derivatives position can be sold or closed out at a time and price that is favorable to the Fund.

Distressed Debt Risk. When the Fund invests in obligations of financially troubled companies (sometimes known as “distressed” securities), there exists the risk that the transaction involving such debt obligations will be unsuccessful, take considerable time or will result in a distribution of cash or a new security or obligation in exchange for the stressed and distressed debt obligations, the value of which may be less than the Fund’s purchase price of such debt obligations. Furthermore, if an anticipated transaction does not occur, the Fund may be required to sell its investment at a loss or hold its investment pending bankruptcy proceedings in the event the issuer files for bankruptcy.

Floating and Variable Rate Securities Risk. For floating and variable rate securities, there may be a lag between an actual change in the underlying interest rate benchmark and the reset time for an interest payment of such a security, which could harm or benefit the Fund, depending on the interest rate environment or other circumstances. In a rising interest rate environment, for example, a floating or variable rate security that does not reset immediately would prevent the Fund from taking full advantage of rising interest rates in a timely manner. However, in a declining interest rate environment, the Fund may benefit from a lag due to a security’s interest rate payment not being immediately impacted by a decline in interest rates.

Certain floating and variable rate securities have an interest rate floor feature, which prevents the interest rate payable by the security from dropping below a specified level as compared to a reference interest rate (the “reference rate”). Such a floor protects the Fund from losses resulting from a decrease in the reference rate below the specified level. However, if the reference rate is below the floor, there will be a lag between a rise in the reference rate and a rise in the interest rate payable by the security, and the Fund may not benefit from increasing interest rates for a significant amount of time.

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Geographic Risk. To the extent that the Fund invests a significant portion of its assets in any one country or geographic region, the Fund will be subject to greater risk of loss or volatility than if the Fund always maintained wide geographic diversity among the countries and geographic regions in which it invests. Investing in any one country or geographic region makes the Fund more vulnerable to the risks of adverse securities markets, exchange rates and social, political, regulatory and economic events in that one country or geographic region.

High Yield Securities Risk. The Fund invests in instruments including junk bonds and instruments that may be issued by companies that are highly leveraged, less creditworthy or financially distressed. These investments are considered to be speculative and are subject to greater risk of loss, greater sensitivity to economic changes, valuation difficulties and potential illiquidity. Such investments are subject to additional risks including subordination to other creditors, no collateral or limited rights in collateral, lack of a regular trading market, extended settlement periods, liquidity risks, prepayment risks, and lack of publicly available information. Because some instruments may have a more limited secondary market, liquidity and valuation risk is more pronounced for the Fund than for funds that invest primarily in other types of fixed income instruments or equity securities.

Income Risk. The income received by the Fund may decrease as a result of a decline in interest rates.

Leverage Risk. The Fund’s investments in derivatives or exposure to derivatives through other investment vehicles expose the Fund to leverage inherent in such instruments. Such leveraged investments can amplify the effects of market volatility on the Fund’s net asset value (i.e., relatively small market movements may result in large changes in the Fund’s net asset value) and make the Fund’s returns more volatile. At times, the Fund’s leveraged investments may cause the Fund’s investment exposure to exceed its net assets and could cause the Fund to experience substantial losses, including the risk of total loss, if the market moves against the Fund. The use of leveraged investments may also cause the Fund to liquidate portfolio positions when it would not be advantageous to do so in order to satisfy its obligations. The use of leveraged investments may also cause the Fund to have higher expenses than those of mutual funds that do not use such techniques.

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

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

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

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Private Placement Risk. Investments in private placements may be difficult to sell at the time and at the price desired by the Fund; companies making private placements may make less information available than publicly offered companies; and privately placed securities are more difficult to value than publicly traded securities. These factors may have a negative effect on the performance of the Fund. Securities acquired through private placements are not registered for resale in the general securities market and may be classified as illiquid.

The futures, options and swaps markets are subject to comprehensive statutes, regulations, and margin requirements. In addition, the U.S. Securities and Exchange Commission, Commodity Futures Trading Commission and the exchanges are authorized to take extraordinary actions in the event of a market emergency, including, for example, the implementation or reduction of speculative position limits, the implementation of higher margin requirements, the establishment of daily price limits and the suspension of trading. The regulation of futures, options and swaps transactions in the United States is a changing area of law and is subject to modification by government and judicial action.

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

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(1)	Effective May 1, 2023, the management fee payable by the Small-Mid Cap Growth Fund was reduced to 0.94% of the Fund’s average daily net assets. For the fiscal year ended December 31, 2022, the Fund paid the Adviser a contractual management fee equal to 1.00% of the Fund’s average daily net assets.

(2)	Effective May 1, 2023, the management fee payable by the Small Cap Growth Fund was reduced to 0.94% of the Fund’s average daily net assets. For the fiscal year ended December 31, 2022, the Fund paid the Adviser a contractual management fee equal to 1.10% of the Fund’s average daily net assets.

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institutional investors;

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qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, defined benefit plans and other similar accounts, or plans whereby Class I shares are held through omnibus accounts (either at the plan level or the level of the plan administrator);

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non-qualified deferred compensation plans (either at the plan level or the level of the plan administrator);

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investors who invest through fee-based advisory or brokerage programs of financial intermediaries that have written agreements with the Distributor and generally hold such shares through an omnibus account held at the Fund; and

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asset-based fee advisory clients of William Blair.

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qualified retirement plans, including, but not limited to 401(k) plans, 457 plans, employer-sponsored 403(b) plans, defined benefit plans and other similar accounts, or plans whereby Class I shares are held through omnibus accounts (either at the plan level or the level of the plan administrator); or

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asset-based fee advisory clients of William Blair.

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qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer sponsored 403(b) plans, defined benefit plans and other accounts or plans whereby Class R6 shares are held through omnibus accounts (either at the plan level or the level of the plan administrator);

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non-qualified deferred compensation plans (either at the plan level or the level of the plan administrator);

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tax-exempt retirement plans (e.g., Profit Sharing, 401(k), Money Purchase Pension and Defined Benefit Plans) of William Blair and its affiliates and rollover accounts from those plans;

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Board members of the Trust and partners and employees of William Blair and their families purchasing directly from the Distributor;

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other investment companies;

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other institutional investors;

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investors who invest through fee-based advisory or brokerage programs of financial intermediaries that hold such shares through an omnibus account at the Fund; and

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certain asset-based fee advisory clients of William Blair.

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qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, defined benefit plans and other similar accounts, or plans whereby Class R6 shares are held through omnibus accounts (either at the plan level or the level of the plan administrator); or

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asset-based fee advisory clients of William Blair that have been approved by the Distributor for investment in Class R6 shares.

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Class N shares may be redeemed if the account value falls below the investment minimum for Class N shares.

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Class I shares may be converted to Class N shares if the account value falls below the investment minimum for Class I shares but meets the investment minimum for Class N shares. Class I shares may be redeemed if the account value falls below the investment minimum for Class N shares.

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Class R6 shares may be converted to Class I shares if the account value falls below the investment minimum for Class R6 shares but meets the investment minimum for Class I shares. Class R6 shares may be redeemed if the account value falls below the investment minimum for Class I shares.

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A current Fund shareholder (Fund shareholders holding Class N or Class I shares of the Fund through qualified retirement plans, including, but not limited to, 401(k) plans, 457 plans, employer-sponsored 403(b) plans, defined benefit plans and other similar accounts, or plans whereby Fund shares are held through omnibus accounts (either at the plan level or the level of the plan administrator) may be permitted to make purchases of Class I and Class R6 shares of the Fund, subject to meeting the respective eligibility requirements for Class I and Class R6 shares);

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An investor who has previously entered into a letter of intent with the Fund or William Blair prior to March 31, 2011;

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A participant in a qualified defined contribution retirement plan that offers the Fund as an investment option; or

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A wrap fee program or financial advisory firm charging asset-based fees with existing accounts as of March 31, 2011 purchasing shares on behalf of new and existing clients.

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A client of William Blair; or

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A Board member or Officer of William Blair Funds, a Partner or employee of William Blair and its affiliates, or a member of the immediate family of any of these persons.

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a letter that contains your name, your assigned account number, the Fund’s name and the dollar amount or number of shares to be redeemed; and

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any other necessary documents, such as an inheritance tax consent or evidence of authority (for example, letters testamentary), dated not more than 60 days prior to receipt thereof by SS&C GIDS or the Distributor.

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You wish to redeem shares having a value of $75,000 or more in a single transaction;

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Your account registration has changed; or

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You want a check in the amount of your redemption to be mailed to a different address from the one on your account application (address of record).

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For the Emerging Markets Debt Fund, the Fund’s net investment income will be declared at the close of a regular trading day on the New York Stock Exchange, which is generally 3:00 p.m., Central time, on each day that the Fund is open for business as a dividend to shareholders who were of record prior to the declaration, and will be paid to shareholders monthly. Capital gain distributions, if any, generally will be declared annually and paid annually in December and/or January.

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participation is voluntary;

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you may terminate or change a plan at any time without penalty or charge from the Trust;

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the Funds may pay additional expenses incurred in connection with such plans;

—

on your account application, you may select the account type in which to invest;

—

additional forms and further information may be obtained by writing or calling the Trust;

—

the Trust reserves the right to change the minimum amounts for initial and subsequent investments or to terminate any of the plans;

—

the Trust reserves the right to waive investment minimums at the discretion of the Distributor; and

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the Trust requires a copy of the trust agreement when shares are to be held in trust.

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		Class N
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	7.95			$	11.81			$	11.15			$	9.45			$	7.91
Income (loss) from investment operations:
Net investment income (loss)			(0.04	)			(0.05	)			(0.08	)			(0.05	)			(0.03	)
Net realized and unrealized gain (loss) on investments			3.03				(3.44	)			2.49				3.43				2.54
Total from investment operations			2.99				(3.49	)			2.41				3.38				2.51
Less distributions from:
Net investment income			—				—				—				—				—
Net realized gain			1.24				0.37				1.75				1.68				0.97
Total distributions			1.24				0.37				1.75				1.68				0.97
Net asset value, end of year		$	9.70			$	7.95			$	11.81			$	11.15			$	9.45
Total return (%)			37.76				(29.65	)			22.09				35.97				31.97
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.26				1.24				1.21				1.26				1.24
Expenses, net of waivers and reimbursements			1.20				1.20				1.20				1.20				1.20
Net investment income (loss), before waivers and reimbursements			(0.49	)			(0.60	)			(0.67	)			(0.55	)			(0.35	)
Net investment income (loss), net of waivers and reimbursements			(0.43	)			(0.56	)			(0.66	)			(0.49	)			(0.31	)
Class N net assets at the end of the year (in thousands)		$	30,789			$	23,829			$	36,807			$	35,494			$	32,710
Portfolio turnover rate (%)			37				41				30				46				39

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		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	10.15			$	14.91			$	13.64			$	11.25			$	9.25
Income (loss) from investment operations:
Net investment income (loss)			(0.02	)			(0.04	)			(0.05	)			(0.03	)			(0.00	)^
Net realized and unrealized gain (loss) on investments			3.88				(4.35	)			3.07				4.10				2.97
Total from investment operations			3.86				(4.39	)			3.02				4.07				2.97
Less distributions from:
Net investment income			—				—				—				—				—
Net realized gain			1.24				0.37				1.75				1.68				0.97
Total distributions			1.24				0.37				1.75				1.68				0.97
Net asset value, end of year		$	12.77			$	10.15			$	14.91			$	13.64			$	11.25
Total return (%)			38.15				(29.52	)			22.54				36.35				32.32
Ratios to average daily net assets (%):
Expenses			0.91				0.92				0.89				0.93				0.92
Net investment income (loss)			(0.14	)			(0.29	)			(0.35	)			(0.23	)			(0.03	)
Class I net assets at the end of the year (in thousands)		$	164,166			$	136,051			$	293,900			$	249,716			$	220,660
Portfolio turnover rate (%)			37				41				30				46				39

		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019(a)
Net asset value, beginning of year		$	10.19			$	14.95			$	13.67			$	11.26			$	11.06
Income (loss) from investment operations:
Net investment income (loss)			(0.01	)			(0.02	)			(0.04	)			(0.03	)			(0.00	)^
Net realized and unrealized gain (loss) on investments			3.90				(4.37	)			3.07				4.12				1.17
Total from investment operations			3.89				(4.39	)			3.03				4.09				1.17
Less distributions from:
Net investment income			—				—				—				—				—
Net realized gain			1.24				0.37				1.75				1.68				0.97
Total distributions			1.24				0.37				1.75				1.68				0.97
Net asset value, end of year		$	12.84			$	10.19			$	14.95			$	13.67			$	11.26
Total return (%)*			38.19				(29.44	)			22.55				36.50				10.75
Ratios to average daily net assets (%)**:
Expenses			0.87				0.87				0.84				0.87				0.88
Net investment income (loss)			(0.10	)			(0.18	)			(0.29	)			(0.23	)			(0.06	)
Class R6 net assets at the end of the year (in thousands)		$	44,437			$	29,128			$	14,993			$	12,041			$	217
Portfolio turnover rate (%)*			37				41				30				46				39

(a)	For the period from May 2, 2019 (Commencement of Operations) to December 31, 2019.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

^	Amount is less than $0.005 per share.

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		Class N
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	16.38			$	24.49			$	20.03			$	15.27			$	11.99
Income (loss) from investment operations:
Net investment income (loss)			(0.02	)			(0.03	)			(0.07	)			0.01				0.00	^
Net realized and unrealized gain (loss) on investments			6.59				(7.96	)			5.65				5.52				4.29
Total from investment operations			6.57				(7.99	)			5.58				5.53				4.29
Less distributions from:
Net investment income			—				—				—				0.00	^			0.01
Net realized gain			—				0.12				1.12				0.77				1.00
Total distributions			—				0.12				1.12				0.77				1.01
Net asset value, end of year		$	22.95			$	16.38			$	24.49			$	20.03			$	15.27
Total return (%)			40.11				(32.61	)			28.03				36.30				36.00
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.04				1.03				1.05				1.09				1.12
Expenses, net of waivers and reimbursements			0.90				0.90				0.90				0.90				0.95
Net investment income (loss), before waivers and reimbursements			(0.24	)			(0.28	)			(0.46	)			(0.15	)			(0.14	)
Net investment income (loss), net of waivers and reimbursements			(0.10	)			(0.15	)			(0.31	)			0.04				0.03
Class N net assets at the end of the year (in thousands)		$	158,351			$	132,225			$	203,014			$	138,152			$	65,314
Portfolio turnover rate (%)			43				29				26				35				37

		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	17.54			$	26.18			$	21.29			$	16.19			$	12.66
Income (loss) from investment operations:
Net investment income (loss)			0.03				0.03				(0.02	)			0.06				0.04
Net realized and unrealized gain (loss) on investments			7.07				(8.53	)			6.03				5.85				4.54
Total from investment operations			7.10				(8.50	)			6.01				5.91				4.58
Less distributions from:
Net investment income			—				0.02				—				0.04				0.05
Net realized gain			—				0.12				1.12				0.77				1.00
Total distributions			—				0.14				1.12				0.81				1.05
Net asset value, end of year		$	24.64			$	17.54			$	26.18			$	21.29			$	16.19
Total return (%)			40.48				(32.46	)			28.39				36.59				36.35
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			0.78				0.79				0.75				0.80				0.81
Expenses, net of waivers and reimbursements			0.65				0.65				0.65				0.65				0.70
Net investment income (loss), before waivers and reimbursements			0.02				(0.01	)			(0.17	)			0.16				0.16
Net investment income (loss), net of waivers and reimbursements			0.15				0.13				(0.07	)			0.31				0.27
Class I net assets at the end of the year (in thousands)		$	1,106,857			$	702,441			$	669,060			$	397,370			$	236,930
Portfolio turnover rate (%)			43				29				26				35				37

^	Amount is less than $0.005 per share.

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		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019(a)
Net asset value, beginning of year		$	17.53			$	26.16			$	21.27			$	16.17			$	15.12
Income (loss) from investment operations:
Net investment income (loss)			0.04				0.04				(0.00	)^			0.01				0.04
Net realized and unrealized gain (loss) on investments			7.07				(8.52	)			6.01				5.91				2.07
Total from investment operations			7.11				(8.48	)			6.01				5.92				2.11
Less distributions from:
Net investment income			—				0.03				0.00	^			0.05				0.06
Net realized gain			—				0.12				1.12				0.77				1.00
Total distributions			—				0.15				1.12				0.82				1.06
Net asset value, end of year		$	24.64			$	17.53			$	26.16			$	21.27			$	16.17
Total return (%)*			40.56				(32.41	)			28.42				36.70				14.13
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			0.65				0.66				0.67				0.70				0.71
Expenses, net of waivers and reimbursements			0.60				0.60				0.60				0.60				0.60
Net investment income (loss), before waivers and reimbursements			0.14				0.13				(0.08	)			(0.03	)			0.22
Net investment income (loss), net of waivers and reimbursements			0.19				0.19				(0.01	)			0.07				0.33
Class R6 net assets at the end of the year (in thousands)		$	368,894			$	238,354			$	233,946			$	177,347			$	1,590
Portfolio turnover rate (%)*			43				29				26				35				37

(a)	For the period from May 2, 2019 (Commencement of Operations) to December 31, 2019.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

^	Amount is less than $0.005 per share.

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		Class I
		Years Ended December 31,
		2023				2022(a)
Net asset value, beginning of year		$	9.19			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.14				0.12
Net realized and unrealized gain (loss) on investments			1.07				(0.83	)
Total from investment operations			1.21				(0.71	)
Less distributions from:
Net investment income			0.15				0.10
Net realized gain			—				—
Total distributions			0.15				0.10
Net asset value, end of year		$	10.25			$	9.19
Total return (%)*			13.21				(7.13	)
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			9.08				8.52
Expenses, net of waivers and reimbursements			0.75				0.75
Net investment income (loss), before waivers and reimbursements			(6.85	)			(6.14	)
Net investment income (loss), net of waivers and reimbursements			1.48				1.63
Class I net assets at the end of the year (in thousands)		$	85			$	76
Portfolio turnover rate (%)*			32				21

		Class R6
		Years Ended December 31,
		2023				2022(a)
Net asset value, beginning of year		$	9.19			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.14				0.11
Net realized and unrealized gain (loss) on investments			1.08				(0.82	)
Total from investment operations			1.22				(0.71	)
Less distributions from:
Net investment income			0.16				0.10
Net realized gain			—				—
Total distributions			0.16				0.10
Net asset value, end of year		$	10.25			$	9.19
Total return (%)*			13.14				(7.01	)
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			9.02				8.52
Expenses, net of waivers and reimbursements			0.70				0.70
Net investment income (loss), before waivers and reimbursements			(6.82	)			(6.35	)
Net investment income (loss), net of waivers and reimbursements			1.50				1.47
Class R6 net assets at the end of the year (in thousands)		$	1,373			$	1,431
Portfolio turnover rate (%)*			32				21

(a)	For the period from March 16, 2022 (Commencement of Operations) to December 31, 2022.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

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		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019(a)
Net asset value, beginning of year		$	13.52			$	16.31			$	12.88			$	10.68			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.04				(0.01	)			(0.03	)			0.00	^			0.02
Net realized and unrealized gain (loss) on investments			1.75				(2.78	)			3.46				2.20				0.67
Total from investment operations			1.79				(2.79	)			3.43				2.20				0.69
Less distributions from:
Net investment income			0.02				—				—				—				0.01
Net realized gain			—				—				—				—				—
Total distributions			0.02				—				—				—				0.01
Net asset value, end of year		$	15.29			$	13.52			$	16.31			$	12.88			$	10.68
Total return (%)*			13.26				(17.11	)			26.63				20.60				6.87
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			1.16				1.21				1.25				1.22				3.92
Expenses, net of waivers and reimbursements			0.95				0.95				0.95				0.95				0.95
Net investment income (loss), before waivers and reimbursements			0.09				(0.32	)			(0.47	)			(0.27	)			(2.23	)
Net investment income (loss), net of waivers and reimbursements			0.30				(0.06	)			(0.17	)			0.00				0.74
Class I net assets at the end of the year (in thousands)		$	101,972			$	87,540			$	61,433			$	22,958			$	1,655
Portfolio turnover rate (%)*			41				50				45				244				12

		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019(a)
Net asset value, beginning of year		$	13.53			$	16.32			$	12.88			$	10.68			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.05				0.00	^			(0.02	)			0.01				0.01
Net realized and unrealized gain (loss) on investments			1.75				(2.79	)			3.46				2.19				0.68
Total from investment operations			1.80				(2.79	)			3.44				2.20				0.69
Less distributions from:
Net investment income			0.03				—				—				0.00	^			0.01
Net realized gain			—				—				—				—				—
Total distributions			0.03				—				—				0.00	^			0.01
Net asset value, end of year		$	15.30			$	13.53			$	16.32			$	12.88			$	10.68
Total return (%)*			13.30				(17.10	)			26.71				20.60				6.88
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			1.01				1.05				1.16				1.07				3.92
Expenses, net of waivers and reimbursements			0.90				0.90				0.90				0.90				0.90
Net investment income (loss), before waivers and reimbursements			0.24				(0.14	)			(0.37	)			(0.11	)			(2.71	)
Net investment income (loss), net of waivers and reimbursements			0.35				0.01				(0.11	)			0.06				0.31
Class R6 net assets at the end of the year (in thousands)		$	94,208			$	56,681			$	31,347			$	7,087			$	4,933
Portfolio turnover rate (%)*			41				50				45				244				12

(a)	For the period from October 1, 2019 (Commencement of Operations) to December 31, 2019.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

^	Amount is less than $0.005 per share.

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		Class N
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	23.96			$	32.27			$	32.96			$	25.41			$	20.97
Income (loss) from investment operations:
Net investment income (loss)			(0.16	)			(0.23	)			(0.36	)			(0.24	)			(0.20	)
Net realized and unrealized gain (loss) on investments			4.35				(7.22	)			2.90				8.37				6.56
Total from investment operations			4.19				(7.45	)			2.54				8.13				6.36
Less distributions from:
Net investment income			—				—				—				—				—
Net realized gain			2.23				0.86				3.23				0.58				1.92
Total distributions			2.23				0.86				3.23				0.58				1.92
Net asset value, end of year		$	25.92			$	23.96			$	32.27			$	32.96			$	25.41
Total return (%)			17.64				(23.11	)			8.27				32.04				30.41
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.39				1.43				1.43				1.45				1.43
Expenses, net of waivers and reimbursements			1.28				1.35				1.35				1.35				1.35
Net investment income (loss), before waivers and reimbursements			(0.72	)			(0.96	)			(1.10	)			(1.01	)			(0.88	)
Net investment income (loss), net of waivers and reimbursements			(0.61	)			(0.88	)			(1.02	)			(0.91	)			(0.80	)
Class N net assets at the end of the year (in thousands)		$	107,791			$	110,241			$	232,166			$	314,572			$	334,017
Portfolio turnover rate (%)			49				49				38				55				56

		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	25.91			$	34.72			$	35.13			$	26.99			$	22.12
Income (loss) from investment operations:
Net investment income (loss)			(0.10	)			(0.18	)			(0.29	)			(0.19	)			(0.14	)
Net realized and unrealized gain (loss) on investments			4.71				(7.77	)			3.11				8.91				6.93
Total from investment operations			4.61				(7.95	)			2.82				8.72				6.79
Less distributions from:
Net investment income			—				—				—				—				—
Net realized gain			2.23				0.86				3.23				0.58				1.92
Total distributions			2.23				0.86				3.23				0.58				1.92
Net asset value, end of year		$	28.29			$	25.91			$	34.72			$	35.13			$	26.99
Total return (%)			17.93				(22.92	)			8.56				32.35				30.77
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.14				1.17				1.16				1.17				1.16
Expenses, net of waivers and reimbursements			1.03				1.10				1.10				1.10				1.10
Net investment income (loss), before waivers and reimbursements			(0.47	)			(0.70	)			(0.83	)			(0.73	)			(0.59	)
Net investment income (loss), net of waivers and reimbursements			(0.36	)			(0.63	)			(0.77	)			(0.66	)			(0.53	)
Class I net assets at the end of the year (in thousands)		$	1,437,622			$	1,509,931			$	2,487,862			$	3,139,290			$	2,531,823
Portfolio turnover rate (%)			49				49				38				55				56

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		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019(a)
Net asset value, beginning of year		$	25.99			$	34.79			$	35.18			$	27.01			$	26.76
Income (loss) from investment operations:
Net investment income (loss)			(0.09	)			(0.15	)			(0.26	)			(0.17	)			(0.09	)
Net realized and unrealized gain (loss) on investments			4.72				(7.79	)			3.10				8.92				2.26
Total from investment operations			4.63				(7.94	)			2.84				8.75				2.17
Less distributions from:
Net investment income			—				—				—				—				—
Net realized gain			2.23				0.86				3.23				0.58				1.92
Total distributions			2.23				0.86				3.23				0.58				1.92
Net asset value, end of year		$	28.39			$	25.99			$	34.79			$	35.18			$	27.01
Total return (%)*			17.95				(22.84	)			8.60				32.44				8.17
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			1.01				1.05				1.03				1.05				1.05
Expenses, net of waivers and reimbursements			0.97				1.05				1.03				1.05				1.05
Net investment income (loss), before waivers and reimbursements			(0.36	)			(0.55	)			(0.69	)			(0.61	)			(0.46	)
Net investment income (loss), net of waivers and reimbursements			(0.32	)			(0.55	)			(0.69	)			(0.61	)			(0.46	)
Class R6 net assets at the end of the year (in thousands)		$	449,782			$	392,153			$	328,034			$	123,220			$	39,974
Portfolio turnover rate (%)*			49				49				38				55				56

(a)	For the period from May 2, 2019 (Commencement of Operations) to December 31, 2019.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

---

		Class I
		Period Ended December 31,
		2023(a)
Net asset value, beginning of year		$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.05
Net realized and unrealized gain (loss) on investments			0.60
Total from investment operations			0.65
Less distributions from:
Net investment income			0.05
Net realized gain			—
Total distributions			0.05
Net asset value, end of year		$	10.60
Total return (%)*			6.45
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			10.69
Expenses, net of waivers and reimbursements			0.85
Net investment income (loss), before waivers and reimbursements			(8.48	)
Net investment income (loss), net of waivers and reimbursements			1.36
Class I net assets at the end of the year (in thousands)		$	84
Portfolio turnover rate (%)*			33

		Class R6
		Period Ended December 31,
		2023(a)
Net asset value, beginning of year		$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.05
Net realized and unrealized gain (loss) on investments			0.60
Total from investment operations			0.65
Less distributions from:
Net investment income			0.05
Net realized gain			—
Total distributions			0.05
Net asset value, end of year		$	10.60
Total return (%)*			6.50
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			10.66
Expenses, net of waivers and reimbursements			0.80
Net investment income (loss), before waivers and reimbursements			(8.49	)
Net investment income (loss), net of waivers and reimbursements			1.37
Class R6 net assets at the end of the year (in thousands)		$	1,497
Portfolio turnover rate (%)*			33

(a)	For the period from August 17, 2023 (Commencement of Operations) to December 31, 2023.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

---

		Class N
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	24.01			$	31.90			$	34.49			$	27.75			$	23.23
Income (loss) from investment operations:
Net investment income (loss)			(0.18	)			(0.27	)			(0.45	)			(0.29	)			(0.24	)
Net realized and unrealized gain (loss) on investments			4.03				(6.61	)			4.56				10.86				5.40
Total from investment operations			3.85				(6.88	)			4.11				10.57				5.16
Less distributions from:
Net investment income			—				—				—				—				—
Net realized gain			0.50				1.01				6.70				3.83				0.64
Total distributions			0.50				1.01				6.70				3.83				0.64
Net asset value, end of year		$	27.36			$	24.01			$	31.90			$	34.49			$	27.75
Total return (%)			16.06				(21.59	)			12.91				38.32				22.26
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.46				1.55				1.56				1.58				1.54
Expenses, net of waivers and reimbursements			1.33				1.50				1.50				1.50				1.50
Net investment income (loss), before waivers and reimbursements			(0.83	)			(1.08	)			(1.24	)			(1.10	)			(0.92	)
Net investment income (loss), net of waivers and reimbursements			(0.70	)			(1.03	)			(1.18	)			(1.02	)			(0.88	)
Class N net assets at the end of the year (in thousands)		$	122,370			$	114,324			$	179,739			$	180,635			$	180,706
Portfolio turnover rate (%)			55				45				49				71				51

		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	28.49			$	37.52			$	39.36			$	31.19			$	25.99
Income (loss) from investment operations:
Net investment income (loss)			(0.13	)			(0.24	)			(0.41	)			(0.24	)			(0.19	)
Net realized and unrealized gain (loss) on investments			4.78				(7.78	)			5.27				12.24				6.03
Total from investment operations			4.65				(8.02	)			4.86				12.00				5.84
Less distributions from:
Net investment income			—				—				—				—				—
Net realized gain			0.50				1.01				6.70				3.83				0.64
Total distributions			0.50				1.01				6.70				3.83				0.64
Net asset value, end of year		$	32.64			$	28.49			$	37.52			$	39.36			$	31.19
Total return (%)			16.35				(21.39	)			13.22				38.68				22.51
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.18				1.28				1.25				1.30				1.27
Expenses, net of waivers and reimbursements			1.07				1.25				1.25				1.25				1.25
Net investment income (loss), before waivers and reimbursements			(0.54	)			(0.81	)			(0.93	)			(0.82	)			(0.65	)
Net investment income (loss), net of waivers and reimbursements			(0.43	)			(0.78	)			(0.93	)			(0.77	)			(0.63	)
Class I net assets at the end of the year (in thousands)		$	445,483			$	303,016			$	402,629			$	390,511			$	423,881
Portfolio turnover rate (%)			55				45				49				71				51

---

		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019(a)
Net asset value, beginning of year		$	28.57			$	37.60			$	39.40			$	31.20			$	31.00
Income (loss) from investment operations:
Net investment income (loss)			(0.12	)			(0.21	)			(0.37	)			(0.23	)			(0.11	)
Net realized and unrealized gain (loss) on investments			4.81				(7.81	)			5.27				12.26				0.95
Total from investment operations			4.69				(8.02	)			4.90				12.03				0.84
Less distributions from:
Net investment income			—				—				—				—				—
Net realized gain			0.50				1.01				6.70				3.83				0.64
Total distributions			0.50				1.01				6.70				3.83				0.64
Net asset value, end of year		$	32.76			$	28.57			$	37.60			$	39.40			$	31.20
Total return (%)*			16.44				(21.35	)			13.31				38.76				2.75
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			1.06				1.18				1.16				1.19				1.18
Expenses, net of waivers and reimbursements			1.02				1.18				1.16				1.19				1.18
Net investment income (loss), before waivers and reimbursements			(0.42	)			(0.70	)			(0.84	)			(0.71	)			(0.51	)
Net investment income (loss), net of waivers and reimbursements			(0.38	)			(0.70	)			(0.84	)			(0.71	)			(0.51	)
Class R6 net assets at the end of the year (in thousands)		$	180,058			$	112,497			$	127,710			$	103,462			$	69,950
Portfolio turnover rate (%)*			55				45				49				71				51

(a)	For the period from May 2, 2019 (Commencement of Operations) to December 31, 2019.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

---

		Class N
		Years Ended December 31,								Period Ended December 31,				Period Ended October 31,
		2023				2022				2021(b)				2021(a)
Net asset value, beginning of year		$	27.76			$	33.63			$	33.49			$	32.15
Income (loss) from investment operations:
Net investment income (loss)			0.21				0.15				0.00	^			0.05
Net realized and unrealized gain (loss) on investments			2.72				(3.98	)			1.37				1.29
Total from investment operations			2.93				(3.83	)			1.37				1.34
Less distributions from:
Net investment income			0.18				0.12				—				—
Net realized gain			0.73				1.92				1.23				—
Total distributions			0.91				2.04				1.23				—
Net asset value, end of year		$	29.78			$	27.76			$	33.63			$	33.49
Total return (%)*			10.59				(11.36	)			4.24				4.17
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			1.11				1.15				1.26				1.17
Expenses, net of waivers and reimbursements			1.11				1.15				1.15				1.15
Net investment income (loss), before waivers and reimbursements			0.76				0.48				(0.05	)			0.51
Net investment income (loss), net of waivers and reimbursements			0.76				0.48				0.06				0.53
Class N net assets at the end of the year (in thousands)		$	2,591			$	2,648			$	3,313			$	9,805
Portfolio turnover rate (%)*			27				25				7				35

		Class I
		Years Ended December 31,								Period Ended December 31,				Years Ended October 31,
		2023				2022				2021(b)				2021				2020				2019
Net asset value, beginning of year		$	27.72			$	33.58			$	33.52			$	23.79			$	28.84			$	31.53
Income (loss) from investment operations:
Net investment income (loss)			0.28				0.22				0.03				0.18				0.09				0.18
Net realized and unrealized gain (loss) on investments			2.72				(3.96	)			1.35				12.91				(3.89	)			1.59
Total from investment operations			3.00				(3.74	)			1.38				13.09				(3.80	)			1.77
Less distributions from:
Net investment income			0.25				0.20				0.09				0.11				0.07				0.15
Net realized gain			0.73				1.92				1.23				3.25				1.18				4.31
Total distributions			0.98				2.12				1.32				3.36				1.25				4.46
Net asset value, end of year		$	29.74			$	27.72			$	33.58			$	33.52			$	23.79			$	28.84
Total return (%)*			10.86				(11.12	)			4.31				55.32				(13.91	)			8.60
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			0.92				0.94				0.82				0.86				0.89				0.93
Expenses, net of waivers and reimbursements			0.89				0.89				0.82				0.86				0.89				0.93
Net investment income (loss), before waivers and reimbursements			0.95				0.67				0.55				0.52				0.37				0.63
Net investment income (loss), net of waivers and reimbursements			0.98				0.72				0.55				0.52				0.37				0.63
Class I net assets at the end of the year (in thousands)		$	813,809			$	758,104			$	1,059,157			$	1,143,150			$	1,181,409			$	908,831
Portfolio turnover rate (%)*			27				25				7				35				27				31

(a)	For the period from July 17, 2021 (Commencement of Operations) to October 31, 2021.

(b)	For the period from November 1, 2021 to December 31, 2021.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

^	Amount is less than $0.005 per share.

---

		Class R6
		Years Ended December 31,								Period Ended December 31,				Period Ended October 31,
		2023				2022				2021(b)				2021(a)
Net asset value, beginning of year		$	27.71			$	33.58			$	33.53			$	32.15
Income (loss) from investment operations:
Net investment income (loss)			0.30				0.26				0.03				0.06
Net realized and unrealized gain (loss) on investments			2.73				(3.98	)			1.35				1.32
Total from investment operations			3.03				(3.72	)			1.38				1.38
Less distributions from:
Net investment income			0.28				0.23				0.10				—
Net realized gain			0.73				1.92				1.23				—
Total distributions			1.01				2.15				1.33				—
Net asset value, end of year		$	29.73			$	27.71			$	33.58			$	33.53
Total return (%)*			10.96				(11.06	)			4.33				4.26
Ratios to average daily net assets (%)**:
Expenses			0.79				0.81				0.78				0.78
Net investment income (loss)			1.08				0.85				0.59				0.64
Class R6 net assets at the end of the year (in thousands)		$	491,646			$	453,456			$	1,006,928			$	867,272
Portfolio turnover rate (%)*			27				25				7				35

(a)	For the period from July 17, 2021 (Commencement of Operations) to October 31, 2021.

(b)	For the period from November 1, 2021 to December 31, 2021.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

---

		Class N
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	13.24			$	19.17			$	17.41			$	14.92			$	11.47
Income (loss) from investment operations:
Net investment income (loss)			(0.02	)			(0.04	)			(0.11	)			(0.06	)			0.01
Net realized and unrealized gain (loss) on investments			3.01				(5.61	)			2.96				4.74				3.61
Total from investment operations			2.99				(5.65	)			2.85				4.68				3.62
Less distributions from:
Net investment income			—				—				—				—				0.03
Net realized gain			1.02				0.28				1.09				2.19				0.14
Total distributions			1.02				0.28				1.09				2.19				0.17
Net asset value, end of year		$	15.21			$	13.24			$	19.17			$	17.41			$	14.92
Total return (%)			22.67				(29.49	)			16.55				31.50				31.57
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.42				1.45				1.38				1.45				1.39
Expenses, net of waivers and reimbursements			1.15				1.15				1.15				1.15				1.20
Net investment income (loss), before waivers and reimbursements			(0.43	)			(0.60	)			(0.79	)			(0.67	)			(0.10	)
Net investment income (loss), net of waivers and reimbursements			(0.16	)			(0.30	)			(0.56	)			(0.37	)			0.09
Class N net assets at the end of the year (in thousands)		$	8,253			$	8,317			$	13,709			$	11,861			$	8,910
Portfolio turnover rate (%)			36				15				18				27				27

		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	13.35			$	19.28			$	17.47			$	14.93			$	11.47
Income (loss) from investment operations:
Net investment income (loss)			0.01				(0.01	)			(0.06	)			(0.01	)			0.05
Net realized and unrealized gain (loss) on investments			3.05				(5.63	)			2.96				4.74				3.61
Total from investment operations			3.06				(5.64	)			2.90				4.73				3.66
Less distributions from:
Net investment income			0.01				0.01				—				0.00	^			0.06
Net realized gain			1.02				0.28				1.09				2.19				0.14
Total distributions			1.03				0.29				1.09				2.19				0.20
Net asset value, end of year		$	15.38			$	13.35			$	19.28			$	17.47			$	14.93
Total return (%)			22.99				(29.28	)			16.78				31.86				31.96
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.14				1.12				1.07				1.12				1.07
Expenses, net of waivers and reimbursements			0.90				0.90				0.90				0.90				0.95
Net investment income (loss), before waivers and reimbursements			(0.17	)			(0.27	)			(0.49	)			(0.31	)			0.22
Net investment income (loss), net of waivers and reimbursements			0.07				(0.05	)			(0.32	)			(0.09	)			0.34
Class I net assets at the end of the year (in thousands)		$	76,915			$	69,987			$	124,488			$	107,375			$	114,666
Portfolio turnover rate (%)			36				15				18				27				27

^	Amount is less than $0.005 per share.

---

		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	13.35			$	19.30			$	17.47			$	14.93			$	11.47
Income (loss) from investment operations:
Net investment income (loss)			0.02				(0.01	)			(0.05	)			0.02				0.06
Net realized and unrealized gain (loss) on investments			3.05				(5.64	)			2.97				4.72				3.61
Total from investment operations			3.07				(5.65	)			2.92				4.74				3.67
Less distributions from:
Net investment income			0.01				0.02				—				0.01				0.07
Net realized gain			1.02				0.28				1.09				2.19				0.14
Total distributions			1.03				0.30				1.09				2.20				0.21
Net asset value, end of year		$	15.39			$	13.35			$	19.30			$	17.47			$	14.93
Total return (%)			23.13				(29.30	)			16.90				31.91				32.02
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.05				1.05				0.99				1.06				1.01
Expenses, net of waivers and reimbursements			0.85				0.85				0.85				0.85				0.90
Net investment income (loss), before waivers and reimbursements			(0.08	)			(0.30	)			(0.40	)			(0.10	)			0.32
Net investment income (loss), net of waivers and reimbursements			0.12				(0.10	)			(0.26	)			0.11				0.43
Class R6 net assets at the end of the year (in thousands)		$	15,287			$	13,255			$	5,585			$	2,946			$	48,133
Portfolio turnover rate (%)			36				15				18				27				27

---

		Class N
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	17.28			$	24.28			$	22.69			$	18.08			$	13.80
Income (loss) from investment operations:
Net investment income (loss)			0.05				0.04				(0.12	)			(0.04	)			0.09
Net realized and unrealized gain (loss) on investments			2.16				(7.01	)			2.35				4.82				4.25
Total from investment operations			2.21				(6.97	)			2.23				4.78				4.34
Less distributions from:
Net investment income			0.04				—				0.00	^			—				0.06
Net realized gain			—				0.03				0.64				0.17				—
Total distributions			0.04				0.03				0.64				0.17				0.06
Net asset value, end of year		$	19.45			$	17.28			$	24.28			$	22.69			$	18.08
Total return (%)			12.77				(28.70	)			9.93				26.45				31.46
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.26				1.26				1.30				1.31				1.32
Expenses, net of waivers and reimbursements			1.15				1.15				1.15				1.15				1.18
Net investment income (loss), before waivers and reimbursements			0.17				0.09				(0.65	)			(0.39	)			0.44
Net investment income (loss), net of waivers and reimbursements			0.28				0.20				(0.50	)			(0.23	)			0.58
Class N net assets at the end of the year (in thousands)		$	34,162			$	35,966			$	47,234			$	19,586			$	11,163
Portfolio turnover rate (%)			50				55				18				34				20

		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	17.41			$	24.41			$	22.80			$	18.13			$	13.84
Income (loss) from investment operations:
Net investment income (loss)			0.10				0.08				(0.06	)			(0.00	)^			0.12
Net realized and unrealized gain (loss) on investments			2.18				(7.05	)			2.36				4.85				4.27
Total from investment operations			2.28				(6.97	)			2.30				4.85				4.39
Less distributions from:
Net investment income			0.09				—				0.05				0.01				0.10
Net realized gain			—				0.03				0.64				0.17				—
Total distributions			0.09				0.03				0.69				0.18				0.10
Net asset value, end of year		$	19.60			$	17.41			$	24.41			$	22.80			$	18.13
Total return (%)			13.09				(28.55	)			10.17				26.77				31.76
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.04				1.04				0.99				1.01				1.01
Expenses, net of waivers and reimbursements			0.90				0.90				0.90				0.90				0.93
Net investment income (loss), before waivers and reimbursements			0.39				0.28				(0.33	)			(0.11	)			0.64
Net investment income (loss), net of waivers and reimbursements			0.53				0.42				(0.24	)			(0.00	)			0.72
Class I net assets at the end of the year (in thousands)		$	413,373			$	369,171			$	591,500			$	393,596			$	181,617
Portfolio turnover rate (%)			50				55				18				34				20

^	Amount is less than $0.005 per share.

---

		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	17.42			$	24.41			$	22.80			$	18.12			$	13.83
Income (loss) from investment operations:
Net investment income (loss)			0.11				0.09				(0.04	)			0.02				0.14
Net realized and unrealized gain (loss) on investments			2.19				(7.05	)			2.35				4.85				4.26
Total from investment operations			2.30				(6.96	)			2.31				4.87				4.40
Less distributions from:
Net investment income			0.10				—				0.06				0.02				0.11
Net realized gain			—				0.03				0.64				0.17				—
Total distributions			0.10				0.03				0.70				0.19				0.11
Net asset value, end of year		$	19.62			$	17.42			$	24.41			$	22.80			$	18.12
Total return (%)			13.20				(28.51	)			10.22				26.88				31.83
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			0.91				0.92				0.91				0.92				0.93
Expenses, net of waivers and reimbursements			0.85				0.85				0.85				0.85				0.88
Net investment income (loss), before waivers and reimbursements			0.52				0.44				(0.24	)			0.03				0.80
Net investment income (loss), net of waivers and reimbursements			0.58				0.51				(0.18	)			0.10				0.85
Class R6 net assets at the end of the year (in thousands)		$	636,401			$	599,084			$	667,996			$	687,171			$	461,124
Portfolio turnover rate (%)			50				55				18				34				20

---

		Class N
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	24.92			$	37.57			$	38.75			$	29.68			$	23.04
Income (loss) from investment operations:
Net investment income (loss)			0.14				0.11				(0.28	)			(0.16	)			0.09
Net realized and unrealized gain (loss) on investments			3.61				(10.78	)			3.51				9.55				6.87
Total from investment operations			3.75				(10.67	)			3.23				9.39				6.96
Less distributions from:
Net investment income			0.19				0.02				—				0.06				0.32
Net realized gain			0.75				1.96				4.41				0.26				—
Total distributions			0.94				1.98				4.41				0.32				0.32
Net asset value, end of year		$	27.73			$	24.92			$	37.57			$	38.75			$	29.68
Total return (%)			15.12				(28.51	)			8.68				31.64				30.24
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.39				1.40				1.46				1.47				1.45
Expenses, net of waivers and reimbursements			1.24				1.31				1.45				1.45				1.45
Net investment income (loss), before waivers and reimbursements			0.36				0.30				(0.68	)			(0.56	)			0.34
Net investment income (loss), net of waivers and reimbursements			0.51				0.39				(0.67	)			(0.54	)			0.34
Class N net assets at the end of the year (in thousands)		$	292,273			$	301,485			$	293,481			$	288,976			$	494,788
Portfolio turnover rate (%)			42				50				19				27				34

		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	25.74			$	38.68			$	39.65			$	30.38			$	23.56
Income (loss) from investment operations:
Net investment income (loss)			0.21				0.24				(0.15	)			(0.08	)			0.18
Net realized and unrealized gain (loss) on investments			3.73				(11.16	)			3.59				9.79				7.03
Total from investment operations			3.94				(10.92	)			3.44				9.71				7.21
Less distributions from:
Net investment income			0.26				0.06				—				0.18				0.39
Net realized gain			0.75				1.96				4.41				0.26				—
Total distributions			1.01				2.02				4.41				0.44				0.39
Net asset value, end of year		$	28.67			$	25.74			$	38.68			$	39.65			$	30.38
Total return (%)			15.38				(28.33	)			9.01				31.99				30.66
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.10				1.12				1.14				1.16				1.14
Expenses, net of waivers and reimbursements			0.99				1.06				1.14				1.16				1.14
Net investment income (loss), before waivers and reimbursements			0.65				0.76				(0.36	)			(0.24	)			0.65
Net investment income (loss), net of waivers and reimbursements			0.76				0.82				(0.36	)			(0.24	)			0.65
Class I net assets at the end of the year (in thousands)		$	992,759			$	981,813			$	1,702,775			$	1,914,460			$	1,552,355
Portfolio turnover rate (%)			42				50				19				27				34

---

		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019(a)
Net asset value, beginning of year		$	25.76			$	38.72			$	39.66			$	30.37			$	27.56
Income (loss) from investment operations:
Net investment income (loss)			0.23				0.21				(0.11	)			(0.07	)			(0.05	)
Net realized and unrealized gain (loss) on investments			3.73				(11.13	)			3.58				9.83				3.27
Total from investment operations			3.96				(10.92	)			3.47				9.76				3.22
Less distributions from:
Net investment income			0.27				0.08				—				0.21				0.41
Net realized gain			0.75				1.96				4.41				0.26				—
Total distributions			1.02				2.04				4.41				0.47				0.41
Net asset value, end of year		$	28.70			$	25.76			$	38.72			$	39.66			$	30.37
Total return (%)*			15.47				(28.30	)			9.09				32.16				11.71
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			1.00				1.03				1.06				1.07				1.06
Expenses, net of waivers and reimbursements			0.94				1.01				1.06				1.07				1.06
Net investment income (loss), before waivers and reimbursements			0.76				0.69				(0.25	)			(0.23	)			(0.26	)
Net investment income (loss), net of waivers and reimbursements			0.82				0.71				(0.25	)			(0.23	)			(0.26	)
Class R6 net assets at the end of the year (in thousands)		$	146,072			$	151,338			$	126,641			$	109,214			$	61,916
Portfolio turnover rate (%)*			42				50				19				27				34

(a)	For the period from May 2, 2019 (Commencement of Operations) to December 31, 2019.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

---

		Institutional
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	12.82			$	19.03			$	20.37			$	17.35			$	13.40
Income (loss) from investment operations:
Net investment income (loss)			0.09				0.11				(0.05	)			(0.01	)			0.12
Net realized and unrealized gain (loss) on investments			1.85				(5.47	)			1.86				5.60				4.00
Total from investment operations			1.94				(5.36	)			1.81				5.59				4.12
Less distributions from:
Net investment income			0.13				0.06				—				0.02				0.17
Net realized gain			0.23				0.79				3.15				2.55				—
Total distributions			0.36				0.85				3.15				2.57				0.17
Net asset value, end of year		$	14.40			$	12.82			$	19.03			$	20.37			$	17.35
Total return (%)			15.20				(28.28	)			9.39				32.47				30.75
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.00				1.01				1.01				1.00				0.99
Expenses, net of waivers and reimbursements			0.94				0.98				1.01				1.00				0.99
Net investment income (loss), before waivers and reimbursements			0.61				0.71				(0.22	)			(0.04	)			0.77
Net investment income (loss), net of waivers and reimbursements			0.67				0.74				(0.22	)			(0.04	)			0.77
Net assets at the end of the year (in thousands)		$	929,474			$	908,732			$	1,281,843			$	1,326,482			$	1,892,911
Portfolio turnover rate (%)			44				55				19				31				35

---

		Class N
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	10.74			$	16.56			$	17.45			$	13.85			$	10.36
Income (loss) from investment operations:
Net investment income (loss)			0.04				0.00	^			(0.12	)			(0.05	)			0.05
Net realized and unrealized gain (loss) on investments			1.51				(5.82	)			1.91				4.01				3.45
Total from investment operations			1.55				(5.82	)			1.79				3.96				3.50
Less distributions from:
Net investment income			0.08				—				—				—				0.01
Net realized gain			—				—				2.68				0.36				—
Total distributions			0.08				—				2.68				0.36				0.01
Net asset value, end of year		$	12.21			$	10.74			$	16.56			$	17.45			$	13.85
Total return (%)			14.42				(35.14	)			10.87				28.68				33.81
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.53				1.49				1.46				1.52				1.48
Expenses, net of waivers and reimbursements			1.42				1.49				1.46				1.52				1.48
Net investment income (loss), before waivers and reimbursements			0.28				0.04				(0.67	)			(0.36	)			0.45
Net investment income (loss), net of waivers and reimbursements			0.39				0.04				(0.67	)			(0.36	)			0.45
Class N net assets at the end of the year (in thousands)		$	1,547			$	1,638			$	3,540			$	3,101			$	3,650
Portfolio turnover rate (%)			37				51				52				63				38

		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	10.90			$	16.80			$	17.66			$	13.98			$	10.45
Income (loss) from investment operations:
Net investment income (loss)			0.07				0.03				(0.07	)			(0.01	)			0.09
Net realized and unrealized gain (loss) on investments			1.54				(5.91	)			1.93				4.06				3.48
Total from investment operations			1.61				(5.88	)			1.86				4.05				3.57
Less distributions from:
Net investment income			0.11				0.02				0.04				0.01				0.04
Net realized gain			—				—				2.68				0.36				—
Total distributions			0.11				0.02				2.72				0.37				0.04
Net asset value, end of year		$	12.40			$	10.90			$	16.80			$	17.66			$	13.98
Total return (%)			14.70				(34.99	)			11.17				29.04				34.22
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.25				1.23				1.19				1.25				1.21
Expenses, net of waivers and reimbursements			1.17				1.23				1.19				1.25				1.21
Net investment income (loss), before waivers and reimbursements			0.54				0.28				(0.40	)			(0.05	)			0.75
Net investment income (loss), net of waivers and reimbursements			0.62				0.28				(0.40	)			(0.05	)			0.75
Class I net assets at the end of the year (in thousands)		$	103,520			$	98,330			$	136,573			$	145,283			$	142,951
Portfolio turnover rate (%)			37				51				52				63				38

^	Amount is less than $0.005 per share.

---

		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	10.97			$	16.91			$	17.76			$	14.05			$	10.50
Income (loss) from investment operations:
Net investment income (loss)			0.08				0.05				(0.06	)			0.00	^			0.11
Net realized and unrealized gain (loss) on investments			1.54				(5.96	)			1.95				4.09				3.49
Total from investment operations			1.62				(5.91	)			1.89				4.09				3.60
Less distributions from:
Net investment income			0.12				0.03				0.06				0.02				0.05
Net realized gain			—				—				2.68				0.36				—
Total distributions			0.12				0.03				2.74				0.38				0.05
Net asset value, end of year		$	12.47			$	10.97			$	16.91			$	17.76			$	14.05
Total return (%)			14.76				(34.94	)			11.27				29.23				34.32
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.15				1.14				1.10				1.14				1.12
Expenses, net of waivers and reimbursements			1.12				1.14				1.10				1.14				1.12
Net investment income (loss), before waivers and reimbursements			0.64				0.38				(0.31	)			0.02				0.86
Net investment income (loss), net of waivers and reimbursements			0.67				0.38				(0.31	)			0.02				0.86
Class R6 net assets at the end of the year (in thousands)		$	135,679			$	134,982			$	243,398			$	188,497			$	162,465
Portfolio turnover rate (%)			37				51				52				63				38

^	Amount is less than $0.005 per share.

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		Class N
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	8.29			$	11.33			$	13.26			$	10.51			$	8.26
Income (loss) from investment operations:
Net investment income (loss)			0.05				0.02				(0.06	)			(0.02	)			0.03
Net realized and unrealized gain (loss) on investments			0.43				(2.98	)			(0.98	)			2.88				2.28
Total from investment operations			0.48				(2.96	)			(1.04	)			2.86				2.31
Less distributions from:
Net investment income			0.05				—				0.01				—				0.04
Net realized gain			—				0.08				0.88				0.11				0.02
Total distributions			0.05				0.08				0.89				0.11				0.06
Net asset value, end of year		$	8.72			$	8.29			$	11.33			$	13.26			$	10.51
Total return (%)			5.85				(26.11	)			(7.69	)			27.23				27.98
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.46				1.48				1.56				1.63				1.62
Expenses, net of waivers and reimbursements			1.24				1.29				1.40				1.40				1.45
Net investment income (loss), before waivers and reimbursements			0.41				0.05				(0.64	)			(0.45	)			0.17
Net investment income (loss), net of waivers and reimbursements			0.63				0.24				(0.48	)			(0.22	)			0.34
Class N net assets at the end of the year (in thousands)		$	1,007			$	1,092			$	2,096			$	1,803			$	1,856
Portfolio turnover rate (%)			44				42				40				47				33

		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	8.32			$	11.33			$	13.28			$	10.52			$	8.27
Income (loss) from investment operations:
Net investment income (loss)			0.09				0.06				(0.04	)			(0.00	)^			0.06
Net realized and unrealized gain (loss) on investments			0.42				(2.99	)			(0.98	)			2.89				2.29
Total from investment operations			0.51				(2.93	)			(1.02	)			2.89				2.35
Less distributions from:
Net investment income			0.07				—				0.05				0.02				0.08
Net realized gain			—				0.08				0.88				0.11				0.02
Total distributions			0.07				0.08				0.93				0.13				0.10
Net asset value, end of year		$	8.76			$	8.32			$	11.33			$	13.28			$	10.52
Total return (%)			6.13				(25.84	)			(7.48	)			27.52				28.36
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.18				1.19				1.28				1.33				1.29
Expenses, net of waivers and reimbursements			0.99				1.05				1.15				1.15				1.20
Net investment income (loss), before waivers and reimbursements			0.82				0.46				(0.40	)			(0.21	)			0.53
Net investment income (loss), net of waivers and reimbursements			1.01				0.60				(0.27	)			(0.03	)			0.62
Class I net assets at the end of the year (in thousands)		$	13,772			$	29,682			$	42,750			$	62,319			$	45,090
Portfolio turnover rate (%)			44				42				40				47				33

^	Amount is less than $0.005 per share.

---

		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	8.31			$	11.32			$	13.26			$	10.51			$	8.26
Income (loss) from investment operations:
Net investment income (loss)			0.09				0.06				(0.02	)			0.00	^			0.06
Net realized and unrealized gain (loss) on investments			0.42				(2.99	)			(0.98	)			2.89				2.29
Total from investment operations			0.51				(2.93	)			(1.00	)			2.89				2.35
Less distributions from:
Net investment income			0.07				—				0.06				0.03				0.08
Net realized gain			—				0.08				0.88				0.11				0.02
Total distributions			0.07				0.08				0.94				0.14				0.10
Net asset value, end of year		$	8.75			$	8.31			$	11.32			$	13.26			$	10.51
Total return (%)			6.22				(25.86	)			(7.35	)			27.50				28.45
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.08				1.11				1.20				1.26				1.23
Expenses, net of waivers and reimbursements			0.94				1.00				1.10				1.10				1.15
Net investment income (loss), before waivers and reimbursements			0.90				0.50				(0.26	)			(0.11	)			0.57
Net investment income (loss), net of waivers and reimbursements			1.04				0.61				(0.16	)			0.05				0.65
Class R6 net assets at the end of the year (in thousands)		$	238,806			$	321,319			$	428,839			$	198,015			$	191,337
Portfolio turnover rate (%)			44				42				40				47				33

^	Amount is less than $0.005 per share.

---

		Class N
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	10.35			$	15.55			$	18.42			$	13.67			$	11.14
Income (loss) from investment operations:
Net investment income (loss)			0.06				0.02				(0.13	)			(0.09	)			0.11
Net realized and unrealized gain (loss) on investments			0.97				(5.20	)			0.62				5.60				2.98
Total from investment operations			1.03				(5.18	)			0.49				5.51				3.09
Less distributions from:
Net investment income			0.03				—				—				—				0.16
Net realized gain			—				0.02				3.36				0.76				0.40
Total distributions			0.03				0.02				3.36				0.76				0.56
Net asset value, end of year		$	11.35			$	10.35			$	15.55			$	18.42			$	13.67
Total return (%)			9.99				(33.33	)			2.97				40.43				27.89
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.46				1.50				1.55				1.55				1.51
Expenses, net of waivers and reimbursements			1.24				1.36				1.55				1.55				1.51
Net investment income (loss), before waivers and reimbursements			0.38				0.07				(0.65	)			(0.60	)			0.84
Net investment income (loss), net of waivers and reimbursements			0.60				0.21				(0.65	)			(0.60	)			0.84
Class N net assets at the end of the year (in thousands)		$	13,748			$	14,664			$	28,565			$	18,606			$	7,804
Portfolio turnover rate (%)			58				92				52				77				79

		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	10.58			$	15.85			$	18.66			$	13.82			$	11.25
Income (loss) from investment operations:
Net investment income (loss)			0.09				0.05				(0.07	)			(0.05	)			0.14
Net realized and unrealized gain (loss) on investments			0.99				(5.30	)			0.62				5.66				3.02
Total from investment operations			1.08				(5.25	)			0.55				5.61				3.16
Less distributions from:
Net investment income			0.06				—				—				0.01				0.19
Net realized gain			—				0.02				3.36				0.76				0.40
Total distributions			0.06				0.02				3.36				0.77				0.59
Net asset value, end of year		$	11.60			$	10.58			$	15.85			$	18.66			$	13.82
Total return (%)			10.23				(33.14	)			3.25				40.72				28.29
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.20				1.24				1.27				1.30				1.26
Expenses, net of waivers and reimbursements			0.99				1.11				1.27				1.30				1.26
Net investment income (loss), before waivers and reimbursements			0.61				0.32				(0.37	)			(0.33	)			1.06
Net investment income (loss), net of waivers and reimbursements			0.82				0.45				(0.37	)			(0.33	)			1.06
Class I net assets at the end of the year (in thousands)		$	173,377			$	174,884			$	190,985			$	113,697			$	73,496
Portfolio turnover rate (%)			58				92				52				77				79

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		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	10.71			$	16.04			$	18.84			$	13.94			$	11.35
Income (loss) from investment operations:
Net investment income (loss)			0.09				0.06				(0.05	)			(0.03	)			0.15
Net realized and unrealized gain (loss) on investments			1.01				(5.37	)			0.63				5.71				3.04
Total from investment operations			1.10				(5.31	)			0.58				5.68				3.19
Less distributions from:
Net investment income			0.07				—				0.02				0.02				0.20
Net realized gain			—				0.02				3.36				0.76				0.40
Total distributions			0.07				0.02				3.38				0.78				0.60
Net asset value, end of year		$	11.74			$	10.71			$	16.04			$	18.84			$	13.94
Total return (%)			10.26				(33.13	)			3.37				40.90				28.28
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.08				1.14				1.17				1.20				1.19
Expenses, net of waivers and reimbursements			0.94				1.06				1.17				1.20				1.19
Net investment income (loss), before waivers and reimbursements			0.68				0.41				(0.27	)			(0.22	)			1.17
Net investment income (loss), net of waivers and reimbursements			0.82				0.49				(0.27	)			(0.22	)			1.17
Class R6 net assets at the end of the year (in thousands)		$	635,716			$	480,586			$	822,288			$	1,063,433			$	708,892
Portfolio turnover rate (%)			58				92				52				77				79

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		Class I
		Years Ended December 31,
		2023				2022(a)
Net asset value, beginning of year		$	9.41			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.08				0.02
Net realized and unrealized gain (loss) on investments			2.25				(0.61	)
Total from investment operations			2.33				(0.59	)
Less distributions from:
Net investment income			0.10				—
Net realized gain			—				—
Total distributions			0.10				—
Net asset value, end of year		$	11.64			$	9.41
Total return (%)*			24.75				(5.90	)
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			2.35				2.77
Expenses, net of waivers and reimbursements			0.99				0.99
Net investment income (loss), before waivers and reimbursements			(0.58	)			(1.40	)
Net investment income (loss), net of waivers and reimbursements			0.78				0.38
Class I net assets at the end of the year (in thousands)		$	2,841			$	9
Portfolio turnover rate (%)*			55				64

		Class R6
		Years Ended December 31,
		2023				2022(a)
Net asset value, beginning of year		$	9.42			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.08				0.02
Net realized and unrealized gain (loss) on investments			2.25				(0.60	)
Total from investment operations			2.33				(0.58	)
Less distributions from:
Net investment income			0.10				—
Net realized gain			—				—
Total distributions			0.10				—
Net asset value, end of year		$	11.65			$	9.42
Total return (%)*			24.75				(5.80	)
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			2.26				2.78
Expenses, net of waivers and reimbursements			0.94				0.94
Net investment income (loss), before waivers and reimbursements			(0.53	)			(1.42	)
Net investment income (loss), net of waivers and reimbursements			0.79				0.42
Class R6 net assets at the end of the year (in thousands)		$	19,169			$	13,024
Portfolio turnover rate (%)*			55				64

(a)	For the period from July 29, 2022 (Commencement of Operations) to December 31, 2022.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

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		Class N
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	16.13			$	23.52			$	22.22			$	16.80			$	13.96
Income (loss) from investment operations:
Net investment income (loss)			0.03				(0.01	)			(0.20	)			(0.06	)			0.00	^
Net realized and unrealized gain (loss) on investments			3.51				(6.59	)			3.53				5.48				2.84
Total from investment operations			3.54				(6.60	)			3.33				5.42				2.84
Less distributions from:
Net investment income			0.01				—				—				—				—
Net realized gain			—				0.79				2.03				—				—
Total distributions			0.01				0.79				2.03				—				—
Net asset value, end of year		$	19.66			$	16.13			$	23.52			$	22.22			$	16.80
Total return (%)			21.93				(28.12	)			15.23				32.26				20.34
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.70				1.69				1.60				1.77				1.71
Expenses, net of waivers and reimbursements			1.45				1.55				1.55				1.55				1.55
Net investment income (loss), before waivers and reimbursements			(0.07	)			(0.18	)			(0.88	)			(0.58	)			(0.14	)
Net investment income (loss), net of waivers and reimbursements			0.18				(0.04	)			(0.83	)			(0.36	)			0.02
Class N net assets at the end of the year (in thousands)		$	3,857			$	3,069			$	4,262			$	3,947			$	4,025
Portfolio turnover rate (%)			117				101				76				119				142
		Class I
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	16.37			$	23.79			$	22.40			$	16.90			$	14.03
Income (loss) from investment operations:
Net investment income (loss)			0.07				0.04				(0.14	)			(0.02	)			0.04
Net realized and unrealized gain (loss) on investments			3.57				(6.67	)			3.56				5.53				2.86
Total from investment operations			3.64				(6.63	)			3.42				5.51				2.90
Less distributions from:
Net investment income			0.05				—				—				0.01				0.03
Net realized gain			—				0.79				2.03				—				—
Total distributions			0.05				0.79				2.03				0.01				0.03
Net asset value, end of year		$	19.96			$	16.37			$	23.79			$	22.40			$	16.90
Total return (%)			22.25				(27.93	)			15.51				32.60				20.58
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.43				1.40				1.31				1.45				1.40
Expenses, net of waivers and reimbursements			1.20				1.30				1.30				1.30				1.30
Net investment income (loss), before waivers and reimbursements			0.18				0.11				(0.59	)			(0.25	)			0.18
Net investment income (loss), net of waivers and reimbursements			0.41				0.21				(0.58	)			(0.10	)			0.28
Class I net assets at the end of the year (in thousands)		$	134,297			$	108,401			$	171,994			$	151,302			$	142,885
Portfolio turnover rate (%)			117				101				76				119				142

^	Amount is less than $0.005 per share.

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		Class R6
		Years Ended December 31,
		2023				2022				2021				2020				2019
Net asset value, beginning of year		$	16.41			$	23.84			$	22.44			$	16.93			$	14.06
Income (loss) from investment operations:
Net investment income (loss)			0.08				0.05				(0.12	)			(0.00	)^			0.05
Net realized and unrealized gain (loss) on investments			3.59				(6.69	)			3.56				5.53				2.86
Total from investment operations			3.67				(6.64	)			3.44				5.53				2.91
Less distributions from:
Net investment income			0.06				—				0.01				0.02				0.04
Net realized gain			—				0.79				2.03				—				—
Total distributions			0.06				0.79				2.04				0.02				0.04
Net asset value, end of year		$	20.02			$	16.41			$	23.84			$	22.44			$	16.93
Total return (%)			22.37				(27.91	)			15.58				32.66				20.69
Ratios to average daily net assets (%):
Expenses, before waivers and reimbursements			1.32				1.31				1.23				1.36				1.33
Expenses, net of waivers and reimbursements			1.15				1.25				1.23				1.25				1.25
Net investment income (loss), before waivers and reimbursements			0.29				0.18				(0.49	)			(0.14	)			0.27
Net investment income (loss), net of waivers and reimbursements			0.46				0.24				(0.49	)			(0.03	)			0.35
Class R6 net assets at the end of the year (in thousands)		$	251,558			$	211,203			$	324,152			$	152,160			$	130,711
Portfolio turnover rate (%)			117				101				76				119				142

^	Amount is less than $0.005 per share.

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		Class I
		Years Ended December 31,
		2023				2022				2021(a)
Net asset value, beginning of year		$	6.46			$	9.54			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.05				0.03				(0.04	)
Net realized and unrealized gain (loss) on investments			(1.62	)			(3.11	)			(0.42	)
Total from investment operations			(1.57	)			(3.08	)			(0.46	)
Less distributions from:
Net investment income			0.02				—				—
Net realized gain			—				—				—
Total distributions			0.02				—				—
Net asset value, end of year		$	4.87			$	6.46			$	9.54
Total return (%)*			(24.28	)			(32.43	)			(4.40	)
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			9.78				5.31				4.74
Expenses, net of waivers and reimbursements			0.99				1.01				1.05
Net investment income (loss), before waivers and reimbursements			(7.93	)			(3.90	)			(4.69	)
Net investment income (loss), net of waivers and reimbursements			0.86				0.40				(1.00	)
Class I net assets at the end of the year (in thousands)		$	160			$	509			$	5,538
Portfolio turnover rate (%)*			97				36				4

		Class R6
		Years Ended December 31,
		2023				2022				2021(a)
Net asset value, beginning of year		$	6.45			$	9.54			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.04				0.02				(0.03	)
Net realized and unrealized gain (loss) on investments			(1.61	)			(3.11	)			(0.43	)
Total from investment operations			(1.57	)			(3.09	)			(0.46	)
Less distributions from:
Net investment income			0.03				0.00	^			—
Net realized gain			—				—				—
Total distributions			0.03				0.00	^			—
Net asset value, end of year		$	4.85			$	6.45			$	9.54
Total return (%)*			(24.38	)			(32.49	)			(4.40	)
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			9.75				5.27				4.72
Expenses, net of waivers and reimbursements			0.94				0.96				1.00
Net investment income (loss), before waivers and reimbursements			(8.08	)			(4.01	)			(4.61	)
Net investment income (loss), net of waivers and reimbursements			0.73				0.30				(0.89	)
Class R6 net assets at the end of the year (in thousands)		$	1,687			$	1,438			$	1,687
Portfolio turnover rate (%)*			97				36				4

(a)	For the period from August 27, 2021 (Commencement of Operations) to December 31, 2021.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

^	Amount is less than $0.005 per share.

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		Class I
		Years Ended December 31,
		2023				2022				2021(a)
Net asset value, beginning of year		$	7.44			$	9.59			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.52				0.48				0.27
Net realized and unrealized gain (loss) on investments			0.44				(2.10	)			(0.40	)
Total from investment operations			0.96				(1.62	)			(0.13	)
Less distributions from:
Net investment income			0.48				0.51				0.28
Net realized gain			—				—				—
Return of capital			0.03				0.02				—
Total distributions			0.51				0.53				0.28
Net asset value, end of year		$	7.89			$	7.44			$	9.59
Total return (%)*			13.41				(16.93	)			(1.39	)
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			1.26				1.28				1.24
Expenses, net of waivers and reimbursements			0.70				0.70				0.70
Net investment income (loss), before waivers and reimbursements			6.42				5.39				4.02
Net investment income (loss), net of waivers and reimbursements			6.98				5.97				4.56
Class I net assets at the end of the year (in thousands)		$	3,205			$	923			$	1,484
Portfolio turnover rate (%)*			106				118				72

		Class R6
		Years Ended December 31,
		2023				2022				2021(a)
Net asset value, beginning of year		$	7.44			$	9.59			$	10.00
Income (loss) from investment operations:
Net investment income (loss)			0.53				0.48				0.28
Net realized and unrealized gain (loss) on investments			0.42				(2.09	)			(0.41	)
Total from investment operations			0.95				(1.61	)			(0.13	)
Less distributions from:
Net investment income			0.48				0.52				0.28
Net realized gain			—				—				—
Return of capital			0.03				0.02				—
Total distributions			0.51				0.54				0.28
Net asset value, end of year		$	7.88			$	7.44			$	9.59
Total return (%)*			13.48				(16.95	)			(1.32	)
Ratios to average daily net assets (%)**:
Expenses, before waivers and reimbursements			1.17				1.20				1.17
Expenses, net of waivers and reimbursements			0.65				0.65				0.65
Net investment income (loss), before waivers and reimbursements			6.52				5.50				4.10
Net investment income (loss), net of waivers and reimbursements			7.04				6.05				4.62
Class R6 net assets at the end of the year (in thousands)		$	50,231			$	44,903			$	50,010
Portfolio turnover rate (%)*			106				118				72

(a)	For the period from May 25, 2021 (Commencement of Operations) to December 31, 2021.

*	Rates are not annualized for periods less than a year.

**	Rates are annualized for periods less than a year.

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