William Blair Small-Mid Cap Growth Fund;I

William Blair Small-Mid Cap Growth Fund Class I (WSMDX) is an actively managed open-end mutual fund launched on December 29, 2003, and listed on NASDAQ, that seeks long-term capital appreciation by investing at least 80% of its net assets in a diversified portfolio of equity securities — including common stocks and convertible instruments — of small- and mid-cap U.S. growth companies expected to exhibit quality growth characteristics. The fund, managed by William Blair Investment Management, LLC and benchmarked against the Russell 2500® Growth Index, falls within Morningstar's Mid-Cap Growth category and maintains approximately 79 holdings with a weighted average market capitalization of ~$12.6 billion, emphasizing sectors such as information technology, industrials, and health care. As of mid-2026, the fund held total net assets of approximately $1.24 billion, with a net expense ratio of 0.99% and a trailing one-year portfolio turnover of approximately 57–63%, and is available exclusively to institutional and eligible investors with a minimum initial investment of $500,000. The fund is distributed by William Blair & Company, L.L.C., an independent, employee-owned global financial services firm founded in 1935 and headquartered in Chicago, Illinois, with total firmwide client assets exceeding $150 billion.