Large Cap Growth Fund
Quarterly Review
June 30, 2010

Investment Objective

Fund Characteristics

• Common stocks of large quality domestic companies

Investment Approach

• A growth fund that invests in quality growth companies with a durable business franchise
• Looks for companies with strong growth potential, predictable financials and quality management. Generally seeks to avoid companies with unproven business models or volatile earnings
• Aims to have a relatively low turnover by investing in companies that have the potential to be long-term winners. Generally avoids short-term and cyclical trading opportunities
• Employs bottom-up fundamental company research
• Seeks to invest in companies that are well managed

What Makes this Fund Different?

• A long-term approach to growth investing.
• Draws on a long and distinguished William Blair & Company tradition of investing in high quality growth companies
• Experienced management team backed by an extensive research staff