Small Cap Growth Fund
Quarterly Review
June 30, 2010

Investment Objective

Fund Characteristics

• Common stocks of small quality domestic companies

Investment Approach

• Invests in quality companies that are expected to have solid growth in earnings
• The investment process relies on thorough, in-depth fundamental research of a company, its competitors, suppliers and/or customers
• Invests in companies that meet some if not all of the following criteria: market leadership, unique products or processes, strong marketing capability, value to customer and rapid industry growth

What Makes this Fund Different?

• Utilizes William Blair & Company’s extensive research network.
• Combines thorough, bottom up fundamental research on individual companies with a broader market perspective regarding growth themes.
• Seeks to exploit the inefficiency of the small cap sector using in-depth knowledge of company fundamentals.