William Blair

Domestic Equity Funds - Class N (as of 6/30/2008)

Growth Fund

Overall Morningstar Rating: For 3-,5-,10-Year Ratings, click here
Investment Approach: A multi-cap growth fund that invests in quality companies with a durable business franchise.

Tax-Managed Growth Fund

Overall Morningstar Rating: For 3-,5-,10-Year Ratings, click here
Investment Approach: A multi-cap growth fund that invests in quality companies with a durable business franchise; emphasizes tax efficiency and low turnover.

Large Cap Growth Fund

Overall Morningstar Rating: For 3-,5-,10-Year Ratings, click here
Investment Approach: A large-cap growth fund that invests in quality companies with a durable business franchise.

Small Cap Growth Fund

Overall Morningstar Rating: For 3-,5-,10-Year Ratings, click here
Investment Approach: An aggressive small-cap growth fund that invests in quality companies expected to have solid growth in earnings.

Mid Cap Growth Fund


Investment Approach: A mid-cap growth fund that invests in quality companies expected to have solid growth in earnings.

Small-Mid Cap Growth Fund

Overall Morningstar Rating: For 3-,5-,10-Year Ratings, click here
Investment Approach: A fund that invests in quality small and medium-sized companies expected to have solid growth in earnings

Value Discovery Fund

Overall Morningstar Rating: For 3-,5-,10-Year Ratings, click here
Investment Approach: A small-cap value fund that invests in a diversified portfolio of quality equity securities.

International Equity Funds - Class N (as of 6/30/2008)

International Growth Fund

Overall Morningstar Rating: For 3-,5-,10-Year Ratings, click here
Investment Approach: A broadly diversified international fund that invests in quality foreign growth companies of all sizes.

International Equity Fund

Overall Morningstar Rating: For 3-,5-,10-Year Ratings, click here
Investment Approach: A diversified international fund that invests in quality foreign growth companies of large and medium size.

International Small Cap Growth Fund


Investment Approach: A diversified international small cap fund that invests in quality foreign growth companies.

Emerging Markets Growth Fund

Overall Morningstar Rating: For 3-,5-,10-Year Ratings, click here
Investment Approach: A diversified emerging markets fund that invests in quality foreign growth companies.

Global Funds - Class N (as of 6/30/2008)

Global Growth Fund


Investment Approach: A fund that invests in a diversified portfolio of quality growth companies of all sizes from around the world.

Fixed Income Funds - Class N (as of 6/30/2008)

Bond Fund


Investment Approach: A bond fund that invests primarily in investment grade securities, rated in the highest four categories.

Income Fund

Overall Morningstar Rating: For 3-,5-,10-Year Ratings, click here
Investment Approach: An intermediate-term bond fund that invests in bonds diversified across market sectors and primarily rated A- or better.

Money Market Funds - Class N (as of 6/30/2008)

Ready Reserves Fund


Investment Approach: A money market fund for liquidity and income that invests exclusively in high quality securities.