William Blair & Company, LLC, distributor to the William Blair Funds, announces year-end distributions for the Funds. Distributions will be paid to shareholders of record as of Tuesday, December 18, 2007. The record date, ex-dividend date, and the payment date are as follows:

• Record date: Tuesday, December 18, 2007
• Ex-dividend and Reinvestment date: Wednesday, December 19, 2007
• Payable date: Thursday, December 20, 2007

Please note that each Fund’s closing net asset value (NAV) on Wednesday, December 19, 2007 will be reduced by the amount of the distribution, plus or minus any market activity for the day.

	Income Dividend		Class I and Class N   Capital Gain Distribution
Fund Name	Class I	Class N	Short-Term	Long-Term
Growth Fund	None	None	$0.04667	$1.16032
Tax-Managed Growth Fund	None	None	None	None
Large Cap Growth Fund	$0.00250	None	None	None
Small Cap Growth Fund	None	None	$0.81397	$0.71278
Mid Cap Growth Fund	None	None	$0.24105	$0.39316
Small-Mid Cap Growth Fund	None	None	$0.33454	$1.11545
Emerging Markets Growth Fund	$0.16096	$0.08961	$1.43737	$3.10485
Global Growth Fund	$0.00482	None	None	None
International Equity Fund	$0.16669	$0.13411	$0.18161	$1.00257
International Growth Fund	$0.43305	$0.34146	$0.01715	$3.11545
International Small Cap Growth	$0.10027	$0.04782	$0.25347	$0.78328
Value Discovery Fund	$0.07462	None	$2.46489	$1.55450
Income Fund	$0.04945	$0.10590	None	None
Bond Fund	$0.05435	$0.02549	None	None
Institutional Funds
Bond Fund – Institutional Class Shares	$0.09894	--	None	None
Global Growth Fund – Institutional Class Shares	None	--	None	None
Institutional International Growth	$0.34762	--	$0.08384	$3.20819
Institutional International Equity	$0.22298	--	$0.45062	$1.11733
Institutional International Small Cap Growth	$0.11786	None	$0.25347	$0.78328
Emerging Markets Growth Fund – Institutional Class Shares	$0.19389	None	$1.43737	$3.10485