Investment Vehicles

Our broad investment capabilities are consistently focused on adding value to client portfolios. Our institutional investment teams provide active management and quality growth investment expertise across the equity capitalization spectrum in all U.S. and international markets, in addition to expertise in value equity management and fixed-income management.

Our experienced portfolio management teams draw on significant resources, including proprietary buy-side research and sophisticated trading capabilities. These resources are complemented by full access to Wall Street and William Blair & Company sell-side research.

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Click on each Investment Strategy to open or close a brief description of our investment objectives and strategies.

U.S. Equity	Sep Account	Mutual Fund
All Cap Growth	Open	Open
Investment Objective The All Cap Growth strategy seeks to provide capital appreciation and competitive returns in the domestic growth equity area. The All Cap Growth strategy invests in quality growth stocks across the capitalization spectrum which we believe have the long-term potential to outperform the broad growth market as defined by the Russell 3000 Growth Index. Strategy Our investment process incorporates a research driven, bottom-up fundamental approach through which we seek to identify quality growth companies with a durable business franchise. We define a quality growth company as a company that has a strong management team, sustainable business model, and solid financials. We select companies from a universe of approximately 1000 securities, broadly within the market capitalization range of the Russell 3000 Growth Index. * * *
Large Cap Growth	Open	Open
Investment Objective The Large Cap Growth strategy seeks to provide capital appreciation and competitive returns in the domestic large capitalization growth equity area. The Large Cap Growth strategy invests in large capitalization quality growth stocks which we believe have the long-term potential to outperform the large capitalization growth market as defined by the Russell 1000 Growth Index. Strategy Our investment process incorporates a research driven, bottom-up fundamental approach through which we seek to identify quality growth companies with a durable business franchise. We define a quality growth company as a company that has a strong management team, sustainable business model, and solid financials. We select companies from a universe of approximately 750 securities, with a minimum market capitalization of $5 billion. * * *
Mid Cap Growth	Open	Open
Investment Objective The Mid Cap Growth strategy seeks to invest primarily in stocks of quality growth companies using a research-intensive, bottom-up, fundamental approach. Portfolios are designed to exploit the fastest growing areas of our research universe. Constructed with a long-term perspective, portfolios seek to own durable companies that exhibit sustainable and predictable growth characteristics. Strategy We search for quality growth companies for our Mid Cap Growth portfolios. We believe these companies have a durable business franchise: strong management, sustainable business models, and solid financials. We select investments from a universe of approximately 800 securities, within the market capitalization range of the Russell Mid Cap Growth Index, and with three-year earnings per share (EPS) growth in excess of 15% per year. * * *
SMID Growth	Open	Open
Investment Objective The SMID Growth strategy seeks to invest primarily in quality growth stocks using a research-intensive, bottom-up, fundamental approach. Portfolios are designed to exploit the fastest growing areas of our research universe. Constructed with a long-term perspective, portfolios seek to own durable companies that exhibit sustainable and predictable growth characteristics. Strategy We search for quality growth companies for our SMID Growth portfolios. We believe these companies have a durable business franchise: strong management, sustainable business models, and solid financials. We select investments from a universe of approximately 2,800 securities, within the market capitalization range of the Russell 2000 and Russell Mid Cap Indices, with three-year earnings per share (EPS) growth in excess of 15% per year. * * *
Small Cap Growth	Open	Open
Investment Objective The Small Cap Growth strategy seeks to invest primarily in quality growth stocks using a research-intensive, bottom-up, fundamental approach. Portfolios are designed to exploit the fastest growing areas of our research universe. Constructed with a long-term perspective, portfolios seek to own durable companies that exhibit sustainable and predictable growth characteristics. Strategy We search for quality growth companies for our Small Cap Growth portfolios. We believe these companies have a durable business franchise: strong management, sustainable business models, and solid financials. We select investments from a universe of approximately 800 securities, within the market capitalization range of the Russell 2000 Growth Index, and with three-year earnings per share ( EPS) growth in excess of 15% per year. * * *
Small Cap Value	Open	Open
Investment Objective The William Blair Small Cap Value strategy is invested primarily in companies with market capitalizations below $2.0 billion (initial purchase). We seek to purchase companies trading at a material discount from our estimate of intrinsic value while exhibiting solid fundamental prospects. Strategy We place an overwhelming focus on superior capital stewardship as characterized by strong cash-flow generation, improving/sustainable ROIC, and shareholder-value focused managements. Emphasizing these attributes, we seek to purchase quality companies trading at discount prices, including what we feel are broken stocks, not broken companies. The portfolio is designed to have the right balance between attractive valuations and fundamentals. This is driven by a front-end, sector-neutral quantitative model that screens factors which we believe are the key determinants of investment returns. This model is designed to enable us to efficiently and objectively focus our research effort. Fundamental research commands the vast majority of our time and is the driving factor in stock selection, augmented by proprietary modeling and valuation work. We believe investment success is driven by the consistent, disciplined application of our process and philosophy. Portfolios are diversified across sectors to reduce risk relative to the Russell 2000 Value Index. Cash is purely a residual of our stock selection process with an aim to minimization. * * *

Global Equity	Sep Account	Mutual Fund
Global Growth	Open	Open
Investment Objective The Global Growth strategy invests in common stocks of foreign and U.S. companies. The portfolio managers seek stocks of well managed, quality growth companies that we expect to maintain exceptional growth, profitability, and quality relative to other companies in the same industry worldwide. This portfolio is designed to provide exposure to stocks of all capitalizations and sectors. Strategy We start from an unbiased and cosmopolitan perspective, with a research process that emphasizes judgment about company management and fundamental execution. Our evaluation criteria are clearly defined and our decision process is consensus-driven and collegial. Our holdings come in all sizes and sectors. Our research framework is designed to enable us to envision a company's long-term potential and risk structure in a consistent, repeatable way. We seek holdings that exhibit consistent profitability and growth, better than market balance sheet structure, and reasonable valuation rates. * * *

International Equity	Sep Account	Mutual Fund
International (All-Cap) Growth	Open	Open
Investment Objective The International Growth strategy invests in common stocks of non-US companies. The portfolio managers seek stocks of well-managed, quality growth companies that we expect to maintain exceptional growth, profitability, and quality relative to other companies in the same industry worldwide. This strategy is designed to provide broad market exposure to small, medium, and large companies in various geographic regions outside the US. Strategy We start from an unbiased and cosmopolitan perspective, with a research process that emphasizes judgment about company management and fundamental execution. Our evaluation criteria are clearly defined and our decision process is consensus-driven and collegial. Our holdings come in all sizes, sectors, and regions. Our research framework is designed to enable us to envision a company's long-term potential and risk structure in a consistent, repeatable way. We seek holdings that exhibit consistent profitability and growth, better than market balance sheet structure, and reasonable valuation rates. * * *
International Core Growth	Open	Open
Investment Objective The International Core Growth strategy invests in common stocks of non-US companies. The portfolio managers seek stocks of well managed, quality growth companies that we expect to maintain exceptional growth, profitability, and quality relative to other companies in the same industry worldwide. This strategy is designed to provide broad market exposure to medium and large companies in various geographic regions outside the US, with some exposure to small companies and emerging markets. Strategy We start from an unbiased and cosmopolitan perspective, with a research process that emphasizes judgment about company management and fundamental execution. Our evaluation criteria are clearly defined and our decision process is consensus-driven and collegial. Our holdings come in all sizes, sectors, and regions. Our research framework is designed to enable us to envision a company's long-term potential and risk structure in a consistent, repeatable way. We seek holdings that exhibit consistent profitability and growth, better than market balance sheet structure, and reasonable valuation rates. * * *
International Concentrated Growth	Open	Not available
Investment Objective The International Concentrated Growth strategy invests in common stocks of non-US companies. The portfolio managers seek stocks of well-managed, quality growth companies that we expect to maintain exceptional growth, profitability, and quality relative to other companies in the same industry worldwide. Our international concentrated portfolio structure is designed to allow fundamental stock selection to take precedence over benchmark sensitivity or tactical positioning. Holdings are relatively concentrated in 30 - 50 names, with no attempt to target specific industry or country representation. Strategy We start from an unbiased and cosmopolitan perspective, with a research process that emphasizes judgment about company management and fundamental execution. Our evaluation criteria are clearly defined and our decision process is consensus-driven and collegial. Our holdings come in all sizes, sectors, and regions. Our research framework is designed to enable us to envision a company's long-term potential and risk structure in a consistent, repeatable way. We seek holdings that exhibit consistent profitability and growth, better than market balance sheet structure, and reasonable valuation rates. * * *
Emerging Markets Growth	Open	Open
Investment Objective The Emerging Markets Growth strategy invests in common stocks of non-US companies in developing regions. The portfolio managers seek stocks of well-managed, quality growth companies that we expect to maintain exceptional growth, profitability, and quality relative to other companies in the same industry worldwide. This portfolio is designed to provide exposure to stocks of all capitalizations in emerging markets countries. Strategy We start from an unbiased and cosmopolitan perspective, with a research process that emphasizes judgment about company management and fundamental execution. Our evaluation criteria are clearly defined and our decision process is consensus-driven and collegial. Our holdings come in all sizes and sectors within the emerging markets regions. Our research framework is designed to enable us to envision a company's long-term potential and risk structure in a consistent, repeatable way. We seek holdings that exhibit consistent profitability and growth, better than market balance sheet structure, and reasonable valuation rates. * * *
Emerging Leaders Growth	Open	Open
Investment Objective The Emerging Leaders Growth strategy invests in common stocks of non-US companies in developing regions. The portfolio managers seek stocks of well-managed, quality growth companies that we expect to maintain exceptional growth, profitability, and quality relative to other companies in the same industry worldwide. This portfolio is designed to provide exposure to stocks of mid and large capitalizations in emerging markets countries. Strategy We start from an unbiased and cosmopolitan perspective, with a research process that emphasizes judgment about company management and fundamental execution. Our evaluation criteria are clearly defined and our decision process is consensus-driven and collegial. Our holdings come in mid and large sizes and all sectors within the emerging markets regions. Our research framework is designed to enable us to envision a company's long-term potential and risk structure in a consistent, repeatable way. We seek holdings that exhibit consistent profitability and growth, better than market balance sheet structure, and reasonable valuation rates. * * *
International Small Cap Growth	Open	Open
Investment Objective The International Small Cap Growth strategy invests in common stocks of non-US companies. The portfolio managers seek stocks of well-managed, quality growth companies that are expected to maintain exceptional growth, profitability, and quality relative to other companies in the same industry worldwide. This portfolio is designed to provide exposure to small companies in various developed and emerging markets regions outside the US. Strategy We start from an unbiased and cosmopolitan perspective, with a research process that emphasizes judgment about company management and fundamental execution. Our evaluation criteria are clearly defined and our decision process is consensus-driven and collegial. Our holdings come in all sectors and regions. Our research framework is designed to enable us to envision a company's long-term potential and risk structure in a consistent, repeatable way. We seek holdings that exhibit consistent profitability and growth, better than market balance sheet structure, and reasonable valuation rates. * * *
EAFE Growth	Open	Not available
Investment Objective The EAFE Growth strategy invests in common stocks of non-US companies. The portfolio managers seek stocks of well-managed, quality growth companies that are expected to maintain exceptional growth, profitability, and quality relative to other companies in the same industry worldwide. This portfolio is designed to provide exposure to stocks of all capitalizations and sectors, in developed markets. Strategy We start from an unbiased and cosmopolitan perspective, with a research process that emphasizes judgment about company management and fundamental execution. Our evaluation criteria are clearly defined and our decision process is consensus-driven and collegial. Our holdings come in all sizes and sectors. Our research framework is designed to enable us to envision a company's long-term potential and risk structure in a consistent, repeatable way. We seek holdings that exhibit consistent profitability and growth, better than market balance sheet structure, and reasonable valuation rates. * * *

Fixed Income	Sep Account	Mutual Fund
Core Fixed Income	Open	Open
Investment Objective The Core Fixed Income strategy invests in US dollar denominated, investment grade securities. Portfolios include a mix of primarily US Government, corporate, and mortgage backed securities. The primary investment objective is to outperform the Lehman Aggregate Index. * * *
Intermediate Core Fixed Income	Open	Open
Investment Objective The "Intermediate Core" Fixed Income strategy invests in US dollar denominated, investment grade securities. Portfolios include a mix of primarily US Government, corporate, and mortgage backed securities. The primary investment objective is to outperform the Lehman Intermediate Government/Credit Index. * * *

There are different investment vehicles for gaining exposure to the strategies available. Please contact your William Blair & Company sales representative for additional information.

Investing in smaller and medium capitalization companies involves special risks, including higher volatility and lower liquidity. Mid cap stocks are also more sensitive to purchase/sale transactions and changes in the issuer's financial condition.

International investing involves special risk considerations, including currency fluctuations, lower liquidity, economic and political risk. Investing in emerging markets can increase these risks.

As interest rates rise, bond prices will fall and bond funds become more volatile.

Please carefully consider the Funds' investment objectives, risks, charges, and expenses before investing. This and other information is contained in the Funds' prospectus, which you may obtain by calling 1-800-742-7272. Read it carefully before you invest or send money.
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