William Blair Small Cap Value Fund Class I

The William Blair Small Cap Value Fund Class I endeavors to generate long-term growth for its investors' capital. Under typical market circumstances, the fund commits a substantial portion – specifically, at least 80% – of its net assets (which includes any capital obtained through borrowing for investment) to the stock holdings of small-capitalization companies. For the purposes of this fund, the adviser considers a company to be small-cap if its market value is equivalent to or less than that of the largest constituent within the Russell 2000® Index at the time of purchase.