William Blair Small Cap Growth Fund Class N 

This fund's primary objective is to generate substantial long-term capital growth. It typically commits a minimum of 80% of its total assets to equities issued by companies with small market capitalizations. The portfolio largely comprises a diverse selection of equity instruments, including ordinary shares and other equity-linked securities, from U.S.-based small-cap growth enterprises expected to demonstrate robust growth characteristics. For investment purposes, the advisor classifies a company as small-cap if its market capitalization, at the time of purchase, is no greater than that of the largest constituent in the Russell 2000® Index.