Ready Reserves Fund Accepted Under the U.S. Treasury Guarantee Program

October 23, 2008—The William Blair Ready Reserves Fund has been accepted for coverage under the U.S. Treasury’s Temporary Guarantee Program for Money Market Funds.

The program provides coverage to money-market fund shareholders for the number of shares invested in the Fund at the close of business on September 19, 2008. Under the program, the temporary guarantee will be triggered if a participating fund's share value declines to less than $1.00, and a decision is made to liquidate by the fund's board. The Treasury would cover any shortfall between the share price at time of liquidation and $1.00 per share. The program will exist for an initial three-month term, after which the Secretary of the Treasury will review the need and terms for extending the program.

At William Blair & Company, we pride ourselves on the stringent credit standards we apply to the management of the Ready Reserves Fund. The Ready Reserves Fund has continued to meet its stated objectives of current income, a stable share price, and daily liquidity throughout the recent unprecedented turmoil; and we remain confident in the credit quality, diversification and liquidity of the Ready Reserves Fund. In addition, the Fund is rated AAAm by Standard & Poor’s, the highest credit quality rating given to money market funds. Nevertheless, we believe the program may provide increased confidence to our shareholders given these difficult markets.

You may visit www.williamblairfunds.com for additional information on William Blair Funds, including the Ready Reserves Fund. Please contact your William Blair & Company advisor if you have any questions.

Sincerely,

William Blair & Company, L.L.C.

For more details about the program, please refer to the information posted on the U.S. Department of Treasury and Financial Industry Regulatory Authority web sites. 

An investment in the Ready Reserves Fund is not insured or guaranteed by the Federal Deposit Insurance Corporation or any other agency.  Although the Fund seeks to preserve the value of your investment at $1.00 per share, it is possible to lose money by investing in the Fund.  Notwithstanding the preceding statements, the Fund is participating in the U.S. Treasury’s Temporary Guarantee Program for Money Market Funds.  Fund shareholders will be guaranteed to receive $1.00 net asset value for amounts that they held as of September 19, 2008 subject to the terms of the U.S. Treasury’s Temporary Guarantee Program for Money Market Funds.  The Program generally does not guarantee any new investments made after September 19, 2008.  If a customer closes his or her account with the Fund, any future investment in the Fund through a new account will not be guaranteed. If the number of Fund shares an investor holds fluctuates over the period, the investor will be covered for either the number of shares held as of the close of business on September 19, 2008, or the current amount, whichever is less.   The Program is scheduled to expire on December 18, 2008, unless extended by the United States Treasury.   

For more information about the Program’s scope and limitations, please see the Fund’s most recent prospectus as supplemented on October 22, 2008.

For more details about the Temporary Guarantee Program, please refer to the information posted on the Treasury website http://www.ustreas.gov. Current and future portfolio holdings are subject to risk. Please carefully consider the Fund’s investment objectives, risks, charges, and expenses before investing. This and other information is contained in the Fund’s prospectus, which you may obtain by calling 1-800-742-7272. Read it carefully before you invest or send money.  
© William Blair & Company, L.L.C., distributor.  

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