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William Blair International Growth Fund Earns
2007 Lipper Performance Achievement Certificate

The William Blair International Growth Fund - Class N Shares has been named the “Number One” Fund in the International Multi-Cap Growth Category in the Lipper Equity Fund Performance Analysis Service.

The William Blair International Growth Fund – Class N Shares received a Lipper Performance Achievement Certificate for total return performance which topped its Lipper International Multi-Cap Growth Category peer group for the 10-year period ending December 31, 2007. The William Blair International Growth Fund posted the best performance results out of 55 funds in the International Multi-Cap Growth Category for this 10-year period.

The Performance Achievement Certificate was issued in conjunction with Lipper Fund Awards 2008, part of a global program of events held in 21 countries in Asia, Europe, and the Americas. The Lipper Fund Awards program highlights funds that have excelled in delivering consistently strong risk-adjusted performance, relative to peers.

We congratulate the William Blair International Growth Team on this significant achievement!




Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Investment returns and principal will fluctuate and you may have a gain or loss when you sell shares. Class N Shares are available to the general public without a sales load.

International investing involves special risk considerations, including currency fluctuations, lower liquidity, economic and political risk.

Lipper's Performance Achievement Certificates are awarded to funds with returns that topped their Lipper category over one or more time periods: one, five, 10 or 15-year (depending on universe). Certificates are awarded for all Lipper Classifications and for the overall fund universe. Open-end funds, closed-end funds and variable insurance products are considered for awards.

The William Blair International Growth Fund’s ranking within the Lipper International Multi-Cap Growth Category peer group and the number of Funds in the Category for the following periods ended December 31, 2007 was as follows: one year, 78/220; three years, 23/150; five years, 18/136; 10 years, 1/55.

Lipper, a wholly owned subsidiary of Reuters, is a leading global provider of mutual fund information and analysis to fund companies, financial intermediaries, and media organizations.