Emerging Leaders Growth Fund
Quarterly Review
June 30, 2010

Investment Objective

Fund Characteristics

Investment Approach

• The Emerging Leaders Growth Fund will invest in mid and large capitalization companies, which William Blair currently defines as those companies with a market capitalization of at least $5 billion at the time of the Fund’s initial investment.
• The Fund will seek well-managed companies with superior business fundamentals, including global leadership in product quality or cost competitiveness, dominant or improving market position within a growing or local or regional economy, and sustainable above-average and/or increasing returns on invested capital.
• The Fund may invest in new companies, both through initial public offerings (“IPOs”) and private placements.
• The Fund will normally be invested in at least six different countries. The Fund’s sector and geographic diversification will vary, based on the ongoing evaluation of economic, market and political trends throughout the world.
• Currently, emerging markets include every other country in the world other than the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries.

What Makes this Fund Different?

• The Fund will allow our International Team to invest in a broad array of compelling ideas within emerging markets regardless of domicile.
• While the focus of this Fund is exclusively emerging markets, it incorporates William Blair’s rigorous bottom-up research, top-down analytical perspective, adherence to well-defined investment parameters and disciplines to ensure quality selection and management of emerging markets securities.
• In making decisions regarding the country allocation, the Advisor will vary the Fund’s sector and geographic diversification based upon the Advisor’s ongoing evaluation of economic, market and political trends throughout the world and will consider such factors as the conditions and growth potential of various economies and securities markets, currency exchange rates, technological developments in the various countries and other pertinent financial, social national and political factors.
• The Fund will enable investors to enjoy the benefits of a broad array of emerging markets ideas from our International Team’s combined investment experience of more than 70 years in international and emerging markets.