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As of 3/31/2014

Standardized Returns

  Month YTD 1 Yr. 3 Yrs. 5 Yrs. 10 Yrs. Life of Fund
11/29/2011
Macro Allocation Fund 2.26% 1.28% 11.78% -- -- -- 13.45%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index 0.00% 0.01% 0.07% -- -- -- 0.08%
Long Term Comparative Index 0.08% 1.09% 4.80% -- -- -- 6.34%
Morningstar Multialternative Category -0.29% 0.03% 1.99% -- -- -- --
Morningstar Quartile Ranking in Category----1--------
Fund's Ranking / # of Funds in Peer Group----5 / 279--------
Expense Ratio (Gross): 1.98%
Expense Ratio (Capped): 1.35%

Calendar Year Total Returns

  2013 2012 2011†
Macro Allocation Fund 13.20% 14.15% 2.63%
BofA Merrill Lynch 3-Month U.S. Treasury Bill Index 0.07% 0.11% 0.00%
† Since Fund’s inception on 11/29/11 through 12/31/11.


The Fund’s Adviser has contractually agreed to waive fees and/or reimburse expenses to limit fund operating expenses until 2/28/15. After that date, there is no assurance that the Fund’s expenses will be limited. The Capped Expense does not reflect acquired fund fees and expenses of 0.19% or dividend expenses on short sales of 0.14%. The Fund’s net expenses paid may be different. Please refer to the Fund’s Prospectus for more information on the Fund’s expenses.


For most recent net asset values and year-to-date total return information, please click here.


Performance cited represents past performance. Past performance does not guarantee future results and current performance may be lower or higher than the data quoted. Returns shown assume reinvestment of dividends and capital gains. Investment returns and principal will fluctuate with market and economic conditions and you may have a gain or loss when you sell shares. For the most current month-end performance information, please call +1 800 742 7272, or visit our Web site at www.williamblairfunds.com. Class N shares are available to the general public without a sales load. Class I shares are available only to investors who meet certain eligibility requirements.

The BofA Merrill Lynch 3-Month U.S. Treasury Bill Index measures total return on cash, including price and interest income, based on short-term government Treasury Bills of about 90-day maturity.

The Long-Term Comparative Index is comprised of the following indices: 40% Barclays U.S. Aggregate Index, 30% MSCI All Country World Index (net), and 30% Bank of America/Merrill Lynch 3-month U.S. Treasury Bill Index.

The Indices are unmanaged, do not incur fees or expenses, and cannot be invested in directly.

The Morningstar Multi-Alternative Category represents the average annual composite performance of all mutual funds listed in the Multi-Alternative Category by Morningstar. Morningstar’s Multi-Alternative Category includes a variety of strategies focused on total return across a broad mandate.
Morningstar Ratings™ are as of 3/31/2014 and are subject to change every month. The ratings are based on a risk-adjusted return measure that accounts for variation in a fund's monthly performance, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each Category receive 5 stars, the next 22.5% receive 4 stars, the middle 35% receive 3 stars, the next 22.5% receive 2 stars, and the bottom 10% receive 1 star. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-, five-, and ten-year (if applicable) Morningstar Rating metrics.

Morningstar Quartile Rankings are based on Morningstar Percentile Ranking in Morningstar Category, where 1% - 25% = first quartile(1); 26% - 50% = second quartile(2); 51% - 75% = third quartile(3); and 76% - 100% = fourth quartile(4). The Morningstar Percentile Ranking compares a Fund's Morningstar risk and return scores with all the Funds in the same Category, where 1% = Best and 100% = Worst.

Morningstar Ranking / # of Funds in Category displays the fund's actual rank within its Morningstar Category based on average annual total return and number of Funds in that Category.

©2014 Morningstar, Inc. All rights reserved. The information contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information.