Management

Karl Brewer, CFA

a principal of William Blair & Company, L.L.C., joined the Firm in 1996 as a Research Analyst in Investment Management. In 1998, Karl began focusing his efforts on small cap growth companies and became co-manager of the Small Cap Growth Fund in late 1999. Karl also has been a co-manager of the Small-Mid Cap Growth Team since 2002. Previously he spent nt six years at Lehman Brothers in the Mergers and Acquisitions and Los Angeles Corporate Finance Departments.

Education: B.A., Washington & Lee University; M.B.A., Northwestern University Kellogg Graduate School of Management.

Tenure with William Blair: Since 1996

Matthew Litfin

a principal of William Blair & Company, L.L.C., joined William Blair in 1997 as a sell-side Research Analyst. Matt led the Firm's sell-side Business Services equity research effort from 2005 to 2007. He joined William Blair's Investment Management Department in 2007 as a research analyst supporting the Small-Mid Cap Growth Team. Prior to joining William Blair, he spent two years as a municipal bond analyst at John Nuveen & Co.

Education: B.S., University of Tennessee; M.B.A., Harvard University

Tenure with William Blair: Since 1997

Robert Lanphier

a principal of William Blair & Company, L.L.C., has been with the Firm since 1987. Rob co-founded the Mid Cap Growth Team Strategy in 1997 and the Small-Mid Cap Growth Team strategy in 1998, and he currently serves as a portfolio manager on both strategies. Rob has extensive experience in the industrials sector and currently leads our industrials sector research team. Prior to joining William Blair & Company, he was with Emerson Electric Corporation for nearly six years.

Education: B.S. Purdue University; M.B.A., Northwestern University Kellogg Graduate School of Management

Tenure with William Blair: Since 1987

This Web site is for information purposes only and does not contain or constitute or may not be used for the purposes of an offer or invitation to acquire or sell any shares. Neither this document nor anything contained in it shall form the basis of or be relied upon in connection with any contract or commitment whatsoever. An offer, an acquisition or sale of the described Fund shares are based solely on the current sales prospectus available here on this Web site, or at any time free of charge at The Bank of New York Mellon (Luxembourg) S.A.: Vertigo Building -- Polaris, 2-4, rue Eugene Ruppert, L-2453 Luxembourg, Grand Duchy of Luxembourg (Telephone: 352 24 525 708), and in German language at Marcard, Stein & Co., Ballindamm 36, 20095 Hamburg, Germany, and at Bank Austria Creditanstalt AG, Am Hof 2, 1010 Vienna, Austria, and the risk factors disclosed therein. You should always obtain relevant, personal and specific professional advice before making any investment decision.

Copyright 2001-2012 William Blair & Company, L.L.C. William Blair & Company, William Blair & Company (script, R DOcs, and A tradition of Growth are registered trademarks of William Blair & Company, L.L.C. This site and the content accessible herein are subject to certain disclaimers.

Statement of Financial Condition

The Annual and Semi-annual Consolidated Statements of Financial Condition of William Blair & Company, L.L.C., and its wholly owned subsidiary, William Blair International, Limited (collectively the "Company") are available below (as PDFs).

06/30/11: Semi-annual Statement

12/31/10: Annual Statement

06/30/10: Semi-annual Statement

12/31/09: Annual Statement

06/30/09: Semi-annual Statement

12/31/08: Annual Statement

Clients may also request a printed copy of the statements by calling 1-800-621-0687 ext.5001.
| NMS Rule 605 & 606

Disclosure of SEC-Required Order Execution Information and Routing Information

For the convenience of our clients, below we provide links to order execution data and routing information as required by the Securities and Exchange Commission rules and regulations.

NMS Rule 605 - Order Execution Information
William Blair & Company presents this order execution information pursuant to NMS Rule 605. Access our William Blair Rule 605 Data files.

The data that you will find by following the link above will provide you with an indication of the type of execution you will receive for stocks in which William Blair is a market maker. However, please be aware that the majority of the order flow executed by William Blair & Company is not covered by NMS Rule 605 due to special handling requests by customers. The execution results from this order flow will not appear in the data and may differ substantially from the results.

NMS Rule 606 - Order Routing Information
William Blair & Company presents this order routing information pursuant to NMS Rule 606. View William Blair Rule 606 Data (PDF).

William Blair takes into consideration many factors when determining where to route customers' orders. These include opportunities for price improvement, speed of execution, market depth and order size, cost of execution and the reputation of a particular venue. William Blair actively monitors the execution quality provided by the different market makers and exchanges, and routes orders to venues that have provided consistent, high-quality executions over time.
| Business Continuity Plan

FINRA Rule 4370 requires that members and member firms establish and maintain business continuity and contingency plans relating to an emergency or significant business disruption.

Click to view William Blair & Company's Business Continuity Plan Summary (PDF).
| UK Stewardship Code

William Blair International - Financial Reporting Council's UK Stewardship Code Disclosure

Under Rule 2.2.3R of the FSA's Conduct of Business Sourcebook, William Blair International ("WBI") is required to include a disclosure about the nature of its commitment to the UK Financial Reporting Council's Stewardship Code (the "Code") or, where it does not commit to the Code, its alternative investment strategy. The Code is a voluntary code and sets out a number of principles relating to engagement by investors with UK equity issuers. Investors that commit to the Code can either comply with it in full or choose not to comply with aspects of the Code, in which case they are required to explain their non compliance. We have detailed below the reasons why WBI has chosen not to commit to the Code.

WBI pursues a long only global equity strategy that involves it investing in global equities, including UK equities. The Code is therefore relevant to some aspects of WBI's trading. While WBI generally supports the objectives that underlie the Code, WBI has chosen not to commit to the Code. WBI invests in a variety of asset classes and in a variety of jurisdictions globally. The policies of the WBI in relation to engagement with issuers and their management are determined globally. WBI takes a consistent global approach to engagement with issuers and their management in all of the jurisdictions in which it invests and, consequently, does not consider it appropriate to commit to any particular voluntary code of practice relating to any individual jurisdiction.
| Privacy & Security

Terms of use
The following is a legal agreement between William Blair, ("we," "us," or "our") and "you," the user of William Blair.

By accessing, browsing and/or using the William Blair website, you acknowledge that you have read, understand and agree to be bound to these terms of use ("Terms") and to comply with all applicable laws and regulations. This agreement contains warranty disclaimer and other provision that limit our liability to you. Please read this agreement in its entirety. If you do not agree to these Terms, do not use William Blair website.

Your use of the William Blair website
A valid log in ID and password are required for you to use or access portions of the William Blair website. In order to help protect the confidentiality and security of your information or data, you must use your password each time you access your account. You are solely responsible for maintaining the confidentiality of your password and for any use or misuse of our site by anyone using your password. We are not responsible and shall not be liable for any disclosure, misuse, modification or loss of any of your information or data by anyone accessing your account using your password.

You acknowledge and understand that no form of protection can completely ensure that the William Blair website will be completely protected against unauthorized entry or behavior. We shall have no liability for any claim or damages arising out of any breach of network security or any disclosure, misuse, modification or loss of data or information as a result thereof.

You are solely responsible for your actions and communications undertaken or transmitted using the William Blair website. Neither we nor our affiliates exercise editorial control over your transmissions; however, we do reserve the right to review your uploads and transmissions in order to, among other things, ensure compliance with these Terms.

Your use of the William Blair website is subject to all applicable local, state, national and international laws and regulations, and you agree not to use the William Blair website for purposes that violate such laws and regulations. You agree to abide by our copyright policy as set forth in our Copyright & Disclaimers page. In addition, you agree that:
1.   You will not interfere with another entity's use and enjoyment of the William Blair website;
2.   You will not upload, download, transmit or otherwise distribute any message, data, information, text or other material ("Content") that is unlawful, libelous, defamatory, obscene, pornographic, indecent, lewd, harassing, threatening, invasive of privacy or publicity rights, abusive, inflammatory or otherwise objectionable;
3.   You will not upload, download, transmit, or otherwise distribute any viruses or other harmful, disruptive or destructive files;
4.   You will not upload, download, transmit or otherwise distribute any content that would constitute or encourage a criminal offense, violate the rights of any party, or that would otherwise create liability or violate any local, state, national or international law;
5.   You will not attempt to obtain unauthorized access to the William Blair website or portions of the site which are restricted from general access or outside your permitted areas of access;
6.   You will not interfere with or disrupt networks, systems, and/or computers connected to the William Blair website, and you will comply with all regulations, policies, and procedures of such networks and systems; and
7.   You will comply with all United States laws regarding the transmission of technical data exported from the United States.

No Transfer of Property Rights
The products, technology and/or processes described and/or used on the William Blair website may be the subject of intellectual property rights reserved by William Blair or other third parties. Nothing contained herein shall be construed as conferring to you in any manner, whether by implication, estoppel or otherwise, any license, title, or ownership of or to any intellectual property right of William Blair or any third party.

Updates to the William Blair Website
We reserve the right to modify the William Blair website and the materials, features and services provided on the site at any time without prior notice to you.

Warranty Restriction; Limitation Of Liability
The materials, information and services provided on the William Blair website are provided "as is" without warranty of any kind, either expressed or implied, including, but not limited to, the implied warranties of merchantability and fitness for a particular purpose. There is no warranty against interference with your enjoyment of any materials, information or services (including, but not limited to, any data, text, images, sounds or computer programs (including collections and compilations of them) or against infringement.

Neither William Blair nor any of its principals, officers, employees or affiliates shall be liable for any direct, indirect, special, consequential, punitive, exemplary and/or incidental damages of any kind whatsoever (including, but not limited to, lost profits or attorneys' fees) in any way due to, resulting from or arising in connection with your access to, inability to access, or use of the site, or from your reliance on any information provided on the site, even if William Blair has been advised of the possibility of such damages. This limitation applies to all causes of action in the aggregate including, but not limited to, breach of contract, breach of warranty, negligence, strict liability, misrepresentation and any other tort. In the event the foregoing limitation of liability set forth herein shall be for any reason held unenforceable or inapplicable, you agree that William Blair and its affiliates' aggregate Liability shall not exceed five hundred dollars ($500).

Neither William Blair nor its affiliates takes any responsibility or assumes any liability for any content uploaded or otherwise transmitted by you or any third party, or for any mistakes, defamation, slander, libel, omissions, falsehoods, obscenity, pornography, indecency, lewdness, harassment, threats, abuse or profanity you may encounter in using the William Blair website. You agree to hold harmless William Blair and its affiliates and parties with whom William Blair has contracted for purposes of hosting or maintaining the site from all claims based upon communications or materials made available by you on the site.

International Use
Neither William Blair nor its affiliates makes any representation that materials, features or services on the site are appropriate or available for use in locations outside the United States, and accessing them from territories where their contents are illegal is prohibited. Those who choose to access the site from other locations do so on their own initiative and are responsible for compliance with local laws.

Indemnification
Upon a request by William Blair, you agree to defend, indemnify and hold harmless William Blair and its affiliates, and their employees, contractors, officers and directors, from all liabilities, claims and expenses, including attorney's fees that arise from your use or misuse of the William Blair website. William Blair reserves the right, at its own expense, to assume the exclusive defense and control of any matter otherwise subject to indemnification by you, in which event you will cooperate with William Blair in asserting any available defenses.

Enforcement by William Blair
In the event William Blair determines, in its sole discretion, that you have violated these Terms, William Blair shall have the right to immediately terminate your access to the site, without prior notice to you, and/or pursue any other remedies available to it under applicable law.

Governing Law
This Agreement, and the respective rights and obligations of the parties hereto, shall be governed by and construed in accordance with the laws of the State of Illinois (excluding any conflict of laws provisions of the State of Illinois that would refer to and apply the substantive laws of another jurisdiction). Any suit or proceeding regarding the William Blair website or any part of the site shall be brought only in Illinois. Each of the parties consent to the exclusive personal jurisdiction and venue of the court, state and federal, located in city of Chicago, Illinois.

Updates to Terms
William Blair shall have the right to revise these Terms at anytime by updating this posting. By using the William Blair website, you agree to be bound by any such revisions and should therefore periodically visit the site to determine the then-current Terms to which you are bound.

Management

Karl Brewer, CFA

Matthew Litfin

Robert Lanphier

Disclosure of SEC-Required Order Execution Information and Routing Information