N-Q

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, DC 20549

FORM N-Q

QUARTERLY SCHEDULE OF PORTFOLIO HOLDINGS OF REGISTERED MANAGEMENT

INVESTMENT COMPANY

Investment Company Act file number 811-05344

WILLIAM BLAIR FUNDS

(Exact name of registrant as specified in charter)

222 WEST ADAMS STREET CHICAGO, IL 60606

(Address of principal executive offices) (Zip code)

Michelle R. Seitz, President, William Blair Funds.

222 West Adams Street

Chicago, IL 60606

(Name and address of agent for service)

Registrant’s telephone number, including area code: 312-236-1600

Date of fiscal year end: December 31

Date of reporting period: September 30, 2009

Form N-Q is to be used by management investment companies, other than small business investment companies registered on Form N-5 ((S)(S) 239.24 and 274.5 of this chapter), to file reports with the Commission, not later than 60 days after the close of the first and third fiscal quarters, pursuant to rule 30b1-5 under the Investment Company Act of 1940 (17 CFR 270.30b1-5). The Commission may use the information provided on Form N-Q in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-Q, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-Q unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to the Secretary, Securities and Exchange Commission, 450 Fifth Street, NW, Washington, DC 20549-0609. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. (S) 3507.

Item 1. Schedule of Investments

Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology - 32.7%
*	Activision Blizzard, Inc.		370,270	$	4,588
*	Adobe Systems Incorporated		152,549		5,040
*	Apple, Inc.		64,080		11,878
*	Cavium Networks, Inc.		152,900		3,283
*	Cognizant Technology Solutions Corporation		137,790		5,327
*	Google, Inc.		25,005		12,399
	Hewlett-Packard Company		349,500		16,500
*	Juniper Networks, Inc.		152,800		4,129
	Microsoft Corporation		447,200		11,578
	Qualcomm Incorporated		284,840		12,812
*	Silicon Laboratories, Inc.		137,075		6,355
*	The Ultimate Software Group, Inc.		146,450		4,206
*	VistaPrint Limited †		169,693		8,612
*	WNS Holdings Limited - ADR		218,025		3,484
					110,191
	Health Care - 13.6%
	Allergan, Inc.		150,100		8,520
	Baxter International Inc.		112,900		6,436
*	Celgene Corporation		125,380		7,009
*	Gilead Sciences, Inc.		298,335		13,896
*	IDEXX Laboratories, Inc.		120,130		6,007
*	Nuvasive, Inc.		94,200		3,934
					45,802
	Consumer Discretionary - 12.8%
*	Bed Bath & Beyond, Inc.		142,100		5,334
*	Capella Education Company		64,828		4,365
	DeVry, Inc.		152,545		8,439
	Johnson Controls, Inc.		271,700		6,945
*	K12, Inc.		188,188		3,101
	McDonald’s Corporation		158,800		9,063
	Omnicom Group, Inc.		164,470		6,076
					43,323
	Industrials - 12.2%
*	ABB Ltd - ADR		244,000		4,890
	Danaher Corporation		90,381		6,084
	Fastenal Company		232,229		8,987
*	IHS, Inc.		93,215		4,766
*	InnerWorkings, Inc.		387,510		1,914
	Knight Transportation, Inc.		267,930		4,496
	Roper Industries, Inc.		102,570		5,229
*	TransDigm Group Incorporated		95,700		4,767
					41,133
	Issuer	Shares or Principal Amount		Value
	Common Stocks - (continued)
	Consumer Staples - 8.1%
	CVS Caremark Corporation		273,500	$	9,775
	PepsiCo, Inc.		244,300		14,331
*	Smart Balance, Inc.		547,820		3,364
					27,470
	Materials - 6.7%
	Ecolab, Inc.		147,420		6,815
*	Freeport-McMoRan Copper & Gold Inc.		51,900		3,561
	Monsanto Company		71,530		5,536
	Praxair, Inc.		82,965		6,777
					22,689
	Energy - 5.5%
	Apache Corporation		102,765		9,437
*	Weatherford International Ltd.†		231,500		4,799
	XTO Energy, Inc.		103,400		4,272
					18,508
	Financials - 4.8%
*	Affiliated Managers Group, Inc.		101,963		6,629
*	MSCI Inc.		111,226		3,294
	Charles Schwab & Co., Inc.		320,575		6,139
					16,062
	Total Common Stock - 96.4% (cost $271,858)				325,178
	Investment in Affiliate
	William Blair Ready Reserves Fund		1,262,150		1,262
	Total Investment in Affiliate - 0.4% (cost $1,262)				1,262
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.020% dated 9/30/09, due 10/1/09, repurchase price $13,808, collateralized by FNMA, 5.000%, due 3/15/16	$	13,808		13,808
	Total Repurchase Agreement - 4.1% (cost $13,808)				13,808
	Total Investments -100.9% (cost $286,928)				340,248
	Liabilities, plus cash and other assets - (0.9)%				(3,099	)
	Net assets - 100.0%			$	337,149

* Non-income producing securities

† = U.S. listed foreign security

ADR = American Depository Receipt

See accompanying Notes to Portfolios of Investments.

Large Cap Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology - 35.4%
*	Activision Blizzard, Inc.		31,000	$	384
*	Adobe Systems Incorporated		9,905		327
	Amphenol Corporation		12,100		456
*	Apple, Inc.		8,125		1,506
*	Broadcom Corporation		13,650		419
*	Cognizant Technology Solutions Corporation		13,600		526
*	EMC Corporation		29,300		499
*	Google, Inc.		2,355		1,168
	Hewlett-Packard Company		24,895		1,175
*	Juniper Networks, Inc.		19,550		528
*	McAfee, Inc.		10,550		462
	Microsoft Corporation		60,435		1,565
	Qualcomm Incorporated		20,465		921
					9,936
	Industrials - 13.1%
	Danaher Corporation		10,572		712
	J. B. Hunt Transport Services, Inc.		14,920		479
	Rockwell Automation, Inc.		12,950		552
	Roper Industries, Inc.		9,950		507
	United Parcel Service, Inc.		16,320		921
	W.W. Grainger, Inc.		5,650		505
					3,676
	Health Care - 11.5%
	Allergan, Inc.		7,715		438
	Baxter International, Inc.		18,010		1,027
*	Celgene Corporation		12,390		693
*	Medco Health Solutions, Inc.		6,200		343
*	Thermo Fisher Scientific Inc.		16,495		720
					3,221
	Consumer Discretionary - 10.9%
*	Discovery Communications, Inc.		25,300		731
	Johnson Controls, Inc.		16,450		420
*	Kohl’s Corporation		11,996		684
	McDonald’s Corporation		9,535		544
*	O’Reilly Automotive, Inc.		10,280		372
	Yum! Brands, Inc.		9,250		312
					3,063
	Consumer Staples - 8.0%
	Colgate-Palmolive Company		8,930		681
	CVS Caremark Corporation		19,010		679
	Mead Johnson Nutrition Company		3,650		165
	PepsiCo, Inc.		12,300		722
					2,247
	Issuer	Shares or Principal Amount		Value
	Common Stocks - (continued)
	Energy - 7.0%
	Apache Corporation		3,615		332
	EOG Resources, Inc.		3,920		327
	Schlumberger Limited†		12,230		729
	Suncor Energy Inc.†		17,230		596
					1,984
	Financials - 6.9%
	CME Group, Inc.		1,195		368
	The Goldman Sachs Group, Inc.		2,557		472
	Invesco Ltd.†		29,450		670
	Charles Schwab & Co., Inc.		21,985		421
					1,931
	Materials - 6.2%
	Ecolab, Inc.		9,900		458
	Monsanto Company		4,430		343
	Praxair, Inc.		11,475		937
					1,738
	Total Common Stock - 99.0% (cost $24,255)				27,796
	Repurchase Agreement
	State Street Bank and Trust Company, 0.020% dated 9/30/09 due 10/1/09, repurchase price $400, collateralized by U.S. Treasury Bill, 0.160%, due 3/18/10	$	400		400
	Total Repurchase Agreement - 1.4% (cost $400)				400
	Total Investments - 100.4% (cost $24,655)				28,196
	Liabilities, plus cash and other assets - (0.4)%				(103	)
	Net assets - 100.0%				28,093

* Non-income producing securities

† U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares	Value
	Common Stocks
	Information Technology - 29.8%
*	Alliance Data Systems Corporation	140,432	$	8,578
*	Banctec, Inc.**	603,327		3,017
*	Cavium Networks, Inc.	419,600		9,009
*	DG Fastchannel, Inc	909,751		19,050
*	Euronet Worldwide, Inc.	472,634		11,357
*	Genpact Limited †	554,000		6,814
*	Inuvo, Inc.	7,511,969		1,728
*	j2 Global Communications, Inc.	270,448		6,223
	Jabil Circuit, Inc.	1,311,200		17,583
*	Lionbridge Technologies, Inc.	3,254,058		8,460
*	Move, Inc.	2,658,022		7,177
*	Silicon Laboratories, Inc.	281,323		13,042
*	Solera Holdings, Inc.	482,500		15,011
*	Sonic Solutions	1,300,786		7,714
*	The Ultimate Software Group, Inc.	545,885		15,678
	United Online, Inc.	2,124,710		17,083
*	ValueClick, Inc.	1,023,700		13,503
*	Vertro, Inc.	4,256,353		1,915
*	VistaPrint Limited†	311,546		15,811
*	Web.com Group, Inc.	1,174,351		8,326
*	WNS Holdings Limited - ADR	765,909		12,239
				219,318
	Consumer Discretionary - 23.0%
*	American Apparel, Inc.	1,888,407		6,628
*	Amerigon Incorporated	647,540		4,759
*	Bridgepoint Education, Inc.	490,311		7,482
*	Career Education Corporation	587,100		14,313
*	Coinstar, Inc.	328,000		10,817
*	Dolan Media Company	1,220,066		14,628
*	Duckwall-ALCO Stores, Inc.	460,853		8,272
*	Gaiam, Inc.	1,439,920		10,051
*	Grand Canyon Education, Inc.	542,810		9,678
*	Imax Corporation†	1,460,023		13,739
	Jarden Corporation	678,117		19,035
*	Kona Grill, Inc.	1,042,992		3,463
*	Lincoln Educational Services Corporation	515,803		11,802
*	Lions Gate Entertainment Corporation†	1,244,632		7,667
*	MDC Partners, Inc.†	1,066,188		7,932
*	Motorcar Parts of America, Inc.	767,851		3,931
	Strayer Education, Inc.	34,895		7,596
*	WMS Industries, Inc.	157,800		7,032
				168,825
	Health Care - 16.8%
*	Air Methods Corporation	305,393		9,947
*	American Medical Systems Holdings, Inc.	442,400		7,485
*	CardioNet, Inc.	956,000		6,424
*	Eurand NV †	520,879		7,886
*	Haemonetics Corporation	118,200		6,633
*	Integra Lifesciences Holding Corporation	156,900		5,358
*	Iris International, Inc.	454,392		5,135
*	Kensey Nash Corporation	386,840		11,199
*	Natus Medical Incorporated	392,525		6,057
*	Nuvasive, Inc.	251,000		10,482
*	Orthovita, Inc.	2,197,761		9,648
*	Providence Service Corporation	995,593		11,609
*	Psychiatric Solutions, Inc.	391,405		10,474
*	SurModics, Inc.	390,648		9,610
*	Trinity Biotech plc - ADR	1,380,735		5,454
				123,401
	Industrials - 10.4%
*	Cenveo, Inc.	515,745		3,569
*	Costar Group, Inc.	185,297		7,638
*	CRA International, Inc.	151,715		4,140
*	Graftech International, Ltd.	496,700		7,301
*	Harbin Electric, Inc.	463,352		7,821
*	InnerWorkings, Inc.	1,013,495		5,007
	Msc Industrial Direct Co., Inc.	257,500		11,222
*	Odyssey Marine Exploration, Inc.	2,646,530		4,923
*	On Assignment, Inc.	1,434,501		8,392
*	Orbital Sciences Corporation	338,900		5,073
	Transdigm Group, Inc.	229,714		11,442
				76,528

	Issuer	Shares or Principal Amount		Value
	Common Stocks - (continued)
	Financials - 10.0%
*	Affiliated Managers Group, Inc.		162,682		10,576
	Allied World Assurance Company Holdings, Ltd †		148,200		7,103
*	Artio Global Equity Fund Inc.		206,756		5,407
*	FBR Capital Markets Corporation		1,426,667		8,460
*	FirstService Corporation †		596,271		11,460
*	Marlin Business Services Corporation		955,263		7,814
*	National Financial Partners Corporation		777,830		6,783
*	Penson Worldwide, Inc.		724,800		7,060
	United Western Bancorp, Inc.		2,315,515		9,193
					73,856
	Energy - 4.6%
*	Carrizo Oil & Gas, Inc.		361,000		8,841
*	Comstock Resources, Inc.		136,060		5,453
*	Concho Resources, Inc.		328,613		11,935
*	Oil States International, Inc.		206,400		7,251
					33,480
	Material - 2.3%
	Celanese Corporation		289,400		7,235
*	Horsehead Holding Corp.		808,000		9,470
					16,705
	Consumer Staples - 1.8%
*	Overhill Farms, Inc.		1,154,152		6,983
*	Smart Balance, Inc.		990,307		6,080
					13,063
	Total Common Stock - 98.7% (cost $609,404)				725,176
	Investment in Warrants
	Motorcar Parts of America, Inc., 2012, $15.00**		111,575		—
	Total Investment in Warrants - 0.0% (cost $0)				—
	Investment in Affiliate
	William Blair Ready Reserves Fund		3,296,685		3,297
	Total Investment in Affiliate - 0.4% (cost $3,297)				3,297
	Short-Term Investments
	American Express Credit Corp., Demand Note, VRN, 0.096%, due 10/1/09	$	500		500
	Total Short-Term Investments - 0.1% (cost $500)				500
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.020% dated 9/30/09, due 10/1/09, repurchase price $9,631, collateralized by FHLMC, 1.625%, due 7/22/11, and by FNMA, 5.000%, due 3/15/16	$	9,631		9,631
	Total Repurchase Agreement - 1.3% (cost $9,631)				9,631
	Total Investments - 100.5% (cost $622,832)				738,604
	Liabilities, plus cash and other assets - (0.5)%				(3,949	)
	Net assets - 100.0%			$	734,655

* Non-income producing securities

† = U.S. listed foreign security

ADR = American Depository Receipt

VRN = Variable Rate Note

** Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. These holdings represents 0.41% of the Fund's net assets at September 30, 2009. These securities were also deemed illiquid pursuant to Liquidity Procedures approved by Board of Trustees.

See accompanying Notes to Portfolios of Investments.

		Share Activity				Period Ended September 30, 2009
						(in thousands)
	Security Name	Balance 12/31/2008	Purchases	Sales	Balance 9/30/2009	Value		Dividends Included in Income
	Amerigon	1,181,267	235,900	769,627	647,540	$	4,759	$	—
p	Duckwall-ALCO Stores, Inc.	359,361	101,492	—	460,853		8,272		—
p	Gaiam, Inc.	—	1,439,920	—	1,439,920		10,051		—
	Granite City Food & Brewery, Ltd.	1,137,260	—	1,137,260	—		—		—
p	Kona Grill, Inc.*	744,995	297,997	—	1,042,992		3,463		—
p	Lionbridge Technologies, Inc.	—	3,254,058		3,254,058		8,460		—
p	Marlin Business Services Corp.	860,992	129,595	35,324	955,263		7,814		—
	MDC Partners, Inc.	922,001	947,663	803,476	1,066,188		7,932		—
p	Motorcar Parts of America, Inc.	678,936	88,915	—	767,851		3,931		—
	Optimal Group, Inc.	1,615,192	—	1,615,192	—		—		—
p	Overhill Farms, Inc.	1,215,052	263,100	324,000	1,154,152		6,983		—
	Physicians Formula Holdings, Inc.	862,320	278,889	1,141,209	-		-		—
p	Providence Service Corporation	560,693	700,322	265,422	995,593		11,609		—
	Sonic Solutions	2,661,273	765,416	2,125,903	1,300,786		7,714		—
p	Vertro, Inc. (formerly Miva, Inc.)	3,885,215	371,138	—	4,256,353		1,915		—
	Virtusa Corporation	1,307,147	3,700	1,310,847	—		—		—
	Web.com Group, Inc.	2,004,499	214,047	1,044,195	1,174,351		8,326		—
						$	91,229	$	—

* The purchased shares were acquired through the company’s 2 per 5 rights offer on 4/15/2009.

p Affiliated company at September 30, 2009. The Small Cap Growth Fund's total value in companies deemed to be affiliated at September 30, 2009 was $62,498 (in thousands).

Mid Cap Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares	Value
	Common Stocks
	Information Technology - 24.3%
*	Activision Blizzard, Inc.	72,020	$	892
*	Alliance Data Systems Corporation	26,550		1,622
	Amphenol Corporation - Class “A”	16,200		610
*	Broadcom Corporation	30,450		934
*	Cognizant Technology Solutions Corporation	32,790		1,268
*	Concur Technologies, Inc.	29,030		1,154
*	Dolby Laboratories, Inc. Class “A”	22,570		862
*	Genpact Limited	64,900		798
*	Juniper Networks, Inc.	38,600		1,043
*	McAfee, Inc.	12,200		534
*	Nuance Communications, Inc.	58,930		882
*	Silicon Laboratories, Inc.	26,410		1,224
	Solera Holdings, Inc.	21,700		675
*	Trimble Navigation Limited	41,700		997
*	VistaPrint Limited†	15,130		768
				14,263
	Industrials - 23.0%
	C. H. Robinson Worldwide, Inc.	9,565		552
	Fastenal Company	50,375		1,950
	J.B. Hunt Transport Services, Inc.	21,410		688
*	Iron Mountain Incorporated	50,227		1,339
	Manpower, Inc.	16,290		924
	MSC Industrial Direct Co., Inc.	28,700		1,251
	Precision Castparts Corp.	6,850		698
	Ritchie Bros. Auctioneers Incorporated †	35,050		860
	Robert Half International, Inc.	54,400		1,361
	Roper Industries, Inc.	21,760		1,109
*	Stericycle, Inc.	27,030		1,310
	TransDigm Group Incorporated	28,850		1,437
				13,479
	Consumer Discretionary - 22.2%
*	Bed Bath & Beyond, Inc.	35,660		1,339
*	Carmax, Inc.	24,570		513
*	Chipotle Mexican Grill, Inc. Class “B”	24,500		2,039
	DeVry, Inc.	25,010		1,384
*	Dick’s Sporting Goods, Inc.	80,990		1,814
	Gentex Corporation †	94,380		1,335
*	O’Reilly Automotive, Inc.	47,380		1,712
	Strayer Education, Inc.	4,245		924
*	WMS Industries, Inc.	43,440		1,936
				12,996
	Health Care - 9.2%
*	athenahealth, Inc.	22,910		879
*	IDEXX Laboratories, Inc.	27,010		1,350
*	Illumina, Inc.	35,520		1,510
*	Intuitive Surgical, Inc.	1,120		294
*	Mettler-Toledo Holding, Inc.	8,870		804
*	Myriad Genetics, Inc.	19,430		532
				5,369

	Issuer	Shares or Principal Amount		Value
	Common Stocks - (continued)
	Financials - 6.5%
*	Affiliated Managers Group, Inc.		21,275	$	1,383
	Greenhill & Co., Inc.		13,920		1,247
	HCC Insurance Holdings, Inc.		42,470		1,161
					3,791
	Energy - 5.1%
*	Denbury Resources, Inc.		33,770		511
*	Newfield Exploration Company		15,930		678
	Range Resources Corporation		12,900		637
*	Southwestern Energy Company		26,470		1,130
					2,956
	Materials - 4.8%
	Airgas, Inc.		25,300		1,224
	Ecolab, Inc.		34,600		1,600
					2,824
	Consumer Staples - 3.9%
	Church & Dwight Co., Inc.		15,400		874
*	Green Mountain Coffee Roasters, Inc.		9,300		687
*	Hansen Natural Corporation		20,520		754
					2,315
	Total Common Stock - 99.0% (cost $45,693)				57,993
	Investment in Affiliate
	William Blair Ready Reserves Fund		18,723		19
	Total Investment In Affiliate - 0.1% (cost $19)				19
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.020% dated 9/30/09, due 10/1/09, repurchase price $1,185, collateralized by FNMA, 5.000%, due 3/15/16	$	1,185		1,185
	Total Repurchase Agreement - 2.0% (cost $1,185)				1,185
	Total Investments - 101.0% (cost $46,897)				59,197
	Liabilities, plus cash and other assets - (1.0)%				(627	)
	Net Assets - 100.0%			$	58,570

* Non-income producing securities

†= U.S. listed foreign security

See accompanying Notes to Portfolios of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology - 24.9%
*	Alliance Data Systems Corporation		24,000	$	1,466
*	ANSYS, Inc.		35,400		1,326
	Blackbaud, Inc.		81,548		1,892
*	Cavium Networks, Inc.		72,600		1,559
*	Cognizant Technology Solutions Corporation		54,395		2,103
*	Concur Technologies, Inc.		86,100		3,423
*	Cybersource Corporation		88,560		1,476
*	DG Fastchannel, Inc.		85,150		1,783
*	Euronet Worldwide, Inc.		97,033		2,332
*	j2 Global Communications, Inc.		61,075		1,405
	Jabil Circuit, Inc.		118,500		1,589
*	McAfee, Inc.		57,400		2,514
*	Silicon Laboratories, Inc.		48,060		2,228
*	Ultimate Software Group, Inc.		72,125		2,071
	United Online, Inc.		343,830		2,764
*	VistaPrint Limited†		74,005		3,756
					33,687
	Industrials - 20.8%
*	Allegiant Travel Company		26,565		1,012
*	Cenveo, Inc.		100,200		693
*	Corrections Corporation of America		72,055		1,632
*	CoStar Group, Inc.		46,600		1,921
*	CRA International, Inc.		44,400		1,212
	Fastenal Company		80,660		3,122
*	Graftech International, Ltd.		111,600		1,641
	Heidrick & Struggles International, Inc.		72,740		1,692
*	InnerWorkings, Inc.		228,180		1,127
*	Iron Mountain Incorporated		50,461		1,345
	Manpower, Inc.		34,950		1,982
*	Monster Worldwide, Inc.		82,100		1,435
	Ritchie Bros. Auctioneers Incorporated †		88,200		2,164
	Robert Half International, Inc.		81,200		2,032
*	Stericycle, Inc.		51,020		2,472
	TransDigm Group Incorporated		53,300		2,655
					28,137
	Consumer Discretionary - 17.4%
*	Career Education Corporation		141,600		3,452
*	Chipotle Mexican Grill, Inc. Class “B”		18,165		1,512
	DeVry, Inc.		51,765		2,864
*	Dick’s Sporting Goods, Inc.		93,400		2,092
	Gentex Corporation		101,200		1,432
*	IMAX Corporation †		183,573		1,727
	Jarden Corporation		89,800		2,521
*	K12, Inc.		89,050		1,468
*	O’Reilly Automotive, Inc.		29,050		1,050
	Strayer Education, Inc.		10,800		2,351
*	Tempur-Pedic International, Inc.		68,400		1,295
*	Under Armour, Inc.		63,760		1,774
					23,538
	Health Care - 14.5%
*	athenahealth, Inc.		38,100		1,462
*	Covance, Inc.		28,600		1,549
*	Haemonetics Corporation		44,700		2,509
*	HMS Holdings Corp.		53,500		2,045
*	Hologic, Inc.		108,310		1,770
*	IDEXX Laboratories, Inc.		44,605		2,230
*	Illumina, Inc.		46,380		1,971
*	Kensey Nash Corporation		24,000		695
*	NuVasive, Inc.		53,060		2,216
*	Phase Forward Incorporated		121,560		1,707
*	SurModics, Inc.		59,495		1,464
					19,618
	Issuer	Shares or Principal Amount		Value
	Common Stocks - (continued)
	Financials -7.9%
*	Affiliated Managers Group, Inc.		50,480	$	3,282
*	First Horizon National Corporation		100,700		1,332
*	FirstService Corporation †		52,900		1,017
	Greenhill & Co., Inc.		17,440		1,562
	HCC Insurance Holdings, Inc.		43,550		1,191
	Invesco, Ltd. †		103,200		2,349
					10,733
	Energy - 5.2%
*	Comstock Resources, Inc.		27,100		1,086
*	Concho Resources, Inc.		45,240		1,643
	Helmerich & Payne, Inc.		36,180		1,430
*	Newfield Exploration Company		34,000		1,447
*	Petrohawk Energy Corporation		55,580		1,346
					6,952
	Consumer Staples - 3.8%
	Alberto-Culver Company		77,150		2,135
*	Green Mountain Coffee Roasters, Inc.		39,605		2,924
					5,059
	Materials - 1.9%
	Airgas, Inc.		53,635		2,594
	Total Common Stock - 96.4% (cost $106,597)				130,318
	Investment in Affiliate
	William Blair Ready Reserves Fund		22,695		23
	Total Investment In Affiliate - 0.0% (cost $23)				23
	Repurchase Agreement
	State Street Bank and Trust Company, 0.020% dated 9/30/09 due 10/1/09, repurchase price $5,965, collateralized by U.S Treasury Bill, 0.160%, due 3/18/10	$	5,965		5,965
	Total Repurchase Agreement - 4.4% (cost $5,965)				5,965
	Total Investments - 100.8% (cost $112,585)				136,306
	Liabilities, plus cash and other assets - (0.8)%				(1,129	)
	Net Assets - 100.0%			$	135,177

* Non-income producing securities

† U.S. listed foreign security

See accompanying Notes to Portfolios of Investments.

Global Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares	Value
	Common Stocks
	Western Hemisphere - 36.0%
	United States - 34.5%
*	Adobe Systems Incorporated (Software)	14,035	$	464
	Apache Corporation (Oil, gas & consumable fuels)	6,131		563
*	Apple Inc. (Computers & peripherals)	3,230		599
*	Artio Global Investors Inc. (Capital markets)	6,328		165
*	Autodesk, Inc. (Software)	14,936		355
*	Autozone, Inc. ( Specialty retail)	3,591		525
	C.H. Robinson Worldwide, Inc. (Air freight & logistics)	9,420		544
*	Celgene Corporation (Biotechnology)	6,792		380
*	Chipotle Mexican Grill, Inc., Class “A” (Hotels, restaurants & leisure)	2,029		197
*	Discovery Communications, Inc. (Media)	13,730		397
	EOG Resources, Inc. (Oil, gas & consumable fuels)	8,502		710
*	Express Scripts, Inc. (Health care providers & services)	6,161		478
	Gentex Corporation (Auto components)	19,010		269
*	Gilead Sciences, Inc. (Biotechnology)	9,651		450
	The Goldman Sachs Group, Inc. (Capital markets)	2,361		435
*	Google, Inc. Class “A” (Internet software & services)	1,201		596
	J.B. Hunt Transport Services, Inc. (Road & rail)	14,831		477
*	Illumina, Inc. (Life sciences tools & services)	12,705		540
	Invesco Ltd. (Capital markets)	17,814		405
*	Jacobs Engineering Group Inc. (Construction & engineering)	12,878		592
	JPMorgan Chase & Co. (Diversified financial services)	16,020		702
*	Juniper Networks, Inc. (Communications equipment)	17,447		471
*	McAfee, Inc. (Software)	7,892		346
*	MSCI Inc., Class “A” (Diversified financial services)	6,681		198
*	Newfield Exploration Company (Oil, gas & consumable fuels)	8,946		381
*	NVR, Inc. (Household durables)	523		333
	Praxair, Inc. (Chemicals)	7,238		591
*	Priceline.com Incorporated (Internet & catalog retail)	2,480		411
	Yum! Brands, Inc. (Hotels, restaurants, & leisure)	10,214		345
				12,919
	Canada - 1.5%
	Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†	25,101		570
	Europe - 16.6%
	Denmark - 0.9%
	Novozymes A/S (Chemicals)	3,394		321
	France - 3.2%
	Alstom S.A. (Electrical equipment)	7,080		518
*	Gemalto N.V. (Computers & peripherals)	8,641		404
	Hermes International S.C.A. (Textiles, apparel & luxury goods)	1,864		276
				1,198
	Italy - 1.7%
	Ansaldo STS SpA (Transportation infrastructure)	17,464		358
	Trevi Finanziaria SpA (Construction & engineering)	16,875		294
				652
	Ireland - 1.0%
	Accenture plc, Class “A” (IT services)†	10,360		386
	Germany - 0.9%
	SAP AG (Software)	7,182		348
	Belgium - 1.4%
	Anheuser-Busch Inbev S.A. NV (Beverages)	11,242		516
	Portugal - 0.9%
	Jeronimo Martins SGPS S.A. (Food & staples retailing)	39,553		346
	Sweden - 1.0%
	Hennes & Maurtiz AB, Class “B” (Specialty retail)	6,450		363
	Switzerland - 5.6%
*	ABB Ltd. (Electrical equipment)	38,797		780
	Credit Suisse Group AG (Capital markets)	12,044		670
	Partners Group Global Opportunities, Ltd. (Capital markets)	3,188		389
	Sonova Holding AG (Health care equipment & supplies)	2,581		261
				2,100
	Emerging Asia - 12.7%
	China - 7.0%
*	Baidu, Inc. - ADR (Internet software & services)	1,324		518
	China Life Insurance Co., Ltd. (Insurance)	100,000		436
	China Railway Construction Corporation Limited (Construction & engineering)	154,000		204
	China Vanke Co., Ltd. (Real estate management & development)	349,100		438
	Geely Automobile Holdings Limited (Automobiles)	1,420,000		386
	Industrial and Commercial Bank of China (Commercial banks)	477,000		358
	Wasion Group Holdings Limited (Electronic equipment, instruments, & components)	302,000		266
				2,606
	India - 1.3%
	Larsen & Toubro, Ltd. (Construction & engineering)	13,424		469
	Indonesia - 1.3%
	PT Astra International Tbk (Automobiles)	142,500		489

	Issuer	Shares or Principal Amount		Value
	Emerging Asia - 12.7% - (continued)
	South Korea - 3.1%
	Hyundai Motor Company (Automobiles)		7,301	$	689
	LG Household & Health Care Ltd. (Household products)		2,063		462
					1,151
	Japan - 11.1%
	Daikin Industries Ltd. (Building products)		9,900		355
	Fast Retailing Co., Ltd. (Specialty retail)		3,500		442
	Gree Inc. (Internet software & services)		4,200		228
	Honda Motor Co., Ltd. (Automobiles)		22,200		674
	kabu.com Securities Co., Ltd. (Capital markets)		144		174
	Kakaku.com, Inc. (Internet software & services)		48		176
	Keyence Corporation (Electronic equipment, instruments & components)		1,600		341
	Komatsu Ltd. (Machinery)		29,700		554
	Kurita Water Industries, Ltd. (Machinery)		13,300		476
	Softbank Corporation (Wireless telecommunication services)		23,300		511
	Start Today Co., Ltd. (Internet & catalog retail)		114		229
					4,160
	United Kingdom - 10.8%
	Amlin plc (Insurance)		59,509		365
*	Autonomy Corporation plc (Software)		16,887		441
*	Barclays plc (Commercial banks)		86,669		514
	BG Group plc (Oil, gas & consumable fuels)		21,243		370
	BlueBay Asset Management plc (Capital markets)		80,541		381
	Experian plc (Professional services)		64,439		544
	Petrofac, Ltd. (Energy equipment & services)		28,277		448
	Standard Chartered plc (Commercial banks)		25,486		630
	Vedanta Resources plc (Metals & mining)		11,411		347
					4,040
	Asia - 5.9%
	Australia - 1.5%
	BHP Billiton Limited - ADR (Metals & mining)		16,899		557
	Hong Kong - 2.8%
	Li & Fung, Ltd. (Distributors)		102,000		409
	Noble Group Limited (Trading companies & distributors)		365,000		630
					1,039
	Singapore - 0.6%
	Wilmar International, Ltd. (Food products)		47,700		212
	Taiwan - 1.0%
	Taiwan Semiconductor Manufacturing Company Ltd. (Semiconductors & semiconductor equipment)		197,000		390
	Emerging Europe, Mid-East, Africa - 3.3%
	Israel - 1.2%
	Teva Pharmaceutical Industries, Ltd. - ADR (Pharmaceuticals)		8,829		446
	South Africa - 2.1%
*	Aspen Pharmacare Holdings, Limited (Pharmaceuticals)		46,873		387
	Naspers, Ltd. (Media)		11,900		407
					794
	Emerging Latin America - 2.6%
	Brazil - 1.2%
	Natura Cosmeticos S.A. (Personal products)		23,800		429
	Mexico - 1.4%
	Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		155,000		537
	Total Common Stock - 99.0% (cost $30,560)				37,038
	Preferred Stocks
	Brazil - 1.1%
	Itau Unibanco Holdings S.A. - GDR (Commercial banks )		20,850		420
	Total Preferred Stocks - 1.1% (cost $173)				420
	Investment in Affiliate
	William Blair Ready Reserves Fund		28,796		29
	Total Investment in Affiliate - 0.1% (cost $29)				29
	Repurchase Agreement	$	77		77
	State Street Bank and Trust Company, 0.020% dated 9/30/09, due 10/1/09, repurchase price $77, collateralized by U.S. Treasury Bill, 0.160%, due 3/18/10
	Total Repurchase Agreement - 0.2% (cost $77)				77
	Total Investments - 100.4% (cost $30,839)				37,564
	Liabilities, plus cash and other assets - (0.4)%				(131	)
	Net assets - 100.0%			$	37,433

* Non-income producing securities

†  U.S. listed foreign security

ADR = American Depository Receipt

GDR = Global Depository Receipt

VRN = Variable Rate Note

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund uses an independent pricing service on a daily basis to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolios of Investments.

Global Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

At September 30, 2009 the Fund’s Portfolio of Investments includes the following industry categories:

Financials	19.4	%
Consumer Discretionary	18.3	%
Industrials	18.1	%
Information Technology	16.9	%
Health Care	7.9	%
Consumer Staples	6.6	%
Energy	6.6	%
Materials	4.8	%
Telecommunication Services	1.4	%
Total	100.0	%

At September 30, 2009 the Fund’s Portfolio of Investments includes the following currency categories:

U.S. Dollar	39.6	%
Japanese Yen	11.1	%
Pound Sterling	10.8	%
Euro	8.2	%
Hong Kong Dollar	6.7	%
Swiss Franc	5.6	%
South Korean Won	3.1	%
Brazilian Real	2.3	%
Singapore Dollar	2.2	%
South African Rand	2.1	%
Australian Dollar	1.5	%
Mexican Peso	1.4	%
Indonesian Rupiah	1.3	%
Indian Rupee	1.3	%
New Taiwan Dollar	1.0	%
Swedish Krona	1.0	%
All Other Currencies	0.8	%
Total	100.0	%

See accompanying Notes to Portfolios of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares	Value
	Common Stocks
	Europe - 26.0%
	Belgium - 2.3%
	Anheuser-Busch InBev S.A. (Beverages)	1,589,527	$	72,908
	Colruyt SA (Food & staples retailing)	111,201		26,145
				99,053
	Denmark - 2.4%
	Novo-Nordisk A/S (Pharmaceuticals)	738,400		46,441
	Novozymes A/S (Chemicals)	225,022		21,269
	SimCorp A/S (Software)	36,745		7,569
*	Vestas Wind Systems A/S (Electrical equipment)	408,575		29,782
				105,061
	Finland - 0.1%
	F-Secure Corporation OYJ (Software)	1,596,262		6,802
	France - 7.4%
	Alstom S.A. (Electrical equipment)	627,265		45,936
	April Group S.A. (Insurance)	372,202		15,716
	bioMerieux S.A. (Health care equipment & supplies)	60,005		6,614
	EDF Energies Nouvelles S.A. (Independent power producers & energy traders)	407,803		22,560
	Essilor International (Health care equipment & supplies)	625,309		35,706
*	Gemanlto NV (Computers & peripherals)	197,515		9,238
	Hermes International S.C.A. (Textiles, apparel & luxury goods)	162,256		24,008
	Iliad S.A. (Diversified telecommunication services)	146,484		16,546
	L Air Liquide S.A. (Chemicals)	572,358		65,218
	Orpea (Health care providers & services)	201,116		9,303
	Schneider Electric S.A. (Electrical equipment)	203,624		20,718
	Vinci S.A. (Construction & engineering)	861,660		48,933
				320,496
	Germany - 2.4%
	BASF Group (Chemicals)	966,478		51,170
	SAP (Software)	1,071,930		51,978
				103,148
	Ireland - 1.1%
	CRH plc (Construction materials)	1,240,205		34,340
	Paddy Power plc (Hotels, restaurants & leisure)	377,593		11,504
				45,844
	Italy - 0.5%
	Ansaldo STS SpA (Transportation infrastructure)	583,414		11,963
	Diasorin SpA (Health care equipment & supplies)	281,453		9,464
				21,427
	Luxembourg - 0.2%
	Oriflame Cosmetics S.A. (Personal products)	168,825		8,655
	Netherlands - 0.2%
	BinckBank N.V. (Capital markets)	413,636		7,358
	Norway - 0.2%
	Opera Software ASA (Internet software & services)	2,317,357		9,058
	Portugal - 0.6%
	Jeronimo Martins SGPS S.A. (Food & staples retailing)	3,006,242		26,327
	Spain - 2.4%
	Banco Santander, S.A. (Commercial banks)	2,654,362		42,880
	Iberdrola Renovables S.A. (Independent power producers & energy traders)	4,446,998		21,938
	Industria De Diseno Textile Inditex S.A. (Specialty retail)	418,495		24,065
	Tecnicas Reunidas S.A. (Energy equipment & services)	303,581		16,638
				105,521
	Sweden - 1.3%
	Hennes & Maurtiz AB, Class “B” (Specialty retail)	1,023,075		57,505
	Switzerland - 4.9%
*	ABB Ltd. (Electrical equipment)	1,035,912		20,830
*	Actelion, Ltd. (Biotechnology)	190,967		11,872
	Credit Suisse Group AG (Capital markets)	1,377,450		76,638
	Kuehne & Nagel International AG (Marine)	191,605		16,689
*	Orascom Development (Hotels, restaurants & leisure)	33,759		3,027
	Partners Group Global Opportunities, Ltd. (Capital markets)	218,798		26,712
	SGS S.A. (Professional services)	21,774		29,349
	Sonova Holding AG (Health care equipment & supplies)	196,639		19,896
*	Temenos Group AG (Software)	324,835		7,636
				212,649
	Issuer	Shares	Value
	Common Stocks - (continued)
	United Kingdom - 19.1%
	Aberdeen Asset Management plc (Capital markets)	3,591,917	$	8,637
	Admiral Group plc (Insurance)	666,040		12,335
	Aggreko plc (Commercial services & supplies)	781,365		8,791
	AMEC plc (Energy equipment & services)	2,118,977		25,666
	Amlin plc (Insurance)	2,976,907		18,276
	Antofagasta plc (Metals & mining)	2,779,729		33,812
	Ashmore Group plc (Capital markets)	2,375,458		9,530
*	ASOS plc (Internet & catalog retail)	1,141,437		6,399
*	Autonomy Corporation plc (Software)	1,484,096		38,750
*	Barclays plc (Commercial banks)	9,911,405		58,738
	Bellway plc (Household durables)	422,461		5,624
*	The Berkeley Group Holding plc (Household durables)	824,889		11,706
	BG Group plc (Oil, gas & consumable fuels)	3,593,337		62,628
*	Blinkx plc (Internet software & services)	6,265,874		1,904
	BlueBay Asset Management plc (Capital markets)	2,690,435		12,714
	British Sky Broadcasting Group plc (Media)	4,757,706		43,583
	Britvic plc (Beverages)	1,359,407		7,668
	Capita Group plc (Professional services)	2,722,569		31,493
	Chemring Group plc (Aerospace & defense)	376,008		14,713
*	Climate Exchange plc (Diversified financial services)	574,271		7,608
*	Dana Petroleum plc (Oil, gas & consumable fuels)	587,934		13,222
	Experian plc (Professional Services)	2,497,354		21,088
*	Heritage Oil plc (Oil, gas, & consumable fuels)	1,048,493		8,270
	Mothercare plc (Multiline retail)	715,393		6,454
	NEXT plc (Multiline retail)	1,414,037		40,578
	Petrofac Limited (Energy equipment & services)	1,479,697		23,418
	Reckitt Benckiser plc (Household products)	866,790		42,436
	Rightmove plc (Media)	359,792		3,196
*	Rolls-Royce Group plc (Aerospace & defense)	5,044,769		38,067
	Rotork plc (Electronic equipment & instruments)	1,407,356		25,467
	RPS Group plc (Commercial services & supplies)	3,881,518		13,972
	Serco Group plc (Commercial services & supplies)	2,515,139		20,341
	Standard Chartered plc (Commercial banks)	2,616,762		64,638
*	Telecity Group plc (Internet software & services)	774,676		3,970
	Tullow Oil plc (Oil, gas & consumable fuels)	1,017,110		18,403
	Ultra Electronic Holdings plc (Aerospace & defense)	588,690		12,615
	Vedanta Resources plc (Metals & mining)	545,822		16,612
	VT Group plc (Aerospace & defense)	2,307,731		20,847
	The Weir Group plc (Machinery)	1,150,579		12,467
				826,636
	Emerging Asia - 18.6%
	China - 5.8%
*	Baidu, Inc. - ADR (Internet software & services)	34,199		13,374
	China Dongxiang (Group) Co., Ltd. (Textiles, apparel, & luxury goods)	25,145,000		16,724
	China High Speed Transmission (Electrical equipment)	6,561,000		13,403
	China Railway Construction Corporation Limited (Construction & engineering)	6,808,000		9,021
	China Shenhua Energy Company Limited (Oil, gas, & consumable fuels)	4,454,000		19,305
*	China Zhongwang Holdings Limited (Metals & mining)	16,523,600		16,246
	CNOOC Limited (Oil, gas & consumable fuels)	19,367,000		26,110
*	Ctrip.com International, Ltd. - ADR (Hotels, restaurants, & leisure)	322,989		18,989
	Dongfeng Motor Group Company Limited (Automobiles)	28,312,000		29,947
	Geely Automobile Holdings Limited (Automobiles)	33,100,000		8,990
	Hengan International Group Co., Ltd. (Personal products)	2,836,000		17,119
	Industrial and Commercial Bank of China (Commercial banks)	53,618,000		40,212
	Minth Group, Ltd. (Auto components)	4,842,000		4,340
*	New Oriental Education & Technology Group, Inc. - ADR (Diversified consumer services)	129,450		10,414
	Shandong Weigao Group Medical Polymer Company, Ltd. (Health care equipment & supplies)	2,112,000		6,967
				251,161
	India - 5.8%
	Bharat Heavy Electricals, Ltd. (Electrical equipment)	847,168		40,802
	Educomp Solutions Limited (Diversified consumer services)	176,150		17,104
	Hero Honda Motors Limited (Automobiles)	897,277		31,099
	Housing Development Finance Corp. (Thrifts & mortgage finance)	486,503		28,076
	Infosys Technologies Limited (IT services)	816,098		38,952
	Jindal Steel & Power Limited (Metals & mining)	983,946		11,933
	Larsen & Toubro, Ltd. (Construction & engineering)	1,031,638		36,042
	Lupin Limited (Pharmaceuticals)	174,658		4,117
	Reliance Industries Limited (Oil, gas, & consumable fuels)	574,727		26,170
	Unitech Limited (Real estate management & development)	8,017,900		17,788
				252,083
	Indonesia - 2.2%
	PT Astra International Tbk (Automobiles)	9,036,500		30,994
	PT Bank Rakyat Indonesia (Commercial banks)	39,859,000		30,736
	PT London Sumatra Indonesia (Food products)	11,030,500		8,671
	PT United Tractors Tbk (Machinery)	14,924,500		23,978
				94,379
	Malaysia - 1.0%
	CIMB Group Holdings Berhad (Commercial banks)	8,051,100		25,757
	IOI Corporation Berhad (Food products)	7,844,400		11,734
	Kuala Lampur Kepg (Food products)	1,883,200		7,490
				44,981
	South Korea - 2.1%
	Hyundai Motor Company (Automobiles)	243,830		23,017
	LG Household & Health Care, Ltd. (Household products)	113,280		25,366
	MegaStudy Co., Ltd. (Diversified consumer services)	82,150		16,826
	Samsung Fire & Marine Insurance Co., Ltd. (Insurance)	121,920		24,887
				90,096
	Taiwan - 1.6%
	Siliconware Precision Industries Co., Ltd. (Semiconductors & semiconductor equipment)	12,961,000		18,237
	Taiwan Semiconductor Manufacturing Company Ltd. (Semiconductors & semiconductor equipment)	17,971,000		35,565
	Yuanta Financial Holding Co., Ltd. (Capital markets)	21,244,000		15,656
				69,458
	Thailand - 0.1%
	CP ALL PCL (Food & staples retailing)	5,265,500		3,168

International Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Japan - 13.3%
	Canon, Inc. (Office electronics)		812,300	$	32,546
	Daikin Industries, Ltd. (Building products)		983,000		35,216
	Fanuc, Ltd. (Machinery)		172,600		15,415
	Fast Retailing Co., Ltd. (Specialty retail)		495,100		62,535
	Gree, Inc. (Internet software & services)		98,400		5,351
	Honda Motor Company, Ltd. (Automobiles)		2,415,300		73,352
	Jupiter Telecommunications Co., Ltd. (Media)		31,219		30,189
	Kabu.com Securities Co., Ltd. (Capital markets)		6,840		8,244
	Kakaku.com, Inc. (Internet software & services)		1,720		6,313
	Keyence Corporation (Electronic equipment, instruments & components)		102,000		21,731
	Komatsu, Ltd. (Machinery)		1,686,300		31,469
	K’s Holdings Corporation (Specialty retail)		254,200		8,506
	Kurita Water Industries, Ltd. (Machinery)		624,900		22,370
	Miraca Holdings, Inc. (Health care equipment & supplies)		95,238		3,107
	Misumi Group, Inc. (Trading companies & distributors)		459,700		9,608
	Nitori Company, Ltd. (Specialty retail)		193,670		16,478
	Park24 Co., Ltd. (Commercial services & supplies)		550,000		6,312
	Point, Inc. (Specialty retail)		269,890		17,815
	Shin-Etsu Chemical Co., Ltd. (Chemicals)		421,000		25,828
	Softbank Corp. (Wireless telecommunication services)		2,415,300		52,940
	Start Today Co., Ltd. (Internet & catalog retail)		4,086		8,222
	Sumitomo Trust & Banking Co., Ltd. (Commercial banks)		5,263,000		27,809
	Terumo Corporation (Health care equipment & supplies)		483,100		26,495
	Unicharm Petcare (Food products)		170,600		6,354
	YAHOO! Japan Corporation (Internet software & services)		67,252		22,786
					576,991
	Asia - 8.7%
	Australia - 5.0%
	BHP Billiton Limited - ADR (Metals & mining)		1,848,608		60,968
	Cochlear Limited (Health care equipment & supplies)		189,775		11,161
	Energy Resources of Australia Limited (Oil, gas & consumable fuels)		453,536		10,050
	JB Hi-Fi Limited (Specialty retail)		705,334		12,323
	QBE Insurance Group Limited (Insurance)		2,519,681		53,276
	Woolworths Limited (Food & staples retailing)		1,180,651		30,431
	WorleyParsons Limited (Energy equipment & services)		1,507,045		39,309
					217,518
	Hong Kong - 1.9%
	Li & Fung, Ltd. (Distributors)		12,402,000		49,689
	Noble Group Limited (Trading companies & distributors)		19,729,240		34,029
					83,718
	New Zealand - 0.1%
	Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)		2,004,068		4,741
	Singapore - 1.7%
	Capitaland, Ltd. (Real estate management & development)		9,622,000		25,230
	Olam International, Ltd. (Food & staples retailing)		17,002,400		29,952
	Wilmar International, Ltd. (Food products)		4,508,000		20,081
					75,263
	Emerging Latin America - 3.7%
	Brazil - 2.6%
	BM&F Bovespa S.A. (Diversified financial services)		2,547,400		18,779
*	GP Investments, Ltd. (Capital markets)		2,289,700		12,666
*	GVT Holding S.A. (Diversified telecommunication services)		737,400		16,878
	Localiza Rent a Car S.A. (Road & rail)		1,387,800		13,873
	Lojas Renner S.A. (Multiline retail)		445,800		7,816
	MRV Engenharia e Particpacpoes, S.A. (Household durables)		157,488		3,022
	Natura Cosmeticos S.A. (Personal products)		1,542,900		27,825
	PDG Realty S.A. Empreendimentos e Participacoes (Household durables)		198,000		1,643
	Redecard S.A. (IT services)		276,600		4,255
	SLC Agricola S.A. (Food products)		619,200		5,327
					112,084
	Mexico - 0.4%
	Banco Compartamos S.A. de C.V. (Consumer finance)		1,776,700		6,490
*	Megacable Holdings S.A.B. de C.V. (Media)		4,944,400		9,342
					15,832
	Panama - 0.2%
	Copa Holdings, S.A. (Airlines)†		178,644		7,948
	Peru - 0.5%
	Credicorp, Ltd. (Commercial banks)†		256,929		19,979
	Issuer	Shares or Principal Amount		Value
	Emerging Europe, Mid-East, Africa - 3.7%
	Israel - 0.5%
	Teva Pharmaceutical Industries, Ltd. - ADR (Pharmaceuticals)		414,379	$	20,951
	South Africa - 2.8%
*	Aspen Pharmacare Holdings Limited (Pharmaceuticals)		2,161,407		17,865
	MTN Group, Ltd. (Wireless telecommunication services)		1,864,227		30,412
	Naspers Limited (Media)		1,331,400		45,576
	Shoprite Holdings Limited (Food & staples retailing)		1,688,207		13,945
	Wilson Bayly Holmes-Ovcon Limited (Construction & engineering)		881,078		14,820
					122,618
	Turkey - 0.4%
	Bim Birlesik Magazalar A.S. (Food & staples retailing)		456,372		18,668
	Canada - 2.4%
	Brookfield Asset Management, Inc., Class “A” (Real estate management & development)†		2,164,015		49,145
*	Consolidated Thompson (Metals & mining)		744,572		3,818
	Niko Resources Ltd. (Oil, gas, & consumable fuels)		215,653		16,869
	Shoppers Drug Mart Corporation (Food & staples retailing)		274,900		11,282
	Tim Hortons, Inc. (Hotels, restaurants & leisure)		835,002		23,740
					104,854
	Total Common Stock - 95.5% (cost $3,264,698)				4,142,031
	Convertible Bond
	Brazil - 0.1%
	Lupatech S.A., 6.500%, due 4/15/18 (Machinery)**	$	2,875		1,698
	Total Investment in Convertible Bond - 0.1% (cost $1,504)				1,698
	Investment in Affiliate
	William Blair Ready Reserves Fund		6,375,754		6,376
	Total Investment in Affiliate - 0.1% (cost $6,376)				6,376
	Short-Term Investments
	American Express Credit Corp. Demand Note, VRN 0.096%, due 10/1/09	$	6,000		6,000
	Total Short-term Investments - 0.1% (cost $6,000)				6,000
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.030% dated 9/30/09, due 10/1/09, repurchase price $154,643, collateralized by FHLMC, 1.625% due 7/22/11	$	154,643		154,643
	Total Repurchase Agreement - 3.6% (cost $154,643)				154,643
	Total Investments - 99.4% (cost $3,433,221)				4,310,748
	Cash and other assets, less liabilities - 0.6%				26,955
	Net assets - 100.0%			$	4,337,703

* Non-income producing securities

† U.S. listed foreign security

ADR = American Depository Receipt

VRN = Variable Rate Note

** Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.04% of the net assets at September 30, 2009. This security was also deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees.

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund uses an independent pricing service on a daily basis to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolios of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2009 (unaudited)

At September 30, 2009 the Fund’s Portfolio of Investments includes the following industry categories:

Consumer Discretionary	19.7	%
Financials	18.5	%
Industrials	17.7	%
Consumer Staples	10.2	%
Information Technology	8.7	%
Materials	8.2	%
Energy	7.4	%
Health Care	5.7	%
Telecommunication Services	2.8	%
Utilities	1.1	%
Total	100.0	%

At September 30, 2009 the Fund’s Portfolio of Investments includes the following currency categories:

British Pound Sterling	19.9	%
Euro	17.8	%
Japanese Yen	13.9	%
Hong Kong Dollar	6.2	%
Indian Rupee	6.1	%
Australian Dollar	5.3	%
Swiss Franc	5.1	%
United States Dollar	3.4	%
South African Rand	3.0	%
Brazilian Real	2.7	%
Singapore Dollar	2.6	%
Danish Krone	2.5	%
Indonesian Rupiah	2.3	%
South Korean Won	2.2	%
New Taiwan Dollar	1.7	%
Swedish Krona	1.6	%
Canadian Dollar	1.4	%
Malaysian Ringgit	1.1	%
All Other Currencies	1.2	%
Total	100.0	%

See accompanying Notes to Portfolios of Investments.

International Equity Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares	Value
	Common Stocks
	Europe - 32.6%
	Denmark - 2.2%
	Novo-Nordisk A/S (Pharmaceuticals)	75,589	$	4,754
*	Vestas Wind Systems A/S (Electrical equipment)	21,779		1,587
				6,341
	France - 5.2%
	Alstom S.A. (Electrical equipment)	61,599		4,511
	Iliad S.A. (Diversified telecommunication services)	26,033		2,940
	Schneider Electric S.A. (Electrical equipment)	35,842		3,647
	Vinci S.A. (Construction & engineering)	72,272		4,104
				15,202
	Spain - 5.2%
	Banco Santander S.A. (Commercial banks)	188,476		3,045
	Iberdrola Renovables (Independent power producers & energy traders)	440,227		2,172
	Inditex Group (Specialty retail)	74,344		4,275
	Telefonica, S.A. (Diversified telecommunication services)	198,398		5,489
				14,981
	Germany - 2.0%
	E. ON AG (Electric utilities)	70,052		2,965
	SAP AG (Software)	56,610		2,745
				5,710
	Ireland- 2.3%
	CRH plc (Materials)	108,301		2,999
*	Ryanair Holdings plc - ADR (Airlines)	123,573		3,589
				6,588
	Belgium - 1.8%
	Anheuser-Busch Inbev S.A. NV (Beverages)	114,071		5,232
	Italy - 1.5%
	Saipem SpA (Energy equipment & services)	144,413		4,362
	Netherlands - 1.0%
*	Qiagen N.V. (Life sciences tools & services)	138,654		2,938
	Sweden - 1.0%
	Hennes & Maurtiz AB, Class “B” (Specialty retail)	49,450		2,780
	Switzerland - 10.4%
*	ABB, Ltd. (Electrical equipment)	185,210		3,724
*	Actelion, Ltd. (Biotechnology)	52,820		3,284
	Credit Suisse Group AG (Capital markets)	144,539		8,042
	GAM Holding, Ltd. (Capital market)	46,877		2,351
	Nestle S.A. (Food products)	52,099		2,224
	Roche Holdings AG (Pharmaceuticals)	27,019		4,369
	Sonova Holding AG (Health care equipment & supplies)	13,953		1,412
	Zurich Financial Services (Insurance)	19,632		4,681
				30,087
	Issuer	Shares	Value
	Common Stocks - (continued)
	United Kingdom - 20.1%
	AMEC plc (Energy equipment & services)	169,630		2,055
	Amlin plc (Insurance)	250,883		1,540
*	Autonomy Corporation plc (Software)	159,082		4,154
*	Barclays plc (Commercial banks)	757,691		4,490
	BG Group plc (Oil, gas & consumable fuels)	322,559		5,622
	British Sky Broadcasting Group plc (Media)	579,780		5,311
	Capita Group plc (Professional services)	227,115		2,627
	Experian plc (Professional Services)	241,165		2,036
	HSBC Holdings plc (Commercial banks)	417,600		4,781
	Petrofac Limited (Energy equipment & services)	151,819		2,403
	Reckitt Benckiser plc (Household products)	100,877		4,939
	Rolls-Royce Group plc (Aerospace & defense)	606,763		4,578
	Rotork plc (Electronic equipment & instruments)	81,441		1,474
	Standard Chartered plc (Commercial banks)	160,260		3,959
	Tullow Oil plc (Oil, gas & consumable fuels)	230,798		4,176
	Vedanta Resources plc (Metals & mining)	128,820		3,921
				58,066
	Emerging Asia - 13.8%
	China - 4.9%
	China Life Insurance Co., Ltd. (Insurance)	739,000		3,224
	China Overseas Land & Investment, Ltd. (Real estate management & development)	1,360,000		2,927
	China Railway Construction Corporation Limited (Construction & engineering)	1,952,000		2,586
	CNOOC Limited (Oil, gas & consumable fuels)	2,109,000		2,843
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)	829,000		2,543
				14,123
	India - 5.4%
	Bharat Heavy Electricals, Ltd. (Electrical equipment)	67,822		3,266
	Bharti Airtel, Ltd. (Wireless telecommunication services)	357,084		3,098
*	Cairn India, Ltd. (Oil, gas & consumable fuels)	369,339		1,999
	HDFC Bank, Ltd.- ADR (Commercial banks)	14,646		1,734
	Infosys Technologies, Ltd. (IT services)	113,572		5,421
				15,518
	Indonesia - 0.9%
	PT Bank Rakyat Indonesia (Commercial banks)	3,299,500		2,544
	Taiwan - 2.6%
	Mediatek, Inc. (Semiconductors & semiconductor equipment)	156,312		2,598
	Siliconware Precision Industries Co., Ltd. (Semiconductors & semiconductor equipment)	1,515,000		2,132
	Taiwan Semiconductor, Ltd. (Semiconductors & semiconductor equipment)	1,402,344		2,775
				7,505

	Issuer	Shares		Value
	Japan - 10.1%
	Daikin Industries, Ltd. ( Building product)		75,500		2,705
	Fast Retailing Co., Ltd. (Specialty retail)		17,800		2,248
	Honda Motor Co., Ltd. (Automobiles)		112,300		3,410
	Jupiter Telecommunications Co., Ltd. (Media)		3,017		2,917
	Keyence Corporation (Electronic equipment, instruments & components industry)		18,900		4,027
	Kurita Water Industries, Ltd (Machinery)		123,700		4,428
	Mitsubishi Corporation (Trading companies & distribution)		184,200		3,705
	Sumitomo Trust & Banking Co., Ltd. (Commercial banks)		475,000		2,510
	Terumo Corporation (Health care equipment & supplies)		58,500		3,208
					29,158
	Asia - 7.5%
	Australia - 2.7%
	BHP Billiton Limited - ADR (Metals & mining)		40,880		2,698
	Woolworths Limited (Food & staples retailing)		95,278		2,456
	WorleyParsons Limited (Energy equipment & services)		99,977		2,608
					7,762
	Hong Kong - 2.7%
	ASM Pacific Technology Limited (Semiconductors & semiconductor equipment)		223,900		1,582
	Li & Fung, Ltd. (Distributors)		778,000		3,117
	Noble Group Limited (Trading companies & distributors)		1,869,000		3,224
					7,923
	Singapore - 2.1%
	Capitaland, Ltd. (Real estate management & development)		1,200,000		3,146
	Wilmar International, Ltd. - ADR (Food products)		678,000		3,020
					6,166
	Emerging Europe, Mid-East, Africa - 5.7%
	Israel - 2.1%
	Teva Pharmaceutical Industries, Ltd. - ADR (Pharmaceuticals)		119,063		6,020
	South Africa - 2.8%
	MTN Group, Ltd. (Wireless telecommunication services)		268,069		4,373
	Naspers, Ltd. (Media)		109,600		3,752
					8,125
	Turkey - 0.8%
	Turkiye Garanti Bankasi A.S.- ADR (Commercial banks)		614,632		2,335
	Canada - 5.6%
	Agnico-Eagle Mines Limited (Metals & mining)†		15,818		1,073
	Brookfield Asset Management, Inc., Class “A” (Real estate management & development)†		133,733		3,037
	Canadian National Railway Company (Road & rail)†		89,341		4,377
	Goldcorp Holdings Co. (Metals & Mining)†		50,995		2,059
*	Research In Motion Limited (Communications equipment)†		31,400		2,121
	Shoppers Drug Mart Corporation (Food & staples retailing)		44,132		1,811
	Tim Hortons, Inc. (Hotels, restaurants & leisure)		56,352		1,602
					16,080
	Issuer	Shares or Principal Amount		Value
	Common Stocks - (continued)
	Emerging Latin America - 2.2%
	Brazil - 2.2%
	BM&F BOVESPA S.A. (Diversified financial services)		348,971	$	2,572
	Petroleo Brasileiro S.A.- ADR (Oil, gas & consumable fuels)		43,041		1,976
	Redecard S.A. (IT services)		42,500		654
	Weg S.A. (Machinery)		127,500		1,215
					6,417
	Total Common Stock - 97.6% (cost $227,459)				281,963
	Preferred Stocks
	Brazil - 1.2%
	Petroleo Brasileiro S.A. (Oil, gas & consumable fuels)		176,723		3,491
	Total Preferred Stocks - 1.2% (cost $1,941)				3,491
	Investment in Affiliate
	William Blair Ready Reserves Fund		4,954		5
	Total Investment in Affiliate - 0.0% (cost $5)				5
	Repurchase Agreement
	State Street Bank and Trust Company, 0.020% dated 9/30/09, due 10/1/09, repurchase price $3,712, collateralized by Treasury Bill, 0.160% due 3/18/10	$	3,712		3,712
	Total Repurchase Agreement - 1.3% (cost $3,712)				3,712
	Total Investments - 100.1% (cost $233,117)				289,171
	Liabilities, plus cash and other assets - (0.1)%				(131	)
	Net assets - 100.0%			$	289,040

* Non-income producing securities

† U.S. Listed Foreign Common Stock

ADR = American Depository Receipt

For securities, primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund uses an independent pricing service on a daily basis to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolios of Investments.

International Equity Fund

Portfolio of Investments, September 30, 2009 (unaudited)

At September 30, 2009 the Fund’s Portfolio of Investments includes the following industry categories:

Financials	19.9	%
Industrials	19.6	%
Consumer Discretionary	11.2	%
Energy	11.0	%
Information Technology	10.4	%
Health Care	9.1	%
Consumer Staples	6.9	%
Telecommunication Services	5.6	%
Materials	4.5	%
Utilities	1.8	%
Total	100.0	%

At September 30, 2009 the Fund’s Portfolio of Investments includes the following currency categories:

British Pound Sterling	18.7	%
Euro	18.0	%
Swiss Franc	10.5	%
Japanese Yen	10.2	%
U.S. Dollar	9.4	%
Hong Kong Dollar	8.3	%
Indian Rupee	5.4	%
Singapore Dollar	3.3	%
South African Rand	2.8	%
Brazilian Real	2.8	%
New Taiwan Dollar	2.6	%
Danish Krone	2.2	%
Australian Dollar	1.8	%
Canadian Dollar	1.2	%
Swedish Krona	1.0	%
All Other Currencies	1.8	%
Total	100.0	%

See accompanying Notes to Portfolios of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares	Value
	Common Stocks
	Europe - 28.2%
	Austria - 0.6%
	Schoeller-Bleckmann Oilfield Equipment AG (Energy equipment & services)	49,102	$	2,362
	Denmark - 0.5%
	SimCorp A/S (Software)	9,564		1,970
	Finland - 0.5%
	F-Secure OYJ (Software)	421,752		1,797
	France - 5.8%
	April Group S.A. (Insurance)	93,090		3,931
	bioMerieux S.A. (Health care equipment & supplies)	51,161		5,639
*	Boursorama (Capital markets)	80,032		949
	EDF Energies Nouvelles S.A. (Independent power providers & energy trader)	70,020		3,873
*	Gemalto N.V. (Computers & peripherals)	140,585		6,575
	Orpea (Heath care providers & services)	33,469		1,548
				22,515
	Germany - 3.0%
	Aixtron Aktiengesellschaft AG (Semiconductors & semiconductor equipment)	187,075		5,089
	CTS Eventim AG (Media)	64,688		2,922
	Wire Card AG (IT services)	308,742		3,670
				11,681
	Greece - 0.3%
	Jumbo S.A. (Specialty retail)	81,239		1,074
	Ireland - 1.6%
*	Norkom Group plc (Software)	420,974		789
	Paddy Power plc (Hotels, restaurants, & leisure)	171,978		5,239
				6,028
	Italy - 3.6%
	Ansaldo STS SpA (Transportation infrastructure)	183,635		3,765
	Diasorin SpA (Health care equipment & supplies)	156,384		5,258
	Trevi Finanziaria SpA (Construction & engineering)	286,794		4,993
				14,016
	Luxembourg - 1.5%
	Oriflame Cosmetics S.A. - GDR (Personal products)	112,800		5,783
	Netherlands - 2.8%
	BinckBank N.V. (Capital markets)	211,309		3,759
*	Qiagen N.V. (Life sciences tools & services)	339,529		7,194
				10,953
	Norway - 0.3%
	Opera Software ASA (Internet software & services)	344,905		1,348
	Portugal - 1.5%
	Jeronimo Martins (Food & staples retailing)	660,581		5,785
	Spain - 1.3%
	Tecnicas Reunidas S.A. (Energy equipment & services)	92,914		5,092
	Switzerland - 4.9%
*	Orascom Development Holding AG (Hotels, restaurants & leisure)	34,680		3,110
	Partners Group Global Opportunities, Ltd. (Capital markets)	70,849		8,650
*	Temenos Group AG (Software)	302,288		7,106
				18,866
	Japan - 20.3%
	ABC-Mart, Inc. (Specialty retail)	140,614		4,373
	Aeon Delight Co., Ltd. (Commercial services & supplies)	123,000		1,737
	EPS Co., Ltd. (Life sciences tools & services)	301		1,248
	Exedy Corporation (Auto components)	163,200		3,584
	FamilyMart Co., Ltd. (Food & staples retailing)	105,500		3,392
	Goldcrest Co., Ltd. (Real estate management & development)	105,300		3,175
	Gree, Inc. (Internet software & services)	70,060		3,810
	kabu.com Securities Co., Ltd. (Capital markets)	3,053		3,680
	Kakaku.com, Inc. (Internet software & services)	862		3,164
	K’s Holdings Corporation (Specialty retail)	58,500		1,957
	Kurita Water Industries, Ltd. (Machinery)	214,300		7,672
	Miraca Holdings Inc. (Health care equipment & supplies)	28,175		919
	MISUMI Group Inc. (Trading companies & distributors)	151,500		3,166
	Nabtesco Corporation (Machinery)	251,000		2,985
	Nitori Company, Ltd. (Specialty retail)	98,750		8,402
	Osaka Securities Exchange Co., Ltd. (Diversified financial services)	808		3,654
	Park24 Co., Ltd. (Commercial services & supplies)	403,500		4,631
	Point, Inc. (Specialty retail)	65,290		4,310
	Seven Bank, Ltd. (Commercial banks)	1,381		3,414
	So-net M3, Inc. (Health care technology)	218		762
	Start Today Co., Ltd. (Internet & catalog retail)	300		604
	Unicharm Petcare Corporation (Food products)	100,505		3,743
	USS Co., Ltd. (Specialty retail)	57,090		3,396
	Zappallas, Inc. (Internet software & services)	436		821
				78,599
	United Kingdom - 18.4%
	Aberdeen Asset Management plc (Capital markets)	1,550,801		3,729
	Aggreko plc (Commercial services & supplies)	198,493		2,233
	Amlin plc (Insurance)	880,140		5,403
	Ashmore Group plc (Capital markets)	512,810		2,057
*	ASOS plc (Internet & catalog retail)	134,225		752
*	Autonomy Corporation plc (Software)	207,340		5,414
*	The Berkeley Group Holdings plc (Household durables)	187,979		2,667
*	Blinkx plc (Internet software & services)	4,126,394		1,254
	BlueBay Asset Management plc (Capital markets)	172,385		815
	Britvic plc (Beverages)	462,201		2,607
*	Ceres Power Holdings plc (Electrical equipment)	204,721		678
	Chemring Group plc (Aerospace & defense)	109,890		4,300
*	Climate Exchange plc (Diversified financial services)	79,513		1,053
	Connaught plc (Commercial services & supplies)	244,975		1,588
*	Dana Petroleum plc (Oil, gas, & consumable fuels)	148,252		3,334
	Domino’s Pizza UK & IRL plc (Hotels, restaurants, & leisure)	432,379		2,020
*	Heritage Oil plc (Oil, gas, & consumable fuels)	73,985		584
	Intertek Group plc (Professional services)	98,397		1,999
	Michael Page International (Professional services)	344,317		1,846
	Micro Focus International plc (Software)	245,994		1,401
	Mothercare plc (Multiline retail)	230,075		2,076
	Next plc (Multiline retail)	125,283		3,595
	Petrofac, Ltd.(Energy equipment & services)	277,444		4,391
	RPS Group plc (Commercial services & supplies)	1,139,987		4,103
	Serco Group plc (Commercial services & supplies)	510,993		4,133
*	Telecity Group plc (Internet software & services)	337,654		1,731
	Ultra Electronic Holdings plc (Aerospace & defense)	82,263		1,763
	Wellstream Holdings plc (Energy equipment & services)	355,692		3,479
				71,005

	Issuer	Shares or Principal Amount		Value
	Common Stocks-(continued)
	Asia - 10.1%
	Australia - 4.6%
	Cochlear Limited (Health care equipment & supplies)		117,934	$	6,936
	JB Hi-Fi Limited (Specialty retail)		183,719		3,210
	SEEK Limited (Professional services)		198,324		960
*	Sino Gold Mining Limited (Metals & mining)		313,570		1,860
	WorleyParsons Limited (Energy equipment & services)		178,646		4,660
					17,626
	Hong Kong - 3.8%
	ASM Pacific Technology Limited (Semiconductors & semiconductor equipment)		725,200		5,125
	Noble Group Limited (Trading companies & distributors)		5,541,000		9,557
					14,682
	New Zealand - 0.5%
	Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)		762,204		1,803
	Singapore - 1.2%
	Midas Holdings Limited (Metals & mining)		2,703,000		1,632
	Olam International, Ltd. (Food & staples retailing)		1,696,700		2,989
					4,621
	Emerging Asia - 9.5%
	China - 7.8%
	China Green (Holdings) Limited (Food products)		1,623,898		1,376
	China High Speed Transmission (Electrical equipment)		947,000		1,935
	Comba Telecom Systems Holdings Limited (Communications equipment)		3,366,941		3,417
*	E-House (China) Holdings Limited - ADR (Real estate management & development)		176,084		3,761
	Geely Automobile Holdings Limited (Automobiles)		14,395,000		3,909
	Golden Eagle Retail Group, Ltd. (Multiline retail)		688,000		1,155
	Li Ning Co., Ltd. (Textile, apparel & luxury goods)		636,373		1,952
	Lonking Holdings Limited (Machinery)		2,374,000		1,354
	Minth Group Limited (Auto components)		3,573,384		3,203
*	Netease.com, Inc. - ADR (Internet software & services)		18,673		853
	Shandong Weigao Group Medical Polymer Company, Ltd. (Health care equipment & supplies)		340,800		1,124
	Wasion Group Holdings Limited (Electronic equipment, instruments, & components)		2,768,000		2,434
	Zhuzhou CSR Times Electric Co., Ltd. (Electrical equipment)		2,210,865		3,836
					30,309
	India - 0.5%
	Lupin Limited (Pharmaceuticals)		85,143		2,007
	South Korea - 1.2%
	Megastudy Co., Ltd. (Diversified consumer services)		15,793		3,235
	Taewoong Co., Ltd. (Machinery)		18,900		1,210
					4,445
	Canada - 3.8%
	First Quantum Minerals Ltd. (Metals & mining)		17,001		1,112
	Niko Resources Ltd. (Oil, gas, & consumable fuels)		38,664		3,024
*	Pacific Rubiales Energy Corporation (Oil, gas & consumable fuels)		233,992		2,898
*	Red Back Mining Inc. (Metals & mining)		165,390		1,858
	Ritchie Bros. Auctioneers Incorporated (Commercial services & supplies)†		55,468		1,361
*	TriStar Oil & Gas, Ltd. (Oil, gas & consumable fuels)		277,868		4,062
*	WesternZagros Resources Ltd. (Oil, gas & consumable fuels)		195,325		394
					14,709
	Emerging Europe, Mid-East, Africa - 3.2%
	Egypt - 0.5%
	Egyptian Financial Group - Hermes Holding S.A.E. (Capital markets)		376,477		2,046
	South Africa - 2.5%
*	Aspen Pharmacare Holdings, Limited (Pharmaceuticals)		217,779		1,800
	Mr Price Group Limited (Specialty retail)		206,963		939
	Shoprite Holdings, Limited (Food & staples retailing)		618,196		5,106
	Wilson Bayly Holmes-Ovcon Limited (Construction & engineering)		109,203		1,837
					9,682
	Turkey - 0.2%
	BIM Birlesik Magazalar A.S. (Food & staples retailing)		21,198		867
	Emerging Latin America - 2.5%
	Brazil - 2.5%
*	Anhanguera Educacional Participacoes S.A. (Diversified consumer services)		86,403		985
	Brasil Brokers Participacoes S.A. (Real estate management & development)		174,400		595
*	GVT Holding S.A. (Diversified telecommunication services)		120,044		2,748
	Localiza Rent a Car S.A. (Road & rail)		399,600		3,995
	PDG Realty S.A. Empreendimentos e Participacoes (Household durables)		58,500		485
	Rodobens Negocioa Imobiliarios S.A. (Household durables)		91,500		929
					9,737
	Total Common Stock - 96.0% (cost $290,517)				371,408
	Convertible Bond
	Brazil - 0.2%
	Lupatech S.A., 6.500% due 4/15/18 (Machinery)**	$	959		566
	Total Convertible Bond - 0.2% (cost $502)				566
	Investment in Affiliate
	William Blair Ready Reserves Fund		488,871		489
	Total Investment in Affiliate - 0.1% (cost $489)				489
	Short-Term Investments
	American Express Credit Corp. Demand Note, VRN 0.096%, due 10/1/09	$	500		500
	Total Short-term Investments - 0.1% (cost $500)				500
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.020% dated 9/30/09, due 10/1/09, repurchase price $11,275, collateralized by FHLMC, 1.625%, due 7/22/11	$	11,275		11,275
	Total Repurchase Agreement - 2.9% (cost $11,275)				11,275
	Total Investments - 99.3% (cost $303,283)				384,238
	Cash and other assets, less liabilities - 0.7%				2,740
	Net assets - 100.0%			$	386,978

* Non-income producing securities

†  U.S. listed foreign security

ADR = American Depository Receipt

GDR = Global Depository Receipt

VRN = Variable Rate Note

** Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.14% of the net assets at September 30, 2009. This security was also deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees.

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund uses an independent pricing service on a daily basis to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2009 (unaudited)

At September 30, 2009 the Fund’s Portfolio of Investments includes the following industry categories:

Industrials	21.0	%
Consumer Discretionary	18.9	%
Information Technology	15.5	%
Financials	13.6	%
Health Care	9.8	%
Energy	9.2	%
Consumer Staples	8.5	%
Materials	1.7	%
Utilities	1.0	%
Telecommunication Services	0.8	%
Total	100.0	%

At September 30, 2009 the Fund’s Portfolio of Investments includes the following currency categories:

Euro	21.9	%
Japanese Yen	21.1	%
British Pound Sterling	19.1	%
Hong Kong Dollar	8.3	%
Swiss Franc	5.1	%
Australian Dollar	4.7	%
Singapore Dollar	3.8	%
Canadian Dollar	3.6	%
Brazilian Real	2.8	%
South African Rand	2.6	%
U.S. Dollar	1.6	%
Swedish Krone	1.6	%
South Korean Won	1.2	%
All other currencies	2.6	%
Total	100.0	%

See accompanying Notes to Portfolios of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares	Value
	Common Stocks -Emerging Asia - 54.3%
	China - 20.8%
	Angang Steel Company Limited (Metals & mining)	3,194,000	$	5,962
	Anhui Conch Cement Company Limited (Construction materials)	884,000		5,862
*	Baidu, Inc. - ADR (Internet software & services)	18,425		7,205
	Belle International Holdings Limited (Specialty retail)	4,348,200		4,443
	China Dongxiang (Group) Co., Ltd. (Textiles, apparel, & luxury goods)	6,764,000		4,499
	China High Speed Transmission (Electrical equipment)	1,124,000		2,296
	China Life Insurance Co., Ltd. (Insurance)	3,075,000		13,415
	China Mobile, Ltd. (Wireless telecommunication services)	761,300		7,456
	China Overseas Land & Investment, Ltd. (Real estate management & development)	1,962,000		4,223
	China Railway Construction Corporation Limited (Construction & engineering)	7,487,000		9,920
	China Shenhua Energy Company Limited (Oil, gas, & consumable fuels)	2,483,906		10,766
	China Vanke Co., Ltd. (Real estate management & development)	5,021,052		6,296
*	China Zhongwang Holdings Limited (Metals & mining)	4,942,000		4,859
	CNOOC Limited (Oil, gas & consumable fuels)	12,025,000		16,212
	Dongfeng Motor Group Company Limited (Automobiles)	8,502,000		8,993
	Geely Automobile Holdings Limited (Automobiles)	8,290,000		2,252
	Golden Eagle Retail Group, Ltd. (Multiline retail)	1,033,000		1,734
	Guangzhou R&F Properties Co., Ltd. (Real estate management & development)	1,130,400		1,973
	Hengan International Group Co., Ltd. (Personal products)	739,000		4,461
	Industrial and Commercial Bank of China (Commercial banks)	42,316,000		31,736
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)	759,500		2,330
	Lonking Holdings Limited (Machinery)	3,067,000		1,750
*	Netease.com, Inc. - ADR (Internet software & services)	56,029		2,559
	Shandong Weigao Group Medical Polymer Company, Ltd. (Health care equipment & supplies)	1,532,700		5,056
	Tencent Holdings, Ltd. (Internet software & services)	299,400		4,859
	Wasion Group Holdings Limited (Electronic equipment, instruments, & components)	2,256,000		1,984
	Zhuzhou CSR Times Electric Co., Ltd. (Electrical equipment)	1,199,861		2,082
	Zijin Mining Group Company Limited (Metals & mining)	8,598,000		8,396
	ZTE Corporation (Communications equipment)	1,521,200		7,995
				191,574
	India - 8.1%
	Bharat Heavy Electricals, Ltd. (Electrical equipment)	173,745		8,368
*	Cairn India, Ltd. (Oil, gas & consumable fuels)	800,362		4,331
	Dabur India Limited (Personal products)	483,582		1,425
	Financial Technologies (India) Limited (Software)	71,919		2,056
	HDFC Bank, Ltd. (Commercial banks)	142,230		4,860
	Hero Honda Motors Limited (Automobiles)	42,725		1,481
	Housing Development Finance Corp. (Thrifts & mortgage finance)	83,012		4,791
	Infosys Technologies Limited (IT services)	281,106		13,417
	Jindal Steel & Power Limited (Metals & mining)	512,956		6,221
	Larsen & Toubro, Ltd. (Construction & engineering)	134,844		4,711
	Lupin Limited (Pharmaceuticals)	65,045		1,533
	Maruti Suzuki India Limited (Automobiles)	76,605		2,697
	Reliance Industries Limited (Oil, gas, & consumable fuels)	299,390		13,632
	Unitech Limited (Real estate management & development)	2,156,500		4,784
				74,307
	Indonesia - 2.9%
	PT Astra International Tbk (Automobiles)	3,259,500		11,180
	PT Bank Rakyat Indonesia (Commercial banks)	14,654,500		11,300
*	PT Ciputra Development Tbk (Real estate management & development)	16,677,500		1,270
	PT United Tractors Tbk (Machinery)	1,836,500		2,951
				26,701
	Issuer	Shares	Value
	Emerging Asia (continued) - 54.3%
	Malaysia - 2.0%
	Bumiputra-Commerce Holdings Berhad (Commercial banks)	4,324,900	$	13,836
	IOI Corporation Berhad (Food products)	2,913,900		4,359
				18,195
	South Korea - 11.7%
	Amorepacific Corporation (Personal products)	6,858		4,910
	Hyundai Mobis (Auto components)	56,062		7,861
	Hyundai Motor Company (Automobiles)	157,600		14,877
	LG Household & Health Care, Ltd. (Household products)	34,460		7,716
	Megastudy Co., Ltd. (Diversified consumer services)	25,936		5,312
*	NHN Corporation (Internet software & services)	62,796		9,215
	Samsung Electronics Co., Ltd. (Semiconductors & semiconductor equipment)	42,870		29,597
	Samsung Fire & Marine Insurance Co., Ltd. (Insurance)	72,132		14,724
	Shinsegae Co., Ltd. (Food & staples retailing)	20,750		10,448
	Taewoong Co., Ltd. (Machinery)	42,971		2,752
				107,412
	Taiwan - 8.0%
	Himax Technologies, Inc. - ADR (Semiconductors & semiconductor equipment)	281,779		938
	Hon Hai Precision Industry Co., Ltd. (Electronic equipment, instruments, & components)	4,619,100		18,444
	HTC Corporation (Computers & peripherals)	418,850		4,585
	MediaTek, Inc. (Semiconductors & semiconductor equipment)	726,142		12,069
	Siliconware Precision Industries Co., Ltd. (Semiconductors & semiconductor equipment)	3,370,000		4,742
	Taiwan Semiconductor Manufacturing Company Ltd. (Semiconductors & semiconductor equipment)	14,216,947		28,135
	Yuanta Financial Holding Co., Ltd. (Capital markets)	6,376,000		4,699
				73,612
	Thailand - 0.8%
	CP ALL PCL (Food & staples retailing)	8,102,300		4,875
	Minor International PCL (Hotels, restaurants, & leisure)	5,447,300		2,022
				6,897
	Emerging Latin America - 18.9%
	Brazil - 10.5%
*	Anhanguera Educacional Participacoes S.A. (Diversified consumer services)	218,000		2,486
	BM&F BOVESPA S.A. (Diversified financial services)	994,100		7,328
*	BR Malls Participacoes S.A. (Real estate management & development)	408,000		4,813
	Brasil Brokers Participacoes S.A. (Real estate management & development)	306,500		1,045
	Companhia de Bebidas das Americas-AMBEV - ADR (Beverages)	173,428		14,266
*	GP Investments, Ltd. - GDR (Capital markets)	487,800		2,698
*	GVT Holding S.A. (Diversified telecommunication services)	326,800		7,480
*	Hypermarcas S.A. (Household products)	275,614		5,397
	Iguatemi Empresa de Shopping Centers S.A. (Real estate management & development)	204,615		3,211
	Localiza Rent a Car S.A. (Road & rail)	575,200		5,750
	Lojas Renner S.A. (Multiline retail)	158,100		2,772
*	Lupatech S.A. (Machinery)	30,200		441
	MRV Engenharia e Participacoes, S.A. (Household durables)	255,160		4,897
	Natura Cosmeticos S.A. (Personal products)	370,700		6,686
*	OGX Petroleo e Gas Participacoes S.A. (Oil, gas, & consumable fuels)	7,400		5,660
	PDG Realty S.A. Empreendimentos e Participacoes (Household durables)	139,300		1,156
	Redecard S.A. (IT services)	84,000		1,292
	Rodobens Negocioa Imobiliarios S.A. (Household durables)	152,500		1,548
	SLC Agricola S.A. (Food products)	127,800		1,099
	Totvs S.A. (Software)	60,500		2,971
	Vale S.A. - ADR (Metals & mining)	617,610		14,285
				97,281

Emerging Markets Growth Fund

Portfolio of Investments, June 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Emerging Latin America (continued) - 18.9%
	Chile - 0.9%
	S.A.C.I. Falabella S.A. (Multiline retail)		1,881,017	$	8,280
	Columbia - 0.6%
	Ecopetrol S.A. (Oil, gas, & consumable fuels)		4,134,789		5,830
	Mexico - 5.9%
	America Movil S.A.B. de C.V. (Wireless telecommunication services)		5,207,900		11,402
	Banco Compartamos S.A.B. de C.V. (Consumer finance)		591,300		2,160
*	Desarrolladora Homex S.A.B. de C.V. - ADR (Household durables)		159,474		6,025
	Fomento Economico Mexicano S.A.B. de C.V. - ADR (Beverages)		310,165		11,802
	Grupo Televisa S.A.B. de C.V. - ADR (Media)		463,878		8,623
*	Megacable Holdings S.A.B. de C.V. (Media)		1,158,400		2,189
	Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		3,652,400		12,665
					54,866
	Panama - 0.2%
	Copa Holdings S.A. (Airlines)†		36,845		1,639
	Peru - 0.8%
	Credicorp, Ltd. (Commercial banks)†		93,550		7,274
	Emerging Europe, Mid-East, Africa - 18.0%
	Czech Republic - 1.3%
	CEZ (Electric utilities)		228,059		12,247
	Egypt - 1.0%
	Egyptian Financial Group - Hermes Holding S.A.E. (Capital markets)		490,836		2,667
	Orascom Construction Industries (Construction & engineering)		156,861		6,693
					9,360
	Israel - 1.6%
	Teva Pharmaceutical Industries, Ltd. - ADR (Pharmaceuticals)		300,350		15,186
	Russia - 4.7%
	Magnit - CLS (Food & staples retailing)†		221,146		13,192
	Mobile TeleSystems OJSC - ADR (Wireless telecommunication services)		189,503		9,147
	Novatek OAO - GDR (Oil, gas, & consumable fuels)		107,550		5,334
*	Vimpel-Communications OJSC - ADR (Diversified telecommunication services)		191,416		3,581
*	X 5 Retail Group N.V. - GDR (Food & staples retailing)		479,750		11,707
					42,961
	South Africa - 6.7%
	AngloGold Ashanti Limited (Metals & mining)		217,181		8,807
*	Aspen Pharmacare Holdings Limited (Pharmaceuticals)		544,422		4,500
	Mr Price Group Limited (Specialty retail)		519,279		2,355
	MTN Group, Ltd. (Wireless telecommunication services)		670,543		10,939
	Naspers, Ltd. (Media)		318,287		10,895
	Shoprite Holdings Limited (Food & staples retailing)		867,298		7,164
	Standard Bank Group Limited (Commercial banks)		1,065,745		13,835
	Wilson Bayly Holmes-Ovcon Limited (Construction & engineering)		183,503		3,087
					61,582
	Turkey - 1.3%
	Bim Birlesik Magazalar A.S. (Food & staples retailing)		31,812		1,301
	Coca Cola Icecek A.S. (Beverages)		300,966		2,145
	Turkiye Garanti Bankasi A.S. (Commercial banks)		2,345,464		8,910
					12,356
	Issuer	Shares or Principal Amount		Value
	Emerging Europe, Mid-East, Africa (continued) - 18.0%
	United Arab Emirates - 1.4%
	Aldar Properties PJSC (Real estate management & development)		3,679,382	$	6,078
	DP World, Ltd. (Transportation infrastructure)†		11,937,604		6,685
					12,763
	Total Common Stock - 91.2% (cost $618,324)				840,323
	Preferred Stock
	Brazil - 5.3%
	All America Latin Logistica (Road & rail)		576,900		4,448
	Itau Unibanco Banco Multiplo S.A. (Commercial banks)		781,854		15,755
	Petroleo Brasileiro S.A. (Oil, gas & consumable fuels)		1,445,480		28,557
					48,760
	Total Preferred Stock - 5.3% (cost $34,759)				48,760
	Convertible Bond
	Brazil - 0.1%
	Lupatech S.A., 6.500% 4/15/18 (Machinery)**		1,602		946
	Total Convertible Bond - 0.1% (cost $838)				946
	Investment in Affiliate
	William Blair Ready Reserves Fund		66,212		66
	Total Investment in Affiliate - 0.0% (cost $66)				66
	Short-Term Investments
	American Express Credit Corp. Demand Note, VRN 0.096%, due 10/1/09	$	2,000		2,000
	Total Short-Term Investments - 0.2% (cost $2,000)				2,000
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.020% dated 9/30/09 due 10/1/09, repurchase price $36,707, collateralized by FHLMC, 1.625%, due 7/22/11	$	36,707		36,707
	Total Repurchase Agreement - 4.0% (cost $36,707)				36,707
	Total Investments - 100.8% (cost $692,694)				928,802
	Liabilities, plus cash and other assets - (0.8)%				(7,077	)
	Net assets - 100.0%			$	921,725

* Non-income producing securities

† U.S. listed Foreign Security

ADR = American Depository Receipt

GDR = Global Depository Receipt

VRN = Variable Rate Note

** Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.10% of the net assets at September 30, 2009. This security was also deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees.

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange the Fund uses an independent pricing service on a daily basis to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolios of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2009 (unaudited)

At September 30, 2009 the Fund’s Portfolio of Investments includes the following industry categories:

Financials	21.8	%
Information Technology	17.1	%
Consumer Staples	14.1	%
Consumer Discretionary	13.6	%
Energy	10.1	%
Industrials	7.2	%
Materials	6.1	%
Telecommunication Services	5.6	%
Health Care	3.0	%
Utilities	1.4	%
Total	100.0	%

At September 30, 2009 the Fund’s Portfolio of Investments includes the following currency categories:

Hong Kong Dollar	20.4	%
U.S. Dollar	15.6	%
Brazilian Real	13.3	%
South Korean Won	12.1	%
Indian Rupee	8.4	%
New Taiwan Dollar	8.2	%
South African Rand	6.9	%
Mexican Nuevo Peso	3.2	%
Indonesian Rupiah	3.0	%
Malaysian Ringgit	2.0	%
Turkish Lira Spot	1.4	%
Czech Koruna	1.4	%
Egyptian Pound	1.1	%
All Other Currencies	3.0	%
Total	100.0	%

See accompanying Notes to Portfolios of Investments.

Emerging Leaders Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares	Value
	Common Stocks - Emerging Asia - 62.0%
	China - 23.6%
*	Baidu.com, Inc. - ADR (Internet software & services)	2,837	$	1,109
	Belle International Holdings Limited (Specialty retail)	1,239,000		1,266
	China Dongxiang (Group) Co., Ltd. (Textiles, apparel, & luxury goods)	922,000		613
	China Life Insurance Co., Ltd. (Insurance)	260,000		1,134
	China Overseas Land & Investment, Ltd. (Real estate management & development)	450,240		969
	China Shenhua Energy Company Limited (Oil, gas, & consumable fuels)	515,000		2,232
	China Vanke Co., Ltd. (Real estate management & development)	843,697		1,058
	CNOOC Limited (Oil, gas & consumable fuels)	769,000		1,037
*	Ctrip.com International, Ltd. - ADR (Hotels, restaurants, & leisure)	13,077		769
	Dongfeng Motor Group Company Limited (Automobiles)	1,496,000		1,582
	Hengan International Group Co., Ltd. (Personal products)	367,000		2,215
	Industrial and Commercial Bank of China (Commercial banks)	4,366,000		3,274
*	Netease.com, Inc. - ADR (Internet software & services)	17,287		790
	Tencent Holdings, Ltd. (Internet software & services)	183,400		2,977
	Want Want China Holdings Limited (Food products)	1,584,000		930
	Zijin Mining Group Company Limited (Metals & mining)	1,112,000		1,086
	ZTE Corporation (Communications equipment)	265,000		1,393
				24,434
	India - 13.9%
	Bharat Heavy Electricals, Ltd. (Electrical equipment)	26,945		1,298
*	Cairn India, Ltd. (Oil, gas & consumable fuels)	402,170		2,176
	HDFC Bank, Ltd. (Commercial banks)	43,779		1,496
	Housing Development Finance Corp. (Thrifts & mortgage finance)	28,086		1,621
	Infosys Technologies Limited (IT services)	30,323		1,447
	Jindal Steel & Power Limited (Metals & mining)	147,755		1,792
	Larsen & Toubro, Ltd. (Construction & engineering)	34,143		1,193
	Maruti Suzuki India Limited (Automobiles)	45,856		1,614
	Nestle India Limited (Food products)	20,755		977
	Unitech Limited (Real estate management & development)	372,200		826
				14,440
	Indonesia - 4.9%
	PT Astra International Tbk (Automobiles)	545,000		1,869
	PT Bank Rakyat Indonesia (Commercial banks)	2,640,500		2,036
	PT United Tractors Tbk (Machinery)	729,500		1,172
				5,077
	Malaysia - 1.7%
	Bumiputra-Commerce Holdings Berhad (Commercial banks)	538,000		1,721
	South Korea - 10.2%
	Hyundai Mobis (Auto components)	9,328		1,308
	Hyundai Motor Company (Automobiles)	26,150		2,469
*	NHN Corporation (Internet software & services)	7,606		1,116
	Samsung Electronics Co., Ltd. (Semiconductors & semiconductor equipment)	4,820		3,328
	Samsung Fire & Marine Insurance Co., Ltd. (Insurance)	5,218		1,065
	Shinsegae Co., Ltd. (Food & staples retailing)	2,450		1,234
				10,520
	Taiwan - 7.7%
	Hon Hai Precision Industry Co., Ltd. (Electronic equipment, instruments & components)	322,000		1,286
	Mediatek Inc. (Semiconductors & semiconductor equipment)	131,200		2,181
	Siliconware Precision Industries Co., Ltd. (Semiconductors & semiconductor equipment)	958,000		1,348
	Taiwan Semiconductor Manufacturing Company Ltd. (Semiconductors & semiconductor equipment)	1,168,919		2,313
	Yuanta Financial Holding Co., Ltd. (Capital markets)	1,186,000		874
				8,002
	Issuer	Shares or Principal Amount	Value
	Emerging Latin America - 15.8%
	Brazil - 11.3%
	BM&F Bovespa S.A. (Diversified financial services)	320,990		2,366
	Companhia de Bebidas das Americas-AMBEV - ADR (Beverages)	20,812		1,712
	Cyrela Brazil Realty (Household durables)	90,000		1,171
	Natura Cosmeticos S.A. (Personal products)	116,300		2,097
	OGX Petroleo e Gas Participacoes S.A. (Oil, gas & consumable fuels)	39,075		1,794
	Vale S.A. - ADR (Metals & mining)	108,189		2,502
				11,642
	Mexico - 3.5%
	America Movil S.A.B. de C.V. - ADR (Wireless telecommunication services)	34,265		1,502
	Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)	615,000		2,133
				3,635
	Peru - 1.0%
	Credicorp, Ltd. (Commercial banks)†	13,398		1,042
	Emerging Europe, Mid-East, Africa - 13.5%
	Israel - 1.8%
	Teva Pharmaceutical Industries, Ltd. - ADR (Pharmaceuticals)	37,736	$	1,908
	Russia - 4.9%
	Magnit-CLS (Food & staples retailing)†	18,412		1,098
	Sberbank - CLS (Commercial banks)†	432,327		869
*	Vimpel-Communications OJSC - ADR (Diversified telecommunication services)	79,413		1,485
*	X5 Retail Group N.V. - GDR (Food & staples retailing)	64,150		1,563
				5,015
	South Africa - 4.7%
	MTN Group, Ltd. (Wireless telecommunication services)	58,394		953
	Naspers, Ltd. (Media)	92,800		3,177
	Standard Bank Group Limited (Commercial banks)	55,596		722
				4,852
	Turkey - 2.1%
	Turkiye Garanti Bankasi A.S. (Commercial banks)	568,426		2,159
	United Kingdom - 2.9%
	Vedanta Resources plc (Metals & mining)	97,435		2,965
	Total Common Stock - 94.2% (cost $67,859)			97,412
	Preferred Stock
	Brazil - 4.7%
	Banco Itau Holding Financeira S.A. (Commercial banks)	115,185		2,321
	Petroleo Brasileiro S.A. - ADR (Oil, gas & consumable fuels)	127,592		2,521
				4,842
	Total Preferred Stock - 4.7% (cost $2,420)			4,842
	Investment in Affiliate
	William Blair Ready Reserves Fund	440,263		440
	Total Investment in Affiliate - 0.4% (cost $440)			440
	Total Investments - 99.3% (cost $70,719)			102,694
	Cash and other assets, less liabilities - 0.7%			741
	Net assets - 100.0%		$	103,435

* Non-income producing securities

† U.S. listed Foreign Security

ADR = American Depository Receipt

GDR = Global Depository Receipt

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange the Fund uses an independent pricing service on a daily basis to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolios of Investments.

Emerging Leaders Growth Fund

Portfolio of Investments, September 30, 2009 (unaudited)

At September 30, 2009 the Fund’s Portfolio of Investments includes the following industry categories:

Financials	25.0	%
Information Technology	18.9	%
Consumer Discretionary	15.5	%
Consumer Staples	13.6	%
Energy	9.5	%
Materials	8.2	%
Telecommunication Services	3.8	%
Industrials	3.6	%
Health Care	1.9	%
Total	100.0	%

At September 30, 2009 the Fund’s Portfolio of Investments includes the following currency categories:

Hong Kong Dollar	21.3	%
U.S. Dollar	17.7	%
Indian Rupee	14.1	%
South Korean Won	10.3	%
Brazilian Real	10.2	%
New Taiwan Dollar	7.8	%
Indonesian Rupiah	5.0	%
South African Rand	4.8	%
British Pound Sterling	2.9	%
New Turkish Lira	2.1	%
Mexican Nuevo Peso	2.1	%
Malaysian Ringgit	1.7	%
Total	100.0	%

See accompanying Notes to Portfolios of Investments.

Value Discovery Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares	Value
	Common Stocks
	Financials - 35.1%
	American Campus Communities, Inc.	32,665	$	877
*	Argonaut Group, Inc. †	14,562		490
	Astoria Financial Corporation	27,445		303
	Boston Private Financial Holdings, Inc.	77,739		506
	Delphi Financial Group, Class “A”	35,235		797
*	Eagle Bancorp, Inc.	31,541		302
	First Busey Corporation	74,507		350
	FirstMerit Corporation	32,242		614
	First Niagara Financial Group, Inc.	40,710		502
	First Potomac Realty Trust	57,847		669
	Glacier Bancorp, Inc.	17,590		263
	Hanover Insurance Group, Inc.	22,995		950
	Highwoods Realty L.P.	25,295		796
	Iberiabank Corporation	18,245		831
	Lasalle Hotel Properties	48,272		949
*	Markettaxess Holdings, Inc.	53,505		645
	MB Financial, Inc.	19,315		405
	MeadowBrook Insurance Group, Inc.	62,680		464
	Mid-American Apartment Communities, Inc.	18,535		837
	Newalliance Bancshares, Inc.	41,395		443
	Old National Bancorp	69,312		776
	Onebeacon Insurance Group, Ltd. †	39,773		546
	Platinum Underwriters Holdings, Ltd. †	14,635		525
*	Proassurance Corporation	7,090		370
	Realty Income Corporation	27,785		713
*	SVB Financial Group	17,015		736
	SWS Group, Inc.	47,360		682
*	Texas Capital Bancshares, Inc.	45,860		772
	UMB Financial Corp.	6,560		265
	Umpqua Holdings Corporation	73,745		782
*	Western Alliance Bancorporation	72,020		454
				18,614
	Industrials - 17.8%
	Acuity Brands, Inc.	16,260		524
*	ATC Technology Corporation	23,565		466
	Belden, Inc.	28,670		662
*	EMCOR Group, Inc.	20,540		520
*	Esco Technologies, Inc.	13,495		532
	G & K Services, Inc.	18,945		420
*	Graftech International, Ltd.	50,110		737
	Granite Construction Incorporated	17,265		534
	Interface, Inc., Class “A”	77,285		641
	Kaydon Corporation	15,775		511
*	K-Tron International, Inc.	2,925		278
*	Old Dominion Freight Line, Inc.	15,705		478
*	On Assignment, Inc.	67,785		397
*	Orbital Sciences Corporation	35,745		535
	Quanex Building Products Corporation	37,870		544
	Robbins & Myers, Inc.	21,895		514
	Simpson Manufacturing Co., Inc.	17,475		441
	Tal International Group, Inc.	30,740		437
	Werner Enterprises, Inc.	14,035		261
				9,432
	Information Technology - 11.9%
	ADTRAN, Inc.	28,245		693
*	Atmel Corporation	131,660		552
*	Avid Technology, Inc.	41,951		591
	Cognex Corporation	24,390		400
	EarthLink, Inc.	75,770		637
*	Parametric Technology Corporation	55,075		761
*	Semitool, Inc.	72,949		616
*	Sybase, Inc.	20,970		816
*	Ultra Clean Holdings, Inc.	132,043		681
	United Online, Inc.	72,150		580
				6,327

	Issuer	Shares		Value
	Consumer Discretionary - 9.1%
*	AFC Enterprises, Inc.		59,609	$	502
	Ameristar Casinos, Inc.		37,585		593
*	Cavco Industries, Inc.		7,100		252
	Christopher & Banks Corporation		71,077		481
*	Gaylord Entertainment Company		36,330		730
	Interactive Data Corporation		20,163		529
*	Jack In The Box, Inc.		24,220		496
*	Jo-Ann Stores, Inc.		21,965		589
*	Maidenform Brands, Inc.		39,785		639
					4,811
	Materials - 5.8%
*	Intrepid Potash, Inc.		20,549		485
	Minerals Technologies, Inc.		11,795		561
*	Polyone Corporation		84,290		562
*	RTI International Metals, Inc.		10,740		268
	Silgan Holdings, Inc.		14,065		742
	Texas Industries, Inc.		10,240		430
					3,048
	Utilities - 5.7%
	ALLETE, Inc.		19,055		640
	Avista Corporation		28,700		580
	Cleco Corporation		21,980		551
	Northwest Natural Gas Company		14,922		622
	South Jersey Industries, Inc.		18,445		651
					3,044
	Energy - 5.5%
	Berry Petroleum Company		22,710		608
*	Forest Oil Corporation		38,203		748
*	Goodrich Petroleum Corporation		21,340		551
	St. Mary Land & Exploration Company		16,520		536
*	TETRA Technologies, Inc.		50,125		486
					2,929
	Health Care -4.1%
*	Kensey Nash Corporation		23,595		683
*	Magellan Health Services		14,150		440
*	Mednax, Inc.		11,268		619
*	Zoll Medical Corporation		19,270		415
					2,157
	Consumer Staples - 3.2%
	Flowers Foods, Inc.		15,820		416
	J&J Snack Foods		11,652		503
	Spartan Stores, Inc.		56,475		798
					1,717
	Total Common Stock - 98.2% (cost $49,284)				52,079
	Preferred Stock
	Callaway Golf Company, 7.5% Series “B”		3,140		394
	Total Preferred Stock - 0.7% (cost $322)				394
	Investment in Affiliate
	William Blair Ready Reserves Fund		3,605		4
	Total Investment in Affiliate - 0.0% (cost $4)				4
	Repurchase Agreement
	State Street Bank and Trust Company, 0.020% dated 9/30/09, due 10/1/09, repurchase price $ 398, collateralized by U.S. Treasury Bill, 0.160%, due 3/18/10	$	397,858		398
	Total Repurchase Agreement - 0.8% (cost $398)				398
	Total Investments - 99.7% (cost $50,008)				52,875
	Cash and other assets, less liabilities - 0.3%				156
	Net assets - 100.0%			$	53,031

* Non-income producing

† U.S. listed foreign security

See accompanying Notes to Portfolios of Investments.

Bond Fund

Portfolio of Investments, September 30, 2009 (all amounts in thousands) (unaudited)

	Principal Amount		Value
U.S. Government and U.S. Government Agency - 46.2%
U.S. Treasury Inflation Indexed Notes/Bonds - 1.8%
U.S. Treasury Inflation Indexed Note, 1.875%, due 7/15/13	$	586	$	606
U.S. Treasury Inflation Indexed Note, 2.375%, due 1/15/17		1,068		1,136
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29		655		843
Total U.S. Treasury Inflation Indexed Notes/Bonds		2,309		2,585
U.S. Treasury - 2.7%
U.S. Treasury Note, 4.750%, due 5/15/14		895		998
U.S. Treasury Note, 4.750%, due 8/15/17		1,300		1,448
U.S. Treasury Note, 3.125%, due 5/15/19		1,500		1,476
Total U.S. Treasury Obligations		3,695		3,922
Government National Mortgage Association (GNMA) - 0.6%
GNR 2006-67 GB, 4.250%, due 9/16/34, VRN		750		789
Total GNMA Mortgage Obligations		750		789
Federal Home Loan Mortgage Corp. (FHLMC) - 6.7%
#G90024, 7.000%, due 1/20/13		76		80
#G30093, 7.000%, due 12/1/17		47		52
#G30255, 7.000%, due 7/1/21		105		116
#G12792, 4.500%, due 12/1/21		695		732
#D95897, 5.500%, due 3/1/23		341		362
#G30372, 5.000%, due 9/1/27		825		862
#G10728, 7.500%, due 7/1/32		366		411
#C01385, 6.500%, due 8/1/32		528		568
#A62179, 6.000%, due 6/1/37		1,206		1,290
#A63539, 6.000%, due 7/1/37		1,657		1,772
#G03170, 6.500%, due 8/1/37		1,393		1,492
#A78138, 5.500%, due 6/1/38		1,733		1,828
Total FHLMC Mortgage Obligations		8,972		9,565
Federal National Mortgage Association (FNMA) - 34.4%
#535559, 7.500%, due 9/1/12		272		277
#598453, 7.000%, due 6/1/15		3		3
#689612, 5.000%, due 5/1/18		601		640
#695910, 5.000%, due 5/1/18		998		1,064
#747903, 4.500%, due 6/1/19		529		557
#745735, 5.000%, due 3/1/21		810		857
#253847, 6.000%, due 5/1/21		363		390
#900725, 6.000%, due 8/1/21		288		309
#255956, 5.500%, due 10/1/25		2,730		2,891
#545437, 7.000%, due 2/1/32		278		307
#545759, 6.500%, due 7/1/32		3,007		3,244
#254548, 5.500%, due 12/1/32		1,312		1,381
#555522, 5.000%, due 6/1/33		669		694
#190337, 5.000%, due 7/1/33		804		835
#190340, 5.000%, due 9/1/33		2,547		2,644
#254868, 5.000%, due 9/1/33		1,229		1,276
#555800, 5.500%, due 10/1/33		579		610
#555783, 4.500%, due 10/1/33		2,295		2,340
#555880, 5.500%, due 11/1/33		673		709
#725027, 5.000%, due 11/1/33		993		1,031
#756153, 5.500%, due 11/1/33		1,542		1,622
#725231, 5.000%, due 2/1/34		1,022		1,060
#725205, 5.000%, due 3/1/34		1,964		2,039
#725220, 5.000%, due 3/1/34		951		988
#725232, 5.000%, due 3/1/34		2,847		2,956
#725238, 5.000%, due 3/1/34		1,731		1,797
#725424, 5.500%, due 4/1/34		724		762
#725611, 5.500%, due 6/1/34		626		659
#786546, 6.000%, due 7/1/34		1,221		1,308
#190353, 5.000%, due 8/1/34		523		543
#745092, 6.500%, due 7/1/35		849		916
#848782, 6.500%, due 1/1/36		1,217		1,309

	NRSRO Rating	Principal Amount		Value
Federal National Mortgage Association (FNMA) - (continued)
#849191, 6.000%, due 1/1/36		$	136	$	146
#745349, 6.500%, due 2/1/36			1,663		1,783
#893318, 6.500%, due 8/1/36			365		393
#256859, 5.500%, due 8/1/37			1,618		1,690
#928561, 6.000%, due 8/1/37			1,037		1,108
#948689, 6.000%, due 8/1/37			1,948		2,061
#888967, 6.000%, due 12/1/37			1,766		1,879
#934006, 6.500%, due 9/1/38			2,078		2,245
Total FNMA Mortgage Obligations			46,808		49,323
Non-Agency Mortgage-Backed Obligations - 0.9%
Countrywide Alternative Loan Trust, 2003-11T1, Tranche M,
4.750%, due 7/25/18	AA+		281		239
LSSCO, 2004-2, Tranche M2,
2.640%, due 2/28/33, VRN*	CC		168		44
FHASI, 2004-AR4, Tranche 3A1,
4.624%, due 8/25/34, VRN	AAA		602		556
Chase Mortgage Finance Corporation, 2006-A1, Tranche 2A3,
6.000%, due 9/25/36	B3		700		489
Total Consumer Asset-Backed Securities			1,751		1,328
Consumer Asset-Backed Securities - 3.1%
Ford Credit Auto Owner Trust, 2009-D, A2,
1.210%, due 1/15/12	AAA		500		501
Chase Issuance Trust, 2009-A6, A6,
1.093%, due 7/16/12	AAA		1,500		1,506
AESOP Funding II, LLC, 2009-2A, A,
5.680%, due 2/20/13	Aaa		1,100		1,100
First Plus 1997-4 M1,
7.640%, due 9/11/23	AA		199		199
Aames Mortgage Trust, 2001-1, Tranche M2,
7.588%, due 6/25/31	A		133		86
CWL, 2003-5, Tranche MF2,
5.959%, due 11/25/33	Aa3		206		113
Renaissance Home Equity Loan Trust, 2004-2, Tranche M5,
6.455%, due 7/25/34	A		463		99
Soundview Home Equity Loan Trust, 2005-B, Tranche M1,
5.635%, due 5/25/35	AA+		91		82
Structured Asset Securities Corp., 2005-9XS, Tranche 1A2A,
4.840%, due 6/25/35	AAA		40		40
Structured Asset Securities Corp., 2005-9XS, Tranche 1A2C,
4.950%, due 6/25/35	AAA		19		19
Structured Asset Securities Corp., 2005-9XS, Tranche 1A2B,
6.500%, due 6/25/35	AAA		25		25
Mid-State Trust 2004-1, Tranche A,
6.005%, due 8/15/37	AAA		681		612
Total Non-Agency Mortgage-Backed Obligations			4,957		4,382
Corporate Obligations - 48.5%
HSBC Finance Corporation,
8.000%, due 7/15/10	AA-		500		523
General Dynamics,
1.800%, due 7/15/11	A		500		503
Morgan Stanley Dean Witter & Co.,
6.600%, due 4/1/12	A		545		592
Simon Property Group, Inc.,
6.350%, due 8/28/12	A-		1,000		1,063
Cox Communications, Inc.,
7.125%, due 10/1/12	BBB		400		446
Boeing capital Corporation,
5.800%, due 1/15/13	A+		850		929
Wells Fargo & Company,
4.375%, due 1/31/13	AA-		350		361
The Kroger Co.,
5.500%, due 2/1/13	BBB		430		458
PepsiCo, Inc.,
4.650%, due 2/15/13	Aa2		550		592
Weatherford International Ltd.,
5.150%, due 3/15/13	BBB+		650		683
John Deere Capital Corporation,
4.500%, due 4/3/13	A		700		740
Citigroup,
5.500%, due 4/11/13	A+		1,500		1,535
General Electric Capital Corporation,
4.800%, due 5/1/13	AA+		600		623
Novartis Capital Corporation,
4.125%, due 2/10/14	Aa2		600		634
CME Group, Inc.,
5.750%, due 2/15/14	AA		700		766

Principal Amount	NRSRO Rating	Principal Amount		Value
Corporate Obligations - (continued)
PACCAR, Inc.,
6.875%, due 2/15/14	AA-		800		901
PepsiAmericas, Inc.,
4.375%, due 2/15/14	A+		300		313
American Movil S.A.B. de C.V.,
5.500%, due 3/1/14	A3		700		732
Coca-Cola Enterprises, Inc.,
7.375%, due 3/3/14	A	$	1,000	$	1,174
Smith International, Inc.,
8.625%, due 3/15/14	BBB+		970		1,114
General Electric Capital Corporation,
5.900%, due 5/13/14	AA+		225		241
Bank of America,
7.375%, due 5/15/14	A+		700		779
American Express Company,
7.250%, due 5/20/14	A+		500		562
Capital One Financial Corporation,
7.375%, due 5/23/14	A-		1,235		1,378
State Street Corporation,
4.300%, due 5/30/14	A+		350		368
Hewlett-Packard Company,
4.750%, due 6/2/14	A+		800		859
St. Jude Medical, Inc.,
3.750%, due 7/15/14	A		1,000		1,017
Petrohawk Energy Corporation,
10.500%, due 8/1/14	B		1,000		1,075
Macquarie Group,
7.300%, due 8/1/14	A2		1,000		1,068
SBC Communications Inc.,
5.100%, due 9/15/14	A		1,250		1,348
Goldman Sachs Group, Inc.,
5.000%, due 10/1/14	A1		545		574
CODELCO, Inc. - 144A,*
4.750%, due 10/15/14	A1		400		422
Georgia-Pacific, LLC,
7.000%, due 1/15/15	BB-		1,000		985
DuPont (E.I.) de Nemours and Company,
4.750%, due 3/15/15	A		500		536
Yum! Brands, Inc.,
4.250%, due 9/15/15	BBB-		350		358
Omnicom Group, Inc.,
5.900%, due 4/15/16	A-		750		791
Yum! Brands, Inc.,
6.250%, due 4/15/16	BBB-		700		752
Owens-Brockway,
7.375%, due 5/15/16	BB+		750		761
MetLife, Inc.,
6.750%, due 6/1/16	A2		1,000		1,116
SABMiller plc,
6.500%, due 7/1/16	BBB+		700		759
Petrobras International Finance Company,
6.125%, due 10/6/16	Baa1		400		427
DuPont (E.I.) de Nemours and Company,
5.250%, due 12/15/16	A		500		540
Comcast Corporation,
6.500%, due 1/15/17	BBB+		350		384
Corrections Corporation of America,
7.750%, due 6/1/17	BB		575		594
ERP Operating Limited Partnership,
5.750%, due 6/15/17	A-		1,100		1,090
J.P. Morgan Chase & Co.,
6.125%, due 6/27/17	A1		600		632
BB&T Corporation,
4.900%, due 6/30/17	A2		665		654
American Express,
6.150%, due 8/28/17	A+		1,000		1,050
IBM Corporation,
5.700%, due 9/14/17	A+		1,250		1,378
Exelon Generation Company, LLC.,
6.200%, due 10/1/17	A3		1,100		1,201
Toll Brothers Finance Corporation,
8.910%, due 10/15/17	BBB-		950		1,077
Union Pacific Corporation,
5.750%, due 11/15/17	BBB		800		858
Wells Fargo & Company,
5.625%, due 12/11/17	AA-		1,000		1,050
Kohl’s Corporation,
6.250%, due 12/15/17	BBB+		350		383

	NRSRO Rating	Principal Amount	Value
Corporate Obligations - (continued)
The Goldman Sachs Group, Inc.,
6.150%, due 4/1/18	A1	950		999
Morgan Stanley,
6.625%, due 4/1/18	A	950		1,005
General Electric Capital Corporation,
5.625%, due 5/1/18	AA+	350		348
Philip Morris International, Inc.,
5.650%, due 5/16/18	A+	1,000		1,064
Time Warner Cable,
6.750%, due 7/1/18	BBB	1,000		1,105
Verizon Communications, Inc.,
8.750%, due 11/1/18	A	330		412
Merrill Lynch & Co., Inc.,
6.875%, due 11/15/18	A+	1,075		1,135
Anheuser-Busch InBev,
7.750%, due 1/15/19	BBB+	700		828
FedEx Corporation,
8.000%, due 1/15/19	BBB	750		912
CSX Corporation,
7.375%, due 2/1/19	BBB-	800		941
Honeywell International, Inc.,
5.000%, due 2/15/19	A	925		974
Pfizer, Inc.,
6.200%, due 3/15/19	AAA	1,250		1,409
Abbott Laboratories,
5.125%, due 4/1/19	AA	900		954
BHP Billiton Finance (USA) Limited,
6.500%, due 4/1/19	A+	1,300		1,508
Owens Corning,
9.000%, due 6/15/19	BBB-	950		1,020
Jeffries Group, Inc.,
8.500%, due 7/15/19	BBB	1,300		1,376
Discovery Communications, LLC,
5.625%, due 8/15/19	Baa2	500		513
Roper Industries, Inc.,
6.250%, due 9/1/19	BBB-	1,225		1,272
Halliburton Company,
6.150%, due 9/15/19	A	1,250		1,402
Iron Mountain Incorporated,
8.000%, due 6/15/20	B+	1,000		1,005
Ras Laffan Lng II,
5.298%, due 9/30/20*	Aa2	400		400
Southwest Airlines Co.,
6.150%, due 8/1/22	A+	701		701
The Kroger Co.,
8.000%, due 9/15/29	BBB	325		416
Conoco Funding Company,
7.250%, due 10/15/31	A1	400		481
Kohl’s Corporation,
6.000%, due 1/15/33	BBB+	400		395
Pacific Gas and Electric Company,
6.050%, due 3/1/34	A	750		834
Wisconsin Electric Power Company,
5.700%, due 12/1/36	A1	500		540
Comcast Corporation,
6.450%, due 3/15/37	BBB+	650		688
J.P. Morgan Chase & Co.,
6.400%, due 5/15/38	Aa3	350		392
Cox Communications, Inc.,
6.950%, due 6/1/38	BBB	350		378
General Electric Capital Corporation,
6.875%, due 1/10/39	AA+	750		785
ConocoPhillips Company,
6.500%, due 2/1/39	A1	400		461
Verizon Communications, Inc.,
8.950%, due 3/1/39	A	600		822
Florida Power and Light Group Capital, Inc.,
6.650%, due 6/15/67, VRN	A3	300		276
Total Corporate Obligations		64,421		69,500
Total Investments - 98.7% (cost $134,328)		133,663		141,394
Cash and other assets, less liabilities - 1.3%				1,874
Net Assets - 100.0%			$	143,268

VRN = Variable Rate Note

NRSRO = Nationally Recognized Statistical Rating Organization, such as S&P, Moody’s or Fitch (unaudited)

The obligations of certain U. S. Government-sponsored securities are neither issued nor guaranteed by the U. S. Treasury.

* Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. These holdings represent 0.60% of the net assets at September 30, 2009.

See accompanying Notes to Portfolios of Investments.

Income Fund

Portfolio of Investments, September 30, 2009 (all dollars in thousands) (unaudited)

		Principal Amount		Value
U.S. Government and U.S. Government Agency - 32.9%
U.S. Treasury Inflation Indexed Notes/Bonds - 1.4%
U.S. Treasury Inflation Indexed Note, 2.375%, due 1/15/17		$	1,602	$	1,704
U.S. Treasury - 4.2%
U.S. Treasury Note, 2.250%, due 5/31/14			400		401
U.S. Treasury Note, 5.125%, due 5/15/16			2,000		2,281
U.S. Treasury Note, 4.750%, due 8/15/17			1,075		1,198
U.S. Treasury Note, 3.125%, due 5/15/19			1,400		1,378
Total U.S. Treasury Obligations			4,875		5,258
Government National Mortgage Association (GNMA)- 0.3%
#780405, 9.500%, due 11/15/17			213		231
#357322, 7.000%, due 9/15/23			158		174
Total Government National Mortgage Association			371		405
Federal Home Loan Mortgage Corp. (FHLMC) - 6.7%
#E00436, 7.000%, due 6/1/11			103		107
#M80952, 5.000%, due 6/1/11			475		483
#G10708, 6.500%, due 8/1/12			72		76
#E72924, 7.000%, due 10/1/13			380		400
#E81697, 8.000%, due 5/1/15			1,076		1,165
#E81703, 7.000%, due 5/1/15			469		498
#E81908, 8.500%, due 12/1/15			88		101
#J02184, 8.000%, due 4/1/16			788		844
#G90022, 8.000%, due 9/17/16			337		360
#E90398, 7.000%, due 5/1/17			803		864
#M30028, 5.500%, due 5/1/17			80		83
#C67537, 9.500%, due 8/1/21			37		41
#D95621, 6.500%, due 7/1/22			2,299		2,489
#A45790, 7.500%, due 5/1/35			648		728
Total FHLMC Mortgage Obligations			7,655		8,239
Freddie Mac Gold Pool (FG) - 0.3%
#B13459, 4.500%, due 4/1/19			369		389
Federal National Mortgage Association (FNMA) - 20.0%
#695512, 8.000%, due 9/1/10			38		38
#725479, 8.500%, due 10/1/10			25		26
#313816, 6.000%, due 4/1/11			59		62
#577393, 10.000%, due 6/1/11			42		43
#577395, 10.000%, due 8/1/11			180		187
#254788, 6.500%, due 4/1/13			176		185
#725315, 8.000%, due 5/1/13			189		201
#593561, 9.500%, due 8/1/14			208		226
#567027, 7.000%, due 9/1/14			792		843
#567026, 6.500%, due 10/1/14			704		754
#458124, 7.000%, due 12/15/14			115		123
#576554, 8.000%, due 1/1/16			842		917
#256106, 5.000%, due 2/1/16			1,330		1,389
#576553, 8.000%, due 2/1/16			1,372		1,525
#555747, 8.000%, due 5/1/16			155		165
#735569, 8.000%, due 10/1/16			916		995
	NRSRO Rating	Principal Amount		Value
Federal National Mortgage Association (FNMA) - 20.0% - (continued)
#725410, 7.500%, due 4/1/17			601		637
#643217, 6.500%, due 6/1/17			267		288
#679247, 7.000%, due 8/1/17			961		1,056
#888979, 6.000%, due 12/1/17			1,121		1,190
#695910, 5.000%, due 5/1/18			998		1,064
#689334, 5.000%, due 10/1/18			238		254
#740847, 6.000%, due 10/1/18			663		711
#323501, 6.500%, due 1/1/19			204		222
#255358, 5.000%, due 9/1/19			313		331
#852864, 7.000%, due 7/1/20			2,037		2,238
#458147, 10.000%, due 8/15/20			479		534
#835563, 7.000%, due 10/1/20			820		901
#E96536, 5.000%, due 10/1/20			1,284		1,367
#735574, 8.000%, due 3/1/22			517		586
#679253, 6.000%, due 10/1/22			1,165		1,251
#1993-19, Tranche SH, 11.234%, due 4/25/23, VRN			11		14
#255956, 5.500%, due 10/1/25			273		289
#806458, 8.000%, due 6/1/28			450		510
#880155, 8.500%, due 7/1/29			1,048		1,198
#797846, 7.000%, due 3/1/32			1,120		1,232
#745519, 8.500%, due 5/1/32			582		666
#654674, 6.500%, due 9/1/32			244		264
#733897, 6.500%, due 12/1/32			288		310
Total FNMA Mortgage Obligations			22,827		24,792
Non-Agency Mortgage-Backed Obligations - 4.0%
CCCIT, 2005-A3, Tranche A3,	AAA		345		345
0.569%, due 10/7/11
CCCIT, 2009-A3, Tranche A3,	AAA		965		984
2.700%, due 6/23/13
JDOT, 2009 -A, Tranche A3,	AAA		500		508
2.590%, due 10/15/13
AESOP 2009-2A,	Aaa		1,000		1,000
5.680%, due 2/20/13
MBART 2009-1 A3,	Aaa		405		405
1.670%, due 1/15/14
ABFS, 2002-2, Tranche A6,	AAA		102		101
5.850%, due 3/15/19
First Plus, 1997-4, Tranche A8,	AA		676		675
7.810%, due 9/11/23
First Plus, 1997-4, Tranche M1,	A		143		137
7.640%, due 9/11/23
First Plus, 1997-4, Tranche M2,	AA		2		2
7.830%, due 9/11/23
FIRST PLUS 1997-4 A8	A		98		96
7.810%, due 9/11/23
First Plus, 1998-2, Tranche M2,	A		256		247
8.010%, due 5/10/24
LSSCO, 2004-2, Tranche M1,	CCC		439		196
4.095%, due 2/28/33, VRN*
LSSCO, 2004-2, Tranche M2,	CC		336		88
2.640%, due 2/28/33, VRN*
ABFS, 2002-2, Tranche A-7,	AAA		14		14
5.125%, due 7/15/33
Soundview Home Equity Loan Trust, 2005-B, Tranche M1	A		229		207
5.635%, due 5/25/35
Total Non-Agency Mortgage-Backed Obligations			5,510		5,005

Income Fund

	NRSRO Rating	Principal Amount		Value
Corporate Obligations - 62.2%
Philips Petroleum,
8.750%, due 5/25/10	A	$	1,500	$	1,583
HSBC Finance Corporation,
8.000%, due 7/15/10	AA-		1,450		1,516
Boeing Capital Corporation,
7.375%, due 9/27/10	A+		1,549		1,634
Pacific Gas & Electric PCG,
4.200%,due 3/1/11	A		1,250		1,294
Wisconsin Energy Corporation,
6.500%, due 4/1/11	A-		1,250		1,329
USAA Auto Owner Trust, Series 2006-2, Class A4,
5.370%, due 2/15/12	AAA		744		758
Eli Lilly & Co.,
3.550%, due 3/6/12	AA		500		524
BP Capital Markets plc,
3.125%, due 3/10/12	AA+		1,125		1,162
ERP Operating LP,
6.625%, due 3/15/12	A-		1,000		1,067
BHP Billiton Finance,
5.125%, due 3/29/12	A+		1,195		1,290
Morgan Stanley Dean Witter & Co.,
6.600%, due 4/1/12	A		1,600		1,739
Simon Property Group, Inc.,
6.350%, due 8/28/12	A-		1,500		1,595
Cox Communications, Inc.,
7.125%, due 10/1/12	BBB		1,000		1,116
Wells Fargo & Company,
4.375%, due 1/31/13	AA-		1,400		1,446
PepsiCo, Inc.,
4.650%, due 2/15/13	Aa2		540		581
John Deere Capital Corporation,
4.500%, due 4/3/13	A		1,000		1,057
Citigroup, Inc.,
5.500%,due 4/11/13	A+		1,000		1,023
Comet, 2009-A1, Tranche A1, VRN
1.418%,due 4/15/13	AAA		1,000		1,004
General Electric Capital Corporation,
4.800%,due 5/1/13	AA+		1,500		1,557
Novartis Capital Corp.,
4.125%, due 2/10/14	AA		1,000		1,056
CME Group, Inc.,
5.750%, due 2/15/14	AA		1,000		1,094
PACCAR, Inc.,
6.875%, due 2/15/14	AA-		1,000		1,126
PepsiAmericas, Inc.,
4.375%, due 2/15/14	A+		500		522
American Movil S.A.B. De C.V.,
5.500%, due 3/1/14	A-		1,000		1,046
Coca - Cola Enterprises, Inc.,
7.375%, due 3/3/14	A		900		1,057
General Elec Corp
5.900%, due 5/13/14	AA+		225		241
Bank Of America
7.375%, due 5/15/14	A+		500		556
Hewlett-Packard Company,
4.750%, due 6/2/14	A+		1,100		1,181
St. Jude Medical, Inc.
3.750%, due 7/15/14	A		500		509
AT&T, Inc.,
5.100%, due 9/15/14	A		1,750		1,887
Goldman Sachs Group, Inc.,
5.000%, due 9/24/14	A+		1,500		1,579
CODELCO, Inc. -144A,
4.750%, due 10/15/14*	A1		1,815		1,913
EI Du Pont de Nemours & Co.,
4.750%, due 3/15/15	A		1,200		1,286
United Technologies Corporation,
4.875%, due 5/1/15	A+		1,500		1,641
Omnicom Group, Inc.,
5.900%, due 4/15/16	A-		1,000		1,055
	NRSRO Rating	Principal Amount		Value
Corporate Obligations - 62.2% - (continued)
YUM! Brands, Inc.,
6.250%, due 4/15/16	BBB-		1,000		1,074
SABMiller plc,
6.500%, due 7/1/16	BBB+		1,000		1,084
Petrobras International Finance Company,
6.125%, due 10/6/16	Baa1		1,000		1,067
BHP Billiton Finance,
5.400%, due 3/29/17	A+		1,000		1,081
J.P. Morgan Chase & Co.,
6.125%, due 6/27/17	A+		1,750		1,844
BB&T Corporation,
4.900%, due 6/30/17	A		1,500		1,476
Kimberly - Clark,
6.125%, due 8/1/17	A		1,000		1,139
American Express,
6.150%, due 8/28/17	A+		1,500		1,576
IBM Corporation,
5.700%, due 9/14/17	A+		1,750		1,929
Exelon Generation Company, LLC.,
6.200%, due 10/1/17	A3		2,000		2,183
Tesco plc,
5.500%, due 11/15/17	A-		1,750		1,824
Abbott Laboratories,
5.600%, due 11/30/17	AA		1,650		1,819
Wells Fargo & Company,
5.625%, due 12/11/17	AA-		750		788
Kohl’s Corporation,
6.250%, due 12/15/17	BBB+		1,000		1,093
Goldman Sachs Group, Inc.,
6.150%, due 4/1/18	A+		750		789
Morgan Stanley Dean Witter & Co.,
6.625%, due 4/1/18	A		750		793
Philip Morris International, Inc.,
5.650%, due 5/16/18	A+		1,250		1,330
Time Warner Cable, Inc.,
6.750%, due 7/1/18	BBB		1,000		1,105
Verizon Communications, Inc.,
8.750%, due 11/1/18	A		1,480		1,849
Anheuser-Busch InBev Worldwide, Inc.,
7.750%, due 1/15/19	BBB+		1,150		1,361
FedEx Corporation,
8.000%, due 1/15/19	BBB		1,250		1,519
Honeywell International, Inc.,
5.000%, due 2/15/19	A		1,225		1,289
Procter & Gamble Co.,
4.700%, due 2/15/19	AA-		500		523
Unilever Capital Corp.,
4.800%, due 2/15/19	A+		500		525
Pfizer, Inc.,
6.200%, due 3/15/19	AAA		1,000		1,127
Jefferies Group, Inc.,
8.500%, due 7/15/19	BBB		1,100		1,164
Ras Laffan Lng II,
5.298%, due 9/30/20*	A+		1,250		1,251
Southwest Airlines Co.,
6.150%, due 8/1/22	A+		1,543		1,543
Total Corporate Obligations			71,991		77,169
Total Long Term Investments - 99.1% (cost $116,311)			115,200		122,961
Repurchase Agreement
State Street Bank and Trust Company, 0.020% dated 9/30/09, due 10/1/09, repurchase price $1,151, collateralized by U.S Treasury Bill, 0.160%, due 3/18/10			1,151		1,151
Total Repurchase Agreement - 0.9% (cost $1,151)					1,151
Total Investments - 100.0% (cost $117,463)			116,351		124,112
Liabilities, plus cash and other assets - 0.0%					(15	)
Net Assets - 100.0%				$	124,097

WAC = Weighted Average Coupon

VRN = Variable Rate Note

NRSRO = Nationally Recognized Statistical Rating Organization, such as S&P, Moody’s or Fitch (unaudited)

The obligations of certain U. S. Government-sponsored securities are neither issued nor guaranteed by the U. S. Treasury

* Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. These holdings represent 2.80% of the net assets at September 30, 2009.

See accompanying Notes to Portfolios of Investments.

Ready Reserves Fund

Portfolio of Investments, September 30, 2009 (all amounts in thousands) (unaudited)

Issuer	Principal Amount		Amortized Cost
U.S. Agency Fixed Rate Notes - 15.6%
Federal Farm Credit Bank, (FFCB),
0.800%, 2/2/10	$	3,000	$	3,000
Federal Home Loan Bank (FHLB),
1.050% - 5.250%, 1/15/10 - 6/11/10		55,035		55,610
Federal Home Loan Mortgage Corporation (FHLMC),
0.815% - 6.000%, 10/1/09 - 9/1/10		76,408		77,330
Federal National Mortgage Association (FNMA),
2.375% - 6.000%, 10/1/09 - 10/1/10		72,648		73,612
Total U.S. Agency Fixed Rate Notes		207,091		209,552
Fixed Rate Notes - 3.0%
American Honda Finance Corporation,
0.814%, 11/9/09		3,185		3,187
Caterpillar Financial Services,
0.588%, 10/9/09		1,000		1,000
Du Pont (E.I.) de Nemours,
4.125%, 4/30/10		14,209		14,465
General Electric Capital Corporation,
7.375% , 1/19/10		11,500		11,708
Wal-Mart Stores,
4.125%, 7/1/10		10,000		10,270
Total Fixed Rate Notes		39,894		40,630
Variable Rate Notes - 0.8%
Procter & Gamble,
0.489%, 3/9/10		11,125		11,143
Total Variable Rate Notes		11,125		11,143
Issuer	Principal Amount		Amortized Cost
Commercial Paper - 57.6%
Abbott Laboratories,
0.120% - 0.160%, 10/20/09 - 11/6/09	$	50,000	$	49,994
American Honda Finance Corporation,
0.200% - 0.300%, 11/18/09 - 12/11/09		20,000		19,992
Brown-Forman Corporation,
0.200% , 10/14/09		20,000		19,999
Canadian Wheat Board,
0.070% - 0.100%, 10/22/09 - 10/30/09		30,000		29,998
Caterpillar Financial Service,
0.200%, 11/10/09		15,000		14,997
Chevron Funding Corporation,
0.090%, 10/5/09		15,000		15,000
CME Group, Inc.,
0.160% - 0.180%, 10/13/09 - 11/3/09		45,000		44,994
Coca-Cola Company,
0.170% - 0.220%, 11/5/09 - 12/17/09		47,100		47,085
ConocoPhillips Qatar Funding Ltd.,
0.170% - 0.300%, 10/7/09 - 11/18/09		51,300		51,294
Du Pont (E.I.) de Nemours,
0.150% - 0.170% , 10/8/09 -10/30/09 #		40,985		40,981
Eli Lilly & Company,
0.140% , 10/2/09		10,000		10,000
General Electric Capital Corporation,
0.150% - 0.160%, 10/13/09 - 10/27/09		35,000		34,998
IBM Corporation,
0.200%, 11/9/09		15,000		14,997

Portfolio of Investments, September 30, 2009 (all amounts in thousands)

	Principal Amount		Amortized Cost
Commercial Paper (Continued)
John Deere Capital Corporation,
0.150%, 10/1/09 - 10/13/09	$	15,000	$	15,000
Johnson & Johnson,
0.100% - 0.220%, 10/2/09 - 10/15/09		39,000		38,999
Merck & Co., Inc.,
0.150%, 10/5/09		4,500		4,500
Netjets Inc.,
0.200%, 10/1/09		12,964		12,964
Nokia Corporation,
0.190%, 10/2/09 - 11/24/09		35,000		34,992
PACCAR Financial,
0.150% - 0.210%, 10/16/09 - 11/25/09		40,300		40,295
Pfizer Inc.,
0.130% - 0.370%, 10/27/09 - 3/9/10		45,000		44,979
Pitney Bowes Inc.,
0.140%, 10/7/09		15,000		15,000
Private Export Funding,
0.170% - 0.230%, 10/1/09 - 11/25/09		30,000		29,994
Procter & Gamble International Funding SCA,
0.180% - 0.240%, 10/15/09 - 12/9/09		31,769		31,762
Roche Holdings Inc.,
0.110% - 0.120%, 10/9/09 - 10/20/09		30,000		29,998
Toyota Credit de Puerto Rico,
0.110% - 0.220%, 10/1/09 - 10/14/09		53,000		53,000
Wal-Mart Stores Inc.,
0.070% - 0.100%, 10/13/09 - 11/3/09		30,000		29,998
Total Commercial Paper		775,918		775,810
	Principal Amount		Amortized Cost
Asset-Backed Commercial Paper - 7.5%
Chariot Funding, L.L.C.,
0.170% - 0.210%, 10/1/09 - 11/4/09	$	46,449	$	46,444
Govco L.L.C.,
0.210% - 0.280%, 10/14/09 - 11/25/09		45,000		44,993
Wal-Mart Funding Corporation,
0.220%, 10/8/09		10,000		10,000
Total Asset-Backed Commercial Paper		101,449		101,437
Repurchase Agreements - 15.4%
Bank of America , 0.030% dated 9/30/09 due 10/1/09, repurchase price $68,000, collateralized by FN #735284, 5.500%, due 3/1/35		68,000		68,000
Fixed Income Clearing Corporation, 0.020% dated 9/30/09, due 10/1/09, repurchase price $71,346, collateralized by FNMA, 5.000% due 3/15/16		71,346		71,346
Goldman Sachs, 0.120% dated 9/28/09 due 10/2/09, repurchase price $ 68,000, collateralized by FN #AA5781, 5.000% due 4/1/39, and by FN #AD0130, 6.500%, due 8/1/39		68,000		68,000
Total Repurchase Agreements		207,346		207,346
Total Investments - 99.9% (Cost $1,345,918)	$	1,342,823		1,345,918
Cash and other assets, less liabilities - 0.1%				1,859
Net Assets - 100.0%			$	1,347,777
Portfolio Weighted Average Maturity				51 Days

See accompanying Notes to Portfolios of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares	Value
	Common Stocks
	Europe - 26.0%
	Belgium - 2.3%
	Anheuser-Busch InBev S.A. (Beverages)	475,090	$	21,791
	Colruyt SA (Food & staples retailing)	32,781		7,707
				29,498
	Denmark - 2.4%
	Novo-Nordisk A/S (Pharmaceuticals)	220,725		13,882
	Novozymes A/S (Chemicals)	66,562		6,291
	SimCorp A/S (Software)	10,961		2,258
*	Vestas Wind Systems A/S (Electrical equipment)	120,450		8,780
				31,211
	Finland - 0.1%
	F-Secure Corporation OYJ (Software)	469,261		2,000
	France - 7.4%
	Alstom S.A. (Electrical equipment)	187,482		13,730
	April Group S.A. (Insurance)	115,041		4,857
	bioMerieux S.A. (Health care equipment & supplies)	19,182		2,114
	EDF Energies Nouvelles S.A. (Independent power producers & energy traders)	121,983		6,748
	Essilor International (Health care equipment & supplies)	186,893		10,672
*	Gemanlto NV (Computers & peripherals)	57,864		2,706
	Hermes International S.C.A. (Textiles, apparel & luxury goods)	48,534		7,181
	Iliad S.A. (Diversified telecommunication services)	43,211		4,881
	L Air Liquide S.A. (Chemicals)	170,946		19,479
	Orpea (Health care providers & services)	59,996		2,775
	Schneider Electric S.A. (Electrical equipment)	60,067		6,112
	Vinci S.A. (Construction & engineering)	257,540		14,626
				95,881
	Germany - 2.4%
	BASF Group (Chemicals)	288,657		15,283
	SAP (Software)	319,761		15,505
				30,788
	Ireland - 1.1%
	CRH plc (Construction materials)	370,682		10,264
	Paddy Power plc (Hotels, restaurants & leisure)	117,020		3,565
				13,829
	Italy - 0.5%
	Ansaldo STS SpA (Transportation infrastructure)	173,939		3,567
	Diasorin SpA (Health care equipment & supplies)	86,714		2,916
				6,483
	Luxembourg - 0.2%
	Oriflame Cosmetics S.A. (Personal products)	52,050		2,668
	Netherlands - 0.2%
	BinckBank N.V. (Capital markets)	128,278		2,282
	Norway - 0.2%
	Opera Software ASA (Internet software & services)	683,619		2,672
	Portugal - 0.6%
	Jeronimo Martins SGPS S.A. (Food & staples retailing)	898,967		7,873
	Spain - 2.4%
	Banco Santander, S.A. (Commercial banks)	793,206		12,814
	Iberdrola Renovables S.A. (Independent power producers & energy traders)	1,330,026		6,561
	Industria De Diseno Textile Inditex S.A. (Specialty retail)	123,719		7,114
	Tecnicas Reunidas S.A. (Energy equipment & services)	91,430		5,011
				31,500
	Sweden - 1.3%
	Hennes & Maurtiz AB, Class “B” (Specialty retail)	305,255		17,158
	Switzerland - 4.9%
*	ABB Ltd. (Electrical equipment)	304,548		6,124
*	Actelion, Ltd. (Biotechnology)	57,775		3,592
	Credit Suisse Group AG (Capital markets)	411,541		22,897
	Kuehne & Nagel International AG (Marine)	57,706		5,026
*	Orascom Development (Hotels, restaurants & leisure)	9,877		886
	Partners Group Global Opportunities, Ltd. (Capital markets)	64,500		7,874
	SGS S.A. (Professional services)	6,419		8,652
	Sonova Holding AG (Health care equipment & supplies)	57,968		5,865
*	Temenos Group AG (Software)	104,704		2,461
				63,377

	Issuer	Shares	Value
	United Kingdom - 19.0%
	Aberdeen Asset Management plc (Capital markets)	1,088,631	$	2,618
	Admiral Group plc (Insurance)	198,573		3,677
	Aggreko plc (Commercial services & supplies)	238,476		2,683
	AMEC plc (Energy equipment & services)	624,661		7,566
	Amlin plc (Insurance)	896,555		5,504
	Antofagasta plc (Metals & mining)	819,991		9,974
	Ashmore Group plc (Capital markets)	718,666		2,883
*	ASOS plc (Internet & catalog retail)	334,394		1,875
*	Autonomy Corporation plc (Software)	443,484		11,579
*	Barclays plc (Commercial banks)	2,962,399		17,556
	Bellway plc (Household durables)	126,026		1,678
*	The Berkeley Group Holding plc (Household durables)	247,155		3,507
	BG Group plc (Oil, gas & consumable fuels)	1,074,005		18,719
*	Blinkx plc (Internet software & services)	2,374,700		722
	BlueBay Asset Management plc (Capital markets)	810,551		3,830
	British Sky Broadcasting Group plc (Media)	1,421,191		13,019
	Britvic plc (Beverages)	408,875		2,306
	Capita Group plc (Professional services)	805,299		9,315
	Chemring Group plc (Aerospace & defense)	112,103		4,387
*	Climate Exchange plc (Diversified financial services)	179,980		2,385
*	Dana Petroleum plc (Oil, gas & consumable fuels)	176,836		3,977
	Experian plc (Professional Services)	736,204		6,217
*	Heritage Oil plc (Oil, gas, & consumable fuels)	309,089		2,438
	Mothercare plc (Multiline retail)	231,229		2,086
	NEXT plc (Multiline retail)	418,239		12,002
	Petrofac Limited (Energy equipment & services)	441,157		6,982
	Reckitt Benckiser plc (Household products)	258,948		12,677
	Rightmove plc (Media)	107,331		954
*	Rolls-Royce Group plc (Aerospace & defense)	1,507,821		11,378
	Rotork plc (Electronic equipment & instruments)	414,880		7,507
	RPS Group plc (Commercial services & supplies)	1,148,865		4,135
	Serco Group plc (Commercial services & supplies)	741,447		5,996
	Standard Chartered plc (Commercial banks)	781,814		19,312
*	Telecity Group plc (Internet software & services)	231,427		1,186
	Tullow Oil plc (Oil, gas & consumable fuels)	299,931		5,427
	Ultra Electronic Holdings plc (Aerospace & defense)	180,123		3,860
	Vedanta Resources plc (Metals & mining)	160,938		4,898
	VT Group plc (Aerospace & defense)	690,810		6,240
	The Weir Group plc (Machinery)	342,924		3,716
				246,771
	Emerging Asia - 18.6%
	China - 5.8%
*	Baidu, Inc. - ADR (Internet software & services)	10,011		3,915
	China Dongxiang (Group) Co., Ltd. (Textiles, apparel, & luxury goods)	7,417,000		4,933
	China High Speed Transmission (Electrical equipment)	1,940,000		3,963
	China Railway Construction Corporation Limited (Construction & engineering)	2,030,000		2,690
	China Shenhua Energy Company Limited (Oil, gas, & consumable fuels)	1,313,500		5,693
*	China Zhongwang Holdings Limited (Metals & mining)	4,976,400		4,893
	CNOOC Limited (Oil, gas & consumable fuels)	5,711,000		7,699
*	Ctrip.com International, Ltd. - ADR (Hotels, restaurants, & leisure)	97,275		5,719
	Dongfeng Motor Group Company Limited (Automobiles)	8,346,000		8,828
	Geely Automobile Holdings Limited (Automobiles)	10,155,000		2,758
	Hengan International Group Co., Ltd. (Personal products)	840,000		5,070
	Industrial and Commercial Bank of China (Commercial banks)	15,858,000		11,893
	Minth Group, Ltd. (Auto components)	1,572,000		1,409
*	New Oriental Education & Technology Group, Inc. - ADR (Diversified consumer services)	39,709		3,195
	Shandong Weigao Group Medical Polymer Company, Ltd. (Health care equipment & supplies)	632,000		2,085
				74,743
	India - 5.8%
	Bharat Heavy Electricals, Ltd. (Electrical equipment)	250,578		12,069
	Educomp Solutions Limited (Diversified consumer services)	53,051		5,151
	Hero Honda Motors Limited (Automobiles)	264,512		9,168
	Housing Development Finance Corp. (Thrifts & mortgage finance)	143,899		8,304
	Infosys Technologies Limited (IT services)	243,748		11,634
	Jindal Steel & Power Limited (Metals & mining)	303,792		3,684
	Larsen & Toubro, Ltd. (Construction & engineering)	308,332		10,772
	Lupin Limited (Pharmaceuticals)	51,101		1,204
	Reliance Industries Limited (Oil, gas, & consumable fuels)	171,657		7,816
	Unitech Limited (Real estate management & development)	2,348,900		5,211
				75,013
	Indonesia - 2.2%
	PT Astra International Tbk (Automobiles)	2,673,500		9,170
	PT Bank Rakyat Indonesia (Commercial banks)	11,750,000		9,061
	PT London Sumatra Indonesia (Food products)	3,384,000		2,660
	PT United Tractors Tbk (Machinery)	4,399,500		7,068
				27,959
	Malaysia - 1.0%
	CIMB Group Holdings Berhad (Commercial banks)	2,372,300		7,590
	IOI Corporation Berhad (Food products)	2,373,200		3,550
	Kuala Lampur Kepg (Food products)	579,500		2,305
				13,445
	South Korea - 2.1%
	Hyundai Motor Company (Automobiles)	72,823		6,874
	LG Household & Health Care, Ltd. (Household products)	33,773		7,563
	MegaStudy Co., Ltd. (Diversified consumer services)	24,492		5,017
	Samsung Fire & Marine Insurance Co., Ltd. (Insurance)	35,941		7,337
				26,791
	Taiwan - 1.6%
	Siliconware Precision Industries Co., Ltd. (Semiconductors & semiconductor equipment)	3,797,000		5,343
	Taiwan Semiconductor Manufacturing Company Ltd. (Semiconductors & semiconductor equipment)	5,366,000		10,619
	Yuanta Financial Holding Co., Ltd. (Capital markets)	6,443,000		4,748
				20,710
	Thailand - 0.1%
	CP ALL PCL (Food & staples retailing)	1,541,200		927

	Issuer	Shares	Value
	Japan - 13.3%
	Canon, Inc. (Office electronics)	242,800	$	9,728
	Daikin Industries, Ltd. (Building products)	290,400		10,404
	Fanuc, Ltd. (Machinery)	50,900		4,546
	Fast Retailing Co., Ltd. (Specialty retail)	148,000		18,694
	Gree, Inc. (Internet software & services)	31,600		1,718
	Honda Motor Company, Ltd. (Automobiles)	721,900		21,924
	Jupiter Telecommunications Co., Ltd. (Media)	9,203		8,899
	Kabu.com Securities Co., Ltd. (Capital markets)	2,039		2,458
	Kakaku.com, Inc. (Internet software & services)	545		2,000
	Keyence Corporation (Electronic equipment, instruments & components)	30,400		6,477
	Komatsu, Ltd. (Machinery)	503,500		9,396
	K’s Holdings Corporation (Specialty retail)	74,400		2,489
	Kurita Water Industries, Ltd. (Machinery)	184,200		6,594
	Miraca Holdings, Inc. (Health care equipment & supplies)	28,084		916
	Misumi Group, Inc. (Trading companies & distributors)	137,100		2,866
	Nitori Company, Ltd. (Specialty retail)	59,280		5,044
	Park24 Co., Ltd. (Commercial services & supplies)	178,100		2,044
	Point, Inc. (Specialty retail)	79,070		5,219
	Shin-Etsu Chemical Co., Ltd. (Chemicals)	125,700		7,711
	Softbank Corp. (Wireless telecommunication services)	721,900		15,823
	Start Today Co., Ltd. (Internet & catalog retail)	1,236		2,487
	Sumitomo Trust & Banking Co., Ltd. (Commercial banks)	1,549,000		8,185
	Terumo Corporation (Health care equipment & supplies)	142,400		7,810
	Unicharm Petcare (Food products)	53,100		1,978
	YAHOO! Japan Corporation (Internet software & services)	19,771		6,699
				172,109
	Asia - 8.7%
	Australia - 5.0%
	BHP Billiton Limited - ADR (Metals & mining)	551,491		18,188
	Cochlear Limited (Health care equipment & supplies)	55,992		3,293
	Energy Resources of Australia Limited (Oil, gas & consumable fuels)	139,897		3,100
	JB Hi-Fi Limited (Specialty retail)	206,634		3,610
	QBE Insurance Group Limited (Insurance)	753,102		15,923
	Woolworths Limited (Food & staples retailing)	348,049		8,971
	WorleyParsons Limited (Energy equipment & services)	450,438		11,749
				64,834
	Hong Kong - 1.9%
	Li & Fung, Ltd. (Distributors)	3,706,000		14,848
	Noble Group Limited (Trading companies & distributors)	5,896,560		10,170
				25,018
	New Zealand - 0.1%
	Fisher & Paykel Healthcare Corp., Ltd. (Health care equipment & supplies)	614,526		1,454
	Singapore - 1.7%
	Capitaland, Ltd. (Real estate management & development)	2,838,000		7,441
	Olam International, Ltd. (Food & staples retailing)	5,022,400		8,848
	Wilmar International, Ltd. (Food products)	1,329,000		5,920
				22,209
	Emerging Latin America - 3.7%
	Brazil - 2.6%
	BM&F Bovespa S.A. (Diversified financial services)	759,500		5,599
*	GP Investments, Ltd. (Capital markets)	720,500		3,986
*	GVT Holding S.A. (Diversified telecommunication services)	217,500		4,978
	Localiza Rent a Car S.A. (Road & rail)	413,800		4,137
	Lojas Renner S.A. (Multiline retail)	130,500		2,288
	MRV Engenharia e Particpacpoes, S.A. (Household durables)	50,693		973
	Natura Cosmeticos S.A. (Personal products)	454,800		8,202
	PDG Realty S.A. Empreendimentos e Participacoes (Household durables)	58,400		485
	Redecard S.A. (IT services)	83,300		1,281
	SLC Agricola S.A. (Food products)	196,800		1,693
				33,622
	Mexico - 0.4%
	Banco Compartamos S.A. de C.V. (Consumer finance)	544,800		1,990
*	Megacable Holdings S.A.B. de C.V. (Media)	1,516,100		2,864
				4,854
	Panama - 0.2%
	Copa Holdings, S.A. (Airlines)†	54,780		2,437
	Peru - 0.5%
	Credicorp, Ltd. (Commercial banks)†	76,601		5,956

	Issuer	Shares or Principal Amount		Value
	Emerging Europe, Mid-East, Africa - 3.7%
	Israel - 0.5%
	Teva Pharmaceutical Industries, Ltd. - ADR (Pharmaceuticals)		122,156	$	6,176
	South Africa - 2.8%
*	Aspen Pharmacare Holdings Limited (Pharmaceuticals)		637,592		5,270
	MTN Group, Ltd. (Wireless telecommunication services)		564,737		9,213
	Naspers Limited (Media)		398,000		13,624
	Shoprite Holdings Limited (Food & staples retailing)		510,747		4,219
	Wilson Bayly Holmes-Ovcon Limited (Construction & engineering)		266,560		4,484
					36,810
	Turkey - 0.4%
	Bim Birlesik Magazalar A.S. (Food & staples retailing)		137,445		5,622
	Canada - 2.4%
	Brookfield Asset Management, Inc., Class “A” (Real estate management & development)†		646,798		14,689
*	Consolidated Thompson (Metals & mining)		229,669		1,178
	Niko Resources Ltd. (Oil, gas, & consumable fuels)		65,335		5,111
	Shoppers Drug Mart Corporation (Food & staples retailing)		81,100		3,328
	Tim Hortons, Inc. (Hotels, restaurants & leisure)		245,413		6,977
					31,283
	Total Common Stock - 95.4% (cost $966,442)				1,235,963
	Convertible Bond
	Brazil - 0.1%
	Lupatech S.A., 6.500%, due 4/15/18 (Machinery)**	$	941		556
	Total Investment in Convertible Bond - 0.1% (cost $492)				556
	Investment in Affiliate
	William Blair Ready Reserves Fund		4,535		4,535
	Total Investment in Affiliate - 0.3% (cost $4,535)				4,535
	Short-Term Investments
	American Express Credit Corp. Demand Note, VRN 0.096%, due 10/1/09	$	1,000		1,000
	Total Short-term Investments - 0.1% (cost $1,000)				1,000
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.030% dated 9/30/09, due 10/1/09, repurchase price $154,643, collateralized by FNMA, 5.000% due 3/15/16	$	57,692		57,692
	Total Repurchase Agreement - 4.4% (cost $57,692)				57,692
	Total Investments - 100.3% (cost $1,030,161)				1,299,746
	Liabilities, plus cash and other assets - (0.3)%				(4,270	)
	Net assets - 100.0%			$	1,295,476

* Non-income producing securities

† U.S. listed foreign security

ADR = American Depository Receipt

VRN = Variable Rate Note

** Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.04% of the net assets at September 30, 2009. This security was also deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees.

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund uses an independent pricing service on a daily basis to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolios of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2009 (Unaudited)

At September 30, 2009 the Fund’s Portfolio of Investments includes the following industry categories:

Consumer Discretionary	19.7	%
Financials	18.5	%
Industrials	17.7	%
Consumer Staples	10.2	%
Information Technology	8.7	%
Materials	8.2	%
Energy	7.4	%
Health Care	5.7	%
Telecommunication Services	2.8	%
Utilities	1.1	%
Total	100.0	%

At September 30, 2009 the Fund’s Portfolio of Investments includes the following currency categories:

British Pound Sterling	19.9	%
Euro	17.8	%
Japanese Yen	13.9	%
Hong Kong Dollar	6.2	%
Indian Rupee	6.1	%
Australian Dollar	5.3	%
Swiss Franc	5.1	%
United States Dollar	3.4	%
South African Rand	3.0	%
Brazilian Real	2.7	%
Singapore Dollar	2.6	%
Danish Krone	2.5	%
Indonesian Rupiah	2.3	%
South Korean Won	2.2	%
New Taiwan Dollar	1.7	%
Swedish Krona	1.6	%
Canadian Dollar	1.4	%
Malaysian Ringgit	1.1	%
All Other Currencies	1.2	%
Total	100.0	%

See accompanying Notes to Portfolios of Investments.

Institutional International Equity Fund

Portfolio of Investments, September 30, 2009 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares	Value
	Common Stocks
	Europe - 32.2%
	Denmark - 2.2%
	Novo-Nordisk A/S (Pharmaceuticals)	99,207	$	6,240
*	Vestas Wind Systems A/S (Electrical equipment)	27,976		2,039
				8,279
	France - 5.3%
	Alstom S.A. (Electrical equipment)	80,867		5,922
	Iliad S.A. (Diversified telecommunication services)	34,176		3,860
	Schneider Electric S.A. (Electrical equipment)	46,403		4,721
	Vinci S.A. (Construction & engineering)	93,566		5,313
				19,816
	Spain - 5.2%
	Banco Santander S.A. (Commercial banks)	246,339		3,979
	Iberdrola Renovables (Independent power producers & energy traders)	565,580		2,790
	Inditex Group (Specialty retail)	96,248		5,535
	Telefonica, S.A. (Diversified telecommunication services)	260,455		7,206
				19,510
	Germany - 2.0%
	E. ON AG (Electric utilities)	91,963		3,892
	SAP AG (Software)	73,284		3,554
				7,446
	Ireland- 2.3%
	CRH plc (Materials)	142,176		3,937
*	Ryanair Holdings plc - ADR (Airlines)	157,412		4,571
				8,508
	Belgium - 1.8%
	Anheuser-Busch Inbev S.A. NV (Beverages)	149,751		6,869
	Italy - 1.5%
	Saipem SpA (Energy equipment & services)	189,584		5,726
	Netherlands - 1.0%
*	Qiagen N.V. (Life sciences tools & services)	182,023		3,857
	Sweden - 1.0%
	Hennes & Maurtiz AB, Class “B” (Specialty retail)	64,950		3,651
	Switzerland - 9.9%
*	ABB, Ltd. (Electrical equipment)	243,141		4,889
*	Actelion, Ltd. (Biotechnology)	67,961		4,225
	Credit Suisse Group AG (Capital markets)	189,749		10,557
	GAM Holding, Ltd. (Capital market)	60,224		3,021
	Roche Holdings AG (Pharmaceuticals)	39,461		6,380
	Sonova Holding AG (Health care equipment & supplies)	17,949		1,816
	Zurich Financial Services (Insurance)	25,773		6,145
				37,033
	Issuer	Shares	Value
	Common Stocks - (continued)
	United Kingdom - 20.3%
	AMEC plc (Energy equipment & services)	222,689		2,697
	Amlin plc (Insurance)	319,583		1,962
*	Autonomy Corporation plc (Software)	208,841		5,453
*	Barclays plc (Commercial banks)	994,689		5,895
	BG Group plc (Oil, gas & consumable fuels)	423,452		7,380
	British Sky Broadcasting Group plc (Media)	745,981		6,834
	Capita Group plc (Professional services)	294,030		3,401
	Experian plc (Professional Services)	313,126		2,644
	HSBC Holdings plc (Commercial banks)	548,000		6,274
	Petrofac Limited (Energy equipment & services)	199,307		3,154
	Reckitt Benckiser plc (Household products)	132,430		6,483
	Rolls-Royce Group plc (Aerospace & defense)	785,532		5,927
	Rotork plc (Electronic equipment & instruments)	103,742		1,877
	Standard Chartered plc (Commercial banks)	210,388		5,197
	Tullow Oil plc (Oil, gas & consumable fuels)	302,989		5,482
	Vedanta Resources plc (Metals & mining)	169,114		5,147
				75,807
	Emerging Asia - 14.2%
	China - 5.0%
	China Life Insurance Co., Ltd. (Insurance)	964,000		4,206
	China Overseas Land & Investment, Ltd. (Real estate management & development)	1,786,000		3,844
	China Railway Construction Corporation Limited (Construction & engineering)	2,559,500		3,391
	CNOOC Limited (Oil, gas & consumable fuels)	2,769,000		3,733
	Li Ning Co., Ltd. (Textiles, apparel & luxury goods)	1,085,000		3,328
				18,502
	India - 5.6%
	Bharat Heavy Electricals, Ltd. (Electrical equipment)	89,036		4,288
	Bharti Airtel, Ltd. (Wireless telecommunication services)	537,883		4,666
*	Cairn India, Ltd. (Oil, gas & consumable fuels)	484,865		2,624
	HDFC Bank, Ltd.- ADR (Commercial banks)	17,800		2,107
	Infosys Technologies, Ltd. (IT services)	149,096		7,116
				20,801
	Indonesia - 0.9%
	PT Bank Rakyat Indonesia (Commercial banks)	4,331,500		3,340
	Taiwan - 2.7%
	Mediatek, Inc. (Semiconductors & semiconductor equipment)	231,462		3,847
	Siliconware Precision Industries Co., Ltd. (Semiconductors & semiconductor equipment)	1,954,000		2,749
	Taiwan Semiconductor, Ltd. (Semiconductors & semiconductor equipment)	1,805,809		3,574
				10,170

	Issuer	Shares		Value
	Japan- 10.2%
	Daikin Industries, Ltd. ( Building product)		97,100		3,479
	Fast Retailing Co., Ltd. (Specialty retail)		23,300		2,943
	Honda Motor Co., Ltd. (Automobiles)		147,400		4,477
	Jupiter Telecommunications Co., Ltd. (Media)		3,960		3,829
	Keyence Corporation (Electronic Equipment, instruments & components industry)		24,400		5,198
	Kurita Water Industries, Ltd. (Machinery)		160,600		5,749
	Mitsubishi Corporation (Trading companies & distribution)		237,000		4,767
	Sumitomo Trust & Banking Co., Ltd. (Commercial banks)		611,000		3,229
	Terumo Corporation (Health care equipment & supplies)		76,800		4,212
					37,883
	Asia- 7.7%
	Australia - 2.7%
	BHP Billiton Limited - ADR (Metals & mining)		52,623		3,474
	Woolworths Limited (Food & staples retailing)		122,408		3,155
	WorleyParsons Limited (Energy equipment & services)		131,249		3,423
					10,052
	Hong Kong - 2.8%
	ASM Pacific Technology Limited (Semiconductors & semiconductor equipment)		288,500		2,039
	Li & Fung, Ltd. (Distributors)		1,022,000		4,095
	Noble Group Limited (Trading companies & distributors)		2,454,000		4,233
					10,367
	Singapore - 2.2%
	Capitaland, Ltd. (Real estate management & development)		1,575,000		4,130
	Wilmar International, Ltd. - ADR (Food products)		891,000		3,969
					8,099
	Emerging Europe, Mid-East, Africa - 5.8%
	Israel - 2.1%
	Teva Pharmaceutical Industries, Ltd. - ADR (Pharmaceuticals)		151,549		7,662
	South Africa - 2.9%
	MTN Group, Ltd. (Wireless telecommunication services)		351,918		5,741
	Naspers, Ltd. (Media)		143,900		4,926
					10,667
	Turkey - 0.8%
	Turkiye Garanti Bankasi A.S.- ADR (Commercial banks)		790,891		3,004
	Canada- 5.6%
	Agnico-Eagle Mines Limited (Metals & mining)†		20,322	$	1,379
	Brookfield Asset Management, Inc., Class “A” (Real estate management & development)†		170,353		3,869
	Canadian National Railway Company (Road & rail)†		113,805		5,575
	Goldcorp Holdings Co. (Metals & Mining)†		65,515		2,645
*	Research In Motion Limited (Communications equipment)		40,647		2,746
	Shoppers Drug Mart Corporation (Food & staples retailing)		64,143		2,633
	Tim Hortons, Inc. (Hotels, restaurants & leisure)		71,783		2,041
					20,888
	Issuer	Shares or Principal Amount		Value
	Common Stocks-(continued)
	Emerging Latin America - 2.2%
	Brazil - 2.2%
	BM&F BOVESPA S.A. (Diversified financial services)		444,571	$	3,277
	Petroleo Brasileiro S.A.- ADR (Oil, gas & consumable fuels)		54,827		2,517
	Redecard S.A. (IT services)		54,400		837
	Weg S.A. (Machinery)		166,300		1,585
					8,216
	Total Common Stock - 98.2%
	(cost $287,459)				366,153
	Preferred Stocks
	Brazil - 1.2%
	Petroleo Brasileiro S.A. (Oil, gas & consumable fuels)		225,079		4,447
	Total Preferred Stocks - 1.2% (cost $2,235)				4,447
	Investment in Affiliate
	William Blair Ready Reserves Fund		952,653		953
	Total Investment in Affiliate - 0.2% (cost $953)				953
	Repurchase Agreement
	State Street Bank and Trust Company, 0.020% dated 9/30/09 due 10/1/09, repurchase price $5,965, collateralized by U.S Treasury Bill, 0.160%, due 3/18/10	$	1,137		1,137
	Total Repurchase Agreement - 0.3% (cost $1,137)				1,137
	Total Investments - 99.9% (cost $291,784)				372,690
	Cash and other assets, less liabilities - 0.1%				170
	Net assets - 100.0%			$	372,860

* Non-income producing securities

† U.S. Listed Foreign Common Stock

ADR = American Depository Receipt

For securities, primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund uses an independent pricing service on a daily basis to fair value price the securities pursuant to Valuation Procedures approved by the Board of Trustees.

See accompanying Notes to Portfolios of Investments.

Institutional International Equity Fund

Portfolio of Investments, September 30, 2009 (unaudited)

At September 30, the Fund’s Portfolio of Investments includes the following industry categories:

Financials	20.0	%
Industrials	19.6	%
Consumer Discretionary	11.2	%
Energy	11.1	%
Information Technology	10.5	%
Health Care	9.3	%
Consumer Staples	6.2	%
Telecommunication Services	5.8	%
Materials	4.5	%
Utilities	1.8	%
Total	100.0	%

At September 30, the Fund’s Portfolio of Investments includes the following currency categories:

British Pound Sterling	18.8	%
Euro	18.1	%
Japanese Yen	10.2	%
Swiss Franc	10.0	%
U.S. Dollar	9.3	%
Hong Kong Dollar	8.4	%
Indian Rupee	5.6	%
Singapore Dollar	3.3	%
South African Rand	2.9	%
Brazilian Real	2.7	%
New Taiwan Dollar	2.7	%
Danish Krone	2.2	%
Australian Dollar	1.8	%
Canadian Dollar	1.3	%
Swedish Krona	1.0	%
All Other Currencies	1.7	%
Total	100.0	%

Notes to Portfolios of Investments

(1) Significant Accounting Policies

(a) Description of the Fund

William Blair Funds (the “Fund”) is a diversified mutual fund registered under the Investment Company Act of 1940, as amended, as an open-end management investment company. For each portfolio, the number of shares authorized is unlimited. The Fund currently consists of the following seventeen portfolios (the “Portfolios”), each with its own investment objectives and policies.

Equity Portfolios	International Portfolios
Growth	International Growth
Large Cap Growth Small Cap Growth	International Equity International Small Cap Growth
Mid Cap Growth	Emerging Markets Growth
Small-Mid Cap Growth	Emerging Leaders Growth
Value Discovery	Institutional International Growth
	Institutional International Equity
Global Portfolio	Fixed-Income Portfolios
Global Growth	Bond
	Income
	Money Market Portfolio
	Ready Reserves

The investment objectives of the Portfolios are as follows:

Equity   ………………………………………	Long-term capital appreciation.
Global   ………………………………………	Long-term capital appreciation.
International …………………………………	Long-term capital appreciation.
Fixed-Income…………………………………	High level of current income with relative stability of principal (Income) or maximize total return (Bond).
Money Market  ………………………………	Current income, a stable share price and daily liquidity.

1

(b) Investment Valuation

The market value of domestic equity securities and options is determined by valuing securities traded on national securities exchanges or markets or in the over-the-counter markets at the last sales price or, if applicable, the official closing price or, in the absence of a sale on the date of valuation, at the latest bid price.

The Board of Trustees has determined that the passage of time between when the foreign exchanges or markets close and when the Portfolios compute their net asset values could cause the value of international securities to no longer be representative or accurate, and as a result, necessitates that such securities be fair valued on a daily basis. Accordingly, for international securities, if the foreign exchange or market on which a security is primarily traded closes before the close of regular trading on the New York Stock Exchange (generally 4:00 p.m. Eastern time), the Portfolios use an independent pricing service on a daily basis to fair value price the security as of the close of regular trading on the New York Stock Exchange. As a result, a Portfolio’s value for a security may be different from the last sale price (or the latest bid price). The independent pricing service may not provide a fair value price for all international securities owned by a Portfolio trading on a foreign exchange or market that closes before the close of regular trading on the New York Stock Exchange. For these securities and all other foreign securities, the value of the security is determined based upon the last sale price on the foreign exchange or market on which it is primarily traded and in the currency of that market as of the close of the appropriate exchange or, if there have been no sales during that day, at the latest bid price.

Long-term, fixed-income securities are valued based on market quotations, or by independent pricing services that use prices provided by market makers or by estimates of market values obtained from yield data relating to instruments or securities with similar characteristics.

Investments in other funds are valued at the underlying fund’s net asset value on the date of valuation. Other securities, and all other assets, including securities for which a market price is not available, or the value of which is affected by a significant valuation event, are valued at fair value as determined in good faith by the Pricing or Valuation Committee, in accordance with the Fund’s Valuation Procedures approved by the Board of Trustees. As of September 30, 2009, there were securities held in the Small Cap Growth, International Growth, International Small Cap Growth, Emerging Markets Growth and Institutional International Growth Portfolio requiring fair valuation pursuant to the Fund’s Valuation Procedures. Securities held in the Ready Reserves Fund are valued at amortized cost, which approximates market value.

(c) Investment income and transactions

Dividend income is recorded on the ex-dividend date, except for those dividends from certain foreign securities that are recorded as soon as the information is available. Foreign currency gains and losses associated with fluctuations in the foreign currency rate versus the United States dollar are recorded in the Statement of Operations as a component of the net realized gain (loss) on foreign currency transactions and other assets and liabilities.

Premiums and discounts are accreted and amortized on a straight-line basis for short-term investments and on an effective interest method for long-term investments.

Interest income is recorded on an accrual basis, adjusted for amortization of premium or discount. Variable rate bonds and floating rate notes earn interest at coupon rates that fluctuate at specific time intervals. The interest rates shown in the Portfolio of Investments for the Bond, Income, and Ready Reserves Portfolios were the rates in effect on September 30, 2007. Put bonds may be redeemed at the discretion of the holder on specified dates prior to maturity.

Paydown gains and losses on mortgage and asset-backed securities are treated as an adjustment to interest income. For the period ended September 30, 2009, the Bond and Income Portfolios recognized a reduction of interest income and a reduction of net realized loss of $68 and $402, respectively (in thousands). This reclassification has no effect on the net asset value of the Portfolio.

Security and shareholder transactions are accounted for no later than one business day following the trade date. However, for financial reporting purposes, security and shareholder transactions are accounted for on the trade date of the last business day of the reporting period. Realized gains and losses from securities transactions are recognized on the basis of high cost lot sell selection.

Awards from class action litigation may be recorded as a reduction of cost. If the Funds no longer own the applicable securities, the proceeds are recorded as realized gains.

2

(d) Foreign Currency Translation and Forward Foreign Currency Contracts

The Global Growth, International Growth, International Equity, International Small Cap Growth, Emerging Markets Growth, Emerging Leaders Growth, Institutional International Growth and Institutional International Equity Portfolios may invest in securities denominated in foreign currencies. As such, assets and liabilities denominated in foreign currencies are translated into U.S. dollar amounts at the current exchange rate on the date of valuation. The values of foreign investments, open foreign currency forward contracts, and cash denominated in foreign currencies are translated into U.S. dollars using a spot market rate of exchange as of the time of the determination of each portfolio’s NAV, typically 4:00 p.m. Eastern time on days when there is regular trading on the New York Stock Exchange. Payables and receivables for securities transactions, dividends, interest income and tax reclaims are translated into U.S. dollars using a spot market rate of exchange as of 4:00 p.m. Eastern time. Settlement of purchases and sales and dividend and interest receipts are translated into U.S. dollars using a spot market rate of exchange as of 11:00 a.m. Eastern time.

The Portfolios may enter into foreign currency forward contracts (1) as a means of managing the risks associated with changes in the exchange rates for the purchase or sale of a specific amount of a particular foreign currency, or (2) to hedge the value, in U.S. dollars, of portfolio securities. Gains and losses from foreign currency transactions associated with purchases and sales of investments and foreign currency forward contracts are included with the net realized and unrealized gain or loss on investments. For tax purposes these foreign currency gains and losses are treated as ordinary income. As of September 30, 2009 the Portfolios had outstanding forward contracts as follows:

INTERNATIONAL GROWTH FUND

Short Contracts	Settlement Date Range	Local Currency	Current Value	Unrealized Gain/Loss
British Pound Sterling	10/14/09 - 10/15/09	108,416	173,256		8,109
European Monetary Unit	10/13/09	93,996	137,548		(1,536	)
Swiss Franc	10/13/09 - 10/15/09	47,568	45,906		(23	)
				$	6,550

INTERNATIONAL EQUITY FUND

Short Contracts	Settlement Date Range	Local Currency	Current Value	Unrealized Gain/Loss
British Pound Sterling	10/14/09 - 10/15/09	1,523	2,434	$	158
				$	158
Long Contracts	Settlement Date	Local Currency	Current Value	Unrealized Gain/Loss
British Pound Sterling	10/14/09 - 10/15/09	1,523	2,434		(89	)
				$	(89	)

INSTITUTIONAL INTERNATIONAL GROWTH FUND

Short Contracts	Settlement Date Range	Local Currency	Current Value	Unrealized Gain/Loss
British Pound Sterling	10/14/09 - 10/15/09	32,679	52,223		2,456
European Monetary Unit	10/13/09	28,057	41,057		(475	)
Swiss Franc	10/15/09 - 10/15/09	14,328	13,828		(7	)
				$	1,974

(e) Income Taxes

Each Portfolio intends to comply with the provisions of Subchapter M of the Internal Revenue Code available to regulated investment companies.

The Global Growth, International Growth, International Equity, International Small Cap Growth, Emerging Markets Growth, Emerging Leaders Growth, Institutional International Growth and Institutional International Equity Portfolios may be subject to a tax imposed on net realized gains on securities of certain foreign countries.

Each Portfolio is subject to the provisions of FASB (Financial Accounting Standards Board) Interpretation No. 48, Accounting for Uncertainties in Income Taxes (FIN 48). FIN 48 provides guidance for how uncertain tax positions should be recognized, measured, presented and disclosed in the financial statements. Management has evaluated the implications of FIN 48 and all of the uncertain tax positions of the Portfolios and has determined that no liability is required to be recorded in the financial statements as of December 31, 2008 and June 30, 2009.

The statute of limitations on the Portfolios’ tax returns remains open for the tax years 2005, 2006, 2007 and 2008 and those tax returns are still subject to examination.

The Global Growth, International Growth, International Equity, International Small Cap Growth, Emerging Markets Growth, Emerging Leaders Growth, Institutional International Growth and Institutional International Equity Portfolios have elected to mark-to-market their investments in Passive Foreign Investment Companies (“PFICs”) for Federal income tax purposes. The Portfolios also treat the deferred loss associated with current and prior year wash sales as an adjustment to the cost of investments for tax purposes. The cost of investments for Federal income tax purposes and related gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) at September 30, 2009, were as follows (in thousands):

Portfolio	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ Depreciation
Growth	$	287,764	$	60,806	$	8,322	$	52,484
Large Cap Growth		25,191		3,276		271		3,005
Small Cap Growth		669,769		136,110		67,275		68,835
Mid Cap Growth		47,649		11,745		197		11,548
Small-Mid Cap Growth		116,569		22,419		2,682		19,737
Global Growth		30,977		7,009		422		6,587
International Growth		3,498,595		853,397		34,562		818,835
International Equity		238,444		54,513		3,739		50,774
International Small Cap Growth		310,610		79,233		5,590		73,643
Emerging Markets Growth		726,673		208,255		6,091		202,164
Emerging Leaders Growth		76,090		26,629		6		26,623
Value Discovery		51,780		3,608		2,513		1,095
Bond		134,422		7,905		933		6,972
Income		117,713		7,056		657		6,399
Ready Reserves		1,345,918		—		—		—
Institutional International Growth		1,047,409		266,347		12,042		254,305
Institutional International Equity		301,585		75,874		4,705		71,169

3

(f) Fair Value Measurements

The Portfolios adopted SFAS No. 157 effective January 1, 2008. In accordance with SFAS 157, “fair value” is defined as the price that a Portfolio would receive upon selling a security in an orderly transaction to an independent buyer in the principal or most advantageous market for the investment. Various inputs are used in determining the value of a Portfolio’s investments. SFAS 157 established a three-tier hierarchy of inputs to classify value measurements for disclosure purposes. The three-tier hierarchy of inputs is summarized in the three broad Levels listed below.

• Level 1 – Quoted prices in active markets for identical security.

• Level 2 – Prices determined using other significant observable inputs. Observable inputs are inputs that other market participants would use in pricing a security. These may include quoted prices for similar securities, interest rates, prepayment speeds, credit risk and others.

• Level 3 – Prices determined using significant unobservable inputs. In situations where quoted prices or observable inputs are unavailable (for example, when there is little or no market activity for an investment at the end of the period), unobservable inputs may be used. Unobservable inputs reflect the Fund’s own assumptions about the factors market participants would use in pricing an investment, and would be based on the best information available.

The inputs or methodology used for valuing an investment are not necessarily an indication of the risk associated with investing in those securities. For example, money market securities are valued using amortized cost, in accordance with rules under the 1940 Act. Generally, amortized cost approximates the current fair value of a security, but since the value is not obtained from a quoted price in an active market, such securities are reflected as Level 2.

At September 30, 2009, the Portfolios held no other financial instruments, such as, options, futures, or foreign currency forward contracts, that required fair valuation. The Small Cap Growth Portfolio holds warrants that were valued using the intrinsic pricing method. Pursuant to this methodology, the warrants had no value at September 30, 2009.

4

As of September 30, 2009 the hierarchical input levels of securities in each Portfolio are as follows (in thousands):

	Growth		Large Cap Growth	Small Cap Growth	Mid Cap Growth	Small-Mid Cap Growth	Global Growth
Level 1 - Quoted prices
Common Stock	$	325,178	27,796	722,159	57,993	130,318	15,805
Preferred Stock		—	—	—	—	—	420
Short-Term Investments		1,262	—	3,297	19	23	29
Level 2 - Other significant observable inputs
Common Stock		—	—	—	—	—	21,233
Short-Term Investments		13,808	400	10,131	1,185	5,965	77
Level 3 - Significant unobservable inputs
Common Stock		—	—	3,017	—	—	—
Fund Total	$	340,248	28,196	738,604	59,197	136,306	37,564
	International Growth		International Equity	International Small Cap Growth	Emerging Markets Growth	Emerging Leaders Growth	Value Discovery
Level 1 - Quoted prices
Common Stock	$	343,838	36,538	29,059	232,227	22,858	52,079
Preferred Stock		—	3,491	—	48,760	4,842	—
Forward Contracts		6,550	25	—	—	—	—
Short-Term Investments		6,376	5	489	66	440	4
Level 2 - Other significant observable inputs
Common Stock		3,798,193	245,425	342,349	608,096	74,554	—
Preferred Stock		—	—	—	—	—	394
Convetible Bonds		1,698	—	566	946	—	—
Short-Term Investments		160,643	3,712	11,775	38,707	—	398
Level 3 - Significant unobservable inputs
Fund Total	$	4,317,298	289,196	384,238	928,802	102,694	52,875

	Bond		Income	Ready Reserves
Level 1 - Quoted Prices
US Government and Agency Bonds	$	3,895	5,258
Short-Term Investments		—	—	207,346
Level 2 - Other significant observable inputs
US Government and Agency Bonds		62,289	35,528	209,552
Corporate Bonds		68,398	72,612	51,773
Asset Backed Bonds		6,812	9,563	101,437
Commercial Paper		—	—	775,810
Short-Term Investments		—	1,151
Level 3 - Significant unobservable inputs
Fund Total	$	141,394	124,112	1,345,918

	Institutional International Growth		Institutional International Equity
Level 1 - Quoted prices
Common Stock	$	102,974	46,915
Preferred Stock		—	4,447
Forward Contracts		1,974	32
Short-Term Investments		4,535	953
Level 2 - Other significant observable inputs
Common Stock		1,132,989	319,238
Convetible Bonds		556	—
Short-Term Investments		58,692	1,137
Level 3 - Significant unobservable inputs
Fund Total	$	1,301,720	372,722

Level 1 Common Stocks are exchange traded securities with a quoted price. Typically, Level 2 Common Stocks are non-U.S. exchange traded securities with a quoted price that are fair valued daily by an independent pricing service approved by the Board of Trustees.

The following is a reconciliation of Level 3 securities for which significant unobservable inputs were used to determine fair value:

	Balance January 1, 2009		Net Purchases (Sales)			Transfers to Level 3		Change in Unrealized Gain(Loss)			Balance September 30, 2009
Small Cap Growth	$	3,017	$	—		$	—	$	—		$	3,017
Bond		43		(15	)		—		(28	)		—
Income		1,856		(562	)		—		(1,294	)		—

The fair value estimate for the level 3 security in the Small Cap Portfolio was valued in good faith by the Pricing Committee, in consultation with the Valuation Committee, pursuant to the Valuation Procedures adopted by the Board of Trustees. There were various factors considered in reaching this fair value determination, including but not limited to the following: the type of security, the extent of public trading of the security, information obtained from the broker-dealer for the security, analysis of the company’s performance and market trends that influence its performance. At September 30, 2009, this security represent 0.41% of the net assets of the Small Cap Growth Portfolio.

5

Item 2. Controls and Procedures

(a) The Registrant’s Principal Executive Officer and Principal Financial Officer have concluded that the Registrant’s disclosure controls and procedures are effective, as of a date within 90 days of the filing date of the report that includes the disclosure required by this paragraph, based on their evaluation of these controls and procedures.

(b) There was no change in the Registrant’s internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the Registrant’s last fiscal quarter that has materially affected, or is reasonably likely to materially affect, the Registrant’s internal control over financial reporting.

Item 3. Exhibits

Separate certifications for the Registrant’s Principal Executive Officer and Principal Financial Officer, as required by Section 302 of the Sarbanes-Oxley Act of 2002 and Rule 30a-2(a) under the Investment Company Act of 1940, are attached as exhibit EX-99.CERT.

SIGNATURES

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, the Registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.

WILLIAM BLAIR FUNDS
By:	/s/ Michelle R. Seitz
	Michelle R. Seitz President

Date: November 19, 2009

Pursuant to the requirements of the Securities and Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the Registrant and in the capacities and on the dates indicated.

By:	/s/ Michelle R. Seitz
	Michelle R. Seitz President (Principal Executive Officer)

Date: November 19, 2009

By:	/s/ Colette M. Garavalia
	Colette M. Garavalia
	Treasurer (Principal Financial Officer)

Date: November 19, 2009

EX-99.CERT

CERTIFICATIONS

I, Michelle R. Seitz, certify that:

1. I have reviewed this report on Form N-Q of WILLIAM BLAIR FUNDS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 19, 2009

/s/ Michelle R. Seitz

Michelle R. Seitz

President (Principal Executive Officer)

CERTIFICATIONS

I, Colette M. Garavalia, certify that:

1. I have reviewed this report on Form N-Q of WILLIAM BLAIR FUNDS;

2. Based on my knowledge, this report does not contain any untrue statement of a material fact or omit to state a material fact necessary to make the statements made, in light of the circumstances under which such statements were made, not misleading with respect to the period covered by this report;

3. Based on my knowledge, the schedules of investments included in this report fairly present in all material respects the investments of the registrant as of the end of the fiscal quarter for which the report is filed;

4. The registrant’s other certifying officer and I are responsible for establishing and maintaining disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940) and internal control over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) for the registrant and have:

(a) Designed such disclosure controls and procedures, or caused such disclosure controls and procedures to be designed under our supervision, to ensure that material information relating to the registrant, including its consolidated subsidiaries, is made known to us by others within those entities, particularly during the period in which this report is being prepared;

(b) Designed such internal control over financial reporting, or caused such internal control over financial reporting to be designed under our supervision, to provide reasonable assurance regarding the reliability of financial reporting and the preparation of financial statements for external purposes in accordance with generally accepted accounting principles;

(c) Evaluated the effectiveness of the registrant’s disclosure controls and procedures and presented in this report our conclusions about the effectiveness of the disclosure controls and procedures, as of a date within 90 days prior to the filing date of this report, based on such evaluation; and

(d) Disclosed in this report any change in the registrant’s internal control over financial reporting that occurred during the registrant’s most recent fiscal quarter that has materially affected, or is reasonably likely to materially affect, the registrant’s internal control over financial reporting; and

5. The registrant’s other certifying officer and I have disclosed to the registrant’s auditors and the audit committee of the registrant’s board of directors (or persons performing the equivalent functions):

(a) All significant deficiencies and material weaknesses in the design or operation of internal control over financial reporting which are reasonably likely to adversely affect the registrant’s ability to record, process, summarize, and report financial information; and

(b) Any fraud, whether or not material, that involves management or other employees who have a significant role in the registrant’s internal control over financial reporting.

Date: November 19, 2009

/s/ Colette M. Garavalia

Colette M. Garavalia

Treasurer (Principal Financial Officer)