0001193125-12-509765.txt : 20121220 0001193125-12-509765.hdr.sgml : 20121220 20121220122656 ACCESSION NUMBER: 0001193125-12-509765 CONFORMED SUBMISSION TYPE: 497 PUBLIC DOCUMENT COUNT: 7 FILED AS OF DATE: 20121220 DATE AS OF CHANGE: 20121220 EFFECTIVENESS DATE: 20121220 FILER: COMPANY DATA: COMPANY CONFORMED NAME: WILLIAM BLAIR FUNDS CENTRAL INDEX KEY: 0000822632 IRS NUMBER: 000000000 FISCAL YEAR END: 1231 FILING VALUES: FORM TYPE: 497 SEC ACT: 1933 Act SEC FILE NUMBER: 033-17463 FILM NUMBER: 121276522 BUSINESS ADDRESS: STREET 1: 222 W ADAMS ST CITY: CHICAGO STATE: IL ZIP: 60606 BUSINESS PHONE: 3123648000 MAIL ADDRESS: STREET 1: 222 W ADAMS STREET CITY: CHICAGO STATE: IL ZIP: 60606 FORMER COMPANY: FORMER CONFORMED NAME: WILLIAM BLAIR MUTUAL FUNDS INC DATE OF NAME CHANGE: 19960112 FORMER COMPANY: FORMER CONFORMED NAME: BLAIR WILLIAM READY RESERVES INC DATE OF NAME CHANGE: 19920316 0000822632 S000019315 William Blair Global Growth Fund C000053607 Class N WGGNX C000053608 Class I WGFIX C000053609 Institutional Class 0000822632 S000021052 William Blair Emerging Leaders Growth Fund C000059867 Class I WBELX C000059868 Institutional Class WELIX C000088850 Class N 497 1 d451333d497.htm WILLIAM BLAIR FUNDS William Blair Funds

RULE 497 DOCUMENT

On behalf of William Blair Emerging Leaders Growth Fund and William Blair Global Growth Fund, each a series of William Blair Funds (the “Funds”), and pursuant to Rule 497(e) under the Securities Act of 1933, as amended (the “Securities Act”), the purpose of this filing is to submit an interactive data file in the manner provided by Rule 405 of Regulation S-T and General Instruction C.3(g) of Form N-1A. The interactive data file included as an exhibit to this filing relates to the supplement filed with the Securities and Exchange Commission on behalf of the Funds pursuant to Rule 497(e) under the Securities Act on December 10, 2012; such supplement (accession number 0001193125-12-497008) is incorporated by reference into this Rule 497 Document.

EX-101.INS 2 wbf2-20121212.xml XBRL INSTANCE DOCUMENT 0000822632 wbf2:S000021052Member wbf2:ClassNMember 2011-05-02 2012-05-01 0000822632 2011-05-02 2012-05-01 0000822632 wbf2:S000021052Member wbf2:ClassIMember 2011-05-02 2012-05-01 0000822632 wbf2:S000021052Member wbf2:InstitutionalClassMember 2011-05-02 2012-05-01 <center><b>WILLIAM BLAIR FUNDS</b></center><br/><center><b>SUPPLEMENT TO CLASS N PROSPECTUS DATED MAY 1, 2012</b></center><br/><b>WILLIAM BLAIR EMERGING LEADERS GROWTH FUND</b><br/><br/>Effective December&nbsp;31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.<br/><br/>The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary &#8211; Fund Performance History."<p style="text-align: start; margin-top: 12px; margin-bottom: 0px; text-indent: 5%"><b>FUND PERFORMANCE HISTORY:&nbsp;&nbsp;&nbsp;&nbsp;</b>The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance and by showing how the Fund&#8217;s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December&nbsp;31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to&nbsp;www.williamblair.com&nbsp;or call 1-800-635-2886.</p><br/>The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary &#8211; Fund Performance History &#8211; Average Annual Total Returns (For the periods ended December&nbsp;31, 2011)."<p style=" text-align: start; margin-top: 0px; margin-bottom: 0px">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse"><tr><td width="70%"></td><td valign="bottom" width="20%"></td><td></td><td></td><td></td><td valign="bottom" width="19%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>1&nbsp;Year</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>Life&nbsp;of&nbsp;the&nbsp; Fund</b><br/><b>(since&nbsp;March&nbsp;26,&nbsp;2008)</b></td><td valign="bottom">&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Emerging Leaders Growth Fund</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom">&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr><tr><td valign="top">Return Before Taxes</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.55</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.74</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Return After Taxes on Distributions</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(20.47</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(5.41</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">Return After Taxes on Distributions and Sale of Fund Shares</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(11.51</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.55</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">MSCI Emerging Markets Large Cap Index (net) (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(17.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">MSCI Emerging Markets Index (net) (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.49</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.30</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr></table><br/><br/>The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary &#8211; Principal Investment Strategies."<br/><br/>Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund&#8217;s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund&#8217;s investments are normally allocated among at least six different countries and no more than 50% of the Fund&#8217;s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements. 2012-05-01 WILLIAM BLAIR FUNDS 0000822632 2012-12-10 2012-12-10 false 2011-12-31 Other <center><b>WILLIAM BLAIR FUNDS</b></center><br/><center><b>SUPPLEMENT TO CLASS I PROSPECTUS DATED MAY 1, 2012</b></center><br/><b>WILLIAM BLAIR EMERGING LEADERS GROWTH FUND</b><br/><br/>Effective December&nbsp;31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.<br/><br/>The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary&#8212;Fund Performance History."<p style="text-align: start; margin-top: 12px; margin-bottom: 0px; text-indent: 5%"><b>FUND PERFORMANCE HISTORY:&nbsp;&nbsp;&nbsp;&nbsp;</b>The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance and by showing how the Fund&#8217;s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December&nbsp;31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to&nbsp;www.williamblair.com&nbsp;or call 1-800-635-2886.</p><br/>The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary&#8212;Fund Performance History&#8212;Average Annual Total Returns (For the periods ended December&nbsp;31, 2011)."<p style=" text-align: start; margin-top: 0px; margin-bottom: 0px">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse"><tr><td width="75%"></td><td valign="bottom" width="20%"></td><td></td><td></td><td></td><td valign="bottom" width="19%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>1&nbsp;Year</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>Life&nbsp;of&nbsp;the&nbsp; Fund</b><br/><b>(since&nbsp;March&nbsp;26,&nbsp;2008)</b></td><td valign="bottom">&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Emerging Leaders Growth Fund</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom">&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr><tr><td valign="top">Return Before Taxes</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.34</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.14</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Return After Taxes on Distributions</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(20.34</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.56</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">Return After Taxes on Distributions and Sale of Fund Shares</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(11.29</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(3.52</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">MSCI Emerging Markets Large Cap Index (net)<br/> (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(17.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">MSCI Emerging Markets Index (net)<br/> (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.49</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.30</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr></table><br/><br/>The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary &#8211; Principal Investment Strategies."<br/><br/>Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund&#8217;s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund&#8217;s investments are normally allocated among at least six different countries and no more than 50% of the Fund&#8217;s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements. <center><b>WILLIAM BLAIR FUNDS</b></center><br/><center><b>SUPPLEMENT TO INSTITUTIONAL CLASS PROSPECTUS DATED MAY 1, 2012</b></center><br/><b>WILLIAM BLAIR EMERGING LEADERS GROWTH FUND</b><br/><br/>Effective December&nbsp;31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.<br/><br/>The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary &#8211; Fund Performance History."<p style="text-align: start; margin-top: 12px; margin-bottom: 0px; text-indent: 5%"><b>FUND PERFORMANCE HISTORY:&nbsp;&nbsp;&nbsp;&nbsp;</b>The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance and by showing how the Fund&#8217;s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December&nbsp;31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to&nbsp;www.williamblair.com&nbsp;or call 1-800-635-2886.</p><br/>The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary &#8211; Fund Performance History &#8211; Average Annual Total Returns (For the periods ended December&nbsp;31, 2011)."<p style=" text-align: start; margin-top: 0px; margin-bottom: 0px">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse"><tr><td width="70%"></td><td valign="bottom" width="20%"></td><td></td><td></td><td></td><td valign="bottom" width="19%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>1&nbsp;Year</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>Life&nbsp;of&nbsp;the&nbsp; Fund</b><br/><b>(since&nbsp;March&nbsp;26,&nbsp;2008)</b></td><td valign="bottom">&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Emerging Leaders Growth Fund</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom">&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr><tr><td valign="top">Return Before Taxes</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.30</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.03</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Return After Taxes on Distributions</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(20.31</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.47</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">Return After Taxes on Distributions and Sale of Fund Shares</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(11.23</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(3.43</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">MSCI Emerging Markets Large Cap Index (net) (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(17.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">MSCI Emerging Markets Index (net) (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.49</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.30</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr></table><br/><br/>The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary &#8211; Principal Investment Strategies."<br/><br/>Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund&#8217;s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund&#8217;s investments are normally allocated among at least six different countries and no more than 50% of the Fund&#8217;s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements. <center><b>WILLIAM BLAIR FUNDS</b></center><br/><center><b>SUPPLEMENT TO CLASS N PROSPECTUS DATED MAY 1, 2012</b></center><br/><b>WILLIAM BLAIR EMERGING LEADERS GROWTH FUND</b><br/><br/>Effective December&nbsp;31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.<br/><br/>The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary &#8211; Fund Performance History."<p style="text-align: start; margin-top: 12px; margin-bottom: 0px; text-indent: 5%"><b>FUND PERFORMANCE HISTORY:&nbsp;&nbsp;&nbsp;&nbsp;</b>The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance and by showing how the Fund&#8217;s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December&nbsp;31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to&nbsp;www.williamblair.com&nbsp;or call 1-800-635-2886.</p><br/>The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary &#8211; Fund Performance History &#8211; Average Annual Total Returns (For the periods ended December&nbsp;31, 2011)."<p style=" text-align: start; margin-top: 0px; margin-bottom: 0px">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse"><tr><td width="70%"></td><td valign="bottom" width="20%"></td><td></td><td></td><td></td><td valign="bottom" width="19%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>1&nbsp;Year</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>Life&nbsp;of&nbsp;the&nbsp; Fund</b><br/><b>(since&nbsp;March&nbsp;26,&nbsp;2008)</b></td><td valign="bottom">&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Emerging Leaders Growth Fund</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom">&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr><tr><td valign="top">Return Before Taxes</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.55</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.74</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Return After Taxes on Distributions</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(20.47</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(5.41</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">Return After Taxes on Distributions and Sale of Fund Shares</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(11.51</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.55</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">MSCI Emerging Markets Large Cap Index (net) (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(17.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">MSCI Emerging Markets Index (net) (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.49</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.30</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr></table><br/><br/>The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary &#8211; Principal Investment Strategies."<br/><br/>Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund&#8217;s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund&#8217;s investments are normally allocated among at least six different countries and no more than 50% of the Fund&#8217;s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements.<br/><br/><center><b>WILLIAM BLAIR FUNDS</b></center><br/><center><b>SUPPLEMENT TO CLASS I PROSPECTUS DATED MAY 1, 2012</b></center><br/><b>WILLIAM BLAIR EMERGING LEADERS GROWTH FUND</b><br/><br/>Effective December&nbsp;31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.<br/><br/>The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary&#8212;Fund Performance History."<p style="text-align: start; margin-top: 12px; margin-bottom: 0px; text-indent: 5%"><b>FUND PERFORMANCE HISTORY:&nbsp;&nbsp;&nbsp;&nbsp;</b>The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance and by showing how the Fund&#8217;s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December&nbsp;31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to&nbsp;www.williamblair.com&nbsp;or call 1-800-635-2886.</p><br/>The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary&#8212;Fund Performance History&#8212;Average Annual Total Returns (For the periods ended December&nbsp;31, 2011)."<p style=" text-align: start; margin-top: 0px; margin-bottom: 0px">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse"><tr><td width="75%"></td><td valign="bottom" width="20%"></td><td></td><td></td><td></td><td valign="bottom" width="19%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>1&nbsp;Year</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>Life&nbsp;of&nbsp;the&nbsp; Fund</b><br/><b>(since&nbsp;March&nbsp;26,&nbsp;2008)</b></td><td valign="bottom">&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Emerging Leaders Growth Fund</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom">&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr><tr><td valign="top">Return Before Taxes</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.34</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.14</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Return After Taxes on Distributions</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(20.34</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.56</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">Return After Taxes on Distributions and Sale of Fund Shares</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(11.29</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(3.52</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">MSCI Emerging Markets Large Cap Index (net)<br/> (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(17.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">MSCI Emerging Markets Index (net)<br/> (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.49</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.30</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr></table><br/><br/>The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary &#8211; Principal Investment Strategies."<br/><br/>Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund&#8217;s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund&#8217;s investments are normally allocated among at least six different countries and no more than 50% of the Fund&#8217;s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements.<br/><br/><center><b>WILLIAM BLAIR FUNDS</b></center><br/><center><b>SUPPLEMENT TO INSTITUTIONAL CLASS PROSPECTUS DATED MAY 1, 2012</b></center><br/><b>WILLIAM BLAIR EMERGING LEADERS GROWTH FUND</b><br/><br/>Effective December&nbsp;31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.<br/><br/>The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary &#8211; Fund Performance History."<p style="text-align: start; margin-top: 12px; margin-bottom: 0px; text-indent: 5%"><b>FUND PERFORMANCE HISTORY:&nbsp;&nbsp;&nbsp;&nbsp;</b>The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund&#8217;s performance and by showing how the Fund&#8217;s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December&nbsp;31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund&#8217;s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to&nbsp;www.williamblair.com&nbsp;or call 1-800-635-2886.</p><br/>The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary &#8211; Fund Performance History &#8211; Average Annual Total Returns (For the periods ended December&nbsp;31, 2011)."<p style=" text-align: start; margin-top: 0px; margin-bottom: 0px">&nbsp;</p><table cellspacing="0" cellpadding="0" width="100%" border="0" align="center" style="border-collapse: collapse"><tr><td width="70%"></td><td valign="bottom" width="20%"></td><td></td><td></td><td></td><td valign="bottom" width="19%"></td><td></td><td></td><td></td></tr><tr><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>1&nbsp;Year</b></td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" colspan="2" align="center" style="border-bottom-width: 1px"><b>Life&nbsp;of&nbsp;the&nbsp; Fund</b><br/><b>(since&nbsp;March&nbsp;26,&nbsp;2008)</b></td><td valign="bottom">&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Emerging Leaders Growth Fund</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom">&nbsp;</td><td valign="bottom"></td><td valign="bottom"></td><td valign="bottom"></td></tr><tr><td valign="top">Return Before Taxes</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.30</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.03</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">Return After Taxes on Distributions</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(20.31</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(4.47</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">Return After Taxes on Distributions and Sale of Fund Shares</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(11.23</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(3.43</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr bgcolor="#cceeff"><td valign="top">MSCI Emerging Markets Large Cap Index (net) (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(17.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.65</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr><tr><td valign="top">MSCI Emerging Markets Index (net) (reflects no deductions for fees, expenses or taxes)</td><td valign="bottom">&nbsp;&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(19.49</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom">&nbsp;</td><td valign="bottom" align="right">(2.30</td><td nowrap="nowrap" valign="bottom">)%&nbsp;</td></tr></table><br/><br/>The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary &#8211; Principal Investment Strategies."<br/><br/>Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund&#8217;s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund&#8217;s investments are normally allocated among at least six different countries and no more than 50% of the Fund&#8217;s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements. 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WILLIAM BLAIR FUNDS

SUPPLEMENT TO CLASS N PROSPECTUS DATED MAY 1, 2012

WILLIAM BLAIR EMERGING LEADERS GROWTH FUND

Effective December 31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.

The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary – Fund Performance History."

FUND PERFORMANCE HISTORY:    The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December 31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblair.com or call 1-800-635-2886.


The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary – Fund Performance History – Average Annual Total Returns (For the periods ended December 31, 2011)."

 

   1 Year  Life of the  Fund
(since March 26, 2008)
 
Emerging Leaders Growth Fund   
Return Before Taxes   (19.55)%   (4.74)% 
Return After Taxes on Distributions   (20.47)%   (5.41)% 
Return After Taxes on Distributions and Sale of Fund Shares   (11.51)%   (4.55)% 
MSCI Emerging Markets Large Cap Index (net) (reflects no deductions for fees, expenses or taxes)   (17.65)%   (2.65)% 
MSCI Emerging Markets Index (net) (reflects no deductions for fees, expenses or taxes)   (19.49)%   (2.30)% 


The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary – Principal Investment Strategies."

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund’s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund’s investments are normally allocated among at least six different countries and no more than 50% of the Fund’s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements.

WILLIAM BLAIR FUNDS

SUPPLEMENT TO CLASS I PROSPECTUS DATED MAY 1, 2012

WILLIAM BLAIR EMERGING LEADERS GROWTH FUND

Effective December 31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.

The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary—Fund Performance History."

FUND PERFORMANCE HISTORY:    The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December 31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblair.com or call 1-800-635-2886.


The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary—Fund Performance History—Average Annual Total Returns (For the periods ended December 31, 2011)."

 

   1 Year  Life of the  Fund
(since March 26, 2008)
 
Emerging Leaders Growth Fund   
Return Before Taxes   (19.34)%   (4.14)% 
Return After Taxes on Distributions   (20.34)%   (4.56)% 
Return After Taxes on Distributions and Sale of Fund Shares   (11.29)%   (3.52)% 
MSCI Emerging Markets Large Cap Index (net)
(reflects no deductions for fees, expenses or taxes)
   (17.65)%   (2.65)% 
MSCI Emerging Markets Index (net)
(reflects no deductions for fees, expenses or taxes)
   (19.49)%   (2.30)% 


The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary – Principal Investment Strategies."

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund’s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund’s investments are normally allocated among at least six different countries and no more than 50% of the Fund’s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements.

WILLIAM BLAIR FUNDS

SUPPLEMENT TO INSTITUTIONAL CLASS PROSPECTUS DATED MAY 1, 2012

WILLIAM BLAIR EMERGING LEADERS GROWTH FUND

Effective December 31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.

The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary – Fund Performance History."

FUND PERFORMANCE HISTORY:    The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December 31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblair.com or call 1-800-635-2886.


The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary – Fund Performance History – Average Annual Total Returns (For the periods ended December 31, 2011)."

 

   1 Year  Life of the  Fund
(since March 26, 2008)
 
Emerging Leaders Growth Fund   
Return Before Taxes   (19.30)%   (4.03)% 
Return After Taxes on Distributions   (20.31)%   (4.47)% 
Return After Taxes on Distributions and Sale of Fund Shares   (11.23)%   (3.43)% 
MSCI Emerging Markets Large Cap Index (net) (reflects no deductions for fees, expenses or taxes)   (17.65)%   (2.65)% 
MSCI Emerging Markets Index (net) (reflects no deductions for fees, expenses or taxes)   (19.49)%   (2.30)% 


The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary – Principal Investment Strategies."

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund’s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund’s investments are normally allocated among at least six different countries and no more than 50% of the Fund’s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements.
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XML 13 R3.htm IDEA: XBRL DOCUMENT v2.4.0.6
Label Element Value
Risk/Return: rr_RiskReturnAbstract  
Registrant Name dei_EntityRegistrantName WILLIAM BLAIR FUNDS
Prospectus Date rr_ProspectusDate May 01, 2012
Supplement [Text Block] wbf2_SupplementTextBlock
WILLIAM BLAIR FUNDS

SUPPLEMENT TO CLASS N PROSPECTUS DATED MAY 1, 2012

WILLIAM BLAIR EMERGING LEADERS GROWTH FUND

Effective December 31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.

The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary – Fund Performance History."

FUND PERFORMANCE HISTORY:    The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December 31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblair.com or call 1-800-635-2886.


The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary – Fund Performance History – Average Annual Total Returns (For the periods ended December 31, 2011)."

 

   1 Year  Life of the  Fund
(since March 26, 2008)
 
Emerging Leaders Growth Fund   
Return Before Taxes   (19.55)%   (4.74)% 
Return After Taxes on Distributions   (20.47)%   (5.41)% 
Return After Taxes on Distributions and Sale of Fund Shares   (11.51)%   (4.55)% 
MSCI Emerging Markets Large Cap Index (net) (reflects no deductions for fees, expenses or taxes)   (17.65)%   (2.65)% 
MSCI Emerging Markets Index (net) (reflects no deductions for fees, expenses or taxes)   (19.49)%   (2.30)% 


The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary – Principal Investment Strategies."

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund’s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund’s investments are normally allocated among at least six different countries and no more than 50% of the Fund’s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements.

WILLIAM BLAIR FUNDS

SUPPLEMENT TO CLASS I PROSPECTUS DATED MAY 1, 2012

WILLIAM BLAIR EMERGING LEADERS GROWTH FUND

Effective December 31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.

The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary—Fund Performance History."

FUND PERFORMANCE HISTORY:    The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December 31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblair.com or call 1-800-635-2886.


The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary—Fund Performance History—Average Annual Total Returns (For the periods ended December 31, 2011)."

 

   1 Year  Life of the  Fund
(since March 26, 2008)
 
Emerging Leaders Growth Fund   
Return Before Taxes   (19.34)%   (4.14)% 
Return After Taxes on Distributions   (20.34)%   (4.56)% 
Return After Taxes on Distributions and Sale of Fund Shares   (11.29)%   (3.52)% 
MSCI Emerging Markets Large Cap Index (net)
(reflects no deductions for fees, expenses or taxes)
   (17.65)%   (2.65)% 
MSCI Emerging Markets Index (net)
(reflects no deductions for fees, expenses or taxes)
   (19.49)%   (2.30)% 


The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary – Principal Investment Strategies."

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund’s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund’s investments are normally allocated among at least six different countries and no more than 50% of the Fund’s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements.

WILLIAM BLAIR FUNDS

SUPPLEMENT TO INSTITUTIONAL CLASS PROSPECTUS DATED MAY 1, 2012

WILLIAM BLAIR EMERGING LEADERS GROWTH FUND

Effective December 31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.

The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary – Fund Performance History."

FUND PERFORMANCE HISTORY:    The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December 31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblair.com or call 1-800-635-2886.


The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary – Fund Performance History – Average Annual Total Returns (For the periods ended December 31, 2011)."

 

   1 Year  Life of the  Fund
(since March 26, 2008)
 
Emerging Leaders Growth Fund   
Return Before Taxes   (19.30)%   (4.03)% 
Return After Taxes on Distributions   (20.31)%   (4.47)% 
Return After Taxes on Distributions and Sale of Fund Shares   (11.23)%   (3.43)% 
MSCI Emerging Markets Large Cap Index (net) (reflects no deductions for fees, expenses or taxes)   (17.65)%   (2.65)% 
MSCI Emerging Markets Index (net) (reflects no deductions for fees, expenses or taxes)   (19.49)%   (2.30)% 


The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary – Principal Investment Strategies."

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund’s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund’s investments are normally allocated among at least six different countries and no more than 50% of the Fund’s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements.
Class N | William Blair Emerging Leaders Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] wbf2_SupplementTextBlock
WILLIAM BLAIR FUNDS

SUPPLEMENT TO CLASS N PROSPECTUS DATED MAY 1, 2012

WILLIAM BLAIR EMERGING LEADERS GROWTH FUND

Effective December 31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.

The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary – Fund Performance History."

FUND PERFORMANCE HISTORY:    The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December 31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblair.com or call 1-800-635-2886.


The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary – Fund Performance History – Average Annual Total Returns (For the periods ended December 31, 2011)."

 

   1 Year  Life of the  Fund
(since March 26, 2008)
 
Emerging Leaders Growth Fund   
Return Before Taxes   (19.55)%   (4.74)% 
Return After Taxes on Distributions   (20.47)%   (5.41)% 
Return After Taxes on Distributions and Sale of Fund Shares   (11.51)%   (4.55)% 
MSCI Emerging Markets Large Cap Index (net) (reflects no deductions for fees, expenses or taxes)   (17.65)%   (2.65)% 
MSCI Emerging Markets Index (net) (reflects no deductions for fees, expenses or taxes)   (19.49)%   (2.30)% 


The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary – Principal Investment Strategies."

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund’s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund’s investments are normally allocated among at least six different countries and no more than 50% of the Fund’s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements.
Class I | William Blair Emerging Leaders Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] wbf2_SupplementTextBlock
WILLIAM BLAIR FUNDS

SUPPLEMENT TO CLASS I PROSPECTUS DATED MAY 1, 2012

WILLIAM BLAIR EMERGING LEADERS GROWTH FUND

Effective December 31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.

The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary—Fund Performance History."

FUND PERFORMANCE HISTORY:    The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December 31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblair.com or call 1-800-635-2886.


The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary—Fund Performance History—Average Annual Total Returns (For the periods ended December 31, 2011)."

 

   1 Year  Life of the  Fund
(since March 26, 2008)
 
Emerging Leaders Growth Fund   
Return Before Taxes   (19.34)%   (4.14)% 
Return After Taxes on Distributions   (20.34)%   (4.56)% 
Return After Taxes on Distributions and Sale of Fund Shares   (11.29)%   (3.52)% 
MSCI Emerging Markets Large Cap Index (net)
(reflects no deductions for fees, expenses or taxes)
   (17.65)%   (2.65)% 
MSCI Emerging Markets Index (net)
(reflects no deductions for fees, expenses or taxes)
   (19.49)%   (2.30)% 


The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary – Principal Investment Strategies."

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund’s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund’s investments are normally allocated among at least six different countries and no more than 50% of the Fund’s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements.
Institutional Class | William Blair Emerging Leaders Growth Fund
 
Risk/Return: rr_RiskReturnAbstract  
Supplement [Text Block] wbf2_SupplementTextBlock
WILLIAM BLAIR FUNDS

SUPPLEMENT TO INSTITUTIONAL CLASS PROSPECTUS DATED MAY 1, 2012

WILLIAM BLAIR EMERGING LEADERS GROWTH FUND

Effective December 31, 2012, the name of the William Blair Emerging Leaders Growth Fund will change to the William Blair Emerging Markets Leaders Fund. On that date, all references to the William Blair Emerging Leaders Growth Fund in the prospectus will refer to the William Blair Emerging Markets Leaders Fund.

The paragraph below replaces the disclosure for the Fund in the Prospectus under "Summary – Fund Performance History."

FUND PERFORMANCE HISTORY:    The information below provides some indication of the risks of investing in the Fund by showing changes in the Fund’s performance and by showing how the Fund’s average annual returns for the years indicated compare with that of a broad measure of market performance. Effective December 31, 2012, the Fund will compare its performance to the MSCI Emerging Markets Index as the Advisor believes that the MSCI Emerging Markets Index represents a broader universe of the kinds of companies in which the Fund may invest. The Fund’s past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblair.com or call 1-800-635-2886.


The table below replaces the Average Annual Total Returns table for the Fund in the Prospectus under "Summary – Fund Performance History – Average Annual Total Returns (For the periods ended December 31, 2011)."

 

   1 Year  Life of the  Fund
(since March 26, 2008)
 
Emerging Leaders Growth Fund   
Return Before Taxes   (19.30)%   (4.03)% 
Return After Taxes on Distributions   (20.31)%   (4.47)% 
Return After Taxes on Distributions and Sale of Fund Shares   (11.23)%   (3.43)% 
MSCI Emerging Markets Large Cap Index (net) (reflects no deductions for fees, expenses or taxes)   (17.65)%   (2.65)% 
MSCI Emerging Markets Index (net) (reflects no deductions for fees, expenses or taxes)   (19.49)%   (2.30)% 


The paragraph below replaces the first paragraph of the disclosure in the Prospectus under "Summary – Principal Investment Strategies."

Under normal market conditions, the Fund invests at least 80% of its net assets (plus the amount of any borrowings for investment purposes) in emerging markets securities. The Fund invests primarily in a diversified portfolio of equity securities, including common stocks and other forms of equity investments (e.g., securities convertible into common stocks) issued by emerging market companies of all sizes, that the Advisor believes have above-average growth, profitability and quality characteristics. Under normal market conditions, the Fund typically holds a limited number of securities (i.e., 50-80 securities). The Advisor seeks investment opportunities in companies at different stages of development ranging from large, well-established companies to smaller companies at earlier stages of development, although the Fund’s assets primarily will be invested in securities of companies that have a float adjusted market capitalization greater than $3 billion. Securities of companies whose float adjusted market capitalization falls below $3 billion after purchase may continue to be held in the Fund. Emerging market companies, for purposes of the Fund, are companies organized under the laws of an emerging market country or that have securities traded principally on an exchange or over-the-counter in an emerging market country. Currently, emerging markets include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries. The Fund’s investments are normally allocated among at least six different countries and no more than 50% of the Fund’s equity holdings may be invested in securities of issuers in one country at any given time. The Fund may invest in equity securities through initial public offerings (IPOs) and private placements.
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12 Months Ended
May 01, 2012
Risk/Return:  
Document Type Other
Document Period End Date Dec. 31, 2011
Registrant Name WILLIAM BLAIR FUNDS
Central Index Key 0000822632
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