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, 2010

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, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—24.4%
*	Apple, Inc.		80,285	$	22,781
*	Dolby Laboratories, Inc. Class “A”		78,800		4,477
*	FLIR Systems, Inc.		137,200		3,526
*	Google, Inc. Class “A”		29,405		15,461
	Microsoft Corporation		799,900		19,589
	QUALCOMM, Inc.		281,340		12,694
*	Silicon Laboratories, Inc.		185,840		6,811
*	Trimble Navigation, Ltd.		305,100		10,691
*	Ultimate Software Group, Inc.		191,650		7,405
*	VeriSign, Inc.		268,900		8,535
*	VistaPrint N.V.†		79,854		3,086
					115,056
	Industrials—17.1%
	Allegiant Travel Co.		85,800		3,631
	Fastenal Co.		166,729		8,868
	Flowserve Corporation		57,700		6,313
	Goodrich Corporation		100,200		7,388
*	IHS, Inc. Class “A”		181,820		12,364
	Knight Transportation, Inc.		207,230		4,006
	Manpower, Inc.		140,000		7,308
	Roper Industries, Inc.		110,170		7,181
	The Corporate Executive Board Co.		243,939		7,699
	TransDigm Group, Inc.		164,780		10,224
	Union Pacific Corporation		69,800		5,710
					80,692
	Consumer Discretionary—16.6%
*	Bed Bath & Beyond, Inc.		130,100		5,648
*	Capella Education Co.		69,128		5,366
	DeVry, Inc.		141,048		6,941
*	Dick’s Sporting Goods, Inc.		206,400		5,787
	Johnson Controls, Inc.		264,000		8,052
*	K12, Inc.		202,388		5,875
	McDonald’s Corporation		285,764		21,292
	P.F. Chang’s China Bistro, Inc.		97,100		4,486
*	Tempur-Pedic International, Inc.		187,700		5,819
*	Valassis Communications, Inc.		267,300		9,059
					78,325
	Health Care—15.0%
	Allergan, Inc.		154,800		10,299
*	CareFusion Corporation		299,100		7,430
*	Celgene Corporation		233,280		13,439
*	Cerner Corporation		71,500		6,005
*	Gilead Sciences, Inc.		185,335		6,600
*	IDEXX Laboratories, Inc.		113,330		6,995
*	Illumina, Inc.		141,800		6,976
*	MedAssets, Inc.		262,782		5,529
*	NuVasive, Inc.		115,300		4,052
*	NxStage Medical, Inc.		171,897		3,283
					70,608

See accompanying Notes to Portfolio of Investments.

Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Energy—7.1%
	Apache Corporation		93,665	$	9,157
*	Cameron International Corporation		220,247		9,462
	Occidental Petroleum Corporation		117,900		9,231
*	Southwestern Energy Co.		165,727		5,542
					33,392
	Consumer Staples—6.7%
*	Green Mountain Coffee Roasters, Inc.		286,100		8,924
	PepsiCo, Inc.		340,400		22,616
					31,540
	Financials—5.9%
	Greenhill & Co., Inc.		140,900		11,176
*	IntercontinentalExchange, Inc.		69,400		7,268
*	MSCI, Inc.		154,005		5,115
	The Charles Schwab Corporation		292,175		4,061
					27,620
	Materials—3.8%
	Ecolab, Inc.		222,820		11,306
	Praxair, Inc.		74,365		6,712
					18,018
	Total Common Stocks—96.6% (cost $396,176)				455,251
	Investment in Affiliate
	William Blair Ready Reserves Fund		1,262,277		1,262
	Total Investment in Affiliate—0.3% (cost $1,262)				1,262
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.200% dated 9/30/10, due 10/1/10, repurchase price $17,640, collateralized by FHLB, 0.625%, due 1/13/12	$	17,640		17,640
	Total Repurchase Agreement—3.7% (cost $17,640)				17,640
	Total Investments—100.6% (cost $415,078)				474,153
	Liabilities, plus cash and other assets—(0.6)%				(3,034	)
	Net assets—100.0%			$	471,119

* Non-income producing securities

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Large Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Information Technology—31.0%
*	Agilent Technologies, Inc.		23,000	$	768
*	Apple, Inc.		5,345		1,517
	Broadcom Corporation Class “A”		12,800		453
*	Dolby Laboratories, Inc. Class “A”		4,800		273
*	eBay, Inc.		42,900		1,047
*	EMC Corporation		47,000		955
*	Google, Inc. Class “A”		2,258		1,187
	Microsoft Corporation		53,135		1,301
	QUALCOMM, Inc.		21,265		959
*	Trimble Navigation, Ltd.		8,200		287
					8,747
	Industrials—20.3%
	CH Robinson Worldwide, Inc.		4,450		311
	Danaher Corporation		14,694		597
	Goodrich Corporation		8,250		608
	J.B. Hunt Transport Services, Inc.		3,886		135
	Manpower, Inc.		10,050		525
	Rockwell Automation, Inc.		12,450		769
	Roper Industries, Inc.		6,650		433
*	Stericycle, Inc.		8,250		573
	United Parcel Service, Inc. Class “B”		16,420		1,095
	W.W. Grainger, Inc.		5,830		694
					5,740
	Consumer Discretionary—16.6%
*	Discovery Communications, Inc.		15,800		688
	Johnson Controls, Inc.		28,300		863
	McDonald’s Corporation		11,585		863
	NIKE, Inc. Class “B”		7,400		593
*	O’Reilly Automotive, Inc.		12,730		677
	Scripps Networks Interactive, Inc. Class “A”		6,085		290
	Yum! Brands, Inc.		15,800		728
					4,702
	Energy—7.1%
	Apache Corporation		3,415		334
	Occidental Petroleum Corporation		8,500		665
	Schlumberger, Ltd.†		16,280		1,003
					2,002
	Financials—6.7%
	American Express Co.		18,500		778
	Ameriprise Financial, Inc.		13,400		634
	CME Group, Inc.		1,850		482
					1,894
	Health Care—6.6%
	Allergan, Inc.		8,965		597
*	Celgene Corporation		14,340		826
*	Illumina, Inc.		9,150		450
					1,873

See accompanying Notes to Portfolio of Investments.

Large Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Consumer Staples—6.6%
Mead Johnson Nutrition Co.		11,900	$	677
PepsiCo, Inc.		17,650		1,173
				1,850
Materials—2.8%
Praxair, Inc.		8,875		801
Total Common Stocks—97.7% (cost $22,896)				27,609
Repurchase Agreement
State Street Bank and Trust Company, 0.200% dated 9/30/10, due 10/1/10, repurchase price $381, collateralized by U.S. Treasury, 2.125%, due 5/31/15	$	381		381
Total Repurchase Agreement—1.3% (cost $381)				381
Total Investments—99.0% (cost $23,277)				27,990
Cash and other assets, less liabilities—1.0%				274
Net assets—100.0%			$	28,264

* 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, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Consumer Discretionary—24.0%
*	Amerigon, Inc.		456,984	$	4,707
*	Belo Corporation		2,235,543		13,860
*	Career Education Corporation		762,226		16,364
*	ChinaCast Education Corporation†		1,460,839		10,343
*	Dreams, Inc.		3,928,378		7,464
*	Duckwall-ALCO Stores, Inc.		439,493		5,740
	Gaiam, Inc. Class “A”		1,076,572		7,202
*	Grand Canyon Education, Inc.		344,451		7,554
	Jarden Corporation		747,117		23,258
*	Kona Grill, Inc.		1,042,992		3,598
*	Lincoln Educational Services Corporation		426,335		6,143
	MDC Partners, Inc. Class “A”†		879,530		11,759
*	Office Depot, Inc.		2,443,100		11,238
*	Princeton Review, Inc.		3,534,196		7,210
	Strayer Education, Inc.		56,095		9,789
*	U.S. Auto Parts Network, Inc.		1,327,788		10,888
*	Valassis Communications, Inc.		491,100		16,643
*	Vitacost.com, Inc.		590,348		3,548
*	WMS Industries, Inc.		323,500		12,316
					189,624
	Health Care—22.8%
*	AGA Medical Holdings, Inc.		664,600		9,278
*	Air Methods Corporation		479,923		19,955
*	American Medical Systems Holdings, Inc.		534,900		10,473
*	Brookdale Senior Living, Inc.		582,300		9,497
*	Eurand N.V.†		1,352,012		13,304
*	Haemonetics Corporation		183,765		10,756
*	Healthways, Inc.		906,267		10,549
*	Integra LifeSciences Holdings Corporation		347,200		13,701
*	Kensey Nash Corporation		548,766		15,854
*	MedAssets, Inc.		490,421		10,318
*	Natus Medical, Inc.		893,800		13,023
*	NuVasive, Inc.		245,000		8,609
*	Quidel Corporation		604,446		6,643
*	SurModics, Inc.		496,948		5,924
*	The Providence Service Corporation		606,211		9,936
*	Trinity Biotech plc—ADR		1,951,263		12,351
					180,171
	Information Technology—16.9%
*	BancTec, Inc.—144A§**		603,327		3,017
*	DJSP Enterprises, Inc.†		788,419		2,807
*	Internet Capital Group, Inc.		1,086,046		11,979
*	Inuvo, Inc.		8,813,761		2,556
*	j2 Global Communications, Inc.		735,948		17,508
	Lender Processing Services, Inc.		286,200		9,511
*	Lionbridge Technologies, Inc.		2,066,471		8,886
*	Silicon Laboratories, Inc.		362,377		13,281
*	Sonic Solutions, Inc.		242,514		2,760
*	TeleTech Holdings, Inc.		850,600		12,623
*	Ultimate Software Group, Inc.		315,276		12,182
	United Online, Inc.		2,224,546		12,724
*	ValueClick, Inc.		1,598,140		20,904

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Information Technology—(continued)
*	Vertro, Inc.		866,643	$	2,253
					132,991
	Industrials—14.1%
*	Cenveo, Inc.		2,847,398		14,323
*	Dolan Media Co.		1,236,458		14,058
*	Franklin Covey Co.		734,200		5,837
*	GrafTech International, Ltd.		847,300		13,243
	Healthcare Services Group, Inc.		147,080		3,352
*	Huron Consulting Group, Inc.		404,483		8,895
*	ICF International, Inc.		473,639		11,874
*	Odyssey Marine Exploration, Inc.		3,267,926		6,013
*	On Assignment, Inc.		2,294,897		12,048
	TransDigm Group, Inc.		257,117		15,954
*	Trimas Corporation		376,435		5,590
					111,187
	Financials—7.1%
*	Cowen Group, Inc.		1,859,517		6,118
*	FirstService Corporation†		584,371		14,095
*	Marlin Business Services Corporation		970,279		11,643
*	National Financial Partners Corporation		1,143,830		14,492
*	PHH Corporation		400,400		8,433
	The First of Long Island Corporation		24,384		609
*	United Western Bancorp, Inc.		2,342,215		960
					56,350
	Energy—4.0%
*	Carrizo Oil & Gas, Inc.		383,361		9,178
*	Dril-Quip, Inc.		153,400		9,528
*	Oil States International, Inc.		270,000		12,568
					31,274
	Telecommunication Services—2.4%
*	Cbeyond, Inc.		779,931		10,006
*	Syniverse Holdings, Inc.		403,960		9,158
					19,164
	Materials—2.2%
*	Horsehead Holding Corporation		1,052,560		10,389
*	Stillwater Mining Co.		434,400		7,315
					17,704
	Consumer Staples—0.4%
*	Smart Balance, Inc.		712,203		2,763
	Total Common Stocks—93.9% (cost $724,756)				741,228

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Preferred Stock
Grubb & Ellis Co.—144A, 12.00%§		83,121	$	7,149
Total Preferred Stock—0.9% (cost $8,312)				7,149
Exchange-Traded Fund iShares Russell 2000 Growth Index Fund		21,000		1,570
Total Exchange-Traded Fund—0.2% (cost $1,516)				1,570
Investment in Warrants
Motorcar Parts of American, Inc. 2010, $15.00		111,575		—
Total Warrants—0.0% (cost $0)				—
Investment in Affiliate
William Blair Ready Reserves Fund		3,297,015		3,297
Total Investment in Affiliate—0.4% (cost $3,297)				3,297
Short-Term Investment
American Express Credit Corporation Demand Note, VRN, 0.106%, due 10/1/10	$	500		500
Total Short-Term Investment—0.1% (cost $500)				500
Repurchase Agreement
Fixed Income Clearing Corporation, 0.200% dated 9/30/10, due 10/1/10, repurchase price $42,599, collateralized by FHLB, 0.625%, due 1/13/12		42,599		42,599
Total Repurchase Agreement—5.8% (cost $42,599)				42,599
Total Investments—100.9% (cost $780,980)				796,343
Liabilities, plus cash and other assets—(0.9)%				(6,736	)
Net assets—100.0%			$	789,607

ADR = American Depository Receipt

VRN = Variable Rate Note

* Non-income producing securities

† = U.S. listed foreign security

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. These holdings represent 1.29% of the net assets at September 30, 2010.

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.38% of the Fund’s net assets at September 30, 2010.

See accompanying Notes to Portfolio of Investments.

Small Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

		Share Activity								Period Ended September 30, 2010
										(in thousands)
	Security Name	Balance 12/31/2009		Purchases		Sales		Balance 9/30/2010		Value		Dividends Included  in Income
	CardioNet, Inc.		1,344,381		208,600		1,552,981		—		—		—
p	DJSP Enterprises		—		788,419		—		788,419		2,807		—
p	DREAMS INC		—		3,928,378				3,928,378		7,464
p	Duckwall-ALCO Stores, Inc.		460,853		—		21,360		439,493		5,740		—
p	Gaiam, Inc.		1,511,007		120,700		555,135		1,076,572		7,202		214
p	Inuvo, Inc		8,037,127		776,634		—		8,813,761		2,556		—
p	Kensey Nash		422,340		126,426		—		548,766		15,854		—
p	Kona Grill, Inc.		1,042,992		—		—		1,042,992		3,598		—
	LCA-Vision Inc.		948,955		66,854		1,015,809		—		—		—
	Lionbridge Technologies, Inc.		4,293,158		509,700		2,736,387		2,066,471		8,886		—
p	Marlin Business Services Corp.		988,701		—		18,422		970,279		11,643		—
	Odyssey Marine Exploration		2,677,030		959,900		369,004		3,267,926		6,013		—
p	On Assignment Inc		1,516,133		1,250,464		471,700		2,294,897		12,048		—
	Overhill Farms, Inc.		1,184,052		53,900		1,237,952		—		—		—
p	Princeton Review		—		3,534,196		—		3,534,196		7,210		—
	The Providence Service Corporation		547,293		197,218		138,300		606,211		9,936		—
	Silicon Laboratories Inc		243,023		268,454		149,100		362,377		13,281		—
p	Trinity Biotech		1,501,163		450,100		—		1,951,263		12,351		—
p	United Western Bancorp, Inc.		2,342,215		—		—		2,342,215		960		—
p	Vertro, Inc.*		4,333,215		—		3,466,572		866,643		2,253		—
										$	129,802		214

* 1 per 5 stock split on 8/18/2010.

p Affiliated company at September 30, 2010. The Small Cap Growth Fund’s total value in companies deemed to be affiliated at September 30, 2010 was $91,686 (thousands).

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Industrials—21.2%
	CH Robinson Worldwide, Inc.		29,200	$	2,042
	Expeditors International of Washington, Inc.		9,500		439
	Fastenal Co.		35,275		1,876
	Gardner Denver, Inc.		22,200		1,192
	Manpower, Inc.		17,390		908
	MSC Industrial Direct Co. Class “A”		32,000		1,729
	Robert Half International, Inc.		45,600		1,186
	Rockwell Automation, Inc.		22,800		1,407
	Roper Industries, Inc.		28,160		1,835
*	Stericycle, Inc.		52,830		3,671
	TransDigm Group, Inc.		36,250		2,249
					18,534
	Consumer Discretionary—18.8%
*	Bed Bath & Beyond, Inc.		30,660		1,331
*	CarMax, Inc.		107,670		3,000
*	Chipotle Mexican Grill, Inc.		8,900		1,531
	DeVry, Inc.		26,910		1,324
*	Dick’s Sporting Goods, Inc.		56,129		1,574
*	Discovery Communications, Inc.		21,900		954
*	Discovery Communications, Inc. Class “C”		25,300		966
	Gentex Corporation		60,880		1,188
*	Harman International Industries, Inc.		30,300		1,012
*	O’Reilly Automotive, Inc.		44,480		2,366
*	WMS Industries, Inc.		30,640		1,166
					16,412
	Health Care—16.8%
*	American Medical Systems Holdings, Inc.		68,200		1,335
*	CareFusion Corporation		69,839		1,735
*	Cerner Corporation		20,400		1,713
	DENTSPLY International, Inc.		23,200		742
*	HMS Holdings Corporation		25,500		1,503
*	IDEXX Laboratories, Inc.		32,372		1,998
*	Illumina, Inc.		51,520		2,535
	Perrigo Co.		31,000		1,991
*	QIAGEN N.V.†		65,146		1,156
					14,708
	Information Technology—13.5%
*	Alliance Data Systems Corporation		19,550		1,276
*	Concur Technologies, Inc.		25,930		1,282
*	Dolby Laboratories, Inc. Class “A”		23,270		1,322
*	Silicon Laboratories, Inc.		25,410		931
	Solera Holdings, Inc.		27,400		1,210
*	Trimble Navigation, Ltd.		68,300		2,393
*	VeriSign, Inc.		105,600		3,352
					11,766
	Consumer Staples—9.8%
	Church & Dwight Co., Inc.		13,000		844
*	Green Mountain Coffee Roasters, Inc.		113,756		3,548
	McCormick & Co., Inc.		59,200		2,489

See accompanying Notes to Portfolio of Investments.

Mid Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Consumer Staples—(continued)
	Mead Johnson Nutrition Co.		30,000	$	1,707
					8,588
	Financials—6.4%
*	Affiliated Managers Group, Inc.		16,775		1,309
	Greenhill & Co., Inc.		21,020		1,667
*	IntercontinentalExchange, Inc.		12,150		1,272
	Invesco, Ltd.†		63,800		1,355
					5,603
	Energy—5.2%
*	Cameron International Corporation		22,000		945
*	Denbury Resources, Inc.		76,470		1,215
*	Newfield Exploration Co.		22,630		1,300
	Range Resources Corporation		14,400		549
*	Southwestern Energy Co.		15,770		528
					4,537
	Materials—3.0%
	Ecolab, Inc.		50,600		2,567
	Telecommunication Services—1.0%
*	SBA Communications Corporation Class “A”		22,000		887
	Total Common Stocks—95.7% (cost $69,689)				83,602
	Investment in Affiliate
	William Blair Ready Reserves Fund		18,726		19
	Total Investment in Affiliate—0.0% (cost $19)				19
	Repurchase Agreement
	State Street Bank and Trust Company, 0.200% dated 9/30/10, due 10/1/10, repurchase price $3,717, collateralized by U.S. Treasury, 2.125%, due 5/31/15	$	3,716		3,716
	Total Repurchase Agreement—4.3% (cost $3,716)				3,716
	Total Investments—100.0% (cost $73,424)				87,337
	Cash and other assets, less liabilities—0.0%				21
	Net assets—100.0%			$	87,358

* Non-income producing securities

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Industrials—23.5%
	Allegiant Travel Co.		51,865	$	2,195
*	Cenveo, Inc.		266,299		1,339
*	Corrections Corporation of America		81,355		2,008
*	CoStar Group, Inc.		52,900		2,577
	Fastenal Co.		63,860		3,397
*	GrafTech International, Ltd.		239,500		3,743
	Healthcare Services Group, Inc.		81,600		1,860
*	Huron Consulting Group, Inc.		95,300		2,096
*	ICF International, Inc.		95,556		2,396
	Kaydon Corporation		57,559		1,991
	Manpower, Inc.		70,750		3,693
	Robert Half International, Inc.		47,933		1,246
	Roper Industries, Inc.		45,200		2,946
*	Stericycle, Inc.		74,020		5,143
	The Corporate Executive Board Co.		67,477		2,130
*	TransDigm Group, Inc.		37,518		2,328
					41,088
	Health Care—20.2%
*	AGA Medical Holdings, Inc.		187,059		2,611
*	American Medical Systems Holdings, Inc.		102,933		2,015
*	athenahealth, Inc.		68,640		2,267
*	Brookdale Senior Living, Inc.		100,111		1,633
*	Catalyst Health Solutions, Inc.		46,100		1,623
*	Cerner Corporation		40,700		3,418
	CR Bard, Inc.		24,100		1,963
*	Haemonetics Corporation		29,800		1,744
*	HMS Holdings Corporation		37,800		2,228
*	IDEXX Laboratories, Inc.		28,705		1,772
*	Illumina, Inc.		38,400		1,889
*	Kensey Nash Corporation		56,327		1,627
*	MedAssets, Inc.		97,591		2,053
*	NuVasive, Inc.		61,300		2,154
*	NxStage Medical, Inc.		26,161		500
	Perrigo Co.		48,800		3,134
*	SXC Health Solutions Corporation†		75,259		2,745
					35,376
	Consumer Discretionary—19.5%
*	Career Education Corporation		92,025		1,976
*	Chipotle Mexican Grill, Inc.		11,465		1,972
	DeVry, Inc.		40,965		2,016
*	Dick’s Sporting Goods, Inc.		128,090		3,592
*	Education Management Corporation		152,700		2,242
	Gentex Corporation		135,500		2,644
	Jarden Corporation		102,200		3,181
*	K12, Inc.		92,950		2,698
*	O’Reilly Automotive, Inc.		51,150		2,721
	P.F. Chang’s China Bistro, Inc.		35,222		1,627
*	Steiner Leisure, Ltd.†		42,500		1,619
*	Tempur-Pedic International, Inc.		86,100		2,669
*	Under Armour, Inc. Class “A”		38,160		1,719
*	Urban Outfitters, Inc.		58,500		1,839

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Consumer Discretionary—(continued)
*	Valassis Communications, Inc.		48,500	$	1,644
					34,159
	Information Technology—15.5%
	Blackbaud, Inc.		94,900		2,281
*	Cavium Networks, Inc.		56,300		1,619
*	Concur Technologies, Inc.		34,000		1,681
*	FLIR Systems, Inc.		80,500		2,069
*	Informatica Corporation		62,500		2,401
*	j2 Global Communications, Inc.		119,975		2,854
*	MICROS Systems, Inc.		50,000		2,116
*	Silicon Laboratories, Inc.		69,760		2,557
*	Trimble Navigation, Ltd.		82,700		2,898
*	Ultimate Software Group, Inc.		43,125		1,666
*	VeriSign, Inc.		84,700		2,688
*	VistaPrint N.V.†		56,857		2,198
					27,028
	Financials—8.1%
*	Affiliated Managers Group, Inc.		59,680		4,656
*	First Horizon National Corporation		177,423		2,024
*	FirstService Corporation†		69,075		1,666
	Invesco, Ltd.†		192,300		4,083
	Jones Lang LaSalle, Inc.		20,400		1,760
					14,189
	Energy—4.7%
*	Concho Resources, Inc.		46,340		3,066
*	Dresser-Rand Group, Inc.		45,900		1,693
*	Forest Oil Corporation		57,500		1,708
*	Oil States International, Inc.		38,800		1,806
					8,273
	Consumer Staples—3.9%
	Alberto-Culver Co.		80,349		3,025
*	Green Mountain Coffee Roasters, Inc.		124,221		3,875
					6,900
	Telecommunication Services—0.8%
*	Syniverse Holdings, Inc.		59,705		1,353
	Total Common Stocks—96.2% (cost $145,205)				168,366
	Investment in Affiliate
	William Blair Ready Reserves Fund		22,698		23
	Total Investment in Affiliate—0.0% (cost $23)				23

See accompanying Notes to Portfolio of Investments.

Small-Mid Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Repurchase Agreement
State Street Bank and Trust Company, 0.200% dated 9/30/10, due 10/1/10, repurchase price $5,405, collateralized by U.S. Treasury, 2.125%, due 5/31/15	$	5,405	$	5,405
Total Repurchase Agreement—3.1% (cost $5,405)				5,405
Total Investments—99.3% (cost $150,633)				173,794
Cash and other assets, less liabilities—0.7%				1,161
Net assets—100.0%			$	174,955

* Non-income producing securities

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Global Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Western Hemisphere—33.3%
	Canada—2.0%
	Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†		17,345	$	492
*	Gildan Activewear, Inc. (Textiles, apparel & luxury goods)		10,800		304
					796
	United States—31.3%
*	Affiliated Managers Group, Inc. (Capital markets)		4,882		381
	American Express Co. (Consumer finance)		15,191		638
*	Apple, Inc. (Computers & peripherals)		3,551		1,008
*	AutoZone, Inc. (Specialty retail)		2,426		555
*	Bed Bath & Beyond, Inc. (Specialty retail)		11,484		498
*	CareFusion Corporation (Health care equipment & supplies)		15,472		384
*	Cerner Corporation (Health care technology)		4,462		375
	CH Robinson Worldwide, Inc. (Air freight & logistics)		7,148		500
*	Chipotle Mexican Grill, Inc. (Hotels, restaurants & leisure)		2,515		433
	Emerson Electric Co. (Electrical equipment)		15,587		821
	Freeport-McMoRan Copper & Gold, Inc. (Metals & mining)		6,604		564
	Gentex Corporation (Auto components)		18,173		355
*	Hansen Natural Corporation (Beverages)		7,952		371
*	IDEXX Laboratories, Inc. (Health care equipment & supplies)		6,890		425
	J.B. Hunt Transport Services, Inc. (Road & rail)		11,126		386
*	j2 Global Communications, Inc. (Internet software & services)		7,957		189
*	Kohl’s Corporation (Multiline retail)		8,705		459
	Lockheed Martin Corporation (Aerospace & defense)		7,148		509
	McCormick & Co., Inc. (Food products)		9,466		398
*	Medco Health Solutions, Inc. (Health care providers & services)		9,655		503
	MSC Industrial Direct Co. Class “A” (Trading companies & distributors)		6,100		330
*	Newfield Exploration Co. (Oil, gas & consumable fuels)		6,964		400
*	Silicon Laboratories, Inc. (Semiconductors & semiconductor equipment)		6,022		221
	Starbucks Corporation (Hotels, restaurants & leisure)		23,783		608
*	Tempur-Pedic International, Inc. (Household durables)		7,942		246
*	Urban Outfitters, Inc. (Specialty retail)		12,022		378
	Yum! Brands, Inc. (Hotels, restaurants & leisure)		13,294		612
					12,547
	Europe—21.4%
	Denmark—3.2%
	Coloplast A/S (Health care equipment & supplies)		2,002		239
	Novo Nordisk A/S (Pharmaceuticals)		6,900		685
	Novozymes A/S (Chemicals)		2,999		382
					1,306
	Finland—1.0%
	Kone Oyj (Machinery)		7,707		398
	Germany—6.1%
	Aixtron AG (Semiconductors & semiconductor equipment)		6,073		181
	BASF SE (Chemicals)		9,453		596
*	Daimler AG (Automobiles)		12,414		786
	SAP AG (Software)		13,870		686

See accompanying Notes to Portfolio of Investments.

Global Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe—21.4%—(continued)
	Germany—6.1%—(continued)
	Wincor Nixdorf AG (Computers & peripherals)		2,981	$	194
					2,443
	Italy—1.7%
	Saipem SpA (Energy equipment & services)		17,092		685
	Norway—1.5%
	Statoil ASA (Oil, gas & consumable fuels)		28,100		586
	Spain—1.5%
	Banco Santander S.A. (Commercial banks)		33,241		422
	Tecnicas Reunidas S.A. (Energy equipment & services)		3,321		177
					599
	Sweden—2.3%
	Atlas Copco AB (Machinery)		28,590		552
	Elekta AB (Health care equipment & supplies)		10,136		367
					919
	Switzerland—4.1%
	Cie Financiere Richemont S.A. (Textiles, apparel & luxury goods)		11,647		561
*	Mettler-Toledo International, Inc. (Life sciences tools & services)		2,327		289
	Partners Group Holding AG (Capital markets)		3,051		505
	Sika AG (Chemicals)		163		301
					1,656
	United Kingdom—13.7%
	Abcam plc (Biotechnology)		8,951		243
	Amlin plc (Insurance)		51,366		324
	Ashmore Group plc (Capital markets)		65,496		344
	Babcock International Group plc (Commercial services & supplies)		26,966		241
	Compass Group plc (Hotels, restaurants & leisure)		56,371		470
	Intertek Group plc (Professional services)		8,459		243
	Michael Page International plc (Professional services)		29,630		215
	Next plc (Multiline retail)		11,109		387
	Petrofac, Ltd. (Energy equipment & services)		22,913		494
	Reckitt Benckiser Group plc (Household products)		9,050		498
*	Rolls-Royce Group plc (Aerospace & defense)		74,801		709
	Standard Chartered plc (Commercial banks)		21,245		609
	The Weir Group plc (Machinery)		15,751		352
	Vedanta Resources plc (Metals & mining)		10,228		348
					5,477
	Emerging Asia—12.3%
	China—6.5%
	China Green (Holdings), Ltd. (Food products)		162,000		156
	CNOOC, Ltd. (Oil, gas & consumable fuels)		373,000		723
	Dongfeng Motor Group Co., Ltd. (Automobiles)		272,000		557
	Haitian International Holdings, Ltd. (Machinery)		244,000		239
	Industrial and Commercial Bank of China (Commercial banks)		831,000		619

See accompanying Notes to Portfolio of Investments.

Global Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Emerging Asia—12.3%—(continued)
China—6.5%—(continued)
Shanghai Electric Group Co., Ltd. (Electrical equipment)		566,585	$	315
				2,609
India—0.9%
Shriram Transport Finance Co., Ltd. (Consumer finance)		21,501		371
Indonesia—2.1%
PT Astra International Tbk (Automobiles)		129,500		823
South Korea—2.3%
Hyundai Motor Co. (Automobiles)		6,979		936
Taiwan—0.5%
Tripod Technology Corporation (Electronic equipment, instruments & components)		53,000		203
Japan—6.9%
Canon, Inc. (Office electronics)		14,100		658
Dena Co., Ltd. (Internet & catalog retail)		12,300		387
Exedy Corporation (Auto components)		5,900		177
Fanuc, Ltd. (Machinery)		4,900		624
Gree, Inc. (Internet software & services)		12,000		195
Miraca Holdings, Inc. (Health care providers & services)		5,500		195
Softbank Corporation (Wireless telecommunication services)		16,300		533
				2,769
Emerging Latin America—4.2%
Brazil—2.8%
Natura Cosmeticos S.A. (Personal products)		21,400		576
PDG Realty S.A. Empreendimentos e Participacoes (Household durables)		34,100		406
Tegma Gestao Logistica S.A. (Road & rail)		10,703		127
				1,109
Chile—1.4%
Banco Santander Chile—ADR (Commercial banks)		5,894		569
Emerging Europe, Mid-East, Africa—2.5%
South Africa—1.0%
Clicks Group, Ltd. (Multiline retail)		23,528		149
Mr Price Group, Ltd. (Specialty retail)		33,495		265
				414
Turkey—1.5%
Turkiye Garanti Bankasi A.S. (Commercial banks)		102,137		593
Asia—1.9%
Australia—1.9%
BHP Billiton, Ltd. (Metals & mining)		19,983		752
Total Common Stocks—96.2% (cost $31,404)				38,560

See accompanying Notes to Portfolio of Investments.

Global Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Preferred Stocks
Emerging Latin America
Itau Unibanco Holding S.A. (Commercial banks)		31,800	$	760
Randon Participacoes S.A. (Machinery)		34,500		243
Total Preferred Stocks—2.5% (cost $794)				1,003
Investment in Affiliate
William Blair Ready Reserves Fund		28,800		29
Total Investment in Affiliate—0.1% (cost $29)				29
Total Investments—98.8% (cost $32,227)				39,592
Cash and other assets, less liabilities—1.2%				486
Net assets—100.0%			$	40,078

ADR = American Depository Receipt

† = U.S. listed foreign security

* Non-income producing securities

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

See accompanying Notes to Portfolio of Investments.

Global Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

At September 30, 2010, the Fund’s Portfolio of Investments includes the following industry categories:

Consumer Discretionary	26.2	%
Industrials	17.2	%
Financials	16.8	%
Health Care	9.4	%
Information Technology	8.9	%
Energy	7.7	%
Materials	7.4	%
Consumer Staples	5.1	%
Telecommunication Services	1.3	%
Total	100.0	%

At September 30, 2010, the Fund’s Portfolio of Investments includes the following currency categories:

U.S. Dollar	35.1	%
British Pound Sterling	13.8	%
Euro	10.4	%
Japanese Yen	7.0	%
Hong Kong Dollar	6.6	%
Brazilian Real	5.3	%
Swiss Franc	3.5	%
Danish Krone	3.3	%
South Korean Won	2.4	%
Swedish Krona	2.3	%
Indonesian Rupiah	2.1	%
Australian Dollar	1.9	%
Turkish Lira	1.5	%
Norwegian Krone	1.5	%
South African Rand	1.1	%
All Other Currencies	2.2	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe—29.3%
	Belgium—0.6%
	Colruyt S.A. (Food & staples retailing)		102,151	$	27,002
	Denmark—2.1%
	Coloplast A/S (Health care equipment & supplies)		171,991		20,560
	FLSmidth & Co. A/S (Construction & engineering)		315,782		23,071
	Novo Nordisk A/S (Pharmaceuticals)		376,500		37,362
	Novozymes A/S (Chemicals)		100,591		12,797
	SimCorp A/S (Software)		41,400		6,596
					100,386
	Finland—1.5%
	Kone Oyj (Machinery)		931,807		48,144
	Nokian Renkaat Oyj (Auto components)		618,424		21,237
					69,381
	France—7.3%
	Air Liquide S.A. (Chemicals)		405,513		49,472
	AXA S.A. (Insurance)		1,715,682		29,997
	BNP Paribas (Commercial banks)		754,862		53,686
	Cie Generale des Etablissements Michelin (Auto components)		459,753		34,979
	EDF Energies Nouvelles S.A. (Independent power producers & energy traders)		379,143		14,529
	Essilor International S.A. (Health care equipment & supplies)		414,723		28,534
	Hermes International (Textiles, apparel & luxury goods)		96,811		22,106
	L’Oreal S.A. (Personal products)		550,864		61,940
	Schneider Electric S.A. (Electrical equipment)		402,183		50,995
					346,238
	Germany—4.4%
	Aixtron AG (Semiconductors & semiconductor equipment)		320,535		9,526
	BASF SE (Chemicals)		1,108,868		69,922
*	Daimler AG (Automobiles)		859,956		54,467
	Fielmann AG (Specialty retail)		127,141		11,859
	Lanxess AG (Chemicals)		381,633		20,909
	MAN SE (Machinery)		285,542		31,125
	Wincor Nixdorf AG (Computers & peripherals)		142,381		9,283
					207,091
	Greece—0.2%
*	National Bank of Greece S.A. (Commercial banks)		829,326		8,106
	Ireland—0.3%
	Paddy Power plc (Hotels, restaurants & leisure)		352,203		12,359
	Israel—0.3%
	Israel Chemicals, Ltd. (Chemicals)		1,125,368		15,875
	Italy—1.1%
	Ansaldo STS SpA (Transportation infrastructure)		781,596		10,112
	DiaSorin SpA (Health care equipment & supplies)		261,572		10,744
	Saipem SpA (Energy equipment & services)		766,956		30,718
					51,574

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe—29.3%—(continued)
	Norway—0.1%
*	Norwegian Air Shuttle ASA (Airlines)		423,000	$	6,671
	Spain—2.7%
	Banco Santander S.A. (Commercial banks)		6,761,239		85,877
	Inditex S.A. (Specialty retail)		359,973		28,595
	Tecnicas Reunidas S.A. (Energy equipment & services)		296,912		15,829
					130,301
	Sweden—1.3%
	Atlas Copco AB (Machinery)		1,921,004		37,078
	Elekta AB (Health care equipment & supplies)		317,432		11,491
	Hexagon AB (Machinery)		565,326		12,128
					60,697
	Switzerland—7.4%
	Cie Financiere Richemont S.A. (Textiles, apparel & luxury goods)		1,097,438		52,836
	Credit Suisse Group AG (Capital markets)		968,287		41,386
*	Dufry Group (Specialty retail)		128,491		12,278
	Geberit AG (Building products)		111,931		19,934
	Kuehne + Nagel International AG (Marine)		179,851		21,597
	Nestle S.A. (Food products)		855,456		45,574
*	Orascom Development Holding AG (Hotels, restaurants & leisure)		212,871		11,070
	Partners Group Holding AG (Capital markets)		138,781		22,992
	Roche Holding AG (Pharmaceuticals)		53,310		7,628
	SGS S.A. (Professional services)		26,040		42,082
	Sika AG (Chemicals)		9,210		16,993
	Zurich Financial Services AG (Insurance)		235,802		55,264
					349,634
	United Kingdom—20.2%
	Abcam plc (Biotechnology)		370,923		10,063
	Admiral Group plc (Insurance)		1,312,239		34,343
	Aggreko plc (Commercial services & supplies)		759,905		18,742
	AMEC plc (Energy equipment & services)		1,396,300		21,627
	Amlin plc (Insurance)		2,793,860		17,613
	Aveva Group plc (Software)		598,624		13,758
	Babcock International Group plc (Commercial services & supplies)		3,523,075		31,546
	BHP Billiton plc (Metals & mining)		2,967,081		94,385
	BlueBay Asset Management plc (Capital markets)		2,029,635		10,997
	Britvic plc (Beverages)		1,651,962		12,591
	Burberry Group plc (Textiles, apparel & luxury goods)		1,645,332		26,880
*	Cairn Energy plc (Oil, gas & consumable fuels)		4,490,926		32,000
	Centrica plc (Multi-utilities)		6,283,455		31,932
	Chemring Group plc (Aerospace & defense)		349,383		16,498
	Compass Group plc (Hotels, restaurants & leisure)		3,130,583		26,089
	Domino’s Pizza UK & IRL plc (Hotels, restaurants & leisure)		203,559		1,502
	Dunelm Group plc (Specialty retail)		1,039,237		6,395
	Halfords Group plc (Specialty retail)		316,773		2,203
*	Heritage Oil plc (Oil, gas & consumable fuels)		1,771,183		8,258
	Intertek Group plc (Professional services)		766,686		22,040
	Johnson Matthey plc (Chemicals)		880,686		24,377
	Lancashire Holdings, Ltd. (Insurance)		1,385,320		12,078

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	United Kingdom—20.2%—(continued)
*	Lloyds Banking Group plc (Commercial banks)		38,657,738	$	45,011
	Meggitt plc (Aerospace & defense)		1,823,053		8,483
	Michael Page International plc (Professional services)		2,292,976		16,598
	Next plc (Multiline retail)		1,299,909		45,251
*	Ocado Group plc (Internet & catalog retail)		2,263,816		4,662
	Petrofac, Ltd. (Energy equipment & services)		1,374,970		29,656
*	Rolls-Royce Group plc (Aerospace & defense)		5,298,548		50,232
	Rotork plc (Machinery)		599,584		16,200
	RPS Group plc (Commercial services & supplies)		2,714,450		7,974
	Serco Group plc (Commercial services & supplies)		2,102,925		20,316
	Spirax-Sarco Engineering plc (Machinery)		505,624		14,297
	Standard Chartered plc (Commercial banks)		1,983,498		56,896
*	Telecity Group plc (Internet software & services)		1,181,288		9,195
*	The Berkeley Group Holdings plc (Household durables)		1,096,418		14,227
	The Weir Group plc (Machinery)		1,069,718		23,912
	Tullow Oil plc (Oil, gas & consumable fuels)		553,384		11,075
	Ultra Electronics Holdings plc (Aerospace & defense)		538,241		14,408
	Vedanta Resources plc (Metals & mining)		964,851		32,815
	Victrex plc (Chemicals)		639,545		12,819
	Vodafone Group plc (Wireless telecommunication services)		17,894,109		44,161
					954,105
	Japan—13.6%
	Canon, Inc. (Office electronics)		1,674,000		78,105
	Dena Co., Ltd. (Internet & catalog retail)		621,000		19,557
	Exedy Corporation (Auto components)		315,000		9,464
	F.C.C. Co., Ltd. (Auto components)		344,903		7,429
	Fanuc, Ltd. (Machinery)		545,300		69,436
	Gree, Inc. (Internet software & services)		720,000		11,704
	K’s Holdings Corporation (Specialty retail)		435,000		10,005
	kabu.com Securities Co., Ltd. (Capital markets)		1,200,000		4,586
	Kakaku.com, Inc. (Internet software & services)		1,950		11,294
	Keyence Corporation (Electronic equipment, instruments & components)		132,000		28,715
	Miraca Holdings, Inc. (Health care providers & services)		282,000		9,982
	MISUMI Group, Inc. (Trading companies & distributors)		534,000		11,194
	Mitsubishi UFJ Financial Group, Inc. (Commercial banks)		4,587,000		21,374
	Murata Manufacturing Co., Ltd. (Electronic equipment, instruments & components)		456,000		24,034
	Nabtesco Corporation (Machinery)		570,000		9,279
	Nippon Electric Glass Co., Ltd. (Electronic equipment, instruments & components)		1,890,000		25,764
	Nitori Co., Ltd. (Specialty retail)		180,020		15,052
	Osaka Securities Exchange Co., Ltd. (Diversified financial services)		1,770		8,682
	Point, Inc. (Specialty retail)		219,600		9,970
	Sawai Pharmaceutical Co., Ltd. (Pharmaceuticals)		129,000		11,605
	Softbank Corporation (Wireless telecommunication services)		2,085,000		68,210
	Sony Financial Holdings, Inc. (Insurance)		9,450		30,791
	Sumitomo Mitsui Financial Group, Inc. (Commercial banks)		1,815,000		52,876
	Terumo Corporation (Health care equipment & supplies)		252,000		13,373
	USS Co., Ltd. (Specialty retail)		153,000		11,418
	Yahoo! Japan Corporation (Internet software & services)		142,291		49,158
	Yamada Denki Co., Ltd. (Specialty retail)		312,000		19,360
					642,417

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Emerging Asia—12.3%
China—4.4%
Ajisen China Holdings, Ltd. (Hotels, restaurants & leisure)		280,000	$	440
China High Speed Transmission Equipment Group Co., Ltd. (Electrical equipment)		6,930,000		15,041
China Shenhua Energy Co., Ltd. (Oil, gas & consumable fuels)		8,655,000		35,807
China Yurun Food Group, Ltd. (Food products)		3,540,000		13,140
China Zhongwang Holdings, Ltd. (Metals & mining)		4,140,400		2,567
CNOOC, Ltd. (Oil, gas & consumable fuels)		34,290,000		66,469
Dongfang Electric Corporation, Ltd. (Electrical equipment)		3,192,000		14,996
Dongfeng Motor Group Co., Ltd. (Automobiles)		14,880,000		30,455
Lonking Holdings, Ltd. (Machinery)		8,610,000		8,700
Minth Group, Ltd. (Auto components)		2,820,000		5,626
Shanghai Electric Group Co., Ltd. (Electrical equipment)		23,760,171		13,199
Zhuzhou CSR Times Electric Co., Ltd. (Electrical equipment)		391,000		1,255
				207,695
India—2.9%
Asian Paints, Ltd. (Chemicals)		247,322		14,658
Axis Bank, Ltd. (Commercial banks)		709,692		24,269
Infosys Technologies, Ltd. (IT services)		597,214		40,543
Infrastructure Development Finance Co., Ltd. (Diversified financial services)		2,608,609		11,770
Jindal Steel & Power, Ltd. (Metals & mining)		1,208,599		19,023
Lupin, Ltd. (Pharmaceuticals)		1,318,509		11,388
Shriram Transport Finance Co., Ltd. (Consumer finance)		279,002		4,817
Sun TV Network, Ltd. (Media)		292,229		3,375
Yes Bank, Ltd. (Commercial banks)		942,591		7,345
				137,188
Indonesia—2.7%
PT Astra International Tbk (Automobiles)		8,310,000		52,793
PT Bank Rakyat Indonesia (Commercial banks)		24,900,000		27,899
PT Kalbe Farma Tbk (Pharmaceuticals)		42,705,500		12,202
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (Food products)		10,515,000		11,605
PT United Tractors Tbk (Machinery)		11,340,000		25,983
				130,482
Malaysia—0.1%
Top Glove Corporation Bhd (Health care equipment & supplies)		3,114,000		5,175
South Korea—1.9%
Halla Climate Control Corporation (Auto components)		289,382		5,418
Hankook Tire Co., Ltd. (Auto components)		134,530		3,888
Hyundai Mobis (Auto components)		104,911		23,646
Hyundai Motor Co. (Automobiles)		411,273		55,185
				88,137
Thailand—0.3%
CP ALL PCL (Food & staples retailing)		11,439,100		15,924
Emerging Latin America—9.2%
Brazil—5.5%
Amil Participacoes S.A. (Insurance)		537,004		5,164
BM&F BOVESPA S.A. (Diversified financial services)		1,687,200		14,110

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Latin America—9.2%—(continued)
	Brazil—5.5%—(continued)
	BR Malls Participacoes S.A. (Real estate management & development)		1,212,000	$	10,129
	BR Properties S.A. (Real estate management & development)		1,242,159		11,966
	Cyrela Brazil Realty S.A. (Household durables)		1,446,000		20,468
	Diagnosticos da America S.A. (Health care providers & services)		888,000		10,706
	Drogasil S.A. (Food & staples retailing)		194,700		4,971
	Iochpe-Maxion S.A. (Machinery)		550,200		6,894
	Localiza Rent a Car S.A. (Road & rail)		1,290,000		21,691
	Lojas Renner S.A. (Multiline retail)		558,000		19,124
*	Mills Estruturas e Servicos de Engenharia S.A. (Trading companies & distributors)		938,827		9,327
	MRV Engenharia e Participacoes S.A. (Household durables)		1,266,464		12,021
	Natura Cosmeticos S.A. (Personal products)		1,419,000		38,159
	OdontoPrev S.A. (Health care providers & services)		981,000		11,532
*	OGX Petroleo e Gas Participacoes S.A. (Oil, gas & consumable fuels)		2,583,000		33,661
	PDG Realty S.A. Empreendimentos e Participacoes (Household durables)		1,680,000		20,007
	SLC Agricola S.A. (Food products)		597,000		6,584
	Totvs S.A. (Software)		87,000		6,679
					263,193
	Chile—1.0%
	Banco Santander Chile—ADR (Commercial banks)		282,452		27,271
	Lan Airlines S.A. (Airlines)		630,155		18,509
					45,780
	Colombia—0.5%
*	Pacific Rubiales Energy Corporation (Oil, gas & consumable fuels)		881,856		24,795
	Mexico—1.6%
	America Movil S.A.B. de C.V.—ADR (Wireless telecommunication services)		814,536		43,439
	Banco Compartamos S.A. de C.V. (Consumer finance)		1,710,000		10,890
*	Genomma Lab Internacional S.A.B. de C.V. (Pharmaceuticals)		3,657,656		7,024
	Grupo Mexico S.A.B. de C.V. Series “B” (Metals & mining)		4,704,000		13,558
					74,911
	Peru—0.6%
	Credicorp, Ltd. (Commercial banks)†		238,742		27,193
	Canada—5.4%
	Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†		2,142,795		60,791
	Canadian National Railway Co. (Road & rail)		199,600		12,765
	Canadian Western Bank (Commercial banks)		377,832		9,122
	Crescent Point Energy Corporation (Oil, gas & consumable fuels)		536,644		19,773
*	Gildan Activewear, Inc. (Textiles, apparel & luxury goods)		531,000		14,935
	Home Capital Group, Inc. (Thrifts & mortgage finance)		101,101		4,372
	Niko Resources, Ltd. (Oil, gas & consumable fuels)		278,732		27,432
	PetroBakken Energy, Ltd. Class “A” (Oil, gas & consumable fuels)		949,237		21,284
	Petrominerales, Ltd. (Oil, gas & consumable fuels)		258,242		6,262
	The Toronto-Dominion Bank (Commercial banks)		783,216		56,672
	Tim Hortons, Inc. (Hotels, restaurants & leisure)		639,065		23,279
					256,687

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—3.7%
	Egypt—0.4%
	Commercial International Bank Egypt S.A.E. (Commercial banks)		1,429,750	$	10,774
	Egyptian Financial Group-Hermes Holding (Capital markets)		1,321,510		6,750
					17,524
	South Africa—2.2%
*	Aspen Pharmacare Holdings, Ltd. (Pharmaceuticals)		1,215,909		16,398
	Clicks Group, Ltd. (Multiline retail)		1,359,250		8,619
	MTN Group, Ltd. (Wireless telecommunication services)		1,298,709		23,477
	Shoprite Holdings, Ltd. (Food & staples retailing)		1,883,804		26,743
	Standard Bank Group, Ltd. (Commercial banks)		1,398,580		22,272
	Wilson Bayly Holmes-Ovcon, Ltd. (Construction & engineering)		536,674		9,624
					107,133
	Turkey—0.9%
	BIM Birlesik Magazalar A.S. (Food & staples retailing)		457,293		13,198
	Turkiye Garanti Bankasi A.S. (Commercial banks)		4,868,825		28,273
					41,471
	United Arab Emirates—0.2%
	First Gulf Bank PJSC (Commercial banks)		2,330,208		9,485
	Asia—2.0%
	Hong Kong—1.0%
	Li & Fung, Ltd. (Distributors)		8,520,000		47,932
	Singapore—1.0%
	CapitaLand, Ltd. (Real estate management & development)		5,100,000		15,745
	CapitaMalls Asia, Ltd. (Real estate management & development)		13,470,000		22,124
*	Midas Holdings, Ltd. (Metals & mining)		4,976,000		3,517
	Olam International, Ltd. (Food & staples retailing)		3,027,000		7,504
					48,890
	Total Common Stocks—95.7% (cost $3,637,683)				4,531,432
	Convertible Bond
	Brazil—0.0%
	Lupatech S.A., 6.500%, due 4/15/18 (Machinery)**§	$	2,875		1,768
	Total Convertible Bond—0.0% (cost $1,491)				1,768
	Exchange-Traded Fund
	China—0.7%
	iShares FTSE/Xinhua A50 China Index		20,334,100		32,498
	Total Exchange-Traded Fund—0.7% (cost $32,626)				32,498

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Investment in Rights
	France—0.1%
*	Cie Generale des Etablissements Michelin 2010, $45.00 (Auto components)		459,753	$	1,284
	Greece—0.0%
*	National Bank of Greece S.A. 2010, $5.20 (Commercial banks)		844,635		760
*	National Bank of Greece S.A. 2010, $5.20 (Commercial banks)		844,635		414
					1,174
	Total Investment in Rights—0.1% (cost $0)				2,458
	Investment in Affiliate
	William Blair Ready Reserves Fund		6,376,394		6,376
	Total Investment in Affiliate—0.1% (cost $6,376)				6,376
	Short-Term Investment
	American Express Credit Corporation Demand Note, VRN, 0.106%, due 10/1/10	$	6,000		6,000
	Total Short-Term Investment—0.1% (cost $6,000)				6,000
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.200% dated 9/30/10, due 10/1/10, repurchase price $68,866 collateralized by FHLB, 0.625%, due 1/13/12		68,866		68,866
	Total Repurchase Agreement—1.5% (cost $68,866)				68,866
	Total Investments—98.2% (cost $3,753,042)				4,649,398
	Cash and other assets, less liabilities—1.8%				84,032
	Net assets—100.0%			$	4,733,430

ADR = American Depository Receipt

VRN = Variable Rate Note

* Non-income producing securities

† = U.S. listed foreign security

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.04% of the Fund’s net assets at September 30, 2010.

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.04% of the net assets at September 30, 2010.

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

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

See accompanying Notes to Portfolio of Investments.

International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

At September 30, 2010, the Fund’s Portfolio of Investments includes the following industry categories:

Financials	22.4	%
Consumer Discretionary	18.4	%
Industrials	17.8	%
Materials	8.8	%
Energy	8.4	%
Information Technology	7.1	%
Consumer Staples	6.3	%
Health Care	5.2	%
Telecommunication Services	3.9	%
Utilities	1.0	%
Exchange-Traded Fund	0.7	%
Total	100.0	%

At September 30, 2010, the Fund’s Portfolio of Investments includes the following currency categories:

British Pound Sterling	20.9	%
Euro	18.7	%
Japanese Yen	14.1	%
Swiss Franc	7.7	%
Hong Kong Dollar	6.4	%
Brazilian Real	5.8	%
Canadian Dollar	4.8	%
U.S. Dollar	3.5	%
Indian Rupee	3.0	%
Indonesian Rupiah	2.9	%
South African Rand	2.3	%
Danish Krone	2.2	%
South Korean Won	1.9	%
Swedish Krona	1.3	%
All Other Currencies	4.5	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Equity Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe—29.6%
	Denmark—1.5%
	Novo Nordisk A/S (Pharmaceuticals)		26,189	$	2,599
	Finland—1.4%
	Kone Oyj (Machinery)		44,229		2,285
	France—5.0%
	AXA S.A. (Insurance)		69,454		1,214
	Cie Generale des Etablissements Michelin (Auto components)		21,479		1,634
	L’Oreal S.A. (Personal products)		19,889		2,237
	Schneider Electric S.A. (Electrical equipment)		14,409		1,827
	Vinci S.A. (Construction & engineering)		28,155		1,411
					8,323
	Germany—4.1%
	MAN SE (Machinery)		27,907		3,042
*	QIAGEN N.V. (Life sciences tools & services)		75,447		1,350
	SAP AG (Software)		49,644		2,456
					6,848
	Ireland—1.3%
	Ryanair Holdings plc—ADR (Airlines)		71,919		2,216
	Israel—1.8%
	Teva Pharmaceutical Industries, Ltd.—ADR (Pharmaceuticals)		57,579		3,037
	Italy—1.9%
	Saipem SpA (Energy equipment & services)		81,496		3,264
	Spain—3.1%
	Banco Santander S.A. (Commercial banks)		151,076		1,919
	Inditex S.A. (Specialty retail)		40,369		3,207
					5,126
	Sweden—0.9%
	Atlas Copco AB (Machinery)		82,538		1,593
	Switzerland—8.6%
*	ABB, Ltd. (Electrical equipment)		106,750		2,250
*	Actelion, Ltd. (Biotechnology)		36,527		1,463
	Credit Suisse Group AG (Capital markets)		37,417		1,599
	Julius Baer Group, Ltd. (Capital markets)		36,611		1,333
	Nestle S.A. (Food products)		61,084		3,254
	Novartis AG (Pharmaceuticals)		18,791		1,078
	Sonova Holding AG (Health care equipment & supplies)		8,781		1,072
	Zurich Financial Services AG (Insurance)		10,317		2,418
					14,467
	United Kingdom—22.8%
	Amlin plc (Insurance)		136,783		862
*	Autonomy Corporation plc (Software)		67,344		1,918
	Barclays plc (Commercial banks)		427,288		2,011
	BG Group plc (Oil, gas & consumable fuels)		152,612		2,681
	British Sky Broadcasting Group plc (Media)		223,455		2,476

See accompanying Notes to Portfolio of Investments.

International Equity Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	United Kingdom—22.8%—(continued)
	Burberry Group plc (Textiles, apparel & luxury goods)		131,522	$	2,149
	Centrica plc (Multi-utilities)		315,519		1,603
	Compass Group plc (Hotels, restaurants & leisure)		291,792		2,432
	Experian plc (Professional services)		143,454		1,562
	HSBC Holdings plc (Commercial banks)		150,329		1,544
	Johnson Matthey plc (Chemicals)		53,166		1,472
	Petrofac, Ltd. (Energy equipment & services)		83,618		1,804
	Reckitt Benckiser Group plc (Household products)		68,497		3,766
*	Rolls-Royce Group plc (Aerospace & defense)		250,350		2,373
	Rotork plc (Machinery)		44,402		1,200
	Standard Chartered plc (Commercial banks)		97,568		2,799
	The Capita Group plc (Professional services)		134,089		1,656
	Tullow Oil plc (Oil, gas & consumable fuels)		100,837		2,018
	Vedanta Resources plc (Metals & mining)		60,537		2,059
					38,385
	Japan—12.2%
	Canon, Inc. (Office electronics)		54,600		2,548
	Fanuc, Ltd. (Machinery)		18,400		2,343
	Keyence Corporation (Electronic equipment, instruments & components)		8,700		1,893
	Komatsu, Ltd. (Machinery)		75,900		1,762
	Mitsubishi Corporation (Trading companies & distributors)		121,800		2,890
	Mitsubishi UFJ Financial Group, Inc. (Commercial banks)		351,700		1,639
	Mitsui & Co., Ltd. (Trading companies & distributors)		71,200		1,059
	Nitori Co., Ltd. (Specialty retail)		10,350		866
	Softbank Corporation (Wireless telecommunication services)		60,800		1,989
	Sony Financial Holdings, Inc. (Insurance)		271		883
	Terumo Corporation (Health care equipment & supplies)		22,300		1,183
	Yahoo! Japan Corporation (Internet software & services)		4,117		1,422
					20,477
	Emerging Asia—9.3%
	China—3.4%
	China Life Insurance Co., Ltd. (Insurance)		420,000		1,659
	CNOOC, Ltd. (Oil, gas & consumable fuels)		1,190,000		2,307
	Weichai Power Co., Ltd. (Machinery)		158,000		1,670
					5,636
	India—3.3%
*	Cairn India, Ltd. (Oil, gas & consumable fuels)		203,421		1,517
	HDFC Bank, Ltd.—ADR (Commercial banks)		8,066		1,487
	Infosys Technologies, Ltd. (IT services)		36,414		2,472
					5,476
	Indonesia—0.6%
	PT Bank Rakyat Indonesia (Commercial banks)		919,000		1,030
	South Korea—1.5%
	Hyundai Motor Co. (Automobiles)		18,641		2,501
	Taiwan—0.5%
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		65,552		921

See accompanying Notes to Portfolio of Investments.

International Equity Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Canada—7.9%
Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†		76,606	$	2,173
Canadian National Railway Co. (Road & rail)†		43,365		2,776
Goldcorp, Inc. (Metals & mining)†		46,420		2,020
The Toronto-Dominion Bank (Commercial banks)		40,472		2,929
Thomson Reuters Corporation (Media)		34,633		1,302
Tim Hortons, Inc. (Hotels, restaurants & leisure)		56,277		2,050
				13,250
Emerging Latin America—6.9%
Brazil—5.2%
BM&F BOVESPA S.A. (Diversified financial services)		211,771		1,771
Cyrela Brazil Realty S.A. (Household durables)		90,300		1,278
PDG Realty S.A. Empreendimentos e Participacoes (Household durables)		41,700		497
Petroleo Brasileiro S.A.—ADR (Oil, gas & consumable fuels)		39,799		1,443
Vale S.A.—ADR (Metals & mining)		66,408		2,077
Weg S.A. (Machinery)		153,500		1,678
				8,744
Mexico—1.0%
Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		653,700		1,645
Panama—0.7%
Copa Holdings S.A. Class “A” (Airlines)†		21,501		1,159
Asia—4.4%
Australia—1.1%
BHP Billiton, Ltd.—ADR (Metals & mining)		24,046		1,835
Hong Kong—2.5%
Li & Fung, Ltd. (Distributors)		466,000		2,622
Noble Group, Ltd. (Trading companies & distributors)		1,128,727		1,622
				4,244
Singapore—0.8%
CapitaLand, Ltd. (Real estate management & development)		441,000		1,361
Emerging Europe, Mid-East, Africa—2.0%
South Africa—0.9%
Standard Bank Group, Ltd. (Commercial banks)		92,124		1,467
Turkey—1.1%
Turkiye Garanti Bankasi A.S. (Commercial banks)		336,908		1,956
Total Common Stocks—95.1% (cost $126,330)				159,845
Preferred Stock
Brazil—1.3%
Petroleo Brasileiro S.A. (Oil, gas & consumable fuels)		133,777		2,158

See accompanying Notes to Portfolio of Investments.

International Equity Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Preferred Stock—(continued)
	Total Preferred Stock—1.3% (cost $1,629)				2,158
	Investment in Rights
	France—0.0%
*	Cie Generale des Etablissements Michelin 2010, $45.00 (Auto components)		21,479	$	60
	Total Investment in Rights—0.0% (cost $0)				60
	Investment in Affiliate
	William Blair Ready Reserves Fund		4,954		5
	Total Investment in Affiliate—0.0% (cost $5)				5
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.200% dated 9/30/10, due 10/1/10, repurchase price $1,340, collateralized by FHLB, 0.625%, due 1/13/12	$	1,340		1,340
	Total Repurchase Agreement—0.8% (cost $1,340)				1,340
	Total Investments—97.2% (cost $129,304)				163,408
	Cash and other assets, less liabilities—2.8%				4,776
	Net assets—100.0%			$	168,184

ADR = American Depository Receipt

* Non-income producing securities

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

International Equity Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

At September 30, 2010, the Fund’s Portfolio of Investments includes the following industry categories:

Industrials	23.7	%
Financials	21.0	%
Consumer Discretionary	14.3	%
Energy	10.6	%
Information Technology	8.4	%
Health Care	7.3	%
Consumer Staples	6.7	%
Materials	5.8	%
Telecommunication Services	1.2	%
Utilities	1.0	%
Total	100.0	%

At September 30, 2010, the Fund’s Portfolio of Investments includes the following currency categories:

British Pound Sterling	22.7	%
Euro	16.0	%
Japanese Yen	12.6	%
U.S. Dollar	12.5	%
Swiss Franc	8.9	%
Hong Kong Dollar	6.1	%
Brazilian Real	4.6	%
Canadian Dollar	3.9	%
Indian Rupee	2.5	%
Singapore Dollar	1.8	%
Danish Krone	1.6	%
South Korean Won	1.5	%
Turkish Lira	1.2	%
Mexican Peso	1.0	%
All Other Currencies	3.1	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe—27.7%
	Denmark—2.5%
	FLSmidth & Co. A/S (Construction & engineering)		173,162	$	12,651
	SimCorp A/S (Software)		5,318		847
					13,498
	Finland—2.0%
	Nokian Renkaat Oyj (Auto components)		321,459		11,039
	France—1.8%
	bioMerieux (Health care equipment & supplies)		34,407		3,565
*	Boursorama (Capital markets)		129,671		1,548
	Gemalto N.V. (Computers & peripherals)		111,155		4,562
					9,675
	Germany—7.2%
	Aixtron AG (Semiconductors & semiconductor equipment)		254,143		7,553
	Fielmann AG (Specialty retail)		46,079		4,298
	Lanxess AG (Chemicals)		209,511		11,479
	Wincor Nixdorf AG (Computers & peripherals)		163,077		10,632
	Wirecard AG (IT services)		374,597		5,102
					39,064
	Ireland—1.3%
*	Norkom Group plc (Software)		195,019		250
	Paddy Power plc (Hotels, restaurants & leisure)		201,016		7,054
					7,304
	Italy—1.5%
	Ansaldo STS SpA (Transportation infrastructure)		103,091		1,334
	DiaSorin SpA (Health care equipment & supplies)		129,139		5,304
	Trevi Finanziaria SpA (Construction & engineering)		94,631		1,341
					7,979
	Netherlands—0.5%
	BinckBank N.V. (Capital markets)		179,314		2,504
	Norway—0.2%
*	Pronova BioPharma A/S (Pharmaceuticals)		548,917		1,003
	Spain—2.5%
	Prosegur Cia de Seguridad S.A. (Commercial services & supplies)		91,936		5,499
	Tecnicas Reunidas S.A. (Energy equipment & services)		151,035		8,052
					13,551
	Sweden—1.6%
	Elekta AB (Health care equipment & supplies)		234,349		8,483
	Switzerland—6.6%
*	Dufry Group (Specialty retail)		85,542		8,174
*	Orascom Development Holding AG (Hotels, restaurants & leisure)		49,442		2,571
	Partners Group Holding AG (Capital markets)		68,732		11,387
	Sika AG (Chemicals)		2,834		5,229

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe—27.7%—(continued)
	Switzerland—6.6%—(continued)
*	Temenos Group AG (Software)		274,874	$	8,420
					35,781
	United Kingdom—18.0%
	Abcam plc (Biotechnology)		145,069		3,936
	Aggreko plc (Commercial services & supplies)		219,565		5,415
	Amlin plc (Insurance)		1,035,450		6,528
	Ashmore Group plc (Capital markets)		604,554		3,178
*	ASOS plc (Internet & catalog retail)		81,932		1,461
	Aveva Group plc (Software)		201,540		4,632
	Babcock International Group plc (Commercial services & supplies)		835,469		7,481
*	Blinkx plc (Internet software & services)		1,102,336		1,433
	Britvic plc (Beverages)		352,332		2,686
*	Ceres Power Holdings plc (Electrical equipment)		112,497		122
	Chemring Group plc (Aerospace & defense)		52,190		2,465
	Domino’s Pizza UK & IRL plc (Hotels, restaurants & leisure)		175,676		1,296
	Dunelm Group plc (Specialty retail)		390,682		2,404
*	EnQuest plc (Oil, gas & consumable fuels)		1,341,033		2,439
	Halfords Group plc (Specialty retail)		279,222		1,942
	Intertek Group plc (Professional services)		116,002		3,335
	Lancashire Holdings, Ltd. (Insurance)		451,132		3,933
	Meggitt plc (Aerospace & defense)		804,838		3,745
	Michael Page International plc (Professional services)		820,513		5,939
	Promethean World plc (Diversified consumer services)		208,078		417
	Rightmove plc (Media)		254,918		2,937
	Serco Group plc (Commercial services & supplies)		773,831		7,476
	Spirax-Sarco Engineering plc (Machinery)		254,711		7,202
*	Telecity Group plc (Internet software & services)		196,942		1,533
	The Weir Group plc (Machinery)		392,952		8,784
	Ultra Electronics Holdings plc (Aerospace & defense)		40,251		1,077
	Victrex plc (Chemicals)		170,829		3,424
					97,220
	Emerging Asia—16.4%
	China—7.1%
	361 Degrees International, Ltd. (Textiles, apparel & luxury goods)		6,614,000		6,649
	AAC Acoustic Technologies Holdings, Inc. (Communications equipment)		2,681,559		5,848
	Ajisen China Holdings, Ltd. (Hotels, restaurants & leisure)		1,842,429		2,897
	China High Speed Transmission Equipment Group Co., Ltd. (Electrical equipment)		1,208,000		2,622
	Comba Telecom Systems Holdings, Ltd. (Communications equipment)		1,974,297		2,209
*	Concord Medical Services Holdings, Ltd.—ADR (Health care providers & services)		99,812		699
	Haitian International Holdings, Ltd. (Machinery)		2,216,496		2,171
	Lonking Holdings, Ltd. (Machinery)		4,232,000		4,276
	Minth Group, Ltd. (Auto components)		2,527,384		5,042
	Peak Sport Products, Ltd. (Textiles, apparel & luxury goods)		5,928,000		4,355
	Shandong Weigao Group Medical Polymer Co., Ltd. (Health care equipment & supplies)		601,600		1,713
					38,481
	India—3.9%
	Ipca Laboratories, Ltd. (Pharmaceuticals)		388,617		2,681
	Lupin, Ltd. (Pharmaceuticals)		915,370		7,906

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—16.4%—(continued)
	India—3.9%—(continued)
	Shriram Transport Finance Co., Ltd. (Consumer finance)		161,183	$	2,783
*	SKS Microfinance, Ltd. (Consumer finance)		91,629		2,727
	Yes Bank, Ltd. (Commercial banks)		613,524		4,781
					20,878
	Indonesia—1.2%
*	PT Ciputra Development Tbk (Real estate management & development)		14,294,000		609
	PT Indofood CBP Sukses Makmur Tbk (Food products)		760,500		464
	PT Kalbe Farma Tbk (Pharmaceuticals)		10,580,000		3,023
	PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (Food products)		2,214,500		2,444
					6,540
	South Korea—0.7%
	Halla Climate Control Corporation (Auto components)		193,748		3,628
	Taiwan—3.5%
	Powertech Technology, Inc. (Semiconductors & semiconductor equipment)		1,257,000		4,044
	Tripod Technology Corporation (Electronic equipment, instruments & components)		1,234,000		4,720
	Wistron Corporation (Computers & peripherals)		4,368,102		7,969
	Young Fast Optoelectronics Co., Ltd. (Electronic equipment, instruments & components)		220,000		2,507
					19,240
	Japan—16.1%
	Aeon Delight Co., Ltd. (Commercial services & supplies)		83,700		1,566
	CyberAgent, Inc. (Media)		2,299		4,147
	Dena Co., Ltd. (Internet & catalog retail)		335,400		10,562
	Disco Corporation (Semiconductors & semiconductor equipment)		55,300		3,180
	EPS Co., Ltd. (Life sciences tools & services)		560		1,429
	Exedy Corporation (Auto components)		180,700		5,429
	F.C.C. Co., Ltd. (Auto components)		164,809		3,550
	Gree, Inc. (Internet software & services)		491,150		7,984
	Kakaku.com, Inc. (Internet software & services)		1,047		6,064
	Miraca Holdings, Inc. (Health care providers & services)		302,100		10,694
	Nabtesco Corporation (Machinery)		250,000		4,070
	Nitori Co., Ltd. (Specialty retail)		61,500		5,142
	Osaka Securities Exchange Co., Ltd. (Diversified financial services)		1,402		6,877
	Sawai Pharmaceutical Co., Ltd. (Pharmaceuticals)		53,500		4,813
	Start Today Co., Ltd. (Internet & catalog retail)		1,422		3,967
	USS Co., Ltd. (Specialty retail)		99,750		7,444
					86,918
	Emerging Latin America—4.9%
	Brazil—3.5%
	Brasil Brokers Participacoes S.A. (Real estate management & development)		319,800		1,417
	Drogasil S.A. (Food & staples retailing)		107,300		2,739
	Localiza Rent a Car S.A. (Road & rail)		206,600		3,474
	Lojas Renner S.A. (Multiline retail)		150,700		5,165
	OdontoPrev S.A. (Health care providers & services)		226,500		2,663
	Positivo Informatica S.A. (Computers & peripherals)		218,500		2,195
	Tegma Gestao Logistica S.A. (Road & rail)		107,198		1,273
					18,926

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Latin America—4.9%—(continued)
	Mexico—1.4%
	Banco Compartamos S.A. de C.V. (Consumer finance)		378,900	$	2,413
*	Genomma Lab Internacional S.A.B. de C.V. (Pharmaceuticals)		1,372,220		2,635
*	Grupo Comercial Chedraui S.A. de C.V. (Food & staples retailing)		810,087		2,330
					7,378
	Canada—4.8%
*	Bankers Petroleum, Ltd. (Oil, gas & consumable fuels)		191,809		1,516
	Canadian Western Bank (Commercial banks)		196,000		4,732
*	Consolidated Thompson Iron Mines, Ltd. (Metals & mining)		628,062		5,384
*	Gildan Activewear, Inc. (Textiles, apparel & luxury goods)		246,900		6,944
	Home Capital Group, Inc. (Thrifts & mortgage finance)		55,541		2,402
*	Legacy Oil + Gas, Inc. (Oil, gas & consumable fuels)		205,724		2,255
	Petrominerales, Ltd. (Oil, gas & consumable fuels)		124,920		3,029
					26,262
	Asia—4.2%
	Australia—2.8%
	Cochlear, Ltd. (Health care equipment & supplies)		82,318		5,590
	JB Hi-Fi, Ltd. (Specialty retail)		263,327		5,258
	Seek, Ltd. (Professional services)		555,199		4,014
					14,862
	Hong Kong—0.0%
	Value Partners Group, Ltd. (Capital markets)		97,000		67
	Singapore—1.4%
	Goodpack, Ltd. (Air freight & logistics)		1,427,000		2,072
	Midas Holdings, Ltd. (Metals & mining)		3,017,000		2,283
	Olam International, Ltd. (Food & staples retailing)		1,317,700		3,266
					7,621
	Emerging Europe, Mid-East, Africa—3.5%
	Egypt—0.2%
	Ghabbour Auto (Automobiles)		110,302		849
	South Africa—2.5%
	Adcock Ingram Holdings, Ltd. (Pharmaceuticals)		294,289		2,681
	Clicks Group, Ltd. (Multiline retail)		1,222,738		7,753
	Mr Price Group, Ltd. (Specialty retail)		405,769		3,202
					13,636
	Turkey—0.4%
	BIM Birlesik Magazalar A.S. (Food & staples retailing)		45,121		1,302
	Tofas Turk Otomobil Fabrikasi A.S. (Automobiles)		204,978		1,063
					2,365
	United Arab Emirates—0.4%
*	Aramex Co. (Air freight & logistics)		3,930,836		2,355

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Total Common Stocks—95.6% (cost $419,704)				517,107
Preferred Stock
Brazil—0.5%
Marcopolo S.A. (Machinery)		783,400	$	2,593
Total Preferred Stock—0.5% (cost $2,348)				2,593
Convertible Bond
Brazil—0.1%
Lupatech S.A., 6.500%, due 4/15/18 (Machinery)**§	$	959		590
Total Convertible Bond—0.1% (cost $497)				590
Investment in Affiliate
William Blair Ready Reserves Fund		488,920		489
Total Investment in Affiliate—0.1% (cost $489)				489
Short-Term Investment
American Express Credit Corporation Demand Note, VRN, 0.106%, due 10/1/10	$	500		500
Total Short-Term Investment—0.1% (cost $500)				500
Repurchase Agreement
Fixed Income Clearing Corporation, 0.200% dated 9/30/10, due 10/1/10, repurchase price $19,660, collateralized by FHLB, 0.625%, due 1/13/12		19,660		19,660
Total Repurchase Agreement—3.6% (cost $19,660)				19,660
Total Investments—100.0% (cost $443,198)				540,939
Cash and other assets, less liabilities—0.0%				103
Net assets—100.0%			$	541,042

ADR = American Depository Receipt

VRN = Variable Rate Note

* Non-income producing securities

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.11% of the Fund’s net assets at September 30, 2010.

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.11% of the net assets at September 30, 2010.

See accompanying Notes to Portfolio of Investments.

International Small Cap Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

For securities primarily traded on exchanges or markets that close before the close of regular trading on the New York Stock Exchange, the Fund may use an independent pricing service 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, 2010 (all dollar amounts in thousands) (unaudited)

At September 30, 2010, the Fund’s Portfolio of Investments includes the following industry categories:

Consumer Discretionary	26.3	%
Industrials	20.2	%
Information Technology	17.6	%
Health Care	13.2	%
Financials	11.1	%
Materials	5.4	%
Energy	3.3	%
Consumer Staples	2.9	%
Total	100.0	%

At September 30, 2010, the Fund’s Portfolio of Investments includes the following currency categories:

British Pound Sterling	18.7	%
Euro	17.5	%
Japanese Yen	16.7	%
Hong Kong Dollar	7.3	%
Swiss Franc	6.9	%
Canadian Dollar	5.0	%
Brazilian Real	4.2	%
Indian Rupee	4.0	%
New Taiwan Dollar	3.7	%
Australian Dollar	2.9	%
South African Rand	2.6	%
Danish Krone	2.6	%
Swedish Krona	1.6	%
Singapore Dollar	1.5	%
Mexican Peso	1.4	%
Indonesian Rupiah	1.3	%
All Other Currencies	2.1	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—50.5%
	China—19.7%
	361 Degrees International, Ltd. (Textiles, apparel & luxury goods)		3,455,000	$	3,473
	AAC Acoustic Technologies Holdings, Inc. (Communications equipment)		1,749,949		3,816
	Ajisen China Holdings, Ltd. (Hotels, restaurants & leisure)		2,175,078		3,420
	Angang Steel Co., Ltd. (Metals & mining)		11,794,000		18,940
*	Baidu, Inc.—ADR (Internet software & services)		174,044		17,860
	Belle International Holdings, Ltd. (Specialty retail)		9,359,000		18,793
	China Shenhua Energy Co., Ltd. (Oil, gas & consumable fuels)		4,982,406		20,613
	China Vanke Co., Ltd. (Real estate management & development)		7,818,588		9,885
	China Yurun Food Group, Ltd. (Food products)		2,820,000		10,468
	CNOOC, Ltd. (Oil, gas & consumable fuels)		21,640,000		41,948
	Comba Telecom Systems Holdings, Ltd. (Communications equipment)		2,509,860		2,808
	Dongfang Electric Corporation, Ltd. (Electrical equipment)		1,912,800		8,986
	Dongfeng Motor Group Co., Ltd. (Automobiles)		15,460,000		31,642
	Haitian International Holdings, Ltd. (Machinery)		1,960,185		1,920
	Hengan International Group Co., Ltd. (Personal products)		657,000		6,550
	Industrial and Commercial Bank of China (Commercial banks)		36,485,000		27,180
	Lonking Holdings, Ltd. (Machinery)		5,641,000		5,700
	Minth Group, Ltd. (Auto components)		1,014,000		2,023
	Peak Sport Products, Ltd. (Textiles, apparel & luxury goods)		3,506,000		2,576
	Shandong Weigao Group Medical Polymer Co., Ltd. (Health care equipment & supplies)		2,569,400		7,319
	Weichai Power Co., Ltd. (Machinery)		1,526,544		16,133
	Zhuzhou CSR Times Electric Co., Ltd. (Electrical equipment)		1,066,861		3,424
					265,477
	India—12.0%
	Asian Paints, Ltd. (Chemicals)		115,752		6,860
	Axis Bank, Ltd. (Commercial banks)		638,117		21,821
	Bajaj Auto, Ltd. (Automobiles)		323,142		10,570
	Dabur India, Ltd. (Personal products)		1,937,202		4,656
	Housing Development Finance Corporation (Thrifts & mortgage finance)		408,003		6,657
	Infosys Technologies, Ltd. (IT services)		392,342		26,635
	Infrastructure Development Finance Co., Ltd. (Diversified financial services)		1,099,407		4,961
	Jindal Steel & Power, Ltd. (Metals & mining)		789,457		12,426
	Larsen & Toubro, Ltd. (Construction & engineering)		501,160		22,899
	Lupin, Ltd. (Pharmaceuticals)		783,291		6,765
	Shriram Transport Finance Co., Ltd. (Consumer finance)		198,980		3,435
*	SKS Microfinance, Ltd. (Consumer finance)		112,147		3,338
	Sun TV Network, Ltd. (Media)		318,080		3,674
	Tata Motors, Ltd. (Machinery)		899,132		21,973
	Yes Bank, Ltd. (Commercial banks)		706,483		5,505
					162,175
	Indonesia—4.5%
	PT Astra International Tbk (Automobiles)		3,423,000		21,746
	PT Bank Rakyat Indonesia (Commercial banks)		11,797,000		13,218
*	PT Ciputra Development Tbk (Real estate management & development)		54,385,456		2,316
	PT Kalbe Farma Tbk (Pharmaceuticals)		11,585,500		3,310
	PT Unilever Indonesia Tbk (Household products)		5,873,000		11,088
	PT United Tractors Tbk (Machinery)		4,051,000		9,282
					60,960

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—50.5%—(continued)
	Malaysia—1.7%
	CIMB Group Holdings Bhd (Commercial banks)		7,445,900	$	19,706
	Top Glove Corporation Bhd (Health care equipment & supplies)		1,624,300		2,699
					22,405
	Papua New Guinea—0.5%
	Oil Search, Ltd. (Oil, gas & consumable fuels)		1,161,892		6,907
	South Korea—6.0%
	Amorepacific Corporation (Personal products)		8,359		8,401
	Hankook Tire Co., Ltd. (Auto components)		54,150		1,565
	Hyundai Mobis (Auto components)		121,149		27,305
	Hyundai Motor Co. (Automobiles)		168,130		22,560
	LG Household & Health Care, Ltd. (Household products)		22,474		8,298
	Samsung Electronics Co., Ltd. (Semiconductors & semiconductor equipment)		18,850		12,845
					80,974
	Taiwan—4.8%
	Hon Hai Precision Industry Co., Ltd. (Electronic equipment, instruments & components)		7,138,992		26,850
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		1,284,878		18,055
	Powertech Technology, Inc. (Semiconductors & semiconductor equipment)		1,416,000		4,555
	Tripod Technology Corporation (Electronic equipment, instruments & components)		1,389,000		5,313
	Wistron Corporation (Computers & peripherals)		5,418,676		9,886
					64,659
	Thailand—1.3%
	CP ALL PCL (Food & staples retailing)		9,967,600		13,876
	Kasikornbank PCL (Commercial banks)		425,700		1,641
	Minor International PCL (Hotels, restaurants & leisure)		2,544,400		1,132
					16,649
	Emerging Latin America—26.0%
	Brazil—13.3%
	Amil Participacoes S.A. (Insurance)		336,337		3,234
	BR Malls Participacoes S.A. (Real estate management & development)		1,371,800		11,464
	BR Properties S.A. (Real estate management & development)		360,345		3,472
	Brasil Brokers Participacoes S.A. (Real estate management & development)		438,200		1,942
	Cia de Bebidas das Americas—ADR (Beverages)		233,235		28,870
	Cyrela Brazil Realty S.A. (Household durables)		732,000		10,361
	Diagnosticos da America S.A. (Health care providers & services)		620,500		7,481
	Drogasil S.A. (Food & staples retailing)		129,600		3,309
*	Hypermarcas S.A. (Personal products)		474,828		7,378
	Localiza Rent a Car S.A. (Road & rail)		773,000		12,998
	Lojas Renner S.A. (Multiline retail)		382,000		13,093
	Natura Cosmeticos S.A. (Personal products)		255,100		6,860
	OdontoPrev S.A. (Health care providers & services)		262,400		3,085
*	OGX Petroleo e Gas Participacoes S.A. (Oil, gas & consumable fuels)		1,126,900		14,686
	PDG Realty S.A. Empreendimentos e Participacoes (Household durables)		660,200		7,862
	Positivo Informatica S.A. (Computers & peripherals)		254,900		2,561
	Totvs S.A. (Software)		73,100		5,612
	Vale S.A.—ADR (Metals & mining)		1,144,582		35,791
					180,059

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Latin America—26.0%—(continued)
	Chile—1.8%
	Banco Santander Chile—ADR (Commercial banks)		154,866	$	14,952
	Lan Airlines S.A. (Airlines)		328,295		9,643
					24,595
	Colombia—1.0%
*	Pacific Rubiales Energy Corporation (Oil, gas & consumable fuels)		503,071		14,145
	Mexico—8.3%
	America Movil S.A.B. de C.V. (Wireless telecommunication services)		13,930,200		37,231
	Banco Compartamos S.A. de C.V. (Consumer finance)		993,700		6,328
*	Genomma Lab Internacional S.A.B. de C.V. (Pharmaceuticals)		1,737,134		3,336
*	Grupo Comercial Chedraui S.A. de C.V. (Food & staples retailing)		1,213,366		3,490
	Grupo Mexico S.A.B. de C.V. Series “B” (Metals & mining)		9,287,228		26,767
	Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		13,687,600		34,432
					111,584
	Panama—0.5%
	Copa Holdings S.A. Class “A” (Airlines)†		115,521		6,228
	Peru—1.1%
	Credicorp, Ltd. (Commercial banks)†		127,341		14,504
	Emerging Europe, Mid-East, Africa—12.6%
	Egypt—0.5%
	Commercial International Bank Egypt S.A.E. (Commercial banks)		928,170		6,994
	Qatar—1.5%
	Qatar National Bank S.A.Q. (Commercial banks)		471,674		19,760
	Russia—1.5%
	Magnit OAO (Food & staples retailing)†		120,984		14,155
*	X5 Retail Group N.V.—GDR (Food & staples retailing)		169,200		6,768
					20,923
	South Africa—5.6%
	Clicks Group, Ltd. (Multiline retail)		1,286,118		8,155
	Mr Price Group, Ltd. (Specialty retail)		612,556		4,834
	MTN Group, Ltd. (Wireless telecommunication services)		765,676		13,841
	Naspers, Ltd. (Media)		259,787		12,702
	Shoprite Holdings, Ltd. (Food & staples retailing)		429,745		6,101
	Standard Bank Group, Ltd. (Commercial banks)		886,266		14,114
	Truworths International, Ltd. (Specialty retail)		1,250,000		12,553
	Wilson Bayly Holmes-Ovcon, Ltd. (Construction & engineering)		178,095		3,194
					75,494
	Turkey—3.1%
	BIM Birlesik Magazalar A.S. (Food & staples retailing)		112,719		3,254
	Tofas Turk Otomobil Fabrikasi A.S. (Automobiles)		255,584		1,325
	Turkiye Garanti Bankasi A.S. (Commercial banks)		6,403,410		37,184
					41,763

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Emerging Europe, Mid-East, Africa—12.6%—(continued)
United Arab Emirates—0.4%
First Gulf Bank PJSC (Commercial banks)		1,201,181	$	4,890
Total Common Stocks—89.1% (cost $888,316)				1,201,145
Preferred Stocks
Brazil—4.7%
Itau Unibanco Holding S.A. (Commercial banks)		1,405,054		33,607
Petroleo Brasileiro S.A. (Oil, gas & consumable fuels)		1,515,215		24,438
Randon Participacoes S.A. (Machinery)		756,299		5,319
				63,364
Total Preferred Stocks—4.7% (cost $54,306)				63,364
Convertible Bond
Brazil—0.1%
Lupatech S.A., 6.500%, due 4/15/18 (Machinery)**§	$	1,602		985
Total Convertible Bond—0.1% (cost $831)				985
Investment in Affiliate
William Blair Ready Reserves Fund		66,219		66
Total Investment in Affiliate—0.0% (cost $66)				66
Short-Term Investment
American Express Credit Corporation Demand Note, VRN, 0.106%, due 10/1/10	$	2,000		2,000
Total Short-Term Investment—0.1% (cost $2,000)				2,000
Repurchase Agreement
Fixed Income Clearing Corporation, 0.200% dated 9/30/10, due 10/1/10, repurchase price $22,887, collateralized by FHLB, 0.625%, due 1/13/12		22,887		22,887
Total Repurchase Agreement—1.7% (cost $22,887)				22,887
Total Investments—95.7% (cost $968,406)				1,290,447
Cash and other assets, less liabilities—4.3%				57,583
Net assets—100.0%			$	1,348,030

ADR = American Depository Receipt

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

GDR = Global Depository Receipt

VRN = Variable Rate Note

* Non-income producing securities

† = U.S. listed foreign security

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.07% of the Fund’s net assets at September 30, 2010.

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.07% of the net assets at September 30, 2010.

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

See accompanying Notes to Portfolio of Investments.

Emerging Markets Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

At September 30, 2010, the Fund’s Portfolio of Investments includes the following industry categories:

Financials	23.1	%
Consumer Discretionary	17.5	%
Consumer Staples	14.0	%
Information Technology	10.8	%
Industrials	10.2	%
Energy	9.7	%
Materials	8.0	%
Telecommunication Services	4.0	%
Health Care	2.7	%
Total	100.0	%

At September 30, 2010, the Fund’s Portfolio of Investments includes the following currency categories:

Hong Kong Dollar	19.6	%
Brazilian Real	14.2	%
Indian Rupee	12.8	%
U.S. Dollar	11.0	%
Mexican Peso	8.8	%
South Korean Won	6.4	%
South African Rand	6.0	%
New Taiwan Dollar	5.1	%
Indonesian Rupiah	4.8	%
Turkish Lira	3.3	%
Malaysian Ringgit	1.8	%
Qatari Rial	1.6	%
Thai Baht	1.3	%
Canadian Dollar	1.1	%
All Other Currencies	2.2	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Emerging Leaders Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Emerging Asia—54.9%
	China—19.5%
	Angang Steel Co., Ltd. (Metals & mining)		502,000	$	806
	Anhui Conch Cement Co., Ltd. (Construction materials)		200,000		909
*	Baidu, Inc.—ADR (Internet software & services)		11,969		1,228
	Belle International Holdings, Ltd. (Specialty retail)		1,055,000		2,119
	China Yurun Food Group, Ltd. (Food products)		312,000		1,158
	CNOOC, Ltd. (Oil, gas & consumable fuels)		1,375,000		2,665
*	Ctrip.com International, Ltd.—ADR (Hotels, restaurants & leisure)		15,526		741
	Dongfang Electric Corporation, Ltd. (Electrical equipment)		193,800		910
	Dongfeng Motor Group Co., Ltd. (Automobiles)		772,000		1,580
	Golden Eagle Retail Group, Ltd. (Multiline retail)		331,000		939
	Hengan International Group Co., Ltd. (Personal products)		114,000		1,137
	Shandong Weigao Group Medical Polymer Co., Ltd. (Health care equipment & supplies)		312,000		889
	Want Want China Holdings, Ltd. (Food products)		1,381,000		1,282
	Weichai Power Co., Ltd. (Machinery)		108,000		1,141
					17,504
	India—17.4%
	Asian Paints, Ltd. (Chemicals)		12,949		767
	Axis Bank, Ltd. (Commercial banks)		45,578		1,558
	Bajaj Auto, Ltd. (Automobiles)		35,180		1,151
	Dabur India, Ltd. (Personal products)		340,873		819
	HDFC Bank, Ltd. (Commercial banks)		32,857		1,820
	Housing Development Finance Corporation (Thrifts & mortgage finance)		83,341		1,360
	Infosys Technologies, Ltd. (IT services)		21,878		1,485
	Infrastructure Development Finance Co., Ltd. (Diversified financial services)		230,721		1,041
	ITC, Ltd. (Tobacco)		240,082		953
	Jindal Steel & Power, Ltd. (Metals & mining)		56,082		883
	Larsen & Toubro, Ltd. (Construction & engineering)		30,400		1,389
	Nestle India, Ltd. (Food products)		5,964		449
	Tata Motors, Ltd. (Machinery)		77,734		1,900
					15,575
	Indonesia—5.4%
	PT Astra International Tbk (Automobiles)		240,500		1,528
	PT Bank Rakyat Indonesia (Commercial banks)		1,283,000		1,437
	PT Indofood Sukses Makmur Tbk (Food products)		1,059,500		647
	PT United Tractors Tbk (Machinery)		528,000		1,210
					4,822
	Malaysia—2.8%
	CIMB Group Holdings Bhd (Commercial banks)		967,500		2,561
	South Korea—5.3%
	Hyundai Mobis (Auto components)		7,861		1,772
	Hyundai Motor Co. (Automobiles)		12,116		1,626
	LG Household & Health Care, Ltd. (Household products)		3,593		1,326
					4,724
	Taiwan—1.7%
	Hon Hai Precision Industry Co., Ltd. (Electronic equipment, instruments & components)		117,000		440

See accompanying Notes to Portfolio of Investments.

Emerging Leaders Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Asia—54.9%—(continued)
	Taiwan—1.7%—(continued)
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		79,000	$	1,110
					1,550
	Thailand—2.8%
	CP ALL PCL (Food & staples retailing)		942,200		1,312
	Kasikornbank PCL (Commercial banks)		303,100		1,238
					2,550
	Emerging Latin America—24.0%
	Brazil—13.0%
	BM&F BOVESPA S.A. (Diversified financial services)		125,500		1,049
	Cia de Bebidas das Americas—ADR (Beverages)		19,128		2,368
	Cyrela Brazil Realty S.A. (Household durables)		90,200		1,277
*	Hypermarcas S.A. (Personal products)		58,800		914
	Natura Cosmeticos S.A. (Personal products)		28,300		761
*	OGX Petroleo e Gas Participacoes S.A. (Oil, gas & consumable fuels)		68,500		893
	PDG Realty S.A. Empreendimentos e Participacoes (Household durables)		135,200		1,610
	Vale S.A.—ADR (Metals & mining)		88,151		2,756
					11,628
	Chile—2.0%
	Banco Santander Chile—ADR (Commercial banks)		9,833		950
	S.A.C.I. Falabella (Multiline retail)		88,415		860
					1,810
	Colombia—1.4%
*	Pacific Rubiales Energy Corporation (Oil, gas & consumable fuels)		46,162		1,298
	Mexico—6.6%
	America Movil S.A.B. de C.V.—ADR (Wireless telecommunication services)		23,958		1,278
	Grupo Mexico S.A.B. de C.V. Series “B” (Metals & mining)		1,119,026		3,225
	Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		569,000		1,431
					5,934
	Peru—1.0%
	Credicorp, Ltd. (Commercial banks)†		7,661		872
	Emerging Europe, Mid-East, Africa—12.6%
	Egypt—1.0%
	Commercial International Bank Egypt S.A.E. (Commercial banks)		116,331		877
	Qatar—1.2%
	Qatar National Bank S.A.Q. (Commercial banks)		25,095		1,051
	Russia—2.9%
*	Magnit OJSC—144A—GDR (Food & staples retailing)		53,303		1,252
	Sberbank of Russian Federation (Commercial banks)†		154,188		433
*	X5 Retail Group N.V.—GDR (Food & staples retailing)		21,950		878
					2,563

See accompanying Notes to Portfolio of Investments.

Emerging Leaders Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—12.6%—(continued)
	South Africa—4.7%
*	Aspen Pharmacare Holdings, Ltd. (Pharmaceuticals)		85,950	$	1,159
	MTN Group, Ltd. (Wireless telecommunication services)		63,975		1,156
	Naspers, Ltd. (Media)		19,400		948
	Shoprite Holdings, Ltd. (Food & staples retailing)		69,687		989
					4,252
	Turkey—2.8%
	Turkiye Garanti Bankasi A.S. (Commercial banks)		433,117		2,515
	United Kingdom—1.3%
	Vedanta Resources plc (Metals & mining)		35,099		1,194
	Total Common Stocks—92.8% (cost $63,549)				83,280
	Preferred Stocks
	Brazil—5.5%
	Itau Unibanco Holding S.A. (Commercial banks)		103,285		2,470
	Petroleo Brasileiro S.A. (Oil, gas & consumable fuels)		153,355		2,474
					4,944
	Total Preferred Stocks—5.5% (cost $4,509)				4,944
	Investment in Affiliate
	William Blair Ready Reserves Fund		440,307		440
	Total Investment in Affiliate—0.5% (cost $440)				440
	Repurchase Agreement
	State Street Bank and Trust Company, 0.200% dated 9/30/10, due 10/1/10, repurchase price $986, collateralized by U.S. Treasury, 2.125%, due 5/31/15	$	986		986
	Total Repurchase Agreement—1.1% (cost $986)				986
	Total Investments—99.9% (cost $69,484)				89,650
	Cash and other assets, less liabilities—0.1%				56
	Net assets—100.0%			$	89,706

ADR = American Depository Receipt

GDR = Global Depository Receipt

* Non-income producing securities

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Emerging Leaders Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

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

See accompanying Notes to Portfolio of Investments.

Emerging Leaders Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

At September 30, 2010, the Fund’s Portfolio of Investments includes the following industry categories:

Financials	24.1	%
Consumer Staples	20.0	%
Consumer Discretionary	18.3	%
Materials	12.0	%
Energy	8.3	%
Industrials	7.4	%
Information Technology	4.8	%
Telecommunication Services	2.8	%
Health Care	2.3	%
Total	100.0	%

At September 30, 2010, the Fund’s Portfolio of Investments includes the following currency categories:

Indian Rupee	17.6	%
Hong Kong Dollar	17.6	%
U.S. Dollar	14.5	%
Brazilian Real	13.0	%
Indonesian Rupiah	5.5	%
South Korean Won	5.3	%
Mexican Peso	5.3	%
South African Rand	4.8	%
Malaysian Ringgit	2.9	%
Thai Baht	2.9	%
Turkish Lira	2.8	%
New Taiwan Dollar	1.8	%
Canadian Dollar	1.5	%
British Pound Sterling	1.3	%
Qatari Rial	1.2	%
All Other Currencies	2.0	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Financials—35.4%
	American Campus Communities, Inc.		27,225	$	829
	BioMed Realty Trust, Inc.		76,140		1,364
	Boston Private Financial Holdings, Inc.		211,928		1,386
*	Eagle Bancorp, Inc.		97,746		1,122
	Education Realty Trust, Inc.		207,290		1,482
	Excel Trust, Inc.		108,675		1,225
	First Potomac Realty Trust		105,427		1,581
	FirstMerit Corporation		78,967		1,447
	Highwoods Properties, Inc.		46,070		1,496
	Iberiabank Corporation		31,735		1,586
	LaSalle Hotel Properties		48,937		1,145
	MarketAxess Holdings, Inc.		86,245		1,464
	Meadowbrook Insurance Group, Inc.		151,945		1,363
	Mid-America Apartment Communities, Inc.		27,335		1,593
*	National Financial Partners Corporation		87,905		1,114
	National Retail Properties, Inc.		61,285		1,539
	Old National Bancorp		143,807		1,510
*	PHH Corporation		63,325		1,334
	Platinum Underwriters Holdings, Ltd.†		31,595		1,375
*	PMA Capital Corporation Class “A”		83,555		630
*	ProAssurance Corporation		21,735		1,252
	Prosperity Bancshares, Inc.		42,125		1,368
	Realty Income Corporation		25,815		871
*	Safeguard Scientifics, Inc.		100,140		1,255
	Sandy Spring Bancorp, Inc.		68,770		1,066
*	SVB Financial Group		24,135		1,021
	The Hanover Insurance Group, Inc.		40,265		1,892
	Umpqua Holdings Corporation		124,088		1,407
	Washington Federal, Inc.		64,400		983
	WSFS Financial Corporation		29,982		1,125
					38,825
	Industrials—16.4%
	Acuity Brands, Inc.		26,980		1,194
	Alexander & Baldwin, Inc.		23,270		811
	Belden, Inc.		46,090		1,216
	Cubic Corporation		20,505		837
*	EMCOR Group, Inc.		55,590		1,367
	ESCO Technologies, Inc.		46,250		1,538
	G&K Services, Inc. Class “A”		66,235		1,514
*	Global Defense Technology & Systems, Inc.		87,815		1,203
*	GrafTech International, Ltd.		66,415		1,038
*	Hawaiian Holdings, Inc.		139,875		838
*	Kadant, Inc.		60,095		1,136
	Kaydon Corporation		31,190		1,079
*	On Assignment, Inc.		173,030		908
	Quanex Building Products Corporation		58,190		1,005
	Robbins & Myers, Inc.		46,765		1,252
	TAL International Group, Inc.		46,560		1,128
					18,064
	Consumer Discretionary—13.2%
*	AFC Enterprises, Inc.		108,654		1,347
	Ameristar Casinos, Inc.		92,565		1,615

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Consumer Discretionary—(continued)
*	Carter’s, Inc.		51,740	$	1,362
	Chico’s FAS, Inc.		102,310		1,076
	Christopher & Banks Corporation		83,402		660
*	Gaylord Entertainment Co.		40,490		1,235
*	Kirkland’s, Inc.		62,675		869
*	Maidenform Brands, Inc.		36,680		1,058
	Meredith Corporation		32,670		1,088
*	Pacific Sunwear of California, Inc.		326,115		1,706
*	Pinnacle Entertainment, Inc.		114,230		1,274
	Stage Stores, Inc.		91,535		1,190
					14,480
	Information Technology—9.7%
	ADTRAN, Inc.		37,665		1,330
*	Atmel Corporation		228,935		1,822
*	Avid Technology, Inc.		76,451		1,002
*	Digital River, Inc.		48,690		1,657
	Earthlink, Inc.		130,520		1,186
*	j2 Global Communications, Inc.		55,680		1,325
*	Parametric Technology Corporation		84,070		1,643
*	Ultra Clean Holdings		79,413		685
					10,650
	Energy—6.3%
	Berry Petroleum Co. Class “A”		53,934		1,711
*	Forest Oil Corporation		54,633		1,623
*	Magnum Hunter Resources Corporation		149,736		620
*	Newpark Resources, Inc.		142,085		1,193
*	Northern Oil and Gas, Inc.		29,333		497
	SM Energy Co.		35,290		1,322
					6,966
	Utilities—5.4%
	Chesapeake Utilities Corporation		33,050		1,197
	Cleco Corporation		49,495		1,466
	NorthWestern Corporation		48,600		1,385
	Portland General Electric Co.		26,640		540
	UIL Holdings Corporation		48,960		1,379
					5,967
	Materials—5.4%
	Minerals Technologies, Inc.		31,145		1,835
*	PolyOne Corporation		136,910		1,655
*	RTI International Metals, Inc.		42,730		1,309
	Silgan Holdings, Inc.		35,495		1,125
					5,924
	Health Care—4.4%
	Invacare Corporation		44,500		1,180
*	Magellan Health Services, Inc.		34,920		1,650
*	Mednax, Inc.		11,493		612
*	Zoll Medical Corporation		43,135		1,392
					4,834

See accompanying Notes to Portfolio of Investments.

Small Cap Value Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Shares or Principal Amount		Value
Common Stocks—(continued)
Consumer Staples—2.2%
J&J Snack Foods Corporation		21,242	$	891
Spartan Stores, Inc.		102,940		1,492
				2,383
Total Common Stocks—98.4% (cost $96,199)				108,093
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, 0.200% dated 9/30/10, due 10/1/10, repurchase price $2,810, collateralized by U.S. Treasury Bill, 2.125%, due 5/31/15	$	2,810		2,810
Total Repurchase Agreement—2.6% (cost $2,810)				2,810
Total Investments—101.0% (cost $99,013)				110,907
Liabilities, plus cash and other assets—(1.0)%				(1,124	)
Net assets—100.0%			$	109,783

* Non-income producing securities

† = U.S. listed foreign security

See accompanying Notes to Portfolio of Investments.

Mid Cap Value Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Financials—28.5%
	Alexandria Real Estate Equities, Inc.		410	$	29
	Allied World Assurance Co. Holdings, Ltd.†		570		32
	Ameriprise Financial, Inc.		1,080		51
	Apartment Investment & Management Co.		1,330		28
	Boston Properties, Inc.		305		25
	Brandywine Realty Trust		2,460		30
	Comerica, Inc.		1,470		55
	Corporate Office Properties Trust		710		26
	Discover Financial Services		2,140		36
	Fifth Third Bancorp		3,560		43
*	Forest City Enterprises, Inc. Class “A”		2,060		26
	Host Hotels & Resorts, Inc.		1,770		26
	KeyCorp		2,200		18
	PartnerRe, Ltd.†		360		29
	People’s United Financial, Inc.		3,070		40
	Realty Income Corporation		770		26
	The Hanover Insurance Group, Inc.		830		39
	Unum Group		1,060		23
	Validus Holdings, Ltd.†		970		26
	Ventas, Inc.		480		25
	Washington Federal, Inc.		1,630		25
					658
	Industrials—11.5%
*	Armstrong World Industries, Inc.		590		25
	Cintas Corporation		1,090		30
	Eaton Corporation		610		50
	Goodrich Corporation		410		30
	J.B. Hunt Transport Services, Inc.		800		28
	Manpower, Inc.		480		25
	Parker Hannifin Corporation		690		48
	Snap-On, Inc.		620		29
					265
	Utilities—11.2%
	DTE Energy Co.		950		44
	Northeast Utilities		1,450		43
	NSTAR		850		33
	PPL Corporation		1,720		47
	TECO Energy, Inc.		2,340		40
	Xcel Energy, Inc.		2,260		52
					259
	Consumer Discretionary—11.1%
	Best Buy Co., Inc.		640		26
*	Big Lots, Inc.		720		24
	Chico’s FAS, Inc.		3,040		32
	DISH Network Corporation		1,000		19
	Fortune Brands, Inc.		730		36
	Meredith Corporation		860		29
*	Mohawk Industries, Inc.		440		23
	Newell Rubbermaid, Inc.		2,040		36

See accompanying Notes to Portfolio of Investments.

Mid Cap Value Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Consumer Discretionary—(continued)
	Whirlpool Corporation		390	$	32
					257
	Energy—10.5%
	Cabot Oil & Gas Corporation		840		25
	Ensco plc—ADR		500		23
*	Forest Oil Corporation		1,390		41
	Patterson-UTI Energy, Inc.		1,420		24
*	Petrohawk Energy Corporation		1,850		30
	Pioneer Natural Resources Co.		540		35
	SM Energy Co.		770		29
*	Whiting Petroleum Corporation		370		35
					242
	Materials—7.0%
	Airgas, Inc.		350		24
	Carpenter Technology Corporation		770		26
	Lubrizol Corporation		285		30
*	Pactiv Corporation		700		23
	Sonoco Products Co.		1,060		35
	Steel Dynamics, Inc.		1,740		25
					163
	Consumer Staples—6.6%
	Bunge, Ltd.†		330		20
	Campbell Soup Co.		630		22
	ConAgra Foods, Inc.		1,370		30
*	Energizer Holdings, Inc.		340		23
	HJ Heinz Co.		730		35
	The Kroger Co.		1,030		22
					152
	Information Technology—6.5%
*	Atmel Corporation		5,240		42
*	Ingram Micro, Inc. Class “A”		1,180		20
	Tellabs, Inc.		4,610		34
*	VeriSign, Inc.		1,300		41
	Xerox Corporation		1,200		13
					150
	Health Care—5.1%
	CIGNA Corporation		750		27
	Hill-Rom Holdings, Inc.		890		32
*	Laboratory Corporation of America Holdings		360		28
*	Mettler-Toledo International, Inc.†		255		32
					119
	Total Common Stocks—98.0% (cost $2,317)				2,265

See accompanying Notes to Portfolio of Investments.

Mid Cap Value Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
Repurchase Agreement
State Street Bank and Trust Company, 0.200% dated 9/30/10, due 10/1/10, repurchase price $75, collateralized by U.S. Treasury Bill, 2.125%, due 5/31/15	$	75	$	75
Total Repurchase Agreement—3.2% (cost $75)				75
Total Investments—101.2% (cost $2,392)				2,340
Liabilities, plus cash and other assets—(1.2)%				(28	)
Net assets—100.0%			$	2,312

ADR = American Depository Receipt

† = U.S. listed foreign security

* Non-income producing securities

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—45.4%
U.S. Treasury Inflation Indexed Notes/Bonds—7.6%
U.S. Treasury Inflation Indexed Bond, 3.875%, due 4/15/29	$	7,957	$	11,065
U.S. Treasury Inflation Indexed Note, 1.875%, due 7/15/13		623		662
U.S. Treasury Inflation Indexed Note, 2.375%, due 1/15/17		3,243		3,656
Total U.S. Treasury Inflation Indexed Notes/Bonds				15,383
U.S. Treasury—1.7%
U.S. Treasury Bond, 3.875%, due 8/15/40		500		517
U.S. Treasury Note, 2.625%, due 8/15/20		1,350		1,363
U.S. Treasury Strip Principal, 0.000%, due 5/15/20		2,000		1,537
Total U.S. Treasury Obligations				3,417
Government National Mortgage Association (GNMA)—0.9%
GNR 2004-2 M5, 4.891%, due 7/16/34		125		139
GNR 2006-67 GB, 4.366%, due 9/16/34, VRN		1,540		1,696
Total GNMA Mortgage Obligations				1,835
Federal Home Loan Mortgage Corp. (FHLMC)—7.9%
#G90024, 7.000%, due 1/20/13		40		42
#G30093, 7.000%, due 12/1/17		39		43
#G30255, 7.000%, due 7/1/21		84		93
#G12792, 4.500%, due 12/1/21		522		554
#D95897, 5.500%, due 3/1/23		269		290
#G30372, 5.000%, due 9/1/27		652		687
#G01728, 7.500%, due 7/1/32		315		359
#C01385, 6.500%, due 8/1/32		415		461
#G02141, 6.000%, due 3/1/36		1,984		2,193
#A62179, 6.000%, due 6/1/37		1,055		1,163
#A63539, 6.000%, due 7/1/37		1,341		1,478
#G03170, 6.500%, due 8/1/37		2,045		2,250
#A66843, 6.500%, due 10/1/37		1,081		1,206
#A78138, 5.500%, due 6/1/38		1,509		1,635
#A81799, 6.500%, due 9/1/38		3,149		3,489
Total FHLMC Mortgage Obligations				15,943
Federal National Mortgage Association (FNMA)—27.3%
#535559, 7.500%, due 9/1/12		93		94
#598453, 7.000%, due 6/1/15		1		1
#689612, 5.000%, due 5/1/18		445		476
#695910, 5.000%, due 5/1/18		793		857
#747903, 4.500%, due 6/1/19		410		435
#745735, 5.000%, due 3/1/21		973		1,038
#253847, 6.000%, due 5/1/21		262		285
#900725, 6.000%, due 8/1/21		233		254
#AD8164, 4.000%, due 8/1/25		1,245		1,307
#545437, 7.000%, due 2/1/32		215		244
#545759, 6.500%, due 7/1/32		2,349		2,621
#254548, 5.500%, due 12/1/32		994		1,069
#684601, 6.000%, due 3/1/33		2,203		2,454
#190340, 5.000%, due 9/1/33		2,077		2,206
#254868, 5.000%, due 9/1/33		1,018		1,081

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA)—(continued)
#555800, 5.500%, due 10/1/33			$	452	$	485
#725027, 5.000%, due 11/1/33				818		868
#555880, 5.500%, due 11/1/33				532		571
#555946, 5.500%, due 11/1/33				866		937
#756153, 5.500%, due 11/1/33				2,408		2,586
#725231, 5.000%, due 2/1/34				840		892
#725205, 5.000%, due 3/1/34				1,787		1,898
#725220, 5.000%, due 3/1/34				777		826
#725232, 5.000%, due 3/1/34				2,524		2,680
#725238, 5.000%, due 3/1/34				1,778		1,887
#725424, 5.500%, due 4/1/34				570		612
#725611, 5.500%, due 6/1/34				514		552
#786546, 6.000%, due 7/1/34				1,007		1,102
#787816, 6.000%, due 7/1/34				959		1,057
#190353, 5.000%, due 8/1/34				604		640
#357883, 5.000%, due 5/1/35				1,272		1,350
#745092, 6.500%, due 7/1/35				637		711
#357944, 6.000%, due 9/1/35				120		131
#829306, 6.000%, due 9/1/35				347		379
#843487, 6.000%, due 10/1/35				291		321
#849191, 6.000%, due 1/1/36				189		206
#848782, 6.500%, due 1/1/36				833		921
#745349, 6.500%, due 2/1/36				1,192		1,325
#831540, 6.000%, due 6/1/36				233		253
#745802, 6.000%, due 7/1/36				689		761
#886220, 6.000%, due 7/1/36				1,198		1,319
#893318, 6.500%, due 8/1/36				270		299
#909480, 6.000%, due 2/1/37				1,467		1,608
#256859, 5.500%, due 8/1/37				1,038		1,101
#928561, 6.000%, due 8/1/37				848		936
#948689, 6.000%, due 8/1/37				2,374		2,580
#888967, 6.000%, due 12/1/37				1,891		2,086
#962058, 6.500%, due 3/1/38				3,322		3,708
#934006, 6.500%, due 9/1/38				1,733		1,936
#986856, 6.500%, due 9/1/38				1,133		1,245
Total FNMA Mortgage Obligations						55,191
Non-Agency Mortgage-Backed Obligations—1.5%
Countrywide Alternative Loan Trust, 2003-11T1, Tranche M, 4.750%, 7/25/18		CCC		241		173
First Plus Home Loan Trust, 1997-4, Tranche M1, 7.640%, 9/11/23§**		C		199		128
Renaissance Home Equity Loan Trust, 2004-2, Tranche M5, 6.455%, 7/25/34		A2		463		116
First Horizon Asset Securities, Inc., 2004-AR4, Tranche 3A1, 4.641%, 8/25/34, VRN		AAA		574		592
Soundview Home Equity Loan Trust, 2005-B, Tranche M1, 6.135%, 5/25/35		AA+		26		25

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
Non-Agency Mortgage-Backed Obligations—(continued)
Chase Mortgage Finance Corporation, 2006-A1, Tranche 2A3, 6.000%, 9/25/36, VRN		Caa2	$	2,460	$	1,940
Total Non-Agency Mortgage-Backed Obligations						2,974
Consumer Asset-Backed Securities—4.5%
Avis Budget Rental Car Funding AESOP LLC—144A, 2009-1A, Tranche A, 9.310%, 10/20/13		A2		2,000		2,215
Avis Budget Rental Car Funding AESOP LLC—144A, 2009-2A, Tranche A, 5.680%, 2/20/14		Aaa		2,000		2,140
Hertz Vehicle Financing LLC—144A, 2009-2A, Tranche A1, 4.260%, 3/25/14		Aaa		2,230		2,339
Chase Issuance Trust, 2008-A10, Tranche A10, 1.007%, 8/17/15, VRN		AAA		1,500		1,522
Centre Point Funding LLC—144A, 2010-1A, Tranche 1, 5.430%, 7/20/15		A2		915		967
Total Consumer Asset-Backed Securities						9,183
Corporate Obligations—47.1%
Morgan Stanley, 6.600%, due 4/1/12		A		545		586
Weatherford International, Ltd., 5.150%, due 3/15/13		BBB		1,425		1,526
Citigroup, Inc., 5.500%, due 4/11/13		A+		1,500		1,609
General Electric Capital Corporation, 4.800%, due 5/1/13		AA+		600		648
Kansas City Southern de Mexico S.A. de C.V., 7.625%, due 12/1/13		BB-		1,200		1,242
CME Group, Inc., 5.750%, due 2/15/14		AA		700		794
PACCAR, Inc., 6.875%, due 2/15/14		A+		800		935
Smith International, Inc., 8.625%, due 3/15/14		A+		970		1,182
General Electric Capital Corporation, 5.900%, due 5/13/14		AA+		225		255
Bank of America Corporation, 7.375%, due 5/15/14		A+		700		805
American Express Co., 7.250%, due 5/20/14		A+		500		586
Capital One Financial Corporation, 7.375%, due 5/23/14		A-		1,235		1,442
Macquarie Group Ltd.—144A, 7.300%, due 8/1/14		A2		1,000		1,131
Petrohawk Energy Corporation, 10.500%, due 8/1/14		B+		1,000		1,133
AT&T, Inc., 5.100%, due 9/15/14		A		1,250		1,403

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
Corporate Obligations—(continued)
D.R. Horton, Inc., 5.625%, due 9/15/14		BB	$	1,500	$	1,500
Corporation Nacional del Cobre de Chile—144A, 4.750%, due 10/15/14		A1		1,350		1,471
Boeing Capital Corporation, 3.250%, due 10/27/14		A+		1,400		1,496
Crown Castle International Corporation, 9.000%, due 1/15/15		B1		1,000		1,103
EI du Pont de Nemours & Co., 3.250%, due 1/15/15		A		500		535
Georgia-Pacific LLC—144A, 7.000%, due 1/15/15		BB+		1,000		1,040
The Kroger Co., 4.950%, due 1/15/15		BBB		1,175		1,309
Simon Property Group L.P., 4.200%, due 2/1/15		A-		1,500		1,610
Yum! Brands, Inc., 4.250%, due 9/15/15		BBB-		350		381
Fiserv, Inc., 3.125%, due 10/1/15		Baa2		1,825		1,852
Cisco Systems, Inc., 5.500%, due 2/22/16		A+		2,000		2,359
Yum! Brands, Inc., 6.250%, due 4/15/16		BBB-		700		824
Owens-Brockway Glass Container, Inc., 7.375%, due 5/15/16		BB+		1,250		1,345
SABMiller plc—144A, 6.500%, due 7/1/16		BBB+		700		842
Petrobras International Finance Co., 6.125%, due 10/6/16		Baa1		1,350		1,511
EI du Pont de Nemours & Co., 5.250%, due 12/15/16		A		500		586
Comcast Corporation, 6.500%, due 1/15/17		BBB+		350		416
Corrections Corporation of America, 7.750%, due 6/1/17		BB		1,250		1,344
ERP Operating L.P., 5.750%, due 6/15/17		A-		1,100		1,239
JPMorgan Chase & Co., 6.125%, due 6/27/17		A1		600		679
BB&T Corporation, 4.900%, due 6/30/17		A2		665		704
American Express Co., 6.150%, due 8/28/17		A+		1,000		1,151
IBM Corporation, 5.700%, due 9/14/17		A+		1,250		1,493
Exelon Generation Co. LLC, 6.200%, due 10/1/17		A3		1,100		1,290
Toll Brothers Finance Corporation, 8.910%, due 10/15/17		BBB-		950		1,106

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
Corporate Obligations—(continued)
Triumph Group, Inc., 8.000%, due 11/15/17		B+	$	1,500	$	1,538
Union Pacific Corporation, 5.750%, due 11/15/17		BBB		800		923
Wells Fargo & Co., 5.625%, due 12/11/17		AA-		1,000		1,139
Kohl’s Corporation, 6.250%, due 12/15/17		BBB+		350		418
Morgan Stanley, 6.625%, due 4/1/18		A		950		1,053
General Electric Capital Corporation, 5.625%, due 5/1/18		AA+		350		388
Philip Morris International, Inc., 5.650%, due 5/16/18		A		1,000		1,171
Time Warner Cable, Inc., 6.750%, due 7/1/18		BBB		1,000		1,193
Merrill Lynch & Co., Inc., 6.875%, due 11/15/18		A+		1,075		1,204
Anheuser-Busch InBev Worldwide, Inc.—144A, 7.750%, due 1/15/19		BBB+		700		908
FedEx Corporation, 8.000%, due 1/15/19		BBB		750		974
CSX Corporation, 7.375%, due 2/1/19		BBB-		800		1,004
Honeywell International, Inc., 5.000%, due 2/15/19		A		925		1,069
Pfizer, Inc., 6.200%, due 3/15/19		AA		1,250		1,539
BHP Billiton Finance USA, Ltd., 6.500%, due 4/1/19		A+		1,300		1,596
Owens Corning, 9.000%, due 6/15/19		BBB-		950		1,124
Jefferies Group, Inc., 8.500%, due 7/15/19		BBB		1,300		1,509
Discovery Communications LLC, 5.625%, due 8/15/19		Baa2		500		563
Roper Industries, Inc., 6.250%, due 9/1/19		BBB-		1,225		1,418
Boston Properties L.P., 5.875%, due 10/15/19		A-		1,500		1,676
Toll Brothers Finance Corporation, 6.750%, due 11/1/19		BBB-		500		517
Macquarie Group Ltd.—144A, 6.000%, due 1/14/20		A2		250		261
Ford Motor Credit Co. LLC, 8.125%, due 1/15/20		Ba3		1,515		1,741
Jarden Corporation, 7.500%, due 1/15/20		B1		1,500		1,560
Motiva Enterprises LLC—144A, 5.750%, due 1/15/20		A		1,500		1,716

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
Corporate Obligations—(continued)
Johnson Controls, Inc., 5.000%, due 3/30/20		BBB	$	1,625	$	1,786
United Technologies Corporation, 4.500%, due 4/15/20		A+		1,500		1,682
Iron Mountain, Inc., 8.000%, due 6/15/20		B+		1,250		1,320
The Goldman Sachs Group, Inc., 6.000%, due 6/15/20		A1		1,800		1,980
Commonwealth Edison Co., 4.000%, due 8/1/20		A-		1,000		1,048
Alcoa, Inc., 6.150%, due 8/15/20		BBB-		1,775		1,825
Omnicom Group, Inc., 4.450%, due 8/15/20		A-		1,975		2,030
HCA, Inc., 7.250%, due 9/15/20		BB		1,500		1,605
Ras Laffan Liquefied Natural Gas Co., Ltd. II—144A, 5.298%, due 9/30/20		Aa2		400		432
Southwest Airlines Co. 2007-1 Pass Through Trust, 6.150%, due 8/1/22		A		664		717
The Kroger Co., 8.000%, due 9/15/29		BBB		325		430
Conoco Funding Co., 7.250%, due 10/15/31		A1		400		516
Kohl’s Corporation, 6.000%, due 1/15/33		BBB+		1,000		1,095
Wisconsin Electric Power Co., 5.700%, due 12/1/36		A1		500		569
Comcast Corporation, 6.450%, due 3/15/37		BBB+		650		722
Yum! Brands, Inc., 6.875%, due 11/15/37		BBB-		600		717
JPMorgan Chase & Co., 6.400%, due 5/15/38		Aa3		900		1,077
COX Communications, Inc.—144A, 6.950%, due 6/1/38		Baa2		350		409
General Electric Capital Corporation, 6.875%, due 1/10/39		AA+		750		861
Burlington Northern Santa Fe LLC, 5.750%, due 5/1/40		A3		1,515		1,672
Total Corporate Obligations						95,158
Total Long-Term Investments—98.5% (cost $185,708)						199,084
Repurchase Agreement
State Street Bank and Trust Company, 0.200% dated 9/30/10, due 10/1/10, repurchase price $768, collateralized by US Treasury, 2.125%, due 5/31/15		AAA	$	768	$	768
Total Repurchase Agreement—0.4% (cost $768)						768

See accompanying Notes to Portfolio of Investments.

Bond Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Total Investments—98.9% (cost $186,476)		199,852
Cash and other assets, less liabilities—1.1%		2,187
Net assets—100.0%	$	202,039

NRSRO = Nationally Recognized Statistical Rating Organization—The credit quality ratings of the securities in the Fund reflect the highest category rating by either Fitch Ratings, Moody’s Investors Service Inc., or Standard & Poor’s, a division of the McGraw-Hill Companies, Inc. The obligations of certain U. S. Government-sponsored securities are neither issued nor guaranteed by the U. S. Treasury.

VRN = Variable Rate Note

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.06% of the net assets at September 30, 2010.

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.06% of the Fund’s net assets at September 30, 2010.

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—35.5%
U.S. Treasury Inflation Indexed Notes/Bonds—3.6%
U.S. Treasury Inflation Indexed Note, 2.375%, due 1/15/17	$	3,784	$	4,265
U.S. Treasury—4.5%
U.S. Treasury Note, 5.125%, due 5/15/16		1,000		1,197
U.S. Treasury Note, 3.125%, due 5/15/19		700		744
U.S. Treasury Note, 2.625%, due 8/15/20		2,500		2,523
U.S. Treasury Strip Principal, 0.000%, due 5/15/20		1,185		911
Total U.S. Treasury Obligations				5,375
Government National Mortgage Association (GNMA)—0.3%
#780405, 9.500%, due 11/15/17		167		182
#357322, 7.000%, due 9/15/23		109		124
Total GNMA Mortgage Obligations				306
Federal Home Loan Mortgage Corp. (FHLMC)—9.5%
#M80925, 5.000%, due 6/1/11		324		325
#E00436, 7.000%, due 6/1/11		31		32
#G10708, 6.500%, due 8/1/12		32		33
#E72924, 7.000%, due 10/1/13		273		287
#E81703, 7.000%, due 5/1/15		309		327
#E81697, 8.000%, due 5/1/15		765		829
#E81908, 8.500%, due 12/1/15		74		86
#J02184, 8.000%, due 4/1/16		539		577
#G90022, 8.000%, due 9/17/16		244		261
#M30028, 5.500%, due 5/1/17		59		61
#E90398, 7.000%, due 5/1/17		663		715
#E96536, 5.000%, due 3/1/18		898		959
#E97112, 4.000%, due 5/1/18		362		384
#B13459, 4.500%, due 4/1/19		288		306
#C67537, 9.500%, due 8/1/21		15		15
#D95621, 6.500%, due 7/1/22		1,937		2,131
#A45790, 7.500%, due 5/1/35		356		407
#G02141, 6.000%, due 3/1/36		1,104		1,220
#A81799, 6.500%, due 9/1/38		2,013		2,230
Total FHLMC Mortgage Obligations				11,185
Federal National Mortgage Association (FNMA)—17.6%
#313816, 6.000%, due 4/1/11		8		9
#577393, 10.000%, due 6/1/11		3		3
#577395, 10.000%, due 8/1/11		15		15
#254788, 6.500%, due 4/1/13		91		94
#725315, 8.000%, due 5/1/13		101		106
#593561, 9.500%, due 8/1/14		164		179
#567027, 7.000%, due 9/1/14		586		622
#567026, 6.500%, due 10/1/14		483		522
#458124, 7.000%, due 12/15/14		81		86
#576554, 8.000%, due 1/1/16		639		696
#576553, 8.000%, due 2/1/16		1,062		1,181
#555747, 8.000%, due 5/1/16		102		108
#735569, 8.000%, due 10/1/16		637		693
#725410, 7.500%, due 4/1/17		378		399

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA)—(continued)
#643217, 6.500%, due 6/1/17			$	185	$	200
#679247, 7.000%, due 8/1/17				785		868
#685194, 4.500%, due 3/1/18				1,253		1,331
#689334, 5.000%, due 3/1/18				183		196
#695910, 5.000%, due 5/1/18				793		857
#740847, 6.000%, due 10/1/18				527		571
#323501, 6.500%, due 1/1/19				154		168
#255358, 5.000%, due 9/1/19				236		252
#852864, 7.000%, due 7/1/20				1,653		1,847
#458147, 10.000%, due 8/15/20				403		456
#835563, 7.000%, due 10/1/20				710		785
#735574, 8.000%, due 3/1/22				421		488
#679253, 6.000%, due 10/1/22				962		1,043
FNR G93-19 SH, 11.234%, due 4/25/23, VRN				11		16
#AD8164, 4.000%, due 8/1/25				996		1,045
#AE1176, 4.000%, due 8/1/25				991		1,041
#255956, 5.500%, due 10/1/25				209		224
#806458, 8.000%, due 6/1/28				397		459
#880155, 8.500%, due 7/1/29				789		917
#797846, 7.000%, due 3/1/32				1,015		1,124
#745519, 8.500%, due 5/1/32				469		546
#654674, 6.500%, due 9/1/32				239		268
#733897, 6.500%, due 12/1/32				281		314
#886220, 6.000%, due 7/1/36				995		1,095
Total FNMA Mortgage Obligations						20,824
Non-Agency Mortgage-Backed Obligations—0.8%
First Plus Home Loan Trust, 1997-4, Tranche M1, 7.640%, 9/11/23**§		C		676		434
First Plus Home Loan Trust, 1997-4, Tranche M2, 7.830%, 9/11/23**§		C		143		80
First Plus Home Loan Trust, 1998-3, Tranche M2, 7.920%, 5/10/24**§		Caa1		256		217
Lehman Structured Securities Corp.—144A, 2004-2, Tranche M1, 2.739%, 2/28/33, VRN§		CCC		411		158
ABFS Mortgage Loan Trust, 2002-2, Tranche A7, 5.715%, 7/15/33		AAA		4		4
Soundview Home Equity Loan Trust, 2005-B, Tranche M1, 6.135%, 5/25/35		AA+		65		65
Total Non-Agency Mortgage-Backed Obligations						958
Consumer Asset-Backed Securities—7.3%
Ford Credit Auto Owner Trust, 2010-B, Tranche A2, 0.650%, 12/15/12		Aaa		500		500
Citibank Credit Card Issuance Trust, 2009-A3, Tranche A3, 2.700%, 6/24/13		AAA		965		980
John Deere Owner Trust, 2009-A, Tranche A3, 2.590%, 10/15/13		AAA		352		357

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
Consumer Asset-Backed Securities—(continued)
Avis Budget Rental Car Funding AESOP LLC—144A, 2009-1A, Tranche A, 9.310%, 10/20/13		A2	$	1,000	$	1,108
Mercedes-Benz Auto Receivables Trust, 2009-1, Tranche A3, 1.670%, 1/15/14		AAA		405		410
Avis Budget Rental Car Funding AESOP LLC—144A, 2009-2A, Tranche A, 5.680%, 2/20/14		Aaa		1,500		1,605
Volkswagen Auto Lease Trust, 2009-A, Tranche A4, 4.590%, 3/17/14		AAA		500		517
Hertz Vehicle Financing LLC—144A, 2009-2A, Tranche A1, 4.260%, 3/25/14		Aaa		1,500		1,574
Chase Issuance Trust, 2008-A10, Tranche A10, 1.007%, 8/17/15, VRN		AAA		1,500		1,522
Total Consumer Asset-Backed Securities						8,573
Corporate Obligations—55.1%
Wisconsin Energy Corporation, 6.500%, due 4/1/11		A3		1,250		1,286
Eli Lilly & Co., 3.550%, due 3/6/12		AA-		500		520
BHP Billiton Finance USA, Ltd., 5.125%, due 3/29/12		A+		1,195		1,266
Morgan Stanley, 6.600%, due 4/1/12		A		1,600		1,721
COX Communications, Inc., 7.125%, due 10/1/12		Baa2		500		554
PepsiCo, Inc., 4.650%, due 2/15/13		Aa3		540		588
Citigroup, Inc., 5.500%, due 4/11/13		A+		1,000		1,073
General Electric Capital Corporation, 4.800%, due 5/1/13		AA+		1,500		1,619
Novartis Capital Corporation, 4.125%, due 2/10/14		Aa2		1,000		1,092
CME Group, Inc., 5.750%, due 2/15/14		AA		1,000		1,134
PACCAR, Inc., 6.875%, due 2/15/14		A+		1,000		1,169
PepsiAmericas, Inc., 4.375%, due 2/15/14		A+		500		550
Coca-Cola Enterprises, Inc., 7.375%, due 3/3/14		A+		900		1,082
General Electric Capital Corporation, 5.900%, due 5/13/14		AA+		225		255
Bank of America Corporation, 7.375%, due 5/15/14		A+		500		575
St. Jude Medical, Inc., 3.750%, due 7/15/14		A		500		536
AT&T, Inc., 5.100%, due 9/15/14		A		1,750		1,965

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
Corporate Obligations—(continued)
Corporation Nacional del Cobre de Chile—144A, 4.750%, due 10/15/14		A1	$	1,000	$	1,089
Boeing Capital Corporation, 3.250%, due 10/27/14		A+		1,000		1,068
EI du Pont de Nemours & Co., 3.250%, due 1/15/15		A		1,200		1,284
Simon Property Group L.P., 4.200%, due 2/1/15		A-		1,125		1,207
United Technologies Corporation, 4.875%, due 5/1/15		A+		1,000		1,146
Fiserv, Inc., 3.125%, due 10/1/15		Baa2		1,000		1,015
Cisco Systems, Inc., 5.500%, due 2/22/16		A+		1,250		1,475
Yum! Brands, Inc., 6.250%, due 4/15/16		BBB-		1,000		1,177
Petrobras International Finance Co., 6.125%, due 10/6/16		Baa1		1,000		1,119
BHP Billiton Finance USA, Ltd., 5.400%, due 3/29/17		A+		1,000		1,141
ERP Operating L.P., 5.750%, due 6/15/17		A-		1,000		1,126
JPMorgan Chase & Co., 6.125%, due 6/27/17		A1		1,750		1,981
BB&T Corporation, 4.900%, due 6/30/17		A2		1,500		1,588
Kimberly-Clark Corporation, 6.125%, due 8/1/17		A		1,000		1,221
American Express Co., 6.150%, due 8/28/17		A+		1,500		1,727
IBM Corporation, 5.700%, due 9/14/17		A+		1,750		2,090
Exelon Generation Co. LLC, 6.200%, due 10/1/17		A3		2,000		2,345
Tesco plc—144A, 5.500%, due 11/15/17		A-		1,750		2,008
Abbott Laboratories, 5.600%, due 11/30/17		AA		500		596
Wells Fargo & Co., 5.625%, due 12/11/17		AA-		750		854
Philip Morris International, Inc., 5.650%, due 5/16/18		A		1,250		1,463
Time Warner Cable, Inc., 6.750%, due 7/1/18		BBB		1,000		1,193
Anheuser-Busch InBev Worldwide, Inc.—144A, 7.750%, due 1/15/19		BBB+		800		1,038
FedEx Corporation, 8.000%, due 1/15/19		BBB		1,000		1,298
Honeywell International, Inc., 5.000%, due 2/15/19		A		1,225		1,416

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
Corporate Obligations—(continued)
The Procter & Gamble Co., 4.700%, due 2/15/19		AA-	$	500	$	569
Unilever Capital Corporation, 4.800%, due 2/15/19		A+		500		567
Pfizer, Inc., 6.200%, due 3/15/19		AA		1,000		1,231
Jefferies Group, Inc., 8.500%, due 7/15/19		BBB		1,100		1,277
Boston Properties L.P., 5.875%, due 10/15/19		A-		1,350		1,508
Macquarie Group Ltd.—144A, 6.000%, due 1/14/20		A2		1,000		1,046
Motiva Enterprises LLC—144A, 5.750%, due 1/15/20		A		1,000		1,144
Johnson Controls, Inc., 5.000%, due 3/30/20		BBB		1,000		1,099
The Goldman Sachs Group, Inc., 6.000%, due 6/15/20		A1		1,000		1,100
Alcoa, Inc., 6.150%, due 8/15/20		BBB-		1,000		1,028
Omnicom Group, Inc., 4.450%, due 8/15/20		A-		1,000		1,028
Ras Laffan Liquefied Natural Gas Co., Ltd. II—144A, 5.298%, due 9/30/20		Aa2		1,250		1,351
Southwest Airlines Co. 2007-1 Pass Through Trust, 6.150%, due 8/1/22		A		1,460		1,577
Total Corporate Obligations						65,175
Total Long-Term Investments—98.7% (cost $108,469)						116,661
Repurchase Agreement
State Street Bank and Trust Company, 0.200% dated 9/30/10, due 10/1/10, repurchase price $457, collateralized by U.S. Treasury Bill, 2.125%, due 5/31/15		AAA		457		457
Total Repurchase Agreement—0.4% (cost $457)						457
Total Investments—99.1% (cost $108,926)						117,118
Cash and other assets, less liabilities—0.9%						1,083
Net assets—100.0%					$	118,201

NRSRO = Nationally Recognized Statistical Rating Organization—The credit quality ratings of the securities in the Fund reflect the highest category rating by either Fitch Ratings, Moody’s Investors Service Inc., or Standard & Poor’s, a division of the McGraw-Hill Companies, Inc. The obligations of certain U. S. Government-sponsored securities are neither issued nor guaranteed by the U. S. Treasury.

VRN = Variable Rate Note

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. These holdings represent 0.62% of the Fund’s net assets at September 30, 2010.

See accompanying Notes to Portfolio of Investments.

Income Fund

Portfolio of Investments, September 30, 2010 (all amounts in thousands) (unaudited)

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. These holdings represent 0.75% of the net assets at September 30, 2010.

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Value
U.S. Government and U.S. Government Agency—46.5%
Government National Mortgage Association (GNMA)—0.3%
#003438, 4.500%, due 9/20/18	$	349	$	370
Federal Home Loan Mortgage Corp. (FHLMC)—11.1%
#M80856, 4.500%, due 10/1/10		58		59
#M80898, 4.500%, due 2/1/11		166		170
#M80903, 4.000%, due 3/1/11		322		325
#M80953, 4.000%, due 12/1/11		326		335
#E86134, 5.000%, due 11/1/16		283		302
#E96536, 5.000%, due 3/1/18		560		597
#E95355, 5.000%, due 4/1/18		646		689
#E01377, 4.500%, due 5/1/18		653		689
#G11618, 4.500%, due 5/1/18		3,084		3,275
#E99963, 4.500%, due 10/1/18		177		188
#E01488, 5.000%, due 10/1/18		677		723
#E99895, 5.000%, due 10/1/18		1,366		1,458
#G12093, 4.500%, due 12/1/18		775		823
#B11386, 5.000%, due 12/1/18		294		314
#E01545, 5.000%, due 1/1/19		381		407
#G11766, 5.000%, due 3/1/19		275		294
#G18001, 4.500%, due 7/1/19		355		378
#G11596, 5.500%, due 8/1/19		285		309
#B16291, 5.000%, due 9/1/19		1,809		1,932
#G18045, 5.000%, due 3/1/20		305		325
#G11892, 4.000%, due 4/1/20		309		327
#G18048, 5.000%, due 4/1/20		215		229
#J08152, 5.000%, due 5/1/20		252		269
#G12394, 5.000%, due 5/1/21		399		425
#G12113, 5.500%, due 5/1/21		478		519
#G12286, 5.000%, due 7/1/21		232		247
Total FHLMC Mortgage Obligations				15,608
Federal National Mortgage Association (FNMA)—35.1%
#254956, 4.000%, due 11/1/10		109		110
#255325, 4.500%, due 7/1/11		1,131		1,153
#545898, 5.500%, due 9/1/17		892		968
#545899, 5.500%, due 9/1/17		1,020		1,106
#735647, 5.000%, due 12/1/17		2,739		2,924
#663692, 5.000%, due 1/1/18		424		453
#254591, 5.500%, due 1/1/18		611		662
#681310, 4.500%, due 2/1/18		626		665
#683100, 5.500%, due 2/1/18		752		822
#675717, 5.000%, due 3/1/18		658		703
#656564, 5.000%, due 4/1/18		3,034		3,238
#696677, 5.000%, due 4/1/18		237		253
#555456, 5.500%, due 4/1/18		3,136		3,400
#929388, 4.500%, due 5/1/18		821		869
#254721, 5.000%, due 5/1/18		484		517
#702332, 5.000%, due 5/1/18		106		113
#704049, 5.500%, due 5/1/18		1,475		1,616
#254785, 4.000%, due 6/1/18		402		426
#555622, 4.500%, due 6/1/18		692		735
#656573, 5.000%, due 6/1/18		401		428
#709848, 5.000%, due 6/1/18		347		370

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
U.S. Government and U.S. Government Agency—(continued)
Federal National Mortgage Association (FNMA)—(continued)
#713380, 4.000%, due 7/1/18			$	328	$	348
#254802, 4.500%, due 7/1/18				531		564
#713807, 4.500%, due 7/1/18				320		340
#711991, 5.000%, due 8/1/18				332		354
#740444, 4.500%, due 9/1/18				535		568
#743183, 5.000%, due 10/1/18				140		150
#747823, 4.000%, due 11/1/18				885		938
#749596, 5.000%, due 11/1/18				496		529
#745237, 5.000%, due 12/1/18				125		133
#MA0045, 4.000%, due 4/1/19				780		823
#255233, 4.000%, due 5/1/19				784		830
#725445, 4.500%, due 5/1/19				1,442		1,532
#995234, 5.000%, due 7/1/19				3,088		3,296
#785259, 5.000%, due 8/1/19				597		638
#725953, 5.000%, due 10/1/19				173		186
#745240, 4.500%, due 12/1/19				813		864
#735401, 5.500%, due 3/1/20				511		554
#735646, 4.500%, due 7/1/20				1,009		1,071
#MA0517, 4.000%, due 9/1/20				1,477		1,559
#836016, 4.500%, due 9/1/20				1,736		1,840
#MA0548, 3.500%, due 10/1/20				2,478		2,583
#881284, 4.500%, due 12/1/21				1,624		1,718
#932723, 4.000%, due 4/1/25				960		1,008
#935995, 4.000%, due 6/1/25				262		274
#AD4677, 4.000%, due 6/1/25				1,954		2,047
#AD8164, 4.000%, due 8/1/25				1,991		2,090
#AE1176, 4.000%, due 8/1/25				991		1,040
Total FNMA Mortgage Obligations						49,408
Consumer Asset-Backed Securities—42.9%
Mercedes-Benz Auto Receivables Trust, 2010-1, Tranche A1, 0.309%, 5/13/11		A-1+		348		348
Volkswagen Auto Lease Trust, 2009-A, Tranche A2, 2.870%, 7/15/11		AAA		60		60
Honda Auto Receivables Owner Trust, 2009-2, Tranche A2, 2.220%, 8/15/11		AAA		15		15
Nissan Auto Lease Trust, 2009-B, Tranche A2, 1.220%, 9/15/11		AAA		940		941
Ford Credit Auto Owner Trust, 2009-D, Tranche A2, 1.210%, 1/15/12		AAA		962		963
Honda Auto Receivables Owner Trust, 2008-1, Tranche A3, 4.470%, 1/18/12		AAA		428		431
Honda Auto Receivables Owner Trust, 2010-1, Tranche A2, 0.620%, 2/21/12		AAA		2,375		2,377
USAA Auto Owner Trust, 2009-2, Tranche A2, 0.740%, 3/15/12		AAA		86		86
Ally Auto Receivables Trust, 2010-1, Tranche A2, 0.750%, 4/15/12		AAA		1,000		1,001

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
Consumer Asset-Backed Securities—(continued)
Volkswagen Auto Lease Trust, 2009-A, Tranche A3, 3.410%, 4/16/12		AAA	$	1,550	$	1,575
CNH Equipment Trust, 2008-A, Tranche A3, 4.120%, 5/15/12		AAA		204		204
Harley-Davidson Motorcycle Trust, 2009-1, Tranche A2, 2.520%, 5/15/12		AAA		16		16
Volkswagen Auto Loan Enhanced Trust, 2010-1, Tranche A2, 0.660%, 5/21/12		AAA		2,000		2,001
USAA Auto Owner Trust, 2010-1, Tranche A2, 0.630%, 6/15/12		AAA		1,350		1,350
Ford Credit Auto Owner Trust, 2007-B, Tranche A4A, 5.240%, 7/15/12		AAA		530		546
CNH Equipment Trust, 2008-B, Tranche A3A, 4.780%, 7/16/12		AAA		278		280
CNH Equipment Trust, 2009-C, Tranche A2, 0.950%, 8/15/12		AAA		480		480
CNH Equipment Trust, 2010-A, Tranche A2, 0.810%, 8/15/12		AAA		1,000		1,001
BMW Vehicle Lease Trust, 2010-1, Tranche A2, 0.580%, 1/16/12		Aaa		500		500
BMW Vehicle Owner Trust, 2010-A, Tranche A2, 0.680%, 9/25/12		AAA		1,500		1,502
Capital Auto Receivables Asset Trust, 2008-2, Tranche A3B, 1.707%, 10/15/12, VRN		AAA		663		667
Citibank Credit Card Issuance Trust, 2005-A7, Tranche A7, 4.750%, 10/22/12		AAA		200		200
Ford Credit Auto Owner Trust, 2010-B, Tranche A2, 0.650%, 12/15/12		Aaa		1,200		1,201
Chrysler Financial Auto Securitization Trust, 2010-A, Tranche A2, 0.690%, 1/8/13		AAA		1,000		1,000
CarMax Auto Owner Trust, 2009-1, Tranche A3, 4.120%, 3/15/13		AAA		421		431
Bank of America Credit Card Trust, 2008-A1, Tranche A1, 0.837%, 4/15/13, VRN		AAA		320		320
MBNA Credit Card Master Note Trust, 2005-A9, Tranche A9, 0.297%, 4/15/13, VRN		AAA		895		895
Ford Credit Auto Owner Trust, 2009-A, Tranche A3A, 3.960%, 5/15/13		AAA		521		532
Bank of America Credit Card Trust, 2007-A2, Tranche A2, 0.277%, 6/17/13, VRN		AAA		1,283		1,282
USAA Auto Owner Trust, 2009-1, Tranche A3, 3.020%, 6/17/13		AAA		1,183		1,200
American Express Issuance Trust, 2007-2, Tranche A, 0.507%, 7/15/13, VRN		AAA		373		374
American Express Credit Account Master Trust, 2008-1, Tranche A, 0.707%, 8/15/13, VRN		AAA		1,200		1,201
American Express Credit Account Master Trust—144A, 2006-B, Tranche A, 0.297%, 8/15/13, VRN		AAA		1,070		1,070
American Express Issuance Trust, 2005-2, Tranche A, 0.327%, 8/15/13, VRN		AAA		730		729

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
Consumer Asset-Backed Securities—(continued)
Discover Card Master Trust I, 2006-1, Tranche A2, 0.307%, 8/16/13, VRN		AAA	$	354	$	354
Ford Credit Auto Owner Trust, 2009-D, Tranche A3, 2.170%, 10/15/13		AAA		1,160		1,177
John Deere Owner Trust, 2009-A, Tranche A3, 2.590%, 10/15/13		AAA		1,702		1,723
John Deere Owner Trust, 2009-B, Tranche A3, 1.570%, 10/15/13		AAA		865		873
Avis Budget Rental Car Funding AESOP LLC—144A, 2009-1A, Tranche A, 9.310%, 10/20/13		A2		2,000		2,215
Harley-Davidson Motorcycle Trust, 2009-1, Tranche A3, 3.190%, 11/15/13		AAA		2,007		2,047
Citibank Credit Card Issuance Trust, 2004-A7, Tranche A7, 0.419%, 11/25/13, VRN		AAA		1,043		1,042
Capital One Multi-Asset Execution Trust, 2006-A6, Tranche A6, 5.300%, 2/18/14		AAA		652		669
Avis Budget Rental Car Funding AESOP LLC—144A, 2009-2A, Tranche A, 5.680%, 2/20/14		Aaa		1,500		1,605
Capital One Multi-Asset Execution Trust, 2006-A7, Tranche A7, 0.287%, 3/17/14, VRN		AAA		1,000		999
Capital One Multi-Asset Execution Trust, 2008-A6, Tranche A6, 1.357%, 3/17/14, VRN		AAA		1,610		1,619
Citibank Credit Card Issuance Trust, 2009-A1, Tranche A1, 2.007%, 3/17/14, VRN		AAA		200		205
Volkswagen Auto Lease Trust, 2009-A, Tranche A4, 4.590%, 3/17/14		AAA		2,000		2,069
Hertz Vehicle Financing LLC—144A, 2009-2A, Tranche A1, 4.260%, 3/25/14		Aaa		1,765		1,852
Chase Issuance Trust, 2007-A9, Tranche A, 0.287%, 6/16/14, VRN		AAA		2,000		1,994
Nissan Auto Receivables Owner Trust, 2008-A, Tranche A4, 4.280%, 6/16/14		AAA		147		151
CNH Equipment Trust, 2010-A, Tranche A3, 1.540%, 7/15/14		AAA		550		557
Nissan Auto Receivables Owner Trust, 2010-A, Tranche A3, 0.870%, 7/15/14		AAA		500		501
Citibank Credit Card Issuance Trust, 2007-A7, Tranche A7, 0.607%, 8/20/14, VRN		AAA		200		200
American Express Credit Account Master Trust, 2007-5, Tranche A, 0.287%, 12/15/14, VRN		AAA		1,000		998
Nissan Master Owner Trust Receivables—144A, 2010-AA, Tranche A, 1.407%, 1/15/15, VRN		AAA		2,000		2,030
Capital One Multi-Asset Execution Trust, 2007-A4, Tranche A4, 0.287%, 3/16/15, VRN		AAA		1,620		1,612
Chase Issuance Trust, 2008-A10, Tranche A10, 1.007%, 8/17/15, VRN		AAA		2,000		2,029
Bank of America Credit Card Trust, 2010-A1, Tranche A1, 0.557%, 9/15/15, VRN		AAA		1,300		1,300
Ford Credit Floorplan Master Owner Trust, 2010-A5, Tranche A2, 0.957%, 9/15/15, VRN		AAA		1,700		1,700

See accompanying Notes to Portfolio of Investments.

Low Duration Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	NRSRO Rating		Principal Amount		Value
Consumer Asset-Backed Securities—(continued)
Chase Issuance Trust, 2008-A3, Tranche A, 1.357%, 3/15/16, VRN		AAA	$	2,000	$	2,059
Total Consumer Asset-Backed Securities						60,359
Corporate Obligations—10.1%
Teva Pharmaceutical Finance III LLC, 1.500%, due 6/15/12		A-		1,000		1,012
General Electric Capital Corporation, 3.500%, due 8/13/12		AA+		1,000		1,040
Johnson & Johnson, 5.150%, due 8/15/12		AAA		1,900		2,061
Bank of America Corporation, 5.375%, due 9/11/12		A+		1,000		1,066
ConocoPhillips, 4.750%, due 10/15/12		A1		1,000		1,078
Citigroup, Inc., 5.300%, due 10/17/12		A+		1,000		1,066
Wells Fargo & Co., 5.250%, due 10/23/12		AA-		1,000		1,082
Morgan Stanley, 5.250%, due 11/2/12		A		1,000		1,068
The Walt Disney Co., 4.700%, due 12/1/12		A		1,500		1,626
Hewlett-Packard Co., 4.500%, due 3/1/13		A+		1,000		1,082
American Honda Finance Corp.—144A, 2.375%, due 3/18/13		A+		1,000		1,022
American Express Co., 4.875%, due 7/15/13		A+		1,000		1,082
Total Corporate Obligations						14,285
Total Long-Term Investments—99.5% (cost $139,635)						140,030
Repurchase Agreement
State Street Bank and Trust Company, 0.200% dated 9/30/10, due 10/1/10, repurchase price $7,202, collateralized by U.S. Treasury Note, 2.125%, due 5/31/15		AAA		7,202		7,202
Total Repurchase Agreement—5.1% (cost $7,202)						7,202
Total Investments—104.6% (cost $146,837)						147,232
Liabilities, plus cash and other assets—(4.6)%						(6,483	)
Net assets—100.0%					$	140,749

NRSRO = Nationally Recognized Statistical Rating Organization—The credit quality ratings of the securities in the Fund reflect the highest category rating by either Fitch Ratings, Moody’s Investors Service Inc., or Standard & Poor’s, a division of the McGraw-Hill Companies, Inc.

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

VRN = Variable Rate Note

See accompanying Notes to Portfolio of Investments.

Ready Reserves Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Amortized Cost
U.S. Government Agency Mortgage-Backed Notes—0.4%
Federal Home Loan Mortgage Corporation (FHLMC), 4.000%, 11/1/10	$	3,620	$	3,628
Federal National Mortgage Association (FNMA), 3.500%—5.000%, 10/1/10—2/1/11		1,237		1,243
Total U.S. Government Agency Mortgage-Backed Notes				4,871
U.S. Government Agency Notes—10.3%
Federal Home Loan Bank (FHLB), 0.170%—4.625%, 10/14/10—2/18/11		54,630		54,734
Federal Home Loan Mortgage Corporation (FHLMC), 0.170%—4.750%, 10/18/10—2/3/11		50,164		50,315
Federal National Mortgage Association (FNMA), 0.170%—4.500%, 11/1/10—5/19/11		20,172		20,363
Total U.S. Government Agency Notes				125,412
Corporate Notes—12.6%
Abbott Laboratories, 3.750%—5.600%, 3/15/11—5/15/11		7,018		7,206
Citibank NA, 1.625%, 3/30/11		4,950		4,984
General Electric Capital Corporation, 5.000%—6.875%, 11/15/10—4/28/11		20,667		21,070
IBM Corporation, 4.950%, 3/22/11		14,000		14,309
JPMorgan Chase & Co., 2.625%, 12/1/10		15,310		15,366
Merck & Co., Inc., 1.875%, 6/30/11		10,000		10,115
Morgan Stanley, 2.900%, 12/1/10		14,000		14,057
Oracle Corporation, 5.000%, 1/15/11		13,153		13,331
Procter & Gamble International Funding, 1.350%, 8/26/11		13,475		13,590
Regions Bank, 2.750%, 12/10/10		3,000		3,014
U.S. Bank NA, 6.375%, 8/1/11		12,045		12,635
Wal-Mart Stores, Inc., 4.125%, 2/15/11		10,000		10,137
Wells Fargo & Co., 0.948%, 1/24/11, VRN		4,712		4,718
Wells Fargo & Co., 4.000%—4.875%, 1/12/11—6/2/11		7,619		7,717
Wyeth, 6.950%, 3/15/11		2,050		2,111
Total Corporate Notes				154,360
Foreign Government Notes—1.2%
Canadian Wheat Board, 0.170%, 10/4/10—10/27/10		15,000		14,999
Total Foreign Government Notes				14,999

See accompanying Notes to Portfolio of Investments.

Ready Reserves Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Amortized Cost
Commercial Paper—51.9%
Abbott Laboratories, 0.170%—0.220%, 10/25/10—11/23/10	$	28,000	$	27,994
American Honda Finance Corporation, 0.190%—0.280%, 10/4/10—11/2/10		41,375		41,371
Brown-Forman Corporation, 0.190%—0.230%, 10/12/10—10/19/10		20,000		19,998
Caterpillar Financial Services Corporation, 0.180%—0.230%, 10/4/10—11/19/10		19,000		18,998
Chevron Funding Corporation, 0.140%—0.150%, 10/4/10—10/13/10		42,000		42,000
Coca-Cola Co., 0.180%—0.230%, 10/5/10—11/16/10		40,850		40,847
ConocoPhillips Qatar Funding, Ltd., 0.190%—0.250%, 10/4/10—11/9/10		40,900		40,894
Dover Corporation, 0.180%, 10/1/10		10,000		10,000
EI du Pont de Nemours & Co., 0.180%—0.190%, 10/13/10—10/19/10		14,000		13,999
General Electric Capital Corporation, 0.200%, 11/8/10—11/10/10		21,000		20,995
Hewlett Packard Co., 0.190%—0.200%, 10/4/10—10/13/10		45,000		45,000
IBM Corporation, 0.150%, 10/1/10—10/7/10		24,000		24,000
Illinois Tool Works, Inc., 0.190%—0.200%, 10/7/10—10/15/10		12,325		12,325
John Deere Credit, Inc., 0.200%, 10/13/10—10/22/10		18,400		18,398
John Deere Credit, Ltd., 0.210%—0.220%, 10/8/10—10/27/10		22,460		22,458
Johnson & Johnson, 0.220%, 3/9/11—3/16/11		14,000		13,986
Kimberly-Clark Corporation, 0.180%—0.200%, 10/12/10—10/18/10		10,000		9,999
Merck & Co., Inc., 0.210%, 10/18/10		7,000		6,999
Microsoft Corporation, 0.160%, 10/20/10		7,000		6,999
Nestle Capital Corporation, 0.190%—0.220%, 10/4/10—12/15/10		19,000		18,995
PACCAR Financial Corporation, 0.180%—0.310%, 10/1/10—11/18/10		34,800		34,797
Private Export Funding, 0.230%—0.300%, 10/1/10—1/6/11		16,600		16,596
Procter & Gamble Co. (The), 0.230%—0.240%, 10/6/10—11/4/10		16,000		15,998
Procter & Gamble International Funding, 0.190%, 10/6/10—11/1/10		14,000		13,999
Roche Holding, Inc., 0.180%—0.190%, 10/5/10—10/21/10		23,000		22,998
Shell International Finance BV, 0.190%—0.500%, 10/25/10—2/1/11		23,000		22,982
Toyota Credit Corporation, 0.200%, 10/12/10—10/19/10		28,000		27,998

See accompanying Notes to Portfolio of Investments.

Ready Reserves Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Principal Amount		Amortized Cost
Commercial Paper—(continued)
Wal-Mart Stores, Inc., 0.200%, 10/26/10—10/28/10	$	22,000	$	21,996
Total Commercial Paper				633,619
Asset-Backed Commercial Paper—4.8%
Chariot Funding L.L.C., 0.230%, 10/8/10		8,500		8,499
Govco L.L.C, 0.220%—0.240%, 10/1/10—11/1/10		44,384		44,380
Wal-Mart Funding Corporation, 0.250%, 10/8/10		5,000		5,000
Total Asset-Backed Commercial Paper				57,879
Repurchase Agreements—18.7%
Bank of America, 0.220% dated 9/30/10, due 10/1/10, repurchase price $50,000 collateralized by FNMA, 4.500%, due 9/1/40		50,000		50,000
Barclays Capital, 0.200% dated 9/28/10, due 10/5/10, repurchase price $30,001, collateralized by FDIC guaranteed securities, 0.000%-3.200%, due 12/1/10-10/25/13		30,000		30,000
Barclays Capital, 0.250% dated 9/30/10, due 10/1/10, repurchase price $25,000 collateralized by FDIC guaranteed security, 3.000%, due 12/9/11		25,000		25,000
Fixed Income Clearing Corporation, 0.200% dated 9/30/10, due 10/1/10, repurchase price $23,097, collateralized by FHLB, 0.625%, due 1/13/12		23,097		23,097
Goldman Sachs, 0.220% dated 9/30/10, due 10/1/10, repurchase price $50,000, Collateralized by FDIC guaranteed security, 3.000%, due 12/9/11		50,000		50,000
JPMorgan & Co., 0.400% dated 9/30/10, due 10/1/10, repurchase price $50,001, collateralized by GNMA, 2.600%, due 9/20/40		50,000		50,000
Total Repurchase Agreements				228,097
Total Investments—99.9% (cost $1,219,237)				1,219,237
Cash and other assets, less liabilities—0.1%				1,630
Net assets—100.0%			$	1,220,867
Portfolio Weighted Average Maturity				41 days

VRN = Variable Rate Note

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe—29.2%
	Belgium—0.6%
	Colruyt S.A. (Food & staples retailing)		36,061	$	9,532
	Denmark—2.1%
	Coloplast A/S (Health care equipment & supplies)		60,716		7,258
	FLSmidth & Co. A/S (Construction & engineering)		110,773		8,093
	Novo Nordisk A/S (Pharmaceuticals)		132,900		13,188
	Novozymes A/S (Chemicals)		35,510		4,518
	SimCorp A/S (Software)		13,817		2,201
					35,258
	Finland—1.5%
	Kone Oyj (Machinery)		328,946		16,996
	Nokian Renkaat Oyj (Auto components)		218,316		7,497
					24,493
	France—7.3%
	Air Liquide S.A. (Chemicals)		143,154		17,464
	AXA S.A. (Insurance)		601,816		10,522
	BNP Paribas (Commercial banks)		267,522		19,026
	Cie Generale des Etablissements Michelin (Auto components)		162,302		12,349
	EDF Energies Nouvelles S.A. (Independent power producers & energy traders)		133,845		5,129
	Essilor International S.A. (Health care equipment & supplies)		146,405		10,073
	Hermes International (Textiles, apparel & luxury goods)		34,176		7,804
	L’Oreal S.A. (Personal products)		194,466		21,866
	Schneider Electric S.A. (Electrical equipment)		141,978		18,002
					122,235
	Germany—4.3%
	Aixtron AG (Semiconductors & semiconductor equipment)		113,597		3,376
	BASF SE (Chemicals)		391,452		24,684
*	Daimler AG (Automobiles)		303,581		19,228
	Fielmann AG (Specialty retail)		44,883		4,186
	Lanxess AG (Chemicals)		134,724		7,381
	MAN SE (Machinery)		100,165		10,919
	Wincor Nixdorf AG (Computers & peripherals)		48,127		3,138
					72,912
	Greece—0.2%
*	National Bank of Greece S.A. (Commercial banks)		291,570		2,850
	Ireland—0.3%
	Paddy Power plc (Hotels, restaurants & leisure)		124,334		4,363
	Israel—0.3%
	Israel Chemicals, Ltd. (Chemicals)		397,277		5,604
	Italy—1.1%
	Ansaldo STS SpA (Transportation infrastructure)		275,918		3,570
	DiaSorin SpA (Health care equipment & supplies)		92,340		3,793
	Saipem SpA (Energy equipment & services)		270,750		10,844
					18,207

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Europe—29.2%—(continued)
	Norway—0.1%
*	Norwegian Air Shuttle ASA (Airlines)		143,000	$	2,255
	Spain—2.7%
	Banco Santander S.A. (Commercial banks)		2,386,849		30,316
	Inditex S.A. (Specialty retail)		127,077		10,095
	Tecnicas Reunidas S.A. (Energy equipment & services)		104,816		5,588
					45,999
	Sweden—1.3%
	Atlas Copco AB (Machinery)		678,152		13,089
	Elekta AB (Health care equipment & supplies)		112,060		4,057
	Hexagon AB (Machinery)		198,213		4,252
					21,398
	Switzerland—7.4%
	Cie Financiere Richemont S.A. (Textiles, apparel & luxury goods)		387,417		18,652
	Credit Suisse Group AG (Capital markets)		341,824		14,610
*	Dufry Group (Specialty retail)		45,285		4,327
	Geberit AG (Building products)		39,514		7,037
	Kuehne + Nagel International AG (Marine)		63,491		7,624
	Nestle S.A. (Food products)		301,993		16,089
*	Orascom Development Holding AG (Hotels, restaurants & leisure)		74,474		3,873
	Partners Group Holding AG (Capital markets)		48,992		8,117
	Roche Holding AG (Pharmaceuticals)		18,449		2,640
	SGS S.A. (Professional services)		9,193		14,856
	Sika AG (Chemicals)		3,251		5,998
	Zurich Financial Services AG (Insurance)		83,243		19,509
					123,332
	United Kingdom—20.1%
	Abcam plc (Biotechnology)		130,943		3,552
	Admiral Group plc (Insurance)		463,246		12,124
	Aggreko plc (Commercial services & supplies)		268,261		6,616
	AMEC plc (Energy equipment & services)		492,921		7,635
	Amlin plc (Insurance)		986,287		6,218
	Aveva Group plc (Software)		211,326		4,857
	Babcock International Group plc (Commercial services & supplies)		1,243,714		11,136
	BHP Billiton plc (Metals & mining)		1,040,771		33,108
	BlueBay Asset Management plc (Capital markets)		716,501		3,882
	Britvic plc (Beverages)		583,175		4,445
	Burberry Group plc (Textiles, apparel & luxury goods)		580,834		9,489
*	Cairn Energy plc (Oil, gas & consumable fuels)		1,591,577		11,341
	Centrica plc (Multi-utilities)		2,218,182		11,272
	Chemring Group plc (Aerospace & defense)		123,339		5,824
	Compass Group plc (Hotels, restaurants & leisure)		1,105,157		9,210
	Domino’s Pizza UK & IRL plc (Hotels, restaurants & leisure)		68,806		508
	Dunelm Group plc (Specialty retail)		352,897		2,171
	Halfords Group plc (Specialty retail)		107,075		745
*	Heritage Oil plc (Oil, gas & consumable fuels)		625,262		2,915
	Intertek Group plc (Professional services)		270,655		7,781
	Johnson Matthey plc (Chemicals)		310,899		8,605
	Lancashire Holdings, Ltd. (Insurance)		489,045		4,264

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	United Kingdom—20.1%—(continued)
*	Lloyds Banking Group plc (Commercial banks)		13,646,935	$	15,890
	Meggitt plc (Aerospace & defense)		610,075		2,839
	Michael Page International plc (Professional services)		809,465		5,859
	Next plc (Multiline retail)		458,893		15,975
*	Ocado Group plc (Internet & catalog retail)		794,084		1,635
	Petrofac, Ltd. (Energy equipment & services)		485,391		10,469
*	Rolls-Royce Group plc (Aerospace & defense)		1,870,491		17,733
	Rotork plc (Machinery)		211,665		5,719
	RPS Group plc (Commercial services & supplies)		908,148		2,668
	Serco Group plc (Commercial services & supplies)		742,374		7,172
	Spirax-Sarco Engineering plc (Machinery)		178,495		5,047
	Standard Chartered plc (Commercial banks)		707,461		20,293
*	Telecity Group plc (Internet software & services)		415,277		3,232
*	The Berkeley Group Holdings plc (Household durables)		387,057		5,022
	The Weir Group plc (Machinery)		377,631		8,442
	Tullow Oil plc (Oil, gas & consumable fuels)		188,487		3,772
	Ultra Electronics Holdings plc (Aerospace & defense)		190,178		5,091
	Vedanta Resources plc (Metals & mining)		344,137		11,704
	Victrex plc (Chemicals)		225,772		4,526
	Vodafone Group plc (Wireless telecommunication services)		6,285,511		15,512
					336,298
	Japan—13.5%
	Canon, Inc. (Office electronics)		591,000		27,575
	Dena Co., Ltd. (Internet & catalog retail)		219,200		6,903
	Exedy Corporation (Auto components)		106,800		3,209
	F.C.C. Co., Ltd. (Auto components)		116,552		2,510
	Fanuc, Ltd. (Machinery)		193,400		24,627
	Gree, Inc. (Internet software & services)		254,000		4,129
	K’s Holdings Corporation (Specialty retail)		146,800		3,376
	kabu.com Securities Co., Ltd. (Capital markets)		399,400		1,526
	Kakaku.com, Inc. (Internet software & services)		658		3,811
	Keyence Corporation (Electronic equipment, instruments & components)		46,600		10,137
	Miraca Holdings, Inc. (Health care providers & services)		99,600		3,526
	MISUMI Group, Inc. (Trading companies & distributors)		188,500		3,951
	Mitsubishi UFJ Financial Group, Inc. (Commercial banks)		1,619,300		7,546
	Murata Manufacturing Co., Ltd. (Electronic equipment, instruments & components)		161,000		8,486
	Nabtesco Corporation (Machinery)		192,000		3,126
	Nippon Electric Glass Co., Ltd. (Electronic equipment, instruments & components)		667,000		9,092
	Nitori Co., Ltd. (Specialty retail)		63,530		5,312
	Osaka Securities Exchange Co., Ltd. (Diversified financial services)		595		2,919
	Point, Inc. (Specialty retail)		77,520		3,519
	Sawai Pharmaceutical Co., Ltd. (Pharmaceuticals)		45,500		4,093
	Softbank Corporation (Wireless telecommunication services)		736,100		24,081
	Sony Financial Holdings, Inc. (Insurance)		3,336		10,870
	Sumitomo Mitsui Financial Group, Inc. (Commercial banks)		643,200		18,738
	Terumo Corporation (Health care equipment & supplies)		89,000		4,723
	USS Co., Ltd. (Specialty retail)		54,010		4,031
	Yahoo! Japan Corporation (Internet software & services)		50,232		17,354
	Yamada Denki Co., Ltd. (Specialty retail)		110,140		6,834
					226,004

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Emerging Asia—12.3%
China—4.3%
Ajisen China Holdings, Ltd. (Hotels, restaurants & leisure)		95,000	$	149
China High Speed Transmission Equipment Group Co., Ltd. (Electrical equipment)		2,434,000		5,283
China Shenhua Energy Co., Ltd. (Oil, gas & consumable fuels)		3,043,000		12,590
China Yurun Food Group, Ltd. (Food products)		1,250,000		4,640
China Zhongwang Holdings, Ltd. (Metals & mining)		1,368,800		849
CNOOC, Ltd. (Oil, gas & consumable fuels)		12,105,000		23,465
Dongfang Electric Corporation, Ltd. (Electrical equipment)		1,094,800		5,143
Dongfeng Motor Group Co., Ltd. (Automobiles)		5,252,000		10,749
Lonking Holdings, Ltd. (Machinery)		2,880,000		2,910
Minth Group, Ltd. (Auto components)		958,000		1,911
Shanghai Electric Group Co., Ltd. (Electrical equipment)		8,076,000		4,486
Zhuzhou CSR Times Electric Co., Ltd. (Electrical equipment)		139,000		446
				72,621
India—2.9%
Asian Paints, Ltd. (Chemicals)		87,309		5,175
Axis Bank, Ltd. (Commercial banks)		250,552		8,568
Infosys Technologies, Ltd. (IT services)		210,828		14,312
Infrastructure Development Finance Co., Ltd. (Diversified financial services)		920,890		4,155
Jindal Steel & Power, Ltd. (Metals & mining)		426,687		6,716
Lupin, Ltd. (Pharmaceuticals)		465,460		4,020
Shriram Transport Finance Co., Ltd. (Consumer finance)		94,257		1,627
Sun TV Network, Ltd. (Media)		95,289		1,101
Yes Bank, Ltd. (Commercial banks)		454,449		3,541
				49,215
Indonesia—2.8%
PT Astra International Tbk (Automobiles)		2,933,500		18,636
PT Bank Rakyat Indonesia (Commercial banks)		8,790,000		9,849
PT Kalbe Farma Tbk (Pharmaceuticals)		15,076,000		4,307
PT Perusahaan Perkebunan London Sumatra Indonesia Tbk (Food products)		3,712,000		4,097
PT United Tractors Tbk (Machinery)		4,003,500		9,173
				46,062
Malaysia—0.1%
Top Glove Corporation Bhd (Health care equipment & supplies)		1,042,800		1,733
South Korea—1.9%
Halla Climate Control Corporation (Auto components)		97,815		1,832
Hankook Tire Co., Ltd. (Auto components)		47,530		1,373
Hyundai Mobis (Auto components)		37,036		8,348
Hyundai Motor Co. (Automobiles)		145,187		19,481
				31,034
Thailand—0.3%
CP ALL PCL (Food & staples retailing)		4,038,200		5,622
Emerging Latin America—9.2%
Brazil—5.5%
Amil Participacoes S.A. (Insurance)		180,100		1,732
BM&F BOVESPA S.A. (Diversified financial services)		598,000		5,001

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	Emerging Latin America—9.2%—(continued)
	Brazil—5.5%—(continued)
	BR Malls Participacoes S.A. (Real estate management & development)		413,200	$	3,453
	BR Properties S.A. (Real estate management & development)		438,506		4,224
	Cyrela Brazil Realty S.A. (Household durables)		510,500		7,226
	Diagnosticos da America S.A. (Health care providers & services)		313,500		3,780
	Drogasil S.A. (Food & staples retailing)		69,000		1,762
	Iochpe-Maxion S.A. (Machinery)		184,600		2,313
	Localiza Rent a Car S.A. (Road & rail)		455,400		7,657
	Lojas Renner S.A. (Multiline retail)		197,000		6,752
*	Mills Estruturas e Servicos de Engenharia S.A. (Trading companies & distributors)		331,424		3,293
	MRV Engenharia e Participacoes S.A. (Household durables)		447,079		4,243
	Natura Cosmeticos S.A. (Personal products)		500,900		13,470
	OdontoPrev S.A. (Health care providers & services)		342,700		4,028
*	OGX Petroleo e Gas Participacoes S.A. (Oil, gas & consumable fuels)		911,900		11,884
	PDG Realty S.A. Empreendimentos e Participacoes (Household durables)		593,100		7,063
	SLC Agricola S.A. (Food products)		199,200		2,197
	Totvs S.A. (Software)		29,400		2,257
					92,335
	Chile—1.0%
	Banco Santander Chile—ADR (Commercial banks)		99,711		9,627
	Lan Airlines S.A. (Airlines)		222,457		6,534
					16,161
	Colombia—0.5%
*	Pacific Rubiales Energy Corporation (Oil, gas & consumable fuels)		311,312		8,753
	Mexico—1.6%
	America Movil S.A.B. de C.V.—ADR (Wireless telecommunication services)		287,547		15,335
	Banco Compartamos S.A. de C.V. (Consumer finance)		603,700		3,845
*	Genomma Lab Internacional S.A.B. de C.V. (Pharmaceuticals)		1,240,062		2,381
	Grupo Mexico S.A.B. de C.V. Series “B” (Metals & mining)		1,590,400		4,584
					26,145
	Peru—0.6%
	Credicorp, Ltd. (Commercial banks)†		84,280		9,600
	Canada—5.4%
	Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†		756,449		21,460
	Canadian National Railway Co. (Road & rail)		71,200		4,553
	Canadian Western Bank (Commercial banks)		133,403		3,221
	Crescent Point Energy Corporation (Oil, gas & consumable fuels)		189,446		6,980
*	Gildan Activewear, Inc. (Textiles, apparel & luxury goods)		187,500		5,274
	Home Capital Group, Inc. (Thrifts & mortgage finance)		34,174		1,478
	Niko Resources, Ltd. (Oil, gas & consumable fuels)		98,398		9,684
	PetroBakken Energy, Ltd. Class “A” (Oil, gas & consumable fuels)		335,099		7,514
	Petrominerales, Ltd. (Oil, gas & consumable fuels)		86,507		2,098
	The Toronto-Dominion Bank (Commercial banks)		276,490		20,006
	Tim Hortons, Inc. (Hotels, restaurants & leisure)		225,602		8,218
					90,486

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Common Stocks—(continued)
	Emerging Europe, Mid-East, Africa—3.7%
	Egypt—0.4%
	Commercial International Bank Egypt S.A.E. (Commercial banks)		504,730	$	3,803
	Egyptian Financial Group-Hermes Holding (Capital markets)		441,048		2,253
					6,056
	South Africa—2.2%
*	Aspen Pharmacare Holdings, Ltd. (Pharmaceuticals)		429,239		5,789
	Clicks Group, Ltd. (Multiline retail)		459,449		2,913
	MTN Group, Ltd. (Wireless telecommunication services)		455,553		8,235
	Shoprite Holdings, Ltd. (Food & staples retailing)		665,019		9,441
	Standard Bank Group, Ltd. (Commercial banks)		493,726		7,862
	Wilson Bayly Holmes-Ovcon, Ltd. (Construction & engineering)		189,456		3,398
					37,638
	Turkey—0.9%
	BIM Birlesik Magazalar A.S. (Food & staples retailing)		161,433		4,659
	Turkiye Garanti Bankasi A.S. (Commercial banks)		1,718,790		9,981
					14,640
	United Arab Emirates—0.2%
	First Gulf Bank PJSC (Commercial banks)		888,899		3,619
	Asia—2.0%
	Hong Kong—1.0%
	Li & Fung, Ltd. (Distributors)		3,008,000		16,923
	Singapore—1.0%
	CapitaLand, Ltd. (Real estate management & development)		1,800,000		5,557
	CapitaMalls Asia, Ltd. (Real estate management & development)		4,755,000		7,810
*	Midas Holdings, Ltd. (Metals & mining)		1,764,000		1,247
	Olam International, Ltd. (Food & staples retailing)		1,074,000		2,662
					17,276
	Total Common Stocks—95.4% (cost $1,296,164)				1,596,659
	Convertible Bond
	Brazil—0.0%
	Lupatech S.A., 6.500%, due 4/15/18 (Machinery)**§	$	941		579
	Total Convertible Bond—0.0% (cost $488)				579
	Exchange-Traded Fund
	China—0.6%
	iShares FTSE/Xinhua A50 China Index		7,178,400		11,472
	Total Exchange-Traded Fund—0.6% (cost $11,524)				11,472

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Investment in Rights
	France—0.1%
*	Cie Generale des Etablissements Michelin 2010, $45.00 (Auto components)		162,302	$	453
	Greece—0.0%
*	National Bank of Greece S.A. 2010, $5.20 (Commercial banks)		291,570		263
*	National Bank of Greece S.A. 2010, $5.20 (Commercial banks)		291,570		143
					406
	Total Investment in Rights—0.1% (cost $0)				859
	Investment in Affiliate
	William Blair Ready Reserves Fund		4,535,794		4,536
	Total Investment in Affiliate—0.3% (cost $4,536)				4,536
	Short-Term Investment
	American Express Credit Corporation Demand Note, VRN, 0.106%, due 10/1/10	$	1,000		1,000
	Total Short-Term Investment—0.1% (cost $1,000)				1,000
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.200% dated 9/30/10, due 10/1/10, repurchase price $42,969, collateralized by FHLB, 0.625%, due 1/13/12		42,969		42,969
	Total Repurchase Agreement—2.6% (cost $42,969)				42,969
	Total Investments—99.1% (cost $1,356,681)				1,658,074
	Cash and other assets, less liabilities—0.9%				14,548
	Net assets—100.0%			$	1,672,622

ADR = American Depository Receipt

VRN = Variable Rate Note

* Non-income producing securities

† = U.S. listed foreign security

** = Fair valued pursuant to Valuation Procedures adopted by the Board of Trustees. This holding represents 0.03% of the Fund’s net assets at September 30, 2010.

§ = Deemed illiquid pursuant to Liquidity Procedures approved by the Board of Trustees. This holding represents 0.03% of the net assets at September 30, 2010.

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

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

See accompanying Notes to Portfolio of Investments.

Institutional International Growth Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

At September 30, 2010, the Fund’s Portfolio of Investments includes the following industry categories:

Financials	22.4	%
Consumer Discretionary	18.4	%
Industrials	17.8	%
Materials	8.8	%
Energy	8.4	%
Information Technology	7.1	%
Consumer Staples	6.3	%
Health Care	5.2	%
Telecommunication Services	3.9	%
Utilities	1.0	%
Exchange-Traded Fund	0.7	%
Total	100.0	%

At September 30, 2010, the Fund’s Portfolio of Investments includes the following currency categories:

British Pound Sterling	20.9	%
Euro	18.7	%
Japanese Yen	14.0	%
Swiss Franc	7.7	%
Hong Kong Dollar	6.4	%
Brazilian Real	5.8	%
Canadian Dollar	4.8	%
U.S. Dollar	3.5	%
Indian Rupee	3.1	%
Indonesian Rupiah	2.9	%
South African Rand	2.3	%
Danish Krone	2.2	%
South Korean Won	1.9	%
Swedish Krona	1.3	%
All Other Currencies	4.5	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

Institutional International Equity Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks
	Europe—29.8%
	Denmark—1.6%
	Novo Nordisk A/S (Pharmaceuticals)		52,457	$	5,206
	Finland—1.4%
	Kone Oyj (Machinery)		88,634		4,579
	France—5.0%
	AXA S.A. (Insurance)		139,802		2,444
	Cie Generale des Etablissements Michelin (Auto components)		43,043		3,275
	L’Oreal S.A. (Personal products)		39,857		4,482
	Schneider Electric S.A. (Electrical equipment)		28,875		3,661
	Vinci S.A. (Construction & engineering)		56,422		2,828
					16,690
	Germany—4.1%
	MAN SE (Machinery)		55,925		6,096
*	QIAGEN N.V. (Life sciences tools & services)		151,194		2,705
	SAP AG (Software)		99,485		4,921
					13,722
	Ireland—1.3%
	Ryanair Holdings plc—ADR (Airlines)		144,124		4,440
	Israel—1.8%
	Teva Pharmaceutical Industries, Ltd.—ADR (Pharmaceuticals)		115,387		6,087
	Italy—1.9%
	Saipem SpA (Energy equipment & services)		163,316		6,541
	Spain—3.1%
	Banco Santander S.A. (Commercial banks)		302,753		3,846
	Inditex S.A. (Specialty retail)		80,898		6,426
					10,272
	Sweden—0.9%
	Atlas Copco AB (Machinery)		165,404		3,193
	Switzerland—8.7%
*	ABB, Ltd. (Electrical equipment)		213,924		4,509
*	Actelion, Ltd. (Biotechnology)		73,199		2,933
	Credit Suisse Group AG (Capital markets)		74,983		3,205
	Julius Baer Group, Ltd. (Capital markets)		73,368		2,671
	Nestle S.A. (Food products)		122,411		6,521
	Novartis AG (Pharmaceuticals)		37,562		2,154
	Sonova Holding AG (Health care equipment & supplies)		17,675		2,158
	Zurich Financial Services AG (Insurance)		20,675		4,845
					28,996
	United Kingdom—22.7%
	Amlin plc (Insurance)		275,328		1,736
*	Autonomy Corporation plc (Software)		134,956		3,844
	Barclays plc (Commercial banks)		645,573		3,038
	BG Group plc (Oil, gas & consumable fuels)		305,831		5,374
	British Sky Broadcasting Group plc (Media)		447,798		4,963

See accompanying Notes to Portfolio of Investments.

Institutional International Equity Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares		Value
	Common Stocks—(continued)
	United Kingdom—22.7%—(continued)
	Burberry Group plc (Textiles, apparel & luxury goods)		263,567	$	4,306
	Centrica plc (Multi-utilities)		632,292		3,213
	Compass Group plc (Hotels, restaurants & leisure)		584,744		4,873
	Experian plc (Professional services)		287,478		3,130
	HSBC Holdings plc (Commercial banks)		301,111		3,093
	Johnson Matthey plc (Chemicals)		106,543		2,949
	Petrofac, Ltd. (Energy equipment & services)		167,568		3,614
	Reckitt Benckiser Group plc (Household products)		137,266		7,549
*	Rolls-Royce Group plc (Aerospace & defense)		501,695		4,756
	Rotork plc (Machinery)		89,376		2,415
	Standard Chartered plc (Commercial banks)		195,524		5,608
	The Capita Group plc (Professional services)		268,711		3,318
	Tullow Oil plc (Oil, gas & consumable fuels)		202,075		4,044
	Vedanta Resources plc (Metals & mining)		121,315		4,126
					75,949
	Japan—12.3%
	Canon, Inc. (Office electronics)		109,400		5,104
	Fanuc, Ltd. (Machinery)		36,900		4,699
	Keyence Corporation (Electronic equipment, instruments & components)		17,400		3,785
	Komatsu, Ltd. (Machinery)		152,100		3,531
	Mitsubishi Corporation (Trading companies & distributors)		244,100		5,793
	Mitsubishi UFJ Financial Group, Inc. (Commercial banks)		704,800		3,284
	Mitsui & Co., Ltd. (Trading companies & distributors)		143,600		2,136
	Nitori Co., Ltd. (Specialty retail)		21,050		1,760
	Softbank Corporation (Wireless telecommunication services)		121,800		3,985
	Sony Financial Holdings, Inc. (Insurance)		548		1,786
	Terumo Corporation (Health care equipment & supplies)		45,000		2,388
	Yahoo! Japan Corporation (Internet software & services)		8,250		2,850
					41,101
	Emerging Asia—9.3%
	China—3.4%
	China Life Insurance Co., Ltd. (Insurance)		842,000		3,326
	CNOOC, Ltd. (Oil, gas & consumable fuels)		2,385,000		4,623
	Weichai Power Co., Ltd. (Machinery)		317,000		3,351
					11,300
	India—3.3%
*	Cairn India, Ltd. (Oil, gas & consumable fuels)		407,651		3,039
	HDFC Bank, Ltd.—ADR (Commercial banks)		16,164		2,980
	Infosys Technologies, Ltd. (IT services)		72,973		4,954
					10,973
	Indonesia—0.6%
	PT Bank Rakyat Indonesia (Commercial banks)		1,850,000		2,073
	South Korea—1.5%
	Hyundai Motor Co. (Automobiles)		37,356		5,012
	Taiwan—0.5%
	MediaTek, Inc. (Semiconductors & semiconductor equipment)		132,738		1,865

See accompanying Notes to Portfolio of Investments.

Institutional International Equity Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

Issuer	Shares		Value
Common Stocks—(continued)
Canada—7.9%
Brookfield Asset Management, Inc. Class “A” (Real estate management & development)†		153,517	$	4,355
Canadian National Railway Co. (Road & rail)†		86,902		5,564
Goldcorp, Inc. (Metals & mining)†		93,025		4,048
The Toronto-Dominion Bank (Commercial banks)		81,105		5,869
Thomson Reuters Corporation (Media)		69,712		2,621
Tim Hortons, Inc. (Hotels, restaurants & leisure)		112,778		4,108
				26,565
Emerging Latin America—6.9%
Brazil—5.2%
BM&F BOVESPA S.A. (Diversified financial services)		424,371		3,549
Cyrela Brazil Realty S.A. (Household durables)		181,000		2,562
PDG Realty S.A. Empreendimentos e Participacoes (Household durables)		83,300		992
Petroleo Brasileiro S.A.—ADR (Oil, gas & consumable fuels)		79,756		2,893
Vale S.A.—ADR (Metals & mining)		133,080		4,162
Weg S.A. (Machinery)		307,600		3,363
				17,521
Mexico—1.0%
Wal-Mart de Mexico S.A.B. de C.V. (Food & staples retailing)		1,310,000		3,295
Panama—0.7%
Copa Holdings S.A. Class “A” (Airlines)†		43,279		2,333
Asia—4.5%
Australia—1.1%
BHP Billiton, Ltd.—ADR (Metals & mining)		48,188		3,678
Hong Kong—2.6%
Li & Fung, Ltd. (Distributors)		934,000		5,254
Noble Group, Ltd. (Trading companies & distributors)		2,262,090		3,251
				8,505
Singapore—0.8%
CapitaLand, Ltd. (Real estate management & development)		889,000		2,745
Emerging Europe, Mid-East, Africa—2.1%
South Africa—0.9%
Standard Bank Group, Ltd. (Commercial banks)		184,614		2,940
Turkey—1.2%
Turkiye Garanti Bankasi A.S. (Commercial banks)		675,155		3,920
Total Common Stocks—95.5% (cost $246,871)				319,501
Preferred Stock
Brazil—1.3%
Petroleo Brasileiro S.A. (Oil, gas & consumable fuels)		269,208		4,342

See accompanying Notes to Portfolio of Investments.

Institutional International Equity Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

	Issuer	Shares or Principal Amount		Value
	Preferred Stock—(continued)
	Total Preferred Stock—1.3% (cost $3,172)				4,342
	Investment in Rights
	France—0.0%
*	Cie Generale des Etablissements Michelin 2010, $45.00 (Auto components)		43,043	$	120
	Total Investment in Rights—0.0% (cost $0)				120
	Investment in Affiliate
	William Blair Ready Reserves Fund		952,748		953
	Total Investment in Affiliate—0.3% (cost $953)				953
	Repurchase Agreement
	Fixed Income Clearing Corporation, 0.200% dated 9/30/10, due 10/1/10, repurchase price $2,970, collateralized by FHLB, 0.625%, due 1/13/12	$	2,970		2,970
	Total Repurchase Agreement—0.9% (cost $2,970)				2,970
	Total Investments—98.0% (cost $253,966)				327,886
	Cash and other assets, less liabilities—2.0%				6,698
	Net assets—100.0%			$	334,584

ADR = American Depository Receipt

* Non-income producing securities

† = U.S. listed foreign security

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

See accompanying Notes to Portfolio of Investments.

Institutional International Equity Fund

Portfolio of Investments, September 30, 2010 (all dollar amounts in thousands) (unaudited)

At September 30, 2010, the Fund’s Portfolio of Investments includes the following industry categories:

Industrials	23.8	%
Financials	20.8	%
Consumer Discretionary	14.3	%
Energy	10.6	%
Information Technology	8.4	%
Health Care	7.3	%
Consumer Staples	6.7	%
Materials	5.9	%
Telecommunication Services	1.2	%
Utilities	1.0	%
Total	100.0	%

At September 30, 2010, the Fund’s Portfolio of Investments includes the following currency categories:

British Pound Sterling	22.5	%
Euro	16.0	%
Japanese Yen	12.7	%
U.S. Dollar	12.5	%
Swiss Franc	8.9	%
Hong Kong Dollar	6.1	%
Brazilian Real	4.6	%
Canadian Dollar	3.9	%
Indian Rupee	2.5	%
Singapore Dollar	1.9	%
Danish Krone	1.6	%
South Korean Won	1.5	%
Turkish Lira	1.2	%
Mexican Peso	1.0	%
All Other Currencies	3.1	%
Total	100.0	%

See accompanying Notes to Portfolio of Investments.

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 (“the 1940 Act”), 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 nineteen portfolios (the “Portfolios”), each with its own investment objectives and policies.

Equity Portfolios	International Equity 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
Small Cap Value	Institutional International Growth
Mid Cap Value	Institutional International Equity
Global Equity Portfolio	Fixed-Income Portfolios
Global Growth	Bond
	Income
	Low Duration
	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), maximize total return (Bond, Low Duration)
Money Market	Current income, a stable share price and daily liquidity.

1

(b) Investment Valuation

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

The value of foreign equity securities is generally 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. 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 foreign equity securities to no longer be representative or accurate and, as a result, may necessitate that such securities be fair valued. Accordingly, for foreign equity securities, the Portfolios may use an independent pricing service 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).

Fixed-income securities are valued by using market quotations or independent pricing services that use either prices provided by market-makers or matrixes that produce estimates of market values obtained from yield data relating to instruments or securities with similar characteristics.

Other securities, and all other assets, including securities for which a market price is not available or is deemed unreliable, (e.g., securities affected by unusual or extraordinary events, such as natural disasters or securities affected by market or economic events, such as bankruptcy filings), or the value of which is affected by a significant valuation event, are valued at a fair value as determined in good faith by, or under the direction of, the Board of Trustees and in accordance with the Fund’s Valuation Procedures. The value of fair valued securities may be different from the last sale price (or the latest bid price), and there is no guarantee that a fair valued security will be sold at the price at which a Portfolio is carrying the security.

Investments in other funds are valued at the underlying fund’s net asset value on the date of valuation. Securities held in the Ready Reserves Portfolio are valued at amortized cost, which approximates market value.

As of September 30, 2010, there were securities held in the Small Cap Growth, International Growth, International Small Cap Growth, Emerging Markets Growth, Bond, Income and Institutional International Growth Portfolios requiring fair valuation pursuant to the Fund’s Valuation Procedures.

(c) Repurchase Agreements

In a repurchase agreement, a Portfolio buys a security at one price and at the time of sale, the seller agrees to repurchase the obligation at a mutually agreed upon time and price (usually within seven days). The repurchase agreement thereby determines the yield during the purchaser’s holding period, while the seller’s obligation to repurchase is secured by the value of the underlying security. The Advisor will monitor, on an ongoing basis, the value of the underlying securities to ensure that the value always equals or exceeds the repurchase price plus accrued interest. Repurchase agreements could involve certain risks in the event of a default or insolvency of the other party to the agreement, including possible delays or restrictions upon a Portfolio’s ability to dispose of the underlying securities. The risk to a Portfolio is limited to the ability of the seller to pay the agreed upon sum on the delivery date. In the event of default, a repurchase agreement provides that a Portfolio is entitled to sell the underlying collateral. The loss, if any, to a Portfolio will be the difference between the proceeds from the sale and the repurchase price. However, if bankruptcy proceedings are commenced with respect to the seller of the security, disposition of the collateral by the Portfolio may be delayed or limited. Although no definitive creditworthiness criteria are used, the Advisor reviews the creditworthiness of the banks and non-bank dealers with which a Portfolio enters into repurchase agreements to evaluate those risks. The Advisor will review and monitor the creditworthiness of broker dealers and banks with which a Portfolio enters into repurchase agreements. A Portfolio may, under certain circumstances, deem repurchase agreements collateralized by U.S. Government securities to be investments in U.S. Government securities.

2

(d) Forward Foreign Currency Contracts

The Global Growth, International Growth, International Equity, International Small Cap Growth, Emerging Markets Growth, Emerging Leaders Growth, Institutional International Equity and Institutional International Growth Portfolios from time to time may enter into forward foreign currency contracts with the Fund’s custodian and other counterparties in an attempt to hedge against a decline in the value of foreign currency against the U.S. dollar. The Portfolios bear the market risk that arises from changes in foreign currency rates and bear the credit risk if the counterparty fails to perform under the contract.

For the period ended September 30, 2010, the International Growth, International Small Cap Growth and Institutional International Growth Portfolios engaged in forward foreign currency contracts with notional volume (in thousands) of $3,187,699, $134,065 and $967,272 respectively.

The following tables present the value of forward foreign currency contracts as of September 30, 2010 and their respective location on the Statement of Assets and Liabilities (values in thousands):

	Assets			Liabilities
Fund	Statement of Assets and Liabilities Location	Value		Statement of Assets and Liabilities Location	Value
International Growth	Unrealized appreciation on foreign forward currency contracts		—	Unrealized depreciation on foreign forward currency contracts	$	4,057
International Small Cap Growth	Unrealized appreciation on foreign forward currency contracts		—	Unrealized depreciation on foreign forward currency contracts		130
Institutional International Growth Fund	Unrealzied appreciation on foreign forward currency contracts		—	Unrealzied depreciation on foreign forward currency contracts		1,387

The effect of forward contracts on the Statements of Operations for the period ended September 30, 2010 (values in thousands):

Realized gain (loss) recognized in foreign currency transactions

Fund	Value
International Growth Fund	$	46,837
International Small Cap Growth		(130	)
Institutional International Growth Fund		14,137

Change in unrealized gain (loss) recognized in foreign currency translations

Fund	Value
International Growth Fund	$	(19,101	)
International Small Cap Growth		(130	)
Institutional International Growth Fund		(5,898	)

The following table presents open forward foreign currency contracts as of September 30, 2010 (values in thousands):

International Growth Fund

Short Contracts	Settlement Date		Local Currency		Current Value		Unrealized Gain/Loss
Japanese Yen		12/16/2010		11,013,172		132,026	$	(1,100	)
Swiss Franc		12/15/2010		80,725		82,208		(2,957	)
International Small Cap Growth
Japanese Yen		12/16/2010		1,292,043		15,489	$	(130	)
Institutional International Growth Fund
Japanese Yen		12/16/2010		3,784,199		45,365	$	(378	)
Swiss Francs		12/15/2010		27,848		28,360		(1,009	)

(e) Income Taxes

The cost of investments for Federal income tax purposes and related gross unrealized appreciation/(depreciation) and net unrealized appreciation/(depreciation) at September 30, 2010, were as follows (in thousands):

Portfolio	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation		Net Unrealized Appreciation/ Depreciation
Growth	$	415,995	$	65,351	$	7,193	$	58,158
Large Cap Growth		23,810		4,363		183		4,180
Small Cap Growth		793,458		99,841		96,956		2,885
Mid Cap Growth		73,762		15,061		1,486		13,575
Small-Mid Cap Growth		152,856		24,391		3,453		20,938
Global Growth		32,259		7,690		345		7,345
International Growth		3,779,901		932,136		65,631		866,505
International Equity		131,132		33,539		1,231		32,308
International Small Cap Growth		446,027		98,940		4,156		94,784
Emerging Markets Growth		986,781		307,987		4,259		303,728
Emerging Leaders Growth		70,526		19,212		96		19,116
Small Cap Value		100,126		12,522		1,741		10,781
Mid Cap Value		2,393		83		136		(53	)
Bond		186,550		13,879		577		13,302
Income		109,074		8,762		718		8,044
Low Duration		146,838		607		213		394
Ready Reserves		1,219,237		—		—		—
Institutional International Growth		1,363,374		315,653		22,171		293,482
Institutional International Equity		259,669		71,396		3,179		68,217

3

(f) Fair Value Measurements

The Portfolios are subject to ASC 820 Fair Value measurement and Disclosures. In accordance with ASC 820, “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. ASC 820 established a three-tier hierarchy of inputs to classify fair 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 an 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. In addition, other observable inputs such as foreign exchange rates, benchmark securities indices and foreign futures contracts may be utilized in the valuation of certain foreign securities when significant events occur between the last sale on the foreign securities exchange and the time the net asset value of the Fund is calculated.

• 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), 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.

The Fund adopted FASB Accounting Standards Update 2010-06 “Fair Value Measurements and Disclosures (ASU 820)” which requires the Fund to disclose details of significant transfers in and out of Level 1 and Level 2 measurements and the reasons for the transfers. Any transfers between Level 1 and Level 2 are disclosed, effective beginning of the period, in the tables below with the reasons for the transfers disclosed in a footnote.

At September 30, 2010, the Portfolios held no other financial instruments, such as, options or futures that required fair valuation.

As of September 30, 2010, the hierarchical input levels of securities in each Portfolio, segregated by security class, are as follows (in thousands):

4

Investments in securities	Growth		Large Cap Growth		Small Cap Growth		Mid Cap Growth		Small-Mid Cap Growth		Global Growth
Level 1 - Quoted prices
Common stock		455,251		27,609		738,211		83,602		168,366		38,560
Preferred stock		—		—		7,149		—		—		1,003
Exchange traded funds		—		—		1,570		—		—		—
Short-term investments		1,262		—		3,297		19		23		29
Level 2 - Other significant observable inputs
Short-term investments		17,640		381		43,099		3,716		5,405		—
Level 3 - Significant unobservable inputs
Common stock		—		—		3,017		—		—		—
Total investments in securities	$	474,153	$	27,990	$	796,343	$	87,337	$	173,794	$	39,592
Level 1 and Level 2 transfers
Transfers from Level 1 to Level 2 (a)		—		—		—		—		—		—
Transfers from Level 2 to Level 1 (b)		—		—		—		—		—		5,399

Investments in securities	International Growth			International Equity		International Small Cap Growth			Emerging Markets Growth		Emerging Leaders Growth		Small Cap Value		Mid Cap Value
Level 1 - Quoted prices
Common stock		4,527,914			159,845		516,643			1,201,145		83,280		108,093		2,265
Preferred stock		—			2,158		2,593			63,364		4,944		—		—
Rights		2,458			60		—			—		—		—		—
Exchange traded funds		32,498			—		—			—		—		—		—
Short-term investments		6,376			5		489			66		440		4		—
Level 2 - Other significant observable inputs
Common stock		3,518			—		464			—		—		—		—
Convertible bonds		1,768			—		590			985		—		—		—
Short-term investments		74,866			1,340		20,160			24,887		986		2,810		75
Level 3 - Significant unobservable inputs
None		—			—		—			—		—		—		—
Total investments in securities	$	4,649,398		$	163,408	$	540,939		$	1,290,447	$	89,650	$	110,907	$	2,340
Level 1 and Level 2 transfers
Transfers from Level 1 to Level 2 (a)		—			—		—			—		—		—		—
Transfers from Level 2 to Level 1 (b)		1,952,180			161,813		215,392			447,477		48,197		—		—
Other financial instruments
Level 2 - Other significant observable inputs
Forward foreign currency contracts	$	(4,057	)		—		(130	)		—		—		—

Investments in securities	Bond		Income		Low Duration Fund		Ready Reserves
Level 1 - Quoted Prices
None		—		—		—		—
Level 2 - Other significant observable inputs
US Government and Agency Bonds		91,769		41,955		65,386		130,283
Corporate Bonds		95,158		65,175		14,285		154,360
Asset Backed Bonds		12,029		8,800		60,359		—
Foreign Government Notes								14,999
Commercial Paper		—		—		—		691,498
Short-Term Investments		768		457		7,202		228,097
Level 3 - Significant unobservable inputs
Asset Backed Bonds		128		731		—		—
Total investments in securities	$	199,852	$	117,118	$	147,232	$	1,219,237

Investments in securities	Institutional International Growth			Institutional International Equity
Level 1 - Quoted prices
Common Stock		1,595,411			319,501
Preferred Stock		—			4,342
Rights		859			120
Mutual Funds		11,472			—
Short-Term Investments		4,536			953
Level 2 - Other significant observable inputs
Common Stock		1,248			—
Convertible Bonds		579			—
Short-Term Investments		43,969			2,970
Level 3 - Significant unobservable inputs
None		—			—
Total investments in securities	$	1,658,074		$	327,886
Level 1 and Level 2 transfers
Transfers from Level 1 to Level 2 (a)		—			—
Transfers from Level 2 to Level 1 (b)		599,003			197,454
Other financial instruments
Level 2 - Other significant observable inputs
Forward foreign currency contracts	$	(1,387	)		—

* All of the investments held by the Ready Reserves Fund are short-term investments.

(a) Fair valuation estimates were obtained from the Portfolios’ pricing vendor and applied to certain foreign securities at September 30, 2010 but not on December 31, 2009 resulting in a transfer from Level 1 to Level 2.

(b) Fair valuation estimates were obtained from the Portfolios’ pricing vendor and applied to certain foreign securities at December 31, 2009 but not on September 30, 2010 resulting in a transfer from Level 2 to Level 1.

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 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, 2010		Net Purchases/ (Sales)		Transfers to/from Level 3		Change in Unrealized Gain (Loss)			Realized Gain (Loss)		Balance September 30, 2010
Small Cap Growth	$	3,017	$	—	$	—	$	—				$	3,017
Bond		—		—		189		(61	)		—		128
Income		—		—		1,029		(298	)		—		731

The fair value estimates for the Level 3 securities in the Small Cap Growth, Bond and Income Portfolios were determined 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 a broker-dealer for the security, analysis of the company’s performance, market trends that influence its performance and the potential for adverse outcome in pending litigation. At September 30, 2010, these securities represented 0.38%, 0.06%, 0.62% of the net assets of the Small Cap Growth, Bond and Income Portfolios respectively.

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 17, 2010

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 17, 2010

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

Date: November 17, 2010