Summary Prospectus October 31, 2013
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William Blair Global Leaders Fund
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Class N WGGNX
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Class I WGFIX
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Institutional Class BGGIX
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Before you invest, you may want to review the Funds prospectus, which contains more information about the Fund and
its risks. You can find the Funds prospectus, statement of additional information and other information about the Fund online at www.williamblairfunds.com/prospectus. You can also get this information at no cost by calling
1-800-742-7272
or by sending an
e-mail
request to fundinfo@williamblair.com. The Funds prospectus and statement of additional
information, each dated October 31, 2013, as supplemented, are incorporated by reference into this Summary Prospectus.
INVESTMENT OBJECTIVE:
The William Blair Global Leaders Fund seeks long-term capital appreciation.
FEES AND EXPENSES:
This table describes the
fees and expenses that you may pay if you buy and hold shares of the Fund.
Shareholder Fees
(fees paid directly from your investment)
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Class N
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Class I
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Institutional
Class
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Maximum Sales Charge (Load) Imposed on Purchases (as a percentage of offering price)
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None
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None
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None
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Redemption Fee (as a percentage of amount redeemed)
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None
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None
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None
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Annual Fund Operating Expenses
(expenses that you pay each year as a percentage of the value of your investment)
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Class N
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Class I
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Institutional
Class
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Management Fee
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1.00%
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1.00%
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1.00%
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Distribution (Rule 12b-1) Fee
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0.25%
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None
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None
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Other Expenses (includes a shareholder administration fee for Class N and Class I shares)
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0.59%
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0.56%
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0.26%
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Total Annual Fund Operating Expenses
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1.84%
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1.56%
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1.26%
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Fee Waiver and/or Expense Reimbursement*
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0.34%
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0.31%
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0.16%
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Total Annual Fund Operating Expenses After Fee Waiver and/or Expense Reimbursement
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1.50%
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1.25%
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1.10%
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*
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The Advisor has entered into a contractual agreement with the Fund to waive fees and/or reimburse expenses in order to limit the Funds operating expenses
(excluding interest, taxes, brokerage commissions, acquired fund fees and expenses, other investment-related costs and extraordinary expenses, such as litigation and other expenses not incurred in the ordinary course of the Funds business) to
1.50%, 1.25% and 1.10% of average daily net assets for Class N, Class I and Institutional Class shares, respectively, until October 31, 2014. The Advisor may not terminate this arrangement prior to October 31, 2014 unless the investment
advisory agreement is terminated.
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1
Example:
This example is intended to help you compare the cost of investing in
shares of the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes that
your investment has a 5% return each year and the Funds operating expenses remain the same. The figures reflect the expense limitation for the first year. Although your actual costs may be higher or lower, based on these assumptions your costs
would be:
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1 Year
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3 Years
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5 Years
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10 Years
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Class N
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$153
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$546
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$964
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$2,131
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Class I
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127
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462
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821
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1,830
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Institutional Class
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112
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384
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676
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1,509
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Portfolio
Turnover:
The Fund pays transaction costs, such as commissions, when it buys and sells securities (or turns over its portfolio). A higher portfolio turnover may indicate higher transaction costs and may result
in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Funds performance. During the most recent fiscal year, the Funds
portfolio turnover rate was 73% of the average value of its portfolio.
PRINCIPAL INVESTMENT STRATEGIES:
Under normal market conditions, the Fund invests at least 80% of its total assets in a diversified portfolio of equity securities, including
common stocks and other forms of equity investments (e.g., securities convertible into common stocks), issued by companies of all sizes worldwide that the Advisor believes have above-average growth, profitability and quality characteristics. The
Advisor seeks investment opportunities in companies at different stages of development, ranging from large, well-established companies to smaller companies at earlier stages of development, that are leaders in their country, industry or globally in
terms of products, services or execution. The Funds investments are normally allocated among at least six different countries and no more than 65% of the Funds equity holdings may be invested in securities of issuers in any one country
at any given time. Under normal market conditions at least 40% of the Funds assets will be invested in companies located outside the United States. Normally, the Funds investments will be divided among the United States, Continental
Europe, the United Kingdom, Canada, Japan and the markets of the Pacific Basin. The Fund may invest the greater of 35% of its net assets or twice the emerging markets component of the MSCI All Country World Investable Market Index (IMI) (net) in
emerging markets, which include every country in the world except the United States, Canada, Japan, Australia, New Zealand, Hong Kong, Singapore and most Western European countries.
In choosing investments, the Advisor performs fundamental company analysis and focuses on stock selection. The Advisor
generally seeks equity securities, including common stocks, of companies that historically have had superior growth, profitability and quality relative to local markets and relative to companies within the same industry worldwide, and that are
expected to continue such performance. Such companies generally will exhibit superior business fundamentals, including leadership in their field, quality products or services, distinctive marketing and distribution, pricing flexibility and revenue
from products or services consumed on a steady, recurring basis. These business characteristics should be accompanied by management that is shareholder return-oriented and that uses conservative accounting policies. Companies with above-average
returns on equity, strong balance sheets and consistent, above-average earnings growth will be the primary focus. Stock selection will take into account both local and global comparisons.
The Advisor will vary the Funds sector and geographic diversification based upon the Advisors ongoing evaluation of
economic, market and political trends throughout the world. In making decisions regarding country allocation, the Advisor will consider such factors as the conditions and growth potential of various economies and securities markets, currency
exchange rates, technological developments in the various countries and other pertinent financial, social, national and political factors.
2
PRINCIPAL RISKS OF INVESTING:
The Funds returns will vary, and you could
lose money by investing in the Fund. Because the Fund invests most of its assets in equity securities of companies throughout the world, the primary risk is that the value of the equity securities it holds might decrease in response to the
activities of those companies or market and economic conditions. In addition, there is the risk that individual securities may not perform as expected or a strategy used by the Advisor may fail to produce its intended result. Different investment
styles (e.g., growth vs. value, quality bias, market capitalization focus) tend to shift in and out of favor depending on market conditions and investor sentiment, and at times when the investment style used by the Advisor for the Fund is out of
favor, the Fund may underperform other equity funds that use different investment styles. Foreign investments often involve additional risks, including political instability, differences in financial reporting standards and less stringent regulation
of securities markets. Because the securities held by the Fund usually will be denominated in currencies other than the U.S. dollar, changes in foreign currency exchange rates may adversely affect the value of the Funds investments. The Fund
is expected to incur operating expenses that are higher than those of mutual funds investing exclusively in U.S. equity securities due to the higher custodial fees associated with foreign securities investments. These foreign investment risks are
magnified in less-established, emerging markets. In addition, the Fund may invest in the securities of smaller companies, which may be more volatile and less liquid than securities of large companies. In addition, smaller companies may be traded in
low volumes. This can increase volatility and increase the risk that the Fund will not be able to sell the security on short notice at a reasonable price. To the extent the Fund invests a significant portion of its assets in one country, the Fund
will be more vulnerable to the risks of adverse economic or political forces in that country.
The Fund involves a high level of risk and may not be appropriate for everyone.
You should only consider it for the aggressive portion of your portfolio. Separate accounts
managed by the Advisor may invest in the Fund and, therefore, the Advisor at times may have discretionary authority over a significant portion of the assets invested in the Fund. In such instances, the Advisors decision to make changes to or
rebalance its clients allocations in the separate accounts may substantially impact the Funds performance. The Fund is designed for long-term investors.
FUND PERFORMANCE HISTORY:
The information below
provides some indication of the risks of investing in the Fund by showing changes in the Funds performance from year to year and by showing how the Funds average annual returns for the years indicated compare with those of a broad
measure of market performance. The Funds past performance (before and after taxes) does not necessarily indicate how it will perform in the future. For more recent performance information, go to www.williamblairfunds.com or call
1-800-635-2886.
Annual Total Returns.
The bar chart below provides an illustration of how the Funds performance has varied in each of
the calendar years since the Fund started for Class N shares.
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Highest Quarterly
Return
22.51% (2Q09)
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Lowest Quarterly
Return
(28.37)% (4Q08)
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The year to date return through
September 30, 2013 is 12.67%
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Average Annual Total Returns
(For the
periods ended December 31, 2012)
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The table shows returns on a before-tax and after-tax basis for Class N shares and on a before-tax basis for Class I shares and Institutional Class shares. After-tax returns for
Class I shares and Institutional Class shares will vary. After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes. In some instances, the
Return After Taxes on Distributions and Sale of Fund Shares
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may be greater than the Return Before Taxes because the investor is assumed to be able to use the capital loss on the sale of Fund shares to offset other taxable capital gains. Actual
after-tax returns depend on an investors tax situation and may differ from those shown. After-tax returns are not relevant to investors who hold their Fund shares through tax-deferred arrangements, such as 401(k) plans or individual retirement
accounts.
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1 Year
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5 Years
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Life of the Fund
(since October 15, 2007)
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Class N Shares
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Return Before Taxes
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17.25%
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(0.66)%
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(0.84)%
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Return After Taxes on Distributions
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17.20%
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(0.69)%
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(0.87)%
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Return After Taxes on Distributions and Sale of Fund Shares
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11.28%
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(0.57)%
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(0.72)%
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Class I Shares
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Return Before Taxes
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17.64%
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(0.41)%
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(0.56)%
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MSCI All Country World IMI
(net)
(reflects no deduction for fees, expenses or taxes)
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16.38%
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(0.73)%
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(1.56)%
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The Institutional Class shares were first
issued on December 18, 2012 and do not have annual returns for a full calendar year. The returns for the Institutional Class shares will be substantially similar to those of the Class N shares shown in the bar chart and table above because
all shares of the Fund are invested in the same portfolio of securities. The annual returns of the Institutional Class shares will differ from the Class N shares only to the extent that the expenses of the classes differ.
MANAGEMENT:
Investment Advisor.
William Blair & Company, L.L.C. is the investment advisor of the Fund.
Portfolio Manager(s).
W. George Greig, a
Partner of the Advisor, Kenneth J. McAtamney, a Partner of the Advisor, and David C. Fording, a Partner of the Advisor, co-manage the Fund. Mr. Greig has managed or
co-managed
the Fund since its inception
in 2007. Mr. McAtamney has co-managed the Fund since 2008. Mr. Fording has co-managed the Fund since 2013.
PURCHASE AND SALE OF FUND SHARES:
Class N Share Purchase.
The minimum initial investment for a regular account or Individual Retirement Account is $2,500. The
minimum subsequent investment is $1,000. Certain exceptions to the minimum initial and subsequent amounts may apply. See Your AccountClass N Shares for additional information on eligibility requirements applicable to purchasing
Class N shares.
Class I Share
Purchase.
The minimum initial investment for a regular account or an Individual Retirement Account is $500,000 (or any lesser amount if, in the Advisors opinion, the investor has adequate intent and availability of
funds to reach a future level of investment of $500,000). There is no minimum for subsequent purchases. The Distributor reserves the right to offer Class I shares without regard to the minimum purchase amount requirements to qualified or
non-qualified employee benefit plans when an unaffiliated third party provides administrative and/or other support services to the plan. Certain exceptions to the minimum initial amount may apply. Class I shares are only available to certain
investors. See Your AccountClass I Shares for additional information on the eligibility requirements applicable to purchasing Class I shares.
Institutional Class Share Purchase.
The minimum initial investment is $5 million. There is no minimum for subsequent
purchases. The Distributor reserves the right to offer Institutional Class shares without regard to the
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minimum purchase amount requirements to qualified or non-qualified employee benefit plans when an unaffiliated third party provides administrative and/or other support services to the plan.
Certain exceptions to the minimum initial amount may apply. Institutional Class shares are only available to certain investors. See Your AccountInstitutional Class Shares for additional information on eligibility requirements
applicable to purchasing Institutional Class shares.
Sale.
Shares of the Fund are redeemable on any day the New York Stock Exchange is open for business by mail, wire or
telephone, depending on the elections you make in the account application.
TAX INFORMATION:
The Fund intends to make distributions that may be taxed as ordinary income or capital gains, unless you are investing through a tax-deferred investment
plan. If you are investing through a
tax-deferred
investment plan, you may be subject to taxes after exiting the tax-deferred investment plan.
PAYMENTS TO BROKER-DEALERS AND OTHER FINANCIAL INTERMEDIARIES:
If you purchase shares of the Fund
through a broker-dealer or other financial intermediary (such as a bank), the Fund and its related companies may pay the intermediary for the sale of shares and related services. These payments may create a conflict of interest by influencing the
broker-dealer or other intermediary and your salesperson to recommend the Fund over another investment. Ask your salesperson or visit your financial intermediarys website for more information.
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