WILLIAM BLAIR MUTUAL FUNDS, INC.
222 WEST ADAMS STREET
CHICAGO, ILLINOIS 60606
(312) 364-8000
SUPPLEMENT TO THE PROSPECTUS DATED MAY 1, 1998
The following information replaces the disclosure regarding the Value Discovery
Fund on page 12 of the Prospectus in the section entitled "Value Discovery Fund
- - Portfolio Securities."
The portfolio may invest up to 15% of its net assets in foreign
securities, which may include American Depository Receipts or
substantially similar investments; however, the portfolio may invest
only up to 5% of its net assets directly in foreign securities.
The following information replaces the first sent
ence of the disclosure
regarding the Value Discovery Fund on page 41 entitled "Investment Glossary -
Real Estate Investment Trusts."
The Value Discovery Fund may invest without limit in real estate
investment trusts.
Supplement dated November 10, 1998
