<PAGE> 1
REGISTRATION NO. 33-17463
Pursuant to paragraph (c) of Rule 24f-2, the filings fee accompanying this
Notice were calculated in the following manner:
<TABLE>
<CAPTION>
William Blair
Mutual Funds, Inc.
<S> <C>
(a) The actual sales price of Fund Shares
sold and reinvested during the fiscal year. $3,502,993,200
(b) reduced by
(1) the actual sales price of Fund sold in
private placement to the Adviser pursuant to
an investment letter -0-
(2) The difference between
(i) the actual aggregate redemption price of
Fund shares redeemed during the fiscal year,
(if filed before March 1) and 3,276,372,622
(ii) the actual aggregate price of such
redeemed shares previously applied pursuant to
Rule 24e-2(a) under Section 24(e)(1) of the
Securities Act of 1993. -0-
---
Step (b) results $226,620,578
============
(c) registration fee pursuant to Section 6(b) of
the Securities Act of 1933 (either one -
twenty-ninth of one percent of step (b) result
above or the minimum fee of $100) $72,423.66
==========
</TABLE>
cc: James L. Barber, Jr.
Charles F. Custer
Cathy O'Kelly
Michael J. Shaffer - SEC
<PAGE> 2
<TABLE>
<CAPTION>
December 31, 1997
- ----------------------------------------------------------------------------------------------------------------------------------
Year Ended December 31, 1997 Month of December, 1997
---------------------------- -----------------------
Sales Shares Amount Shares Amount
----- ------ ------ ------ ------
<S> <C> <C> <C> <C>
Growth Fund 8,330,391 $118,126,092 477,177 $7,350,363
Ready Reserves Fund 3,202,303,093 $3,202,303,093 289,801,607 $289,801,607
Income Fund 2,122,397 $21,930,007 318,411 $3,330,579
International Growth Fund 2,935,366 $45,557,330 174,744 $2,392,195
Value Discovery Fund 2,133,721 $23,070,409 217,517 $2,175,167
--------- ----------- ------- ----------
3,217,824,968 $3,410,986,931 290,989,456 $305,049,911
Reinvestments
-------------
Growth Fund 1,802,681 $26,499,903 1,803,056 $26,504,917
Ready Reserves Fund 42,208,153 $42,208,153 5,282,239 $5,282,239
Income Fund 676,050 $6,970,539 114,108 $1,186,724
International Growth Fund 1,211,192 $15,575,801 1,211,342 $15,577,853
Value Discovery Fund 59,862 $751,873 59,862 $751,873
------ -------- ------ --------
45,957,938 $92,006,269 8,470,607 $49,303,606
Total sales and reinvestments
-----------------------------
Growth Fund 10,133,072 $144,625,995 2,280,233 $33,855,282
Ready Reserves Fund 3,244,511,246 $3,244,511,246 295,083,846 $295,083,846
Income Fund 2,798,447 $28,900,546 432,519 $4,517,302
International Growth Fund 4,146,558 $61,133,131 1,386,086 $17,970,047
Value Discovery Fund 2,193,583 $23,822,282 277,379 $2,927,040
--------- ----------- ------- ----------
3,263,782,906 $3,502,993,200 299,460,063 $354,353,517
</TABLE>
<TABLE>
<CAPTION>
- ----------------------------------------------------------------------------------------------------------------------------------
Eleven Months Ended November 30, 1997
-------------------------------------
Sales Shares Amount
----- ------ ------
<S> <C> <C>
Growth Fund 7,853,213 $110,775,728
Ready Reserves Fund 2,912,501,486 $2,912,501,486
Income Fund 1,803,987 $18,599,429
International Growth Fund 2,760,622 $43,165,135
Value Discovery Fund 1,916,204 $20,895,242
--------- -----------
2,926,835,512 $3,105,937,020
Reinvestments
-------------
Growth Fund (375) ($5,015)
Ready Reserves Fund 36,925,914 $36,925,914
Income Fund 561,942 $5,783,816
International Growth Fund (150) ($2,052)
Value Discovery Fund 0 $0
- --
37,487,331 $42,702,663
Total sales and reinvestments
-----------------------------
Growth Fund 7,852,839 $110,770,713
Ready Reserves Fund 2,949,427,400 $2,949,427,400
Income Fund 2,365,928 $24,383,244
International Growth Fund 2,760,472 $43,163,083
0 $0
Value Discovery Fund 1,916,204 $20,895,242
--------- -----------
2,964,322,843 $3,148,639,683
</TABLE>
<PAGE> 3
<TABLE>
<CAPTION>
December 31, 1997
- ----------------------------------------------------------------------------------------------------------------------------------
Year Ended December 31, 1997 Month of December, 1997
---------------------------- -----------------------
Redemptions Shares Amount Shares Amount
----------- ------ ------ ------ ------
<S> <C> <C> <C> <C>
Growth Fund 8,829,051 $124,958,009 332,235 $5,148,139
Ready Reserves Fund 3,100,750,511 $3,100,750,511 276,300,945 $276,300,945
Income Fund 2,024,880 $20,885,293 167,259 $1,746,619
International Growth Fund 1,888,484 $28,943,280 197,601 $2,781,321
Value Discovery Fund 71,322 $835,531 12,190 $163,609
------ -------- ------ --------
3,113,564,248 $3,276,372,624 277,010,230 $286,140,633
Net sales and reinvestments
---------------------------
Growth Fund 1,304,021 $19,667,986 1,947,998 $28,707,143
Ready Reserves Fund 143,760,735 $143,760,735 18,782,901 $18,782,901
Income Fund 773,567 $8,015,253 265,260 $2,770,683
International Growth Fund 2,258,074 $32,189,851 1,188,485 $15,188,726
Value Discovery Fund 2,122,261 $22,986,751 265,189 $2,763,431
--------- ----------- ------- ----------
150,218,658 $226,620,576 22,449,833 $68,212,884
=========== ============ ========== ===========
SEC fee $20,123
<CAPTION>
FEE FEE TOTAL
- ----------------------------------------------------------------------------------------------------------------------------------
AT Eleven Months Ended November 30, 1997 AT FEE
-------------------------------------
Redemptions .29% Shares Amount .33% DUE
----------- ---- ------ ------ ---- ---
<S> <C> <C> <C> <C> <C>
Growth Fund 8,496,816 $119,809,870
Ready Reserves Fund 2,824,449,566 $2,824,449,566
Income Fund 1,857,621 $19,138,673
International Growth Fund 1,690,883 $26,161,959
Value Discovery Fund 59,132 $671,922
------ --------
2,836,554,018 $2,990,231,990
Net sales and reinvestments
---------------------------
Growth Fund $8,468.61 (643,977) ($9,039,157) ($2,982.92) $5,485.69
Ready Reserves Fund $5,540.96 124,977,834 $124,977,834 $41,242.69 $46,783.64
Income Fund $817.35 508,307 $5,244,570 $1,730.71 $2,548.06
International Growth Fund $4,480.67 1,069,589 $17,001,125 $5,610.36 $10,091.04
Value Discovery Fund $815.21 1,857,072 $20,223,320 $6,673.70 $7,488.91
------- --------- ----------- --------- ---------
$20,122.80 127,768,825 $158,407,692 $52,274.54 $72,397.34
========== =========== ============ ========== ==========
SEC fee $52,275 $72,397
</TABLE>