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066 A000600 Y
066 C000600 Y
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071 C000600 4261
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072 A000600 12
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072AA000600 1989
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<PAGE> PAGE 22
073 C000600 0.0000
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074 E000600 773
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074 K000600 22
074 L000600 4
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074 N000600 6429
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074 V020600 0.00
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024 000700 N
025 D000701 0
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025 D000703 0
025 D000704 0
025 D000705 0
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<PAGE> PAGE 23
028 C010700 0
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030 B000700 5.75
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031 B000700 0
032 000700 0
033 000700 1
034 000700 Y
035 000700 0
036 A000700 N
036 B000700 0
037 000700 Y
038 000700 0
039 000700 Y
040 000700 Y
041 000700 N
042 A000700 0
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042 C000700 0
042 D000700 0
042 E000700 0
042 F000700 0
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042 H000700 0
043 000700 0
044 000700 0
045 000700 Y
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047 000700 Y
<PAGE> PAGE 24
048 000700 0.800
048 A010700 0
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048 B010700 0
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048 F010700 0
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048 G010700 0
048 G020700 0.000
048 H010700 0
048 H020700 0.000
048 I010700 0
048 I020700 0.000
048 J010700 0
048 J020700 0.000
048 K010700 0
048 K020700 0.000
049 000700 N
050 000700 N
051 000700 N
052 000700 N
053 A000700 Y
053 B000700 N
053 C000700 Y
054 A000700 Y
054 B000700 N
054 C000700 N
054 D000700 N
054 E000700 N
054 F000700 N
054 G000700 N
054 H000700 Y
054 I000700 N
054 J000700 Y
054 K000700 N
054 L000700 N
054 M000700 Y
054 N000700 N
054 O000700 N
055 A000700 N
055 B000700 N
056 000700 Y
057 000700 N
058 A000700 N
059 000700 Y
<PAGE> PAGE 25
060 A000700 Y
061 000700 5000
062 A000700 N
062 B000700 0.0
062 C000700 0.0
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062 E000700 0.0
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062 H000700 0.0
062 I000700 0.0
062 J000700 0.0
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062 L000700 0.0
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062 P000700 0.0
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063 A000700 0
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066 A000700 Y
066 C000700 Y
067 000700 N
068 A000700 N
068 B000700 N
070 A010700 Y
070 A020700 N
070 B010700 Y
070 B020700 N
070 C010700 Y
070 C020700 N
070 D010700 Y
070 D020700 N
070 E010700 Y
070 E020700 N
070 F010700 Y
070 F020700 N
070 G010700 Y
070 G020700 N
070 H010700 Y
070 H020700 N
070 I010700 N
070 I020700 N
070 J010700 Y
070 J020700 N
070 K010700 Y
070 K020700 N
070 L010700 Y
070 L020700 N
<PAGE> PAGE 26
070 M010700 N
070 M020700 N
070 N010700 Y
070 N020700 N
070 O010700 Y
070 O020700 N
070 P010700 N
070 P020700 N
070 Q010700 N
070 Q020700 N
070 R010700 N
070 R020700 N
071 A000700 960
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074 F000700 978
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<PAGE> PAGE 27
074 O000700 0
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074 S000700 0
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074 U010700 100
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075 A000700 759
075 B000700 0
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024 000800 N
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<PAGE> PAGE 28
028 F040800 0
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033 000800 3
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038 000800 0
039 000800 Y
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<PAGE> PAGE 29
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049 000800 N
050 000800 N
051 000800 N
052 000800 N
053 A000800 Y
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054 A000800 Y
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054 C000800 N
054 D000800 N
054 E000800 N
054 F000800 N
054 G000800 N
054 H000800 Y
054 I000800 N
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054 K000800 N
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057 000800 N
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<PAGE> PAGE 30
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070 D010800 Y
070 D020800 N
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070 E020800 N
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070 F020800 N
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070 G020800 N
070 H010800 Y
070 H020800 N
070 I010800 N
070 I020800 N
070 J010800 Y
070 J020800 N
070 K010800 Y
070 K020800 N
070 L010800 Y
070 L020800 N
070 M010800 N
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<PAGE> PAGE 31
071 C000800 0
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<PAGE> PAGE 32
074 X000800 23
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<PAGE> PAGE 33
034 000900 Y
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048 J020900 0.000
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048 K020900 0.000
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050 000900 N
051 000900 N
052 000900 N
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<PAGE> PAGE 34
053 C000900 Y
054 A000900 Y
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054 D000900 N
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054 F000900 N
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056 000900 Y
057 000900 N
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<PAGE> PAGE 35
070 A020900 N
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070 E020900 N
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070 F020900 N
070 G010900 Y
070 G020900 N
070 H010900 Y
070 H020900 N
070 I010900 N
070 I020900 N
070 J010900 Y
070 J020900 N
070 K010900 Y
070 K020900 N
070 L010900 Y
070 L020900 N
070 M010900 N
070 M020900 N
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070 N020900 N
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070 O020900 N
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070 P020900 N
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<PAGE> PAGE 36
072CC010900 117
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024 001000 Y
025 A001001 BEAR STEARNS COMPANIES, INC.
025 B001001 13-3604093
025 C001001 E
025 D001001 3
025 A001002 J.P. MORGAN & COMPANY
025 C001002 E
025 D001002 6
025 A001003 LEHMAN BROTHERS HOLDINGS
<PAGE> PAGE 37
025 B001003 13-2518466
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<PAGE> PAGE 38
039 001000 Y
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<PAGE> PAGE 39
054 F001000 N
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066 A001000 Y
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<PAGE> PAGE 40
070 E011000 Y
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<PAGE> PAGE 41
073 B001000 0.0000
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SIGNATURE TERENCE M. SULLIVAN
TITLE VICE PRESIDENT
EXHIBIT 77B
SUPPLEMENTARY REPORT OF INDEPENDENT AUDITORS
To the Board of Trustees and Shareholders of
William Blair Funds
In planning and performing our audit of the financial statements
of the William Blair Funds for the year ended December 31, 1999,
we considered its internal control, including control activities for
safeguarding securities, in order to determine our auditing
procedures for the purpose of expressing our opinion on the
financial statements and to comply with the requirements of Form
N-SAR, not to provide assurance on internal control.
The management of the William Blair Funds is responsible for
establishing and maintaining internal control. In fulfilling
this responsibility, estimates and judgments by management are
required to assess the expected benefits and related costs of
controls. Generally, controls that are relevant to an audit
pertain to the entity's objective of preparing financial
statements for external purposes that are fairly presented in
conformity with generally accepted accounting principles. Those
controls include the safeguarding of assets against unauthorized
acquisition, use or disposition.
Because of inherent limitations in internal control, error or
fraud may occur and not be detected. Also, projection of any
evaluation of internal control to future periods is subject to the
risk that it may become inadequate because of changes in
conditions or that the effectiveness of the design and operation
may deteriorate.
Our consideration of internal control would not necessarily
disclose all matters in internal control that might be material
weaknesses under standards established by the American Institute of
Certified Public Accountants. A material weakness is a condition
in which the design or operation of one or more of the internal
control components does not reduce to a relatively low level the
risk that misstatements caused by error or fraud in amounts that
would be material in relation to the financial statements being
audited may occur and not be detected within a timely period by
employees in the normal course of performing their assigned
functions. However, we noted no matters involving internal
control and its operation, including controls for safeguarding
securities, that we consider to be material weaknesses as defined
above at December 31, 1999.
This report is intended solely for the information and use of the
Board of Trustees and management of the William Blair Funds and
the Securities and Exchange Commission and is not intended to be
and should not be used by anyone other than these specified
parties.
Ernst & Young LLP
Chicago, Illinois
February 4, 2000
EXHIBIT 77C
Special Meetings of Shareholders
A Special Meeting of Shareholders was held on November 30, 1999, postponed and
recommenced December 8, 1999. At the meeting, shareholders of the Fund were
asked to consider and act upon seven issues: the election of the seven
nominees for trustee; ratification of the selection of Ernst & Young LLP as
the Fund's independent auditors; the approval of a proposal to reorganize the
Fund into a Delaware business trust; the approval of new investment objectives
for several funds; the approval of standardized fundamental investment
restrictions; the approval of a Rule 12b-1 distribution plan for Class N of each
Fund; the approval of an Amended Management Agreement. The results of all
matters voted on by shareholders of the Funds at the Special Meeting were as
follows:
1) To elect seven (7) Directors to the Board of the Fund.
Growth Fund For Withheld
Conrad Fischer 24,059,037 529,181
Grant Beadle 24,050,245 537,973
Theodore Bosler 24,050,665 537,553
John P. Kayser 24,059,458 528,760
Ann P. McDermott 24,036,471 551,747
John B. Schwemm 24,057,406 530,812
Robert E. Wood II 24,051,268 537,050
International Growth Fund
Conrad Fischer 10,034,251 27,428
Grant Beadle 10,034,251 27,428
Theodore Bosler 10,034,251 27,428
John P. Kayser 10,034,251 27,428
Ann P. McDermott 10,034,251 27,428
John B. Schwemm 10,034,251 27,428
Robert E. Wood II 10,034,251 27,428
Emerging Markets Growth Fund
Conrad Fischer 255,464 5,013
Grant Beadle 255,464 5,013
Theodore Bosler 255,464 5,013
John P. Kayser 255,464 5,013
Ann P. McDermott 255,464 5,013
John B. Schwemm 255,464 5,013
Robert E. Wood II 255,464 5,013
Value Discovery Fund
Conrad Fischer 2,131,919 3,381
Grant Beadle 2,131,919 3,381
Theodore Bosler 2,131,919 3,381
John P. Kayser 2,131,919 3,381
Ann P. McDermott 2,131,919 3,381
John B. Schwemm 2,131,919 3,381
Robert E. Wood II 2,131,919 3,381
Income Fund
Conrad Fischer 12,167,511 218,950
Grant Beadle 12,167,511 218,950
Theodore Bosler 12,167,511 218,950
John P. Kayser 12,167,511 218,950
Ann P. McDermott 12,167,511 218,950
John B. Schwemm 12,167,511 218,950
Robert E. Wood II 12,167,511 218,950
Ready Reserves Fund
Conrad Fischer 624,895,175 9,820,656
Grant Beadle 624,934,068 9,781,763
Theodore Bosler 624,946,331 9,769,500
John P. Kayser 624,860,184 9,855,647
Ann P. McDermott 624,765,727 9,950,104
John B. Schwemm 624,840,038 9,875,792
Robert E. Wood II 624,908,173 9,807,658
2) To ratify the selection of Ernst & Young LLP as independent auditors of
the Fund for the current fiscal year.
For Against Abstain
Growth Fund 24,036,096 275,440 276,682
International Growth Fund 10,029,692 22,234 9,242
Emerging Markets Growth Fund 259,226 1,251 0
Value Discovery Fund 2,132,360 650 2,290
Income Fund 12,110,401 137,653 138,408
Ready Reserves Fund 622,980,379 2,236,920 9,498,531
3) To approve a proposal to reorganize the Fund into a Delaware business
trust.
a) To approve an amendment to the Articles of Incorporation of the Company
to permit actions, including the reorganization, to be approved by the
affirmative vote of a majority of the outstanding shares of the Fund.
For Against Abstain
Growth Fund 21,141,341 618,456 344,322
International Growth Fund 6,320,886 123,788 19,122
Emerging Markets Growth Fund 255,925 3,651 0
Value Discovery Fund 2,109,212 8,445 2,552
Income Fund 12,013,443 143,088 183,384
Ready Reserve Fund 615,581,226 8,735,993 10,398,612
b) To approve an Agreement and Plan of Reorganization pursuant to which
the Fund will be reorganized into a Delaware business trust.
For Against Abstain
Growth Fund 20,612,888 1,090,246 400,986
International Growth Fund 6,145,576 303,553 14,667
Emerging Markets Growth Fund 256,025 2,751 800
Value Discovery Fund 2,117,607 468 2,134
Income Fund 11,990,443 165,659 183,813
Ready Reserve Fund 615,102,176 7,487,427 12,126,228
4) To approve new investment objectives for the William Blair Growth Fund,
the William Blair International Growth Fund, the William Blair Income
Fund, and the William Blair Ready Reserves Fund.
For Against Abstain
Growth Fund 20,472,994 1,022,561 608,565
International Growth Fund 6,311,124 131,164 21,507
Income Fund 11,756,353 356,527 227,036
Ready Reserves Fund 590,154,733 26,605,199 17,955,899
5) To approve standardized fundamental investment restrictions for each of
the William Blair Growth Fund, William Blair International Growth Fund,
William Blair Emerging Markets Growth Fund, William Blair Value
Discovery Fund, William Blair Income Fund, and William Blair
Ready Reserves Fund and to reclassifying the remaining fundamental
restrictions as nonfundamental.
a) To adopt a new fundamental investment restriction concerning the
concentration of the Fund's investments in the same industry.
For Against Abstain
Growth Fund 20,507,056 1,150,073 446,990
Value Discovery Fund 2,083,947 32,544 3,718
International Growth Fund 6,389,670 53,602 20,496
Emerging Markets Growth Fund 258,676 900 0
Income Fund 11,754,543 359,428 225,943
Ready Reserves Fund 599,892,932 16,315,541 18,507,359
b) To adopt a new fundamental investment restriction concerning borrowing money
and issuing senior securities.
For Against Abstain
Growth Fund 20,427,475 1,229,605 447,039
International Growth Fund 6,367,085 78,398 18,313
Emerging Markets Growth Fund 257,225 2,351 0
Value Discovery Fund 2,066,691 49,538 3,980
Income Fund 11,802,212 337,820 199,882
Ready Reserves Fund 583,740,969 32,742,768 18,232,094
c) To adopt a new fundamental investment restriction concerning underwriting
securities.
For Against Abstain
Growth Fund 20,506,514 1,151,380 446,226
International Growth Fund 6,367,020 77,974 18,803
Emerging Markets Growth Fund 257,725 1,851 0
Value Discovery Fund 2,084,947 31,700 3,562
Income Fund 11,808,814 336,041 195,059
Ready Reserves Fund 585,817,858 30,900,684 17,997,289
d) To adopt a new fundamental investment restriction concerning investments in
real estate.
For Against Abstain
Growth Fund 20,359,934 1,304,892 439,294
International Growth Fund 6,388,432 57,075 18,289
Emerging Markets Growth Fund 257,925 1,651 0
Value Discovery Fund 2,084,098 32,549 3,562
Income Fund 11,754,383 381,653 203,878
Ready Reserves Fund 582,894,096 33,769,018 18,052,716
e) To adopt a new fundamental investment restriction concerning investments in
commodities.
For Against Abstain
Growth Fund 20,245,583 1,413,743 444,794
International Growth Fund 6,350,660 95,283 17,852
Emerging Markets Growth Fund 257,225 2,351 0
Value Discovery Fund 2,075,038 41,453 3,718
Income Fund 11,736,672 400,028 203,215
Ready Reserves Fund 584,007,963 32,762,728 17,945,140
f) To adopt a new fundamental investment restriction concerning lending by the
Fund.
For Against Abstain
Growth Fund 20,333,671 1,331,146 439,301
International Growth Fund 6,363,418 82,134 18,244
Emerging Markets Growth Fund 257,725 1,851 0
Value Discovery Fund 2,084,674 31,973 3,562
Income Fund 11,741,948 389,529 208,437
Ready Reserves Fund 588,327,475 31,577,843 14,810,513
g) To reclassify all remaining fundamental investment restrictions as
nonfundamental.
For Against Abstain
Growth Fund 18,873,544 2,717,217 513,360
International Growth Fund 6,361,738 82,429 19,629
Emerging Markets Fund 257,125 1,651 800
Value Discovery 2,083,503 32,806 3,900
Income Fund 11,737,312 344,560 258,044
Ready Reserve Fund 586,355,602 32,905,027 15,455,202
6) To approve a Rule 12b-1 distribution plan with William Blair & Company,
L.L.C. for Class N shares for each Fund.
For Against Abstain
Growth Fund 4,154,327 637,800 62,966
International Growth 821,771 69,756 8,487
Emerging Markets Fund 3,966 0 0
Value Discovery 142,462 11,560 593
Income Fund 782,073 127,195 112,163
Ready Reserves Fund 606,035,409 15,812,676 12,867,746
7) To approve an Amended Management Agreement for the Growth Fund, Income Fund
and Ready Reserves Fund.
For Against Abstain
Growth Fund 23,234,070 917,398 436,750
Income Fund 11,996,168 183,627 206,667
Ready Reserves Fund 611,176,761 10,874,775 12,664,295
