William Blair Investment Management LLC

ITEM 5 – FEES AND COMPENSATION
William Blair provides investment management services to clients and charges fees which are specified within client
agreements, commonly referred to as investment management agreements. While there are various methodologies in
which management fees are charged, fees are typically payable quarterly in arrears based on the total billable market
value of the account. Client-specific fee calculation details are normally specified within a fee section of the investment
management agreement. Ongoing fees reduce the value of an investment portfolio over time. Because of the fees a
client pays, a client has a smaller amount invested that is earning a return whether the fee is paid separately or debited
from a portfolio’s assets. We encourage clients to discuss the impact of fees with their client relationship manager.

Payment of Fees
William Blair charges clients for investment advisory fees as defined in the investment advisory agreement. We prorate
fees based on the length of time we managed an account in the event a client opened or terminated an account during
the quarter. We refund any fees prepaid but not yet earned or request prompt payment for any fees earned but not yet
paid.

Other Fees and Expenses
In addition to, and separate from, the investment advisory fee, our clients pay other costs and charges in connection
with their accounts or certain securities transactions, most of which are payable to parties other than William Blair or
its affiliates. These can include, among other fees and expenses, the following: commissions and other charges for
executing trades through broker-dealers, dealer mark-ups, mark-downs and spreads, auction fees, certain odd-lot
differentials, exchange fees, taxes, duties and other governmental charges, costs associated with foreign exchange
transactions, electronic fund and wire transfer fees, fees imposed for certain types of custody or brokerage accounts,
fees imposed in connection with custodial, trustee or other account services, account maintenance or service fees,
regulatory transaction fees, charges mandated by law or regulation, and fees in connection with the establishment,
administration or termination of retirement or profit sharing plans or trust accounts.
Private Funds also bear their own operating and other expenses. In addition to fees and expenses listed above,
expenses include sales expenses, accounting, tax and audit expenses, legal expenses, and other expenses not listed.
Private Funds that invest with an underlying manager or in underlying funds bear associated fees, which could include
performance fees charged by the underlying manager or fund, and expenses. Feeder funds generally bear a pro rata
portion of the expenses associated with the related master fund. Details regarding expenses can be found in the
applicable offering memorandum and other governing documents.
Please refer to Item 12 of this Brochure for additional important information about William Blair’s brokerage and
transactional practices, including considerations for selecting broker-dealers for client transactions.

William Blair Investment Management, LLC – Form ADV Part 2A                                                          Page 5

Mutual Fund and ETF Fees & Expenses
Some clients’ guidelines allow us to invest a portion of their assets in mutual funds, closed-end funds (“CEFs”), or
exchange traded funds (“ETFs”). When we invest in shares of unaffiliated mutual funds, CEFs, or ETFs (i.e., funds not
advised by William Blair) in a client’s account, the client is subject to account level investment advisory fees in addition
to the mutual fund, CEF, or ETF internal advisory fees and other expenses (as described below). In addition, ETFs and
CEFs can trade at prices that vary from their net asset value, sometimes significantly.
When we invest in shares of affiliated mutual funds (“William Blair Funds”) advised by William Blair in a client’s
account, the client is subject to the William Blair Funds’ internal advisory fees and other expenses (as described below);
however, we do not charge an account level investment advisory fee in addition to the William Blair Funds’ internal
advisory fee. Instead, we exclude the assets invested in the William Blair Funds when we calculate the investment
advisory fees we charge the client’s account.
Mutual funds, including the William Blair Funds, and ETFs charge other fees and expenses in addition to internal
advisory fees that are disclosed in each fund’s prospectus. These additional fees can include distribution fees,
administrative fees, service fees, sub-transfer agent fees, recordkeeping fees, and other operating expenses, which
include, but are not limited to, expenses of the independent trustees, fees and expenses for legal, fund accounting,
transfer agency, custody, audit, taxes, brokerage and other expenses. These fees and expenses, including the total net
operating expenses of each fund, including the William Blair Funds, are set forth in the applicable prospectus, and, with
respect to the William Blair Funds, some of these fees and expenses are paid by the William Blair Funds to William
Blair or its affiliate, William Blair & Company.
Clients can obtain more information by reviewing a prospectus for the underlying mutual funds, including the William
Blair Funds, or ETFs. Fees and expenses are exclusive of and in addition to any investment advisory fees we charge a
client. If the fee William Blair receives from the William Blair Funds is higher than the fee it receives from the client for
managing the account, then William Blair’s overall fee will increase as the allocation to the William Blair Funds
increases.
William Blair or its affiliate, William Blair & Company, is contractually obligated to bear some of the operational
expenses for many of the William Blair Funds. The extent to which William Blair or William Blair & Company bear
...

ITEM 7 – TYPES OF CLIENTS
Clients
William Blair offers investment advisory services to clients such as corporations, pension and profit-sharing plans,
Taft-Hartley plans, governments and public agencies, endowments and foundations, to other registered investment
advisers, registered investment companies, other pooled U.S. and non-U.S. funds and other U.S. and non-U.S.
institutions, as well as to high-net-worth individuals and Wrap Program clients.

Investment Minimums
William Blair has established separate account minimums for investment strategies. Account minimums range from
$5 – 100 million for institutional separate accounts depending upon the selected investment strategy.
We reserve the right to accept accounts below our stated minimums. We also will accept lesser amounts for accounts
in separately managed account programs sponsored by intermediaries (e.g., Wrap Programs).

Redemption Limitations for Investments in Private Funds
As described in this Brochure, William Blair manages Private Funds typically structured as limited liability companies,
limited partnerships or Cayman exempted companies. Unless otherwise noted in each Private Fund’s offering
documents, investors in these Private Funds can typically redeem all or a portion of their investment from the Private
Funds with a limited frequency (typically monthly) upon prior written notice as specified in the applicable confidential
private placement memorandum.