Exhibit (d)(xxxv)
May 1, 2025
William Blair Investment Management, LLC
150 North Riverside Plaza
Chicago, IL 60606
| Re: | Management Agreement with William Blair Funds dated |
| December 15, 1999 (the “Management Agreement”) |
Ladies and Gentlemen:
Pursuant to Section 7 of the Management Agreement, William Blair Investment Management, LLC proposes to amend the Management Agreement to reduce the management fee for the Funds below effective May 1, 2025 as follows:
| FROM: |
TO: | |
| William Blair International Growth Fund 0.94% on the first $3 billion of average daily net assets; 0.90% of the next $2 billion of average daily net assets; 0.85% of the next $5 billion of average daily net assets; 0.825% of the next $5 billion of average daily net assets; 0.80% of average daily net assets over $15 billion |
0.85% of the first $10 billion of average daily net assets; 0.825% of the next $5 billion of average daily net assets; 0.80% of average daily net assets over $15 billion | |
| William Blair Institutional International Growth Fund 0.94% of the first $1.875 billion of average daily net assets; 0.90% of the next $625 million of average daily net assets; 0.875% of the next $2.5 billion of average daily net assets; 0.85% of the next $5 billion of average daily net assets; 0.825% of the next $5 billion of average daily net assets; 0.80% of average daily net assets over $15 billion |
0.85% of the first $10 billion of average daily net assets; 0.825% of the next $5 billion of average daily net assets; 0.80% of average daily net assets over $15 billion | |
Attached hereto is Appendix A to the Management Agreement to reflect the revised management fees.
By signing below, William Blair Investment Management, LLC acknowledges that this amendment to the Management Agreement may be enforced against it.
| WILLIAM BLAIR FUNDS | ||
| By: | /s/ John M. Raczek | |
| Name: | John M. Raczek | |
| Title: | Treasurer, William Blair Funds | |
| Accepted this 1st day of May, 2025.
WILLIAM BLAIR INVESTMENT MANAGEMENT, LLC | ||
| By: | /s/ Cissie Citardi | |
| Name: | Cissie Citardi | |
| Title: | Partner | |
APPENDIX A
MANAGEMENT FEES
William Blair China Growth Fund:
0.94% of average daily net assets
William Blair Emerging Markets Debt Fund:
0.65% of average daily net assets
William Blair Emerging Markets ex China Growth Fund:
0.94% of average daily net assets
William Blair Emerging Markets Growth Fund:
0.94% of average daily net assets
William Blair Emerging Markets Leaders Fund:
0.94% of average daily net assets
William Blair Emerging Markets Small Cap Growth Fund:
1.10% of average daily net assets
William Blair Global Leaders Fund:
0.85% of average daily net assets
William Blair Growth Fund:
0.75% of average daily net assets
William Blair Institutional International Growth Fund:
0.85% of the first $10 billion of average daily net assets;
0.825% of the next $5 billion of average daily net assets; plus
0.80% of average daily net assets over $15 billion
William Blair International Growth Fund:
0.85% of the first $10 billion of average daily net assets;
0.825% of the next $5 billion of average daily net assets; plus
0.80% of average daily net assets over $15 billion
William Blair International Leaders Fund:
0.85% of average daily net assets
William Blair International Small Cap Growth Fund:
1.00% of average daily net assets
William Blair Large Cap Growth Fund:
0.60% of average daily net assets
William Blair Mid Cap Value Fund:
0.70% of average daily net assets
William Blair Small Cap Growth Fund:
0.94% of average daily net assets
William Blair Small Cap Value Fund:
0.75% of average daily net assets
William Blair Small-Mid Cap Core Fund:
0.90% of average daily net assets
William Blair Small-Mid Cap Growth Fund:
0.94% of average daily net assets
William Blair Small-Mid Cap Value Fund:
0.80% of average daily net assets