http://www.sec.gov/Archives/edgar/data/822632/000119312515354880/d91280d497.htm497 1 d91280d497.htm WILLIAM BLAIR FUNDS
WILLIAM BLAIR FUNDS
SUPPLEMENT TO PROSPECTUS DATED MAY 1, 2015 (AS SUPPLEMENTED JULY 1, 2015
AND SEPTEMBER 28, 2015)
The information below supplements the Prospectus for the William Blair Global Small Cap Growth Fund.
The Global Small Cap Growth Fund (the “Fund”) is closed to additional investment.
Upon the recommendation of the Adviser, the Board of Trustees determined that it was in the best interests of the Fund to redeem all the shares of the Fund outstanding on or about January 15, 2016 (the “Liquidation Date”), and then to terminate the Fund. Prior to the Liquidation Date, shareholders of the Fund may redeem their shares or exchange their shares for shares of another William Blair Fund. Any shares of the Fund that have not been redeemed or exchanged prior to the Liquidation Date will be redeemed automatically at their net asset value per share on that date.
The information below supplements the Prospectus for the William Blair Global Leaders Fund.
Effective January 1, 2016, Andrew G. Flynn and Kenneth J. McAtamney, each a Partner of William Blair Investment Management, LLC, will co-manage the William Blair Global Leaders Fund.
Dated: October 27, 2015
WILLIAM BLAIR FUNDS
222 West Adams Street
Chicago, Illinois 60606
Please retain this supplement with your Prospectus for future reference.
WILLIAM BLAIR FUNDS
SUPPLEMENT TO STATEMENT OF ADDITIONAL INFORMATION
DATED MAY 1, 2015 (AS SUPPLEMENTED JULY 1, 2015 AND
SEPTEMBER 28, 2015)
The information below supplements the Statement of Additional Information for the William Blair Global Small Cap Growth Fund.
The Global Small Cap Growth Fund (the “Fund”) is closed to additional investment.
Upon the recommendation of the Adviser, the Board of Trustees determined that it was in the best interests of the Fund to redeem all the shares of the Fund outstanding on or about January 15, 2016 (the “Liquidation Date”), and then to terminate the Fund. Prior to the Liquidation Date, shareholders of the Fund may redeem their shares or exchange their shares for shares of another William Blair Fund. Any shares of the Fund that have not been redeemed or exchanged prior to the Liquidation Date will be redeemed automatically at their net asset value per share on that date.
The information below supplements the Statement of Additional Information of the William Blair Global Leaders Fund.
Effective January 1, 2016, Andrew G. Flynn and Kenneth J. McAtamney, each a Partner of William Blair Investment Management, LLC, will co-manage the William Blair Global Leaders Fund.
Dated: October 27, 2015
WILLIAM BLAIR FUNDS
222 West Adams Street
Chicago, Illinois 60606
Please retain this supplement with your Statement of Additional Information for future reference.
Comments
The firm was underwriting the fund's operation to the tune of 0.4% - about a quarter million a year - but part of that cost is likely mystery money. That is, there are some management expenses (e.g., attorney fees) that are already born by William Blair, a fraction of which are allocated to each fund. The prospect that liquidating the fund will materially reduce expenses, especially if its assets don't stay in-house, are limited.
I'll ask.
David