William Blair Investment Management, LLC

Includes form instructions and options. Options shown in this text do not identify which boxes were selected.

GENERAL INSTRUCTIONS
This Disclosure Reporting Page (DRP ADV) is an 
INITIAL OR
AMENDED response used to report details for affirmative responses to Items 11.C., 11.D., 11.E.,
11.F. or 11.G. of Form ADV.
Regulatory Action
Check item(s) being responded to:
11.C(1)
11.C(2)
11.C(3)
11.C(4)
11.C(5)
11.D(1)
11.D(2)
11.D(3)
11.D(4)
11.D(5)
11.E(1)
11.E(2)
11.E(3)
11.E(4)
11.F.
11.G.

Use a separate DRP for each event or proceeding . The same event or proceeding may be reported for more than one person or entity using one DRP. File with a
completed Execution Page. 
One event may result in more than one affirmative answer to Items 11.C., 11.D., 11.E., 11.F. or 11.G. Use only one DRP to report details related to the same
event. If an event gives rise to actions by more than one regulator, provide details for each action on a separate DRP.
PART I
A.  The person(s) or entity(ies) for whom this DRP is being filed is (are):
You (the advisory firm)
You and one or more of your advisory affiliates
One or more of your advisory affiliates
If this DRP is being filed for an advisory affiliate, give the full name of the advisory affiliate below (for individuals, Last name, First name, Middle name). 
If the advisory affiliate has a CRD number, provide that number. If not, indicate "non-registered" by checking the appropriate box.
ADV DRP - ADVISORY AFFILIATE
CRD
Number:
1252
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
WILLIAM BLAIR & COMPANY
L.L.C.
(For individuals, Last, First,
Middle)
CRD
Number:
173961
This advisory affiliate is 
a Firm
an Individual
Registered:
Yes
No
Name:
WILLIAM BLAIR INVESTMENT
MANAGEMENT, LLC
(For individuals, Last, First,
Middle)
This DRP should be removed from the ADV record because the advisory affiliate(s) is no longer associated with the adviser.
This DRP should be removed from the ADV record because: (1) the event or proceeding occurred more than ten years ago or (2) the adviser is registered
or applying for registration with the SEC or reporting as an exempt reporting adviser with the SEC and the event was resolved in the adviser's or advisory
affiliate's favor.
If you are registered or registering with a state securities authority , you may remove a DRP for an event you reported only in response to Item 11.D(4), and
only if that event occurred more than ten years ago. If you are registered or registering with the SEC, you may remove a DRP for any event listed in Item 11
that occurred more than ten years ago.
This DRP should be removed from the ADV record because it was filed in error, such as due to a clerical or data-entry mistake. Explain the circumstances: 
B.
If the advisory affiliate is registered through the IARD system or CRD system, has the advisory affiliate submitted a DRP (with Form ADV, BD or U-4) to the IARD
or CRD for the event? If the answer is "Yes," no other information on this DRP must be provided.
 Yes
 No
NOTE: The completion of this form does not relieve the advisory affiliate of its obligation to update its IARD or CRD records.
PART II
1.  Regulatory Action initiated by:
SEC   
Other Federal   
State   
SRO
Foreign
(Full name of regulator, foreign financial regulatory authority, federal, state, or SRO) 
2.
Principal Sanction:
Cease and Desist
Other Sanctions: 
CIVIL AND ADMINISTRATIVE PENALTY/FINE CENSURE UNDERTAKING
3.
Date Initiated (MM/DD/YYYY): 
09/29/2023
 Exact
 Explanation
If not exact, provide explanation:
4.
Docket/Case Number:

3-21764
5.
Advisory Affiliate Employing Firm when activity occurred which led to the regulatory action (if applicable):
6.
Principal Product Type:
Other Product Types: 
7.
Describe the allegations related to this regulatory action (your response must fit within the space provided):
FROM AT LEAST JANUARY 1, 2019 THROUGH THE PRESENT, WILLIAM BLAIR & COMPANY, L.L.C.'S ("WILLIAM BLAIR & COMPANY") EMPLOYEES SENT AND
RECEIVED OFF-CHANNEL COMMUNICATIONS THAT RELATED TO THE BUSINESS OF THE BROKER-DEALER AND REGISTERED INVESTMENT ADVISER, AND WILLIAM
BLAIR INVESTMENT MANAGEMENT, LLC'S ("WILLIAM BLAIR") EMPLOYEES SENT AND RECEIVED OFF-CHANNEL COMMUNICATIONS THAT RELATED TO THE
BUSINESS OF THE REGISTERED INVESTMENT ADVISER INCLUDING, WITH RESPECT TO THE INVESTMENT ADVISORY BUSINESS, OFF-CHANNEL
COMMUNICATIONS RELATED TO RECOMMENDATIONS MADE OR PROPOSED TO BE MADE AND ADVICE GIVEN OR PROPOSED TO BE GIVEN. RESPONDENTS DID
NOT MAINTAIN OR PRESERVE THE SUBSTANTIAL MAJORITY OF THESE WRITTEN COMMUNICATIONS. RESPONDENTS' FAILURES INCLUDED SENIOR PERSONNEL
AT BOTH WILLIAM BLAIR AND WILLIAM BLAIR & COMPANY. AS A RESULT, WILLIAM BLAIR & COMPANY VIOLATED SECTION 17(A) OF THE EXCHANGE ACT AND
RULE 17A4(B)(4) AND WILLIAM BLAIR AND WILLIAM BLAIR & COMPANY VIOLATED SECTION 204 OF THE ADVISERS ACT AND RULE 204- 2(A)(7) THEREUNDER.
8.
Current Status?      
 Pending
 On Appeal
 Final
9.
If on appeal, regulatory action appealed to (SEC, SRO, Federal or State Court) and Date Appeal Filed:
If Final or On Appeal, complete all items below. For Pending Actions, complete Item 13 only.
10. How was matter resolved:
Order
11. Resolution Date (MM/DD/YYYY):
09/29/2023
 Exact
 Explanation
If not exact, provide explanation:
12. Resolution Detail:
A.  Were any of the following Sanctions Ordered (check all appropriate items)?
 Monetary/Fine Amount: $ 10,000,000.00
 Revocation/Expulsion/Denial
 Disgorgement/Restitution
 Censure
 Cease and Desist/Injunction
 Bar
 Suspension
B.
Other Sanctions Ordered:
UNDERTAKINGS AS DESCRIBED IN THE ORDER, INCLUDING RETENTION OF AN INDEPENDENT COMPLIANCE CONSULTANT.
Sanction detail: if suspended, enjoined or barred, provide duration including start date and capacities affected (General Securities Principal, Financial
Operations Principal, etc.). If requalification by exam/retraining was a condition of the sanction, provide length of time given to requalify/retrain, type of
exam required and whether condition has been satisfied. If disposition resulted in a fine, penalty, restitution, disgorgement or monetary
compensation, provide total amount, portion levied against you or an advisory affiliate, date paid and if any portion of penalty was waived: 
$10000000
13. Provide a brief summary of details related to the action status and (or) disposition and include relevant terms, conditions and dates (your response must fit
within the space provided).
ON SEPTEMBER 29, 2023, WILLIAM BLAIR & COMPANY AND WILLIAM BLAIR ENTERED INTO A SETTLEMENT WITH THE U.S. SECURITIES & EXCHANGE
COMMISSION (SEC) IN CONNECTION WITH THE AGENCY'S INDUSTRY-WIDE INVESTIGATION INTO THE PRESERVATION OF ELECTRONIC COMMUNICATIONS
PURSUANT TO APPLICABLE RECORDKEEPING PROVISIONS OF FEDERAL SECURITIES LAW. THE SETTLEMENT REQUIRES WILLIAM BLAIR AND WILLIAM BLAIR &
COMPANY TO PAY A CIVIL MONETARY PENALTY OF $10,000,000 AND RETAIN A COMPLIANCE CONSULTANT, FOLLOWING THE FORMAT FOR ALL OTHER RECENT
ELECTRONIC COMMUNICATIONS SETTLEMENTS. WILLIAM BLAIR AND WILLIAM BLAIR & COMPANY COOPERATED WITH THE GOVERNMENT'S INQUIRY AND HAVE
ALREADY TAKEN SIGNIFICANT STEPS TO FURTHER STRENGTHEN THE FIRM'S COMPLIANCE ENVIRONMENT AS IT RELATES TO ELECTRONIC COMMUNICATIONS.