Artisan Partners Limited Partnership

Artisan Partners Limited Partnership (identified as “Artisan Partners” in this brochure) is a limited partnership organized under the laws of Delaware and is an investment adviser registered with the SEC. Artisan Partners Holdings LP wholly owns Artisan Partners and is Artisan Partners’ sole limited partner. Artisan Investments GP LLC (a wholly owned subsidiary of Artisan Partners Holding LP) is Artisan Partners’ general partner. Artisan Partners Holdings LP is a limited partnership organized under the laws of Delaware whose general partner is Artisan Partners Asset Management Inc. (“APAM”), a Delaware corporation with its Class A common stock listed on the New York Stock Exchange under the symbol APAM. Artisan Partners and its predecessors have provided investment management services since March 1995. More information concerning Artisan Partners can be found by visiting www.artisanpartners.com. Artisan Partners’ autonomous investment teams oversee a range of investment strategies across multiple asset classes, which are offered through a variety of investment products and arrangements. Information on each investment team is included in the section of this brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss.” Artisan Partners serves as investment adviser to a variety of separately managed accounts, unregistered pooled investment vehicles, trustees of collective investment trusts, and to each series of Artisan Partners Funds, Inc. (“Artisan Partners Funds”), an open-ended management investment company. Artisan Partners also serves as investment adviser to each sub-fund of Artisan Partners Global Funds plc (“Artisan Partners Global Funds”), an open-ended investment company registered with the Central Bank of Ireland pursuant to the European UCITS Directive. Additional information on the types of clients advised by Artisan Partners is included in the section of this brochure entitled “Types of Clients.” Artisan Partners generally does not tailor its investment management services to the individual needs of clients. Generally, client portfolios in each strategy are managed to a single model, consistent with the portfolio characteristics described below. However, a client may, with Artisan Partners’ consent, impose limited restrictions on investment in certain securities or types of securities in its account. Further, Artisan Partners may, from time to time, manage custom strategies or portfolios for clients. Artisan Partners’ compliance monitoring of client accounts is based on its clients’ specific investment guidelines which are made a part of each client’s investment management agreement. For more information, see the sub-section below entitled “Managing Divergent Investment Restrictions and Cash in Client Accounts.” Each pooled investment vehicle sponsored by Artisan Partners is managed in accordance with its investment guidelines and restrictions and is not tailored to the individualized needs of any particular fund investor, and an investment in such a vehicle does not, in and of itself, create an advisory relationship between the investor and Artisan Partners. Artisan Partners generally accepts responsibility for management of a client account on a discretionary basis and each client enters into a written investment management agreement with Artisan Partners granting it discretionary authority. As of 31 December 2025, Artisan Partners managed $183,619,365,456 in client assets on a discretionary basis.

Managing Divergent Investment Restrictions and Cash in Client Accounts Client portfolios in each strategy generally are managed to a single model. A client’s portfolio may, and often will, diverge from Artisan Partners’ model portfolio because of cash flows, divergent investment guidelines, limitations on specific types of investments (for example, derivatives or short selling), access to markets (for example, India) or certain other reasons. Cash flows may, and often will, result in more or less cash in a client’s account than in Artisan Partners’ model portfolio, and in weightings of portfolio securities that are not aligned with the model. Client-imposed investment restrictions generally result in weightings of portfolio securities that are not aligned with Artisan Partners’ model and, in some cases, more or less cash than is held

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in the model portfolio. Certain client-imposed restrictions or other account limitations likely will also result in a different risk profile compared to the model portfolio. For example, an account that is unable to trade options would have a different risk profile if the model portfolio uses an option. When that occurs, Artisan Partners will determine whether the restricted account should increase, decrease or maintain its position size based on the desired risk profile of the account. Artisan Partners typically rebalances a client’s account to the model portfolio periodically, deploying cash across all or a portion of the holdings in a client’s portfolio (subject to minimum transaction sizes). As a result, a client whose investment restrictions prohibit holding a particular security or limit the weighting of a particular security or group of securities will generally have larger weightings in some or all of the other securities that are held. In some instances, the investment team will select a replacement security or instrument or have a higher cash weighting when a model holding is restricted under a client’s investment guidelines. The rebalancing of accounts can result in multiple transactions in the same security, including opposite-way transactions, in a short period of time. Artisan Partners believes the benefits of this approach to the management of divergent positions generally outweigh the potential costs of those transactions. Client-imposed investment restrictions sometimes affect the timing or manner of purchase or sale of a security. So, for example, if a client account cannot participate in an initial public offering of a security that will be held in the portfolio past the day of the initial public offering, Artisan Partners will generally purchase that security for the account in the open market after completion of the offering. Artisan Partners does not accept accounts subject to investment restrictions that Artisan Partners believes would materially adversely affect its ability to manage its other client accounts. Divergence from Artisan Partners’ model portfolio, as a result of client-imposed investment restrictions, cash flows or other reasons, will result in differences between the return achieved in a client’s account and the strategy’s composite return. The divergences may be greater for accounts managed in strategies that invest in investments with less liquidity such as fixed-income investments due to, for example, lower availability and liquidity of such investments at the time an investment is made. Client accounts in which clientimposed investment restrictions are believed to have a potentially material impact on the implementation of the strategy are, based on Artisan Partners’ judgment, excluded from the strategy’s composite. Management of cash balances in a client’s account is determined at the beginning of the relationship. Generally, cash is invested in one or more investment alternatives provided by the custodian of the client’s account, as selected by the client.

Other Investment Related Information Professional Qualifications All investment decisions for client accounts are made by the portfolio manager(s) for that strategy, working with associate portfolio managers, investment analysts, traders and/or risk managers dedicated to or supporting that investment team. On certain investment teams, analysts, associate portfolio managers, traders and other investment professionals have a broad degree of latitude when implementing the portfolio manager’s decisions. Artisan Partners generally employs persons as portfolio managers only if those persons have demonstrated ability in the investment advisory industry or securities industry. The professional qualifications of each of Artisan Partners’ portfolio managers are set forth in brochure supplements provided to Artisan Partners’ clients and potential clients. Portfolio Turnover There are no limitations on the length of time securities must be held in any strategy. The firm may, for example, sell securities within a short period of time after purchase in light of a change in the circumstances of a particular company or industry or in general market or economic conditions. A higher rate of portfolio turnover, if it occurs, results in increased transaction expenses and the realization of capital gains or losses that, in a taxable account, may reduce performance.

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Investment Guidelines and Restrictions Compliance with certain investment guidelines is measured at the time of purchase or at the time of initiation of a position in a strategy. Because of this, a newly-funded account will exceed those limits if market movements have caused Artisan Partners’ model portfolio to be above those limits at the time the new account is funded. Similarly, cash inflows to existing accounts are generally invested to maintain the relative weightings of the securities held in the portfolio, even if market movements have caused the account to be above certain limits at the time of the cash inflow. As an example, Artisan Partners has limited exposure to individual issuers within certain of its strategies to a maximum of 5% of the assets of a portfolio, measured at market value at the time of purchase. However, if at the time of the cash inflow an issuer comprises more than 5% of the portfolio’s assets due to market movement, the portfolio will generally purchase additional securities of that issuer to invest the cash inflow and maintain the weighting consistent with the model portfolio. Certain strategies also have market capitalization guidelines that reference the market capitalizations (or another market capitalization metric such as weighted average market capitalization) of the companies included in a relevant benchmark index. Changes in the composition of those indexes can cause significant fluctuations in the benchmark market capitalizations, which will cause the market capitalization of a portfolio, or the securities held in a portfolio, to be larger or smaller than the market capitalization or related metric of securities within the benchmark index for a period of time following such change. For the purpose of testing compliance with each strategy’s investment restrictions, absent specific instructions to the contrary, Artisan Partners generally considers an issuer to be from a particular country as designated by its securities information vendors, which may change periodically. However, each investment team, in its own judgment, may consider an issuer to be from a country other than the country designated by the securities information vendors. In determining the country designations of issuers, each investment team and/or Artisan Partners’ vendors use a range of criteria, including the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations, the location of the issuer’s headquarters or other criteria, such as the source of a company’s revenues. In addition, the country designations shown in client reports may differ from the classifications used for purposes of testing compliance with investment restrictions. Over time, country designations may change. Also for the purpose of testing compliance with each strategy’s investment restrictions, absent specific instructions to the contrary, Artisan Partners generally assigns portfolio securities and instruments to a particular sector and industry in accordance with the sector and industry classifications as designated by its securities information vendors, which may change periodically. However, each investment team, in its own judgment, may determine that a different classification is more appropriate. Therefore, classifications may differ by strategy and investment team. In determining a security’s sector or industry classification, each investment team and/or Artisan Partners’ vendors use a range of criteria, including using information or classifications of other securities information vendors, the company description and/or other publicly available information. In addition, the industry classifications shown in client reports may differ from the classifications used for purposes of testing compliance with investment restrictions. Sector and industry classifications may change over time. Currency Transactions Artisan Partners buys and sells currencies to facilitate purchases and sales of portfolio securities of companies that are denominated in a currency other than a client’s base currency and, with respect to certain investment strategies, to increase or decrease economic exposure to a particular currency. Artisan Partners’ primary objective in effecting currency transactions is to obtain the best combination of net price and execution under the circumstances. To facilitate purchases and sales of portfolio securities that trade in currencies other than a client’s base currency, Artisan Partners typically executes foreign exchange contracts in the spot market either by transacting with various third-party foreign exchange dealers or through active

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Artisan Partners generally receives compensation from separately managed accounts that is calculated as a percentage of the client’s assets under management. Such asset-based fees are typically billed and paid quarterly, after the provision of services, based on the average market value of the assets comprising the account during the calendar quarter, although Artisan Partners will consider other methods of payment and/or fee calculation at the request of a client. Clients may choose to pay such invoices from the assets of the account managed by Artisan Partners or from another source. Upon a client’s request, Artisan Partners may agree to bill a client for its services in advance of the provision of the services. If Artisan Partners has billed in advance, any fees attributable to the period after termination will be refunded on a pro-rata basis, calculated based on the number of days on which Artisan Partners provided investment management services to the client during the period in which termination occurred. Any such refund will be paid promptly after termination without further request by the client. In addition, Artisan Partners charges performance-based fees for certain strategies. Additional information on performance-based fees is included in the section of this brochure entitled “Performance-Based Fees and Side-by-Side Management.” The standard rates of fees that are charged by Artisan Partners to establish a separate account as of the date of this brochure are shown in the table below.

Growth Team

Strategy

Asset Base

Annual Fee Rate

Global Discovery Accounts

All Assets

0.75%

Global Opportunities Accounts

First $50 million

0.80%

Next $50 million

0.60%

Assets > $100 million

0.50%

First $50 million

0.80%

Next $50 million

0.60%

Assets > $100 million

0.50%

First $100 million

0.90%

Assets > $100 million

0.80%

First $100 million

0.70%

Assets > $100 million

0.50%

First $50 million

0.80%

Assets > $50 million

0.60%

US Mid-Cap Growth Accounts

US Small-Cap Growth Accounts Global Equity Team

Global Equity Accounts Non-US Growth Accounts

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Strategy

Asset Base

International Small-Mid Non-US Small-Mid Growth Accounts Team International Value Group

Global Value Team

International Value Accounts1

Antero Peak Group

0.95%

Assets > $50 million

0.85%

First $50 million

0.80%

Next $50 million

0.60%

Assets > $100 million

0.50%

All Assets

Global Value Accounts

First $50 million

0.80%

Next $50 million

0.60%

Assets > $100 million

0.50%

First $50 million

0.65%

Next $50 million

0.55%

Assets > $100 million

0.50%

First $100 million

0.70%

Next $100 million

0.65%

Assets > $200 million

0.60%

High Income Accounts1

All Assets

0.55%

Credit Opportunities Accounts

All Assets

1.00% plus 15% performance fee

Developing World Accounts

First $100 million

0.90%

Assets > $100 million

0.85%

Sustainable Emerging Sustainable Emerging Markets Accounts Markets Team

Developing World Team

First $50 million

International Explorer Accounts

Select Equity Accounts

Credit Team

Annual Fee Rate

0.75% plus 20% of returns above a benchmark

Strategy

Asset Base

Annual Fee Rate

Antero Peak Accounts

All Assets

1.00%; or 0.70% plus 20% of returns above a benchmark

Antero Peak Hedge Accounts

All Assets

0.70% plus 20% of returns above a benchmark

Artisan Partners is generally not accepting new client relationships in the strategies indicated. When Artisan Partners believes the strategy has capacity, it may, however, accept a new account in its discretion.

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As of the date of this brochure, standard rates of fees for accounts in the following strategies have not been established: Floating Rate, Emerging Markets Debt Opportunities, Emerging Markets Local Opportunities, Global Unconstrained, Dislocation Opportunities, Franchise and Global Special Situations. The investment management fees charged by Artisan Partners may be greater than fees charged by other investment managers for similar portfolio management services. Artisan Partners negotiates other fee schedules depending on the type of account, relationship, if any, to other accounts managed by Artisan Partners, the size of the account, the level of client service required, potential growth and other factors Artisan Partners considers relevant. For example, lower fee schedules apply to certain longstanding clients and may be offered to early clients in a strategy. Lower fee schedules also apply to clients with lesser service requirements, including, for example, clients in certain implemented programs offered by consultants. Artisan Partners will negotiate an individual fee schedule with a client (and its affiliates or accounts under common control) having assets under Artisan Partners’ management of approximately $500 million or more, or anticipated by Artisan Partners to do so within a reasonable period of time, or in connection with a sub-advisory or similar arrangement that Artisan Partners thinks will provide it with access to a market segment to which Artisan Partners would otherwise not have access. In determining negotiated fee schedules, client assets may be aggregated with assets managed by Artisan Partners for affiliates, accounts under common control, or those that share a common investment manager, advisor, or distribution relationship with the client. Artisan Partners has, with respect to a limited number of clients, agreed to reimbursements, credits or offsets relating to certain types or specified amounts of expenses that the client would otherwise be required to pay. Artisan Partners also provides sub-advisory services to pooled investment vehicles, including without limitation mutual funds, private funds, non-US funds and collective investment trusts. The compensation Artisan Partners receives from those vehicles for its sub-advisory services is at rates negotiated with those clients, which are generally different from the rates set forth in the table above. Artisan Partners also serves as investment adviser to Artisan Partners Funds and Artisan Partners Global Funds and provides investment management and certain administrative services to those funds. The fees and expenses paid by each series and sub-fund of Artisan Partners Funds and Artisan Partners Global Funds, respectively, are described in their respective prospectuses and reflected in their financial statements included in reports to shareholders. For Artisan Partners Funds and Artisan Partners Global Funds, Artisan Partners agrees to reimburse certain funds to the extent that the funds’ annual ordinary operating expenses exceed a specified limitation. Artisan Partners also sponsors and serves as investment adviser to unregistered investment vehicles, referred to herein as the Private Funds. The fees and expenses paid by a Private Fund are described in the Private Fund’s offering memorandum, subscription agreement and/or other governing documents and are reflected in its audited financial statements. In certain cases, Artisan Partners agrees to reimburse a Private Fund to the extent that the Private Fund’s annual ordinary operating expenses exceed a specified limitation. Artisan Partners also receives compensation for providing model portfolios in model delivery programs. The compensation is typically lower than the rates set forth in the table above based on the services provided to the sponsors by Artisan Partners, the risks of providing the model portfolios and other factors considered relevant by Artisan Partners. Artisan Partners does not maintain any client’s official books and records but maintains its own records of transactions in and holdings of client accounts that are the basis of Artisan Partners’ performance reporting to clients and, except to the extent Artisan Partners and a client otherwise agree, the basis for calculating Artisan Partners’ management fees. Artisan Partners also does not act as valuation agent for separate account clients, though in limited circumstances, Artisan Partners will provide information that may be

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relevant to the valuation of a particular security in response to client requests. In maintaining its own books and records, Artisan Partners values portfolio securities held in the accounts it manages using the market quotations of such portfolio securities, where such quotations are readily available. A market quotation is readily available when it is a quoted price in active markets for identical instruments that an account can access at the measurement date, provided that such a quotation is not considered to be readily available if it is not reliable. Portfolio securities for which market quotations are not readily available will be valued at fair value as determined by Artisan Partners in good faith, based on application of a variety of factors in accordance with the valuation policy established by Artisan Partners. That policy describes the procedures Artisan Partners follows when determining a fair value, and will be made available to clients upon request. The valuation committees for Artisan Partners, Artisan Partners Funds, Artisan Partners Global Funds and the Private Funds may value identical assets differently due to, for example, different regulatory requirements, administrators, pricing vendors and valuation policies. In addition to the management fee and, as applicable, performance-based fees paid to Artisan Partners, a client that engages Artisan Partners will pay other expenses in connection with its account. Those expenses include custodian fees and expenses (negotiated by the client and its custodian and outside the control of Artisan Partners). If the client’s arrangement with its custodian includes a transaction or ticket charge, the client’s custody costs will be affected by the number of transactions executed in the account. Custody charges may also be affected by the number of countries in which assets of a portfolio are invested (and whether those countries are developed markets or not) and related sub-custody expenses. Each client also will pay brokerage commissions, settlement failure expenses and other transaction costs. Artisan Partners’ practices relating to brokerage are discussed later in this brochure under the heading “Brokerage Practices.” In addition, clients may pay expenses associated with non-US transactions and expenses in connection with purchasing derivatives (for example, options or futures) or selling securities short. Depending on the strategy, clients may also pay charges incurred in connection with foreign exchange transactions. Artisan Partners’ practices concerning foreign exchange transactions are more fully described above in the section of this brochure entitled “Advisory Business,” under the sub-heading entitled “Other Investment Related Information.” Artisan Partners, from time to time, invests assets of a client portfolio in shares of a registered or unregistered investment company not managed by Artisan Partners, a real estate investment trust or another type of pooled investment vehicle. Investments in investment companies are usually made in exchange-traded investment companies when Artisan Partners believes that such an investment is an attractive investment opportunity or is the most efficient way to gain exposure to a particular market or market sector. For example, an account might invest in the securities of an exchange-traded fund investing in a particular country or region in which it may not be possible or may be inefficient for the account to invest directly. The cash balance of a client’s account is typically invested in a money market fund or some other short-term pooled fund offered by the client’s custodian and selected by the client. Pooled investment vehicles, including investment companies and real estate investment trusts, impose management fees and have other expenses of their own, and a client account investing in such a security will bear its proportionate share of those expenses in addition to Artisan Partners’ management fee. Artisan Partners also offers certain affiliates, clients and investors the opportunity to invest in a particular investment alongside a strategy or as an independent investment. Such investments are typically offered when Artisan Partners believes it is not in the best interest of the current accounts in a team’s strategies to acquire the full amount of a particular investment or the investment is not appropriate for the current strategies managed by the applicable investment team. Artisan Partners generally considers the accounts’ investment guidelines, diversification requirements, risk tolerance, cash flows or other considerations when making this determination. The fees and expenses of such investments will be described when offered and are not described in this Form ADV. Except where required by the applicable governing documents, Artisan Partners is generally not required to offer an investment to any particular client or investor, and no person will be entitled (or obligated) to participate by reason of being a client or investor and in certain

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circumstances, Artisan Partners could organize a new pooled investment vehicle to take advantage of such investment. The decision to offer (or not to offer) an investment will be made in the sole discretion of Artisan Partners. Artisan Partners will allocate expenses associated with such investment, including legal expenses, among participating accounts in the investment in accordance with its policies and procedures.

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Investment Teams As explained above, Artisan Partners’ autonomous investment teams oversee a range of investment strategies across multiple asset classes. Each investment team employs a fundamental research process, examining various items of financial and economic data that the investment team deems relevant. Each team operates autonomously to identify investment opportunities in order to generate strong, long-term investment performance. There is no guarantee that a client’s account will achieve its investment objective, or that a client’s account will not lose value. Investing involves risk of loss that clients should be prepared to bear. Each investment team’s ability to choose appropriate investments for an account has a significant impact on the ability to achieve an account’s investment objective.

Artisan Partners Growth Team Artisan Partners Growth Team invests primarily in equity securities or instruments that have similar economic characteristics. The team’s strategies employ a fundamental investment process used to construct diversified portfolios of growth companies. The investment team seeks to invest in companies that it believes possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The investment process focuses on two distinct elements – security selection and capital allocation. The investment team overlays its investment process with sustainability considerations and broad knowledge of the global economy. Artisan Partners Growth Team’s investment process begins by identifying companies that possess franchise characteristics such as low cost production capability, possession of a proprietary asset, dominant market share or a defensible brand name; are benefiting from an accelerating profit cycle and are trading at a discount to the team’s estimate of private market value. Artisan Partners Growth Team looks for companies that it believes are well positioned for longterm growth, which is driven by demand for their products and services at an early enough stage in their profit cycles to benefit from the increased cash flows produced by the emerging profit cycle. Based on the investment team’s fundamental analysis of a company’s profit cycle, it divides the portfolio into three parts. GardenSM investments are small positions in the early part of their profit cycle that may warrant more sizeable allocations as their profit cycle accelerates. CropSM investments are positions that are being increased to a full weight because the team believes they are moving through the strongest part of their profit cycles. HarvestSM investments are positions that are being reduced as they near the investment team’s estimate of full valuation or their profit cycle begins to decelerate. The investment team overlays the security selection and capital allocation elements of its investment process with a desire to invest opportunistically across the entire global economy and employs a framework in assessing sustainability factors that informs its security selection and capital allocation process. The team seeks broad knowledge of the global economy in order to position it to find growth wherever it occurs.

Artisan Partners Global Equity Team Artisan Partners Global Equity Team invests primarily in equity securities or instruments that have similar economic characteristics. The team employs a fundamental stock selection process focused on identifying companies within its preferred themes with sustainable growth characteristics at valuations that do not fully reflect their long-term potential. The team’s objective is to invest in companies that are industry leaders and have meaningful exposure to and will benefit from long-term secular growth trends. To identify long-term, sustainable growth characteristics of potential investments, the team seeks high-quality companies that typically have a sustainable competitive advantage, a superior business model and a high-quality management team. As part of the investment process, the team considers material environmental, social and governance (“ESG”) factors alongside other fundamental research. Finally, the team uses multiple

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valuation metrics to establish a target price range and assesses the relationship between its estimate of a company’s sustainable growth prospects and the company’s current valuation.

Artisan Partners International Small-Mid Team Artisan Partners International Small-Mid Team seeks long-term ownership in high-quality businesses exposed to structural growth themes and intends to acquire these businesses in a contrarian fashion in times of adversity, or perceived adversity. The team seeks to invest with tailwinds, identifying structural themes at the intersection of growth and change and investing in companies poised to be long-term beneficiaries of those trends. The team focuses on high quality businesses with differentiated and defensible business model, dynamic management team and characteristics such as high return on invested capital, healthy cash flow generation, strong balance sheet and ability to self-fund growth. The team employs contrarian approach to valuation, as it looks to create opportunity by identifying market dislocation and mismatches between stock price and long-term business value as well as by focusing on a company’s through-cycle profitability. The team manages risks of international small- and mid-cap equities through a process that involves understanding of the direct and indirect security risk and probability of permanent capital impairment, diversifying the portfolio across industries, geographies and themes and sizing positions based upon magnitude of opportunity, assessment of risk, and level of conviction. As part of the investment process, the team considers material environmental, social and governance factors, which may include corporate governance principles, treatment of employees and exposure to regulatory risk, alongside other fundamental research.

Artisan Partners International Value Group Artisan Partners International Value Group invests primarily in equity securities or instruments that have similar economic characteristics. The team’s strategies employ a fundamental investment process used to construct diversified portfolios of companies. The team seeks to invest in what it considers high quality, undervalued companies with strong balance sheets and shareholder-oriented management teams. The investment team seeks to invest in companies with strong competitive positions in their industries and histories of generating strong free cash flow and improving returns on capital, at a price that is a significant discount from the team’s estimate of the intrinsic value of the business. The investment team believes these criteria help rule out businesses that may appear undervalued based on certain financial ratios but whose intrinsic values are deteriorating over time. The investment team also believes that investing in companies with strong balance sheets reduces the potential for investment losses and provides company management the ability to create stockholder value when attractive opportunities are available. The investment team’s research process attempts to identify management teams with a history of building value for their stockholders.

Artisan Partners Global Value Team Artisan Partners Global Value Team invests primarily in equity securities or instruments that have similar economic characteristics. The team’s strategies employ a fundamental investment process used to construct either diversified or focused portfolios of companies. The team seeks to invest in what it considers high quality, undervalued companies with strong balance sheets and shareholder-oriented management teams. The investment team seeks to invest in companies with strong competitive positions in their industries and histories of generating strong free cash flow and improving returns on capital, at a price that is a significant discount from the team’s estimate of the intrinsic value of the business. The investment team believes these criteria help rule out businesses that may appear undervalued based on certain financial ratios but whose intrinsic values are deteriorating over time. The investment team also believes that investing in companies with strong balance sheets reduces the potential for investment losses and provides company management the ability to create stockholder value when attractive opportunities are available. The investment team’s research process attempts to identify management teams with a history of building value for their

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stockholders. As part of the investment process, the team considers financially material ESG factors alongside other fundamental research.

Artisan Partners Sustainable Emerging Markets Team Artisan Partners Sustainable Emerging Markets Team invests primarily in equity securities or instruments that have similar economic characteristics. The team believes that, over the long term, a company’s stock price is directly related to its ability to deliver sustainable earnings. Investment opportunities develop when businesses with sustainable earnings are undervalued relative to global peers or historical industry, country or regional valuations. To estimate a company’s sustainable earnings, the investment team uses both financial and strategic analyses. The financial analysis focuses on a company’s balance sheet, income statement and statement of cash flows in order to identify historic drivers of return on equity. The strategic analysis examines a company’s competitive advantages and financial strength in order to assess sustainability. The team believes that a company’s long-term direction and degree of change across multiple ESG metrics are important indicators of a company’s sustainable growth potential. The team seeks to assess a company’s sustainable growth potential by monitoring for improvement or deterioration in ESG metrics. The team’s sustainability assessment has incident-based and empirical components to evaluate a company’s historical, current and future potential behavior. The team uses a proprietary scoring system for the incidentbased and empirical components of the assessment, which informs the team’s view of a company’s target price. Finally, the investment team considers company-specific and country-appropriate macroeconomic risk factors in determining a risk-adjusted target price.

Artisan Partners Credit Team Artisan Partners Credit Team invests primarily in non-investment grade corporate bonds and secured and unsecured loans of US and non-US issuers. The team invests along the corporate capital structure, including, but not limited to, long and short investments in bonds, loans, equity securities and derivatives of both investment grade and non-investment grade issuers. The team seeks to invest in issuers with high quality business models that have compelling risk-adjusted return characteristics. The team’s research process has four primary pillars: Business Quality, Financial Strength and Flexibility, Downside Analysis and Value Identification. In determining the business quality of a company, the team uses a variety of sources to understand the resiliency of an issuer’s business model. The team analyzes the general health of the industry in which an issuer operates, the issuer’s competitive position, barriers to entry, the dynamics of industry participants, and the decision-making history of the issuer’s management and, when applicable, financial equity sponsor. As part of the team’s analysis of a company’s business quality, among other factors, the team considers certain ESG factors relating to the company. These ESG factors may include the impact of environmental regulatory change, the use of human, natural and physical resources and corporate governance structures and practices. When the team deems a factor material to the value of a company, the team incorporates it to its decision-making process. The team believes that determining the financial strength and flexibility of an investment through analyzing the history and trend of free cash flow generation is critical to understanding an issuer’s financial health. The financial analysis part of the investment process also considers an issuer’s capital structure, refinancing options, financial covenants, amortization schedules and overall financial transparency. The team believes that credit instruments by their nature have an asymmetric risk profile. In its downside analysis, the team seeks to manage this risk with what it believes to be conservative financial projections that account for industry position, competitive dynamics and positioning within the capital structure. During the value identification part of the research process, multiple metrics are used to determine the value of an investment opportunity. The team looks for credit improvement potential, relative value within an issuer’s capital structure and against industry peers, catalysts for business improvement and potential value stemming from market or industry dislocations and/or mergers and acquisitions.

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Artisan Partners Developing World Team Artisan Partners Developing World Team invests primarily in equity securities or instruments that have similar economic characteristics. The team constructs a diversified portfolio of securities that offers exposure to developing world economies generally by investing substantially in equity securities domiciled in or economically tied to countries that the team considers to have characteristics typical of the developing world, which includes companies based in developed markets. The team believes a portfolio of companies with these characteristics will be well positioned to deliver attractive risk-adjusted returns over the long term.

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Artisan Partners provides investment management services to pension and profit sharing plans, corporations, trusts, endowments, foundations, charitable organizations, high net worth individuals, governmental entities, insurance companies, commingled investment vehicles, investment advisers, trustees of collective investment trusts and investment companies and similar pooled investment vehicles, and also provides administrative services to certain investment vehicles. Artisan Partners also provides model portfolios to sponsors, which are typically institutional clients and investment advisers. Artisan Partners accepts responsibility for management of a client account on a discretionary basis and each client enters into a written agreement with Artisan Partners granting it discretionary authority. In general, Artisan Partners does not accept separately-managed accounts, or groups of related separately-managed accounts, that have initial asset values less than the amounts shown below unless Artisan Partners expects the account(s) to grow in the future. In addition, Artisan Partners may require a client whose separatelymanaged account balance has fallen below the amounts shown below to make additions to its account to meet the minimum account size as a condition of maintaining the account unless the failure to meet the minimum account size is the result of asset depreciation due to market movements. Artisan Partners may in the future set a higher or lower minimum account size, depending on circumstances believed by it to be relevant.

Strategy

Minimum Account Size

Global Discovery

$50 Million

Global Opportunities

$30 Million

US Mid-Cap Growth

$50 Million

US Small-Cap Growth

$50 Million

Global Equity

$30 Million

Non-US Growth

$50 Million

International Small-Mid Team

Non-US Small-Mid Growth

$30 Million

International Value Group

International Value1

$75 Million

International Explorer

$50 Million

Global Value

$30 Million

Select Equity

$30 Million

Sustainable Emerging Markets

$50 Million

Growth Team

Global Equity Team

Global Value Team

Sustainable Emerging Markets Team

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Strategy

Minimum Account Size

High Income1

$100 Million

Credit Opportunities

$150 Million

Developing World Team

Developing World

$100 Million

Antero Peak Group

Antero Peak

$50 Million

Antero Peak Hedge

$50 Million

Credit Team

Artisan Partners is generally not accepting new client relationships in the strategies indicated. When Artisan Partners believes the strategy has capacity, it may, however, accept a new account in its discretion.

As of the date of this brochure, minimum account sizes have not been established for accounts in the following strategies: Floating Rate, Emerging Markets Debt Opportunities, Emerging Markets Local Opportunities, Global Unconstrained, Dislocation Opportunities, Franchise and Global Special Situations.

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Artisan Partners or its affiliates have the ability to receive performance-based allocations or fees from the Private Funds. Artisan Partners expects to receive performance-based fees, directly or indirectly, in respect of accounts in the Antero Peak Hedge Strategy, Antero Peak Strategy, Credit Opportunities Strategy, Dislocation Opportunities Strategy, Emerging Markets Local Opportunities Strategy, Global Discovery Strategy, Global Value Strategy, Global Unconstrained Strategy, International Explorer Strategy, Non-US Growth Strategy, US Mid-Cap Growth Strategy and US Small-Cap Growth Strategy. In addition, Artisan Partners will, under certain circumstances, negotiate performance-based fee arrangements with respect to accounts in other strategies. Potential conflicts of interest can arise in the management of multiple investment strategies by a single investment team when Artisan Partners manages accounts (including the Private Funds) with respect to which it receives a performance-based fee and accounts for which it receives an asset-based fee because, for example, the fees earned from accounts with performance-based fee arrangements have the potential to exceed the fees earned from other accounts. In addition, the existence of performance-based fee arrangements creates an incentive for Artisan Partners to make investments that are more speculative than would be the case in the absence of such performance-based fee arrangements. Although Artisan Partners may have an incentive to manage the assets of accounts with performance-based fee arrangements differently from its other accounts, Artisan Partners maintains policies and procedures and internal review processes that it believes are reasonably designed to mitigate such conflicts, including allocation policies that require opportunities to be allocated to clients equitably and in accordance with each client’s applicable investment guidelines and governing documents, as well as other factors that do not include the amount of performance-based compensation received by Artisan Partners or any personnel. Please see the sections of this brochure entitled “Advisory Business” and “Brokerage Practices” for more detailed information. An investment team can provide advice to accounts in one investment strategy that differs from advice given to accounts in another investment strategy. If an investment team identifies a limited investment opportunity that may be suitable for more than one strategy, a strategy may not be able to take full advantage of that opportunity. There also may be circumstances when an investment team has an incentive to devote more time or resources to, or to implement different ideas in, one strategy over another. An investment team may also execute transactions for one strategy that may adversely impact the value of securities held by a different strategy or team. For example, an investment team may engage in short sales of securities of an issuer in which a client of another strategy or team also invests in the same securities long. In such a case, Artisan Partners could harm the performance of one client for the benefit of the client engaging in short sales if the short sales cause the market value of the securities to fall. Artisan Partners has in place policies and procedures that it believes are reasonably designed to identify and resolve these actual and potential conflicts of interest. Artisan Partners, its affiliates and its employees are permitted to, and frequently do, invest in pooled investment vehicles sponsored by Artisan Partners, often at reduced or no fees when allowed by applicable law. Artisan Partners also provides certain cash-based awards to its investment professionals (referred to by Artisan Partners as franchise capital awards) that, prior to vesting, Artisan Partners will generally invest such amounts in one or more of the investment strategies managed by the investment professional. Artisan Partners believes that investments made in these pooled investment vehicles and franchise capital awards help align Artisan Partners’ and its employees’ financial interests with those of Artisan Partners’ clients. These pooled investment vehicles, even if they are proprietary accounts of Artisan Partners, are treated like a client account for purposes of allocation of investment opportunities. For more information on proprietary accounts, please see the sections of this brochure below entitled “Other Financial Industry Activities and Affiliates,” “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” and “Brokerage Practices.”

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Conflicts of interest have the potential to also arise when different clients invest in different parts of an issuer’s capital structure, such as when a client owns senior debt obligations of an issuer and other clients own junior tranches or equity securities of the same issuer. For example, a debt holder may be better served by a liquidation of the issuer in which it may be paid in full, whereas an equity or junior bond holder might prefer a reorganization that holds the potential to create value for the equity or junior bond holder. In such circumstances, decisions over whether to trigger an event of default, over the terms of any workout, or how to exit an investment may result in conflicts of interest. Questions may arise subsequently as to whether payment obligations and covenants should be enforced, modified or waived, or whether debt should be refinanced or restructured. In troubled situations, decisions, including whether to enforce claims, or whether to advocate or initiate restructuring or liquidation inside or outside bankruptcy, and the terms of any workout or restructuring, raise potential conflicts of interest, particularly with respect to clients that have invested in different securities within the same issuer. In order to minimize such conflicts, a portfolio manager may avoid certain investment opportunities and negotiations with issuers that would potentially give rise to conflicts with other Artisan Partners’ clients, or Artisan Partners may enact internal procedures designed to minimize such conflicts, which could have the effect of limiting the client’s investment opportunities. Although measures taken by Artisan Partners can help mitigate these conflicts, no measures can be expected to completely eliminate them.

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Artisan Partners is wholly owned by Artisan Partners Holdings LP, a Delaware limited partnership, as described in more detail within the section of this brochure entitled “Advisory Business.” Artisan Partners Holdings LP also owns 100% of the ownership interests of Artisan Partners Distributors LLC (“Artisan Distributors”), a registered, limited purpose broker-dealer. Artisan Distributors serves as distributor of the securities of Artisan Partners Funds and the Private Funds and as sub-distributor or placement agent to Artisan Partners Global Funds. Certain employees of Artisan Partners are registered representatives of Artisan Distributors for the purpose of distributing Artisan Partners Funds and Private Funds. Artisan Distributors does not engage in the execution of securities transactions and is not engaged by Artisan Partners to execute securities transactions for the accounts of Artisan Partners’ clients. Artisan Partners is registered with the Commodity Futures Trading Commission as a commodity pool operator (“CPO”) and is a member of the National Futures Association. Artisan Partners is exempt from the obligations of a registered CPO with respect to certain funds and vehicles. Artisan Partners Holdings LP also owns all of the ownership interests of Artisan Partners Limited, a private limited company organized under the laws of England and Wales. The sole function of Artisan Partners Limited is to serve as the founder member of Artisan Partners UK LLP, a limited liability partnership organized under the laws of England and Wales. Like Artisan Partners, Artisan Partners UK LLP is an investment adviser registered with the SEC. Artisan Partners UK LLP serves as a distributor of the shares offered by Artisan Partners Global Funds. Artisan Partners UK LLP was founded in December 2009. Its principal address is 25 St. James’s Street, 10th Floor, London, SW1A 1HA. More information about Artisan Partners UK LLP can be found on the SEC’s website at www.adviserinfo.sec.gov, including its firm brochure. Artisan Partners Holdings LP is also the managing member of Artisan Partners Europe Holdings LLC, a limited liability company organized under the laws of Delaware. The sole function of Artisan Partners Europe Holdings LLC is to serve as the sole shareholder of APEL Financial Distribution Services Limited, which operates under the registered trading name “Artisan Partners Europe” and is a private company limited by shares organized under the laws of Ireland. Artisan Partners Europe’s main business is the performance of cross-border marketing and distribution in the European Economic Area and other jurisdictions, as applicable, of Artisan Partners’ services and units or shares in Artisan Partners Global Funds and other funds managed by Artisan Partners. Artisan Partners Holdings LP also owns 100% of the equity of Grandview Property Partners, LLC (“Grandview”) as a result of a transaction that closed on January 2, 2026. Grandview is a limited liability company organized under the laws of Delaware and is an investment adviser registered with the SEC. Grandview provides investment advisory services to accounts that invest directly or indirectly in real estate, debt instruments secured in real estate, companies that provide services to the real estate industry and other similar investments. Grandview was founded in November 2018. Its principal address is One East Putnam Avenue, 3rd Floor, Greenwich, CT 06830. More information about Grandview can be found on the SEC’s website at www.adviserinfo.sec.gov, including its firm brochure. Artisan Partners Hong Kong Limited (“Artisan Partners Hong Kong”), which is under common control with Artisan Partners, is an investment adviser based in Hong Kong. Artisan Partners Hong Kong holds two licenses under the Securities and Futures Ordinance (Cap. 571 of the Laws of Hong Kong SAR) to carry on Type 1 (dealing in securities) regulated activity and Type 9 (asset management) regulated activity, which were issued by the Securities and Futures Commission of Hong Kong. Under a memorandum of understanding between Artisan Partners and Artisan Partners Hong Kong, Artisan Partners Hong Kong is a participating affiliate of Artisan Partners as that term is used in relief granted by the staff of the SEC, which allows US registered advisers to use investment management and trading resources of unregistered advisory affiliates subject to the regulatory supervision of the registered adviser. Artisan Partners Hong Kong and any of its employees who assist Artisan Partners as described above are considered to be an “associated

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person” of Artisan Partners as that term is defined in the Investment Advisers Act of 1940 (“Advisers Act”) for purposes of Artisan Partners’ required supervision. Artisan Partners Hong Kong has also agreed to submit to the jurisdiction of the SEC and to the jurisdiction of the US courts for actions arising under the US securities laws in connection with the investment advisory services that it provides for clients of Artisan Partners. To the extent an associated person of Artisan Partners Hong Kong has discretionary authority over the assets of a client account, the client will receive a brochure supplement for such associated person. As described above, Artisan Partners is the adviser to Artisan Partners Funds and Artisan Partners Global Funds. Certain employees of Artisan Partners serve as directors and/or officers of Artisan Partners Funds and Artisan Partners Global Funds. More information about Artisan Partners Funds and Artisan Partners Global Funds, including the list of officers and directors, investment objectives, risks, and charges and expenses, can be found in the relevant prospectus. Artisan Partners sponsors and serves as investment adviser to unregistered investment vehicles, referred to herein as the Private Funds. An affiliate of Artisan Partners acts as general partner for each Private Fund formed as a partnership with employees of Artisan Partners serving as officers for each general partner, and certain employees of Artisan Partners act as directors and/or officers for each Private Fund formed as a company. The Private Funds are offered in the United States only to accredited investors and qualified purchasers. More information about the Private Funds, including investment objectives, risks, fees, charges and expenses, can be found in each Private Fund’s offering memorandum. The performance-based compensation from the Private Funds could create a material conflict of interest, which is described above in “Performance-Based Fees and Side-by-Side Management.” From time to time, Artisan Partners, its affiliates and its employees use a proprietary account to evaluate the viability of a strategy, bridge what would otherwise be a gap in a performance track record or gain experience making certain types of investments. These and other proprietary or similar accounts that exist are, in general, treated like client accounts for purposes of allocation of investment opportunities. Artisan Partners has a conflict when allocating investment opportunities between a proprietary account and client accounts given Artisan Partners, its affiliates and its employees benefit directly from the performance of the account. Artisan Partners has, however, adopted policies and procedures to address these conflicts. For more information about the policies and procedures, please see the sections of this brochure below entitled “Code of Ethics, Participation or Interest in Client Transactions and Personal Trading” and “Brokerage Practices.” Artisan Partners does not believe that these affiliations create a material conflict of interest with its clients except as described above.

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Artisan Partners has adopted a written Code of Ethics and Insider Trading Policy (the “Code”) that, among other things, governs the personal securities transactions of its covered persons. Covered persons are generally personnel of Artisan Partners and its affiliates and contractors of Artisan Partners. Artisan Partners will provide a copy of the Code to any client or potential client upon request or as required by applicable law. The Code requires covered persons to conduct personal securities transactions in a manner that does not interfere with transactions on behalf of Artisan Partners’ clients and does not take inappropriate advantage of their positions and access to information that comes with such positions. The Code requires pre-approval of most personal securities transactions believed to present a potentially meaningful risk of a conflict of interest (including acquisitions of securities as part of an initial public offering or private placement). The Code provides that Artisan Partners’ compliance team will review such personal securities transactions and determine, among other things, whether the acquisition is consistent with applicable regulatory requirements and the purposes of the Code and its underlying policies. In addition, the Code requires reports of personal securities transactions (which generally are in the form of duplicate confirmations and brokerage account statements) to be filed with Artisan Partners’ compliance department at least quarterly. Those reports are reviewed for conflicts, or potential conflicts, with client transactions. In addition, Artisan Partners has adopted a Gifts and Business Entertainment policy relating to the making, receipt and reporting of gifts and business entertainment. The Code prohibits covered persons from knowingly purchasing from or selling to any client any security or other property except securities issued by that client, or except as approved by compliance. The Code does not prohibit purchases of client products or services that are available to the general public. The Code also contains policies designed to prevent the misuse of material non-public information and to protect the confidential information of Artisan Partners’ clients. The operation of those policies and of applicable securities laws may prevent the execution of an otherwise desirable purchase or sale in a public securities transaction in a client account if Artisan Partners believes that it is or may be in possession of material nonpublic information regarding the issuer that would be the subject of that transaction. Accordingly, should a covered person voluntarily or involuntarily come into possession of material non-public information with respect to an issuer (for example, through conversations with a company’s management team), they typically will be prohibited from communicating such information to, or using such information for the benefit of, clients, which will limit the ability of clients to buy or sell certain investments in public securities transactions. In certain situations, Artisan Partners has established information barriers between certain of its investment teams and/or other Artisan Partners personnel that limit access to information between teams. Artisan Partners may choose to receive material non-public information and may create information barriers around persons having access to such information (“walled-off personnel”) to limit the restrictions on others at Artisan Partners. Those measures will impair the ability of teams and walled-off personnel from accessing information from or providing information to others at Artisan Partners. Artisan Partners will not disclose such information to, or use such information for the benefit of, any person (including clients). Artisan Partners buys and/or sells securities for client accounts that Artisan Partners also buys or sells for itself or its affiliates, or that covered persons buy or sell for themselves, including the purchase or sale of a security for a client account when such security is already held by Artisan Partners, an affiliate or a covered person or in which Artisan Partners, its affiliates, or a covered person has a financial interest. Those investments may give Artisan Partners an incentive to buy or sell a security for clients’ accounts in order to bolster the personal investment. However, Artisan Partners and its covered persons have a duty to put the interests of Artisan Partners’ clients ahead of their own personal investments, as set forth in the Code. In addition, all personal trades by covered persons in securities also held in client accounts are reviewed by Artisan Partners’ compliance personnel in an effort to detect any patterns or circumstances potentially suggesting the

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existence of “front-running” or other behavior prohibited under the Code. Personal transactions for covered persons are subject to preclearance requirements under the Code and generally are not permitted to be executed if a client transaction is pending in the same security. With prior written approval, Artisan Partners will allow a covered person to serve as a director of a for-profit company and will also allow a covered person to take a significant or controlling interest in such for-profit company. Artisan Partners also requires prior written approval for a covered person to obtain more than 5% of a public company’s outstanding shares. A client’s portfolio may hold securities of an issuer in which a shareholder of APAM or partner of Artisan Partners Holdings LP (by which Artisan Partners is wholly owned) has an interest. The interests of shareholders of APAM and partners of Artisan Partners Holdings LP who are not actively involved in Artisan Partners’ business in companies in which client accounts may invest may be significant or controlling interests, potentially providing Artisan Partners an incentive to invest client assets in these companies. However, those persons have no involvement or participation in Artisan Partners’ investment decisions on behalf of clients. In addition, each investment for a client account must meet Artisan Partners’ investment criteria for the relevant strategy, as more fully described in the section of this brochure entitled “Methods of Analysis, Investment Strategies and Risk of Loss.” Transactions in a security on behalf of Artisan Partners, its covered persons and accounts in which Artisan Partners or its affiliates have an interest may be aggregated with transactions in the same security for client accounts. If that occurs, all of those aggregated transactions will pay the broker the same average price for the security and pay the same commission rate for trade execution. From time to time, Artisan Partners uses a proprietary account to evaluate the viability of a strategy or bridge what would otherwise be a gap in a performance track record. These and other proprietary or similar accounts that exist are, in general, treated like client accounts for purposes of allocation of investment opportunities. To the extent there is overlap between the investments of one or more of these accounts and the accounts of Artisan Partners’ clients managed in the same strategy, portfolio transactions in the strategy generally will be aggregated by broker, where practicable, and allocated in accordance with Artisan Partners’ written allocation procedures among participating accounts, including the proprietary and other accounts. Artisan Partners believes that aggregation and allocation of trades as described in its written procedures mitigates any conflict of interest arising from proprietary investments in the same securities held by clients and the market impact that could result from such proprietary trading activity if conducted on a stand-alone basis. For more information about Artisan Partners’ allocation policy, please see the section of this brochure below entitled “Brokerage Practices.” Subject to any relevant restrictions or other limitations contained in the applicable client’s governing documents, where multiple clients incur an expense, Artisan Partners will allocate fees and expenses in a manner that it believes is fair and equitable to its clients under the circumstances and considering such factors as it deems relevant, but in any case, in its sole discretion. In exercising such discretion, Artisan Partners expects to be faced with a variety of potential conflicts of interest. As a general matter, subject to applicable law and legal, contractual or similar restrictions, expense allocation decisions generally will be made by Artisan Partners using its reasonable judgment, considering such factors as it deems relevant, but in its sole discretion to be fair and equitable across clients receiving the benefit of such expense. The allocations of such expenses will generally be made on a pro rata basis based on number of accounts receiving related benefits or proportionately in accordance with account size (including amount of remaining committed capital), asset size or fair value. From time to time, Artisan Partners and its employees make donations to educational, religious, cultural, and other charitable organizations that are clients, prospective clients or are supported by current or prospective clients, consultants or their respective employees, which may be done at the invitation of such parties.

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Artisan Partners also matches eligible employee gifts to charities and engages in community outreach programs. Artisan Partners’ written policies prohibit Artisan Partners and its employees from making any political or charitable contributions for the purpose of obtaining or retaining potential or existing clients. Employees are permitted to make personal political or charitable contributions in accordance with applicable law and Artisan Partners’ policies. Employees are required to obtain pre-approval before they make any contributions to a political candidate, government official, political party or political action committee.

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Artisan Partners generally enters into discretionary arrangements with clients, pursuant to which Artisan Partners determines which securities are bought and sold for the account, the total amount of each purchase and sale, the broker-dealers to be used and the compensation, if any, to be paid to broker-dealers to effect the transactions. These determinations are generally made without prior consultation with the client. Artisan Partners’ authority may be subject to conditions imposed by the client, for example, where the client restricts or prohibits transactions in certain securities or types of securities. In some cases, pursuant to the advisory relationship, Artisan Partners has the authority to enter into an over-the-counter derivative relationship and transaction related documentation, repurchase agreements, futures and cleared derivatives agreements, listed options agreements, prime brokerage and securities lending agreements, securities forward agreements and other brokerage and/or trading agreements in connection with the trading of certain securities or instruments. In a model delivery program, Artisan Partners is only responsible for delivering the model portfolio as agreed upon with the sponsor of the model delivery program. Artisan Partners is not responsible for determining which securities to buy or sell or for executing such trades for the model delivery program. The sponsor is responsible for exercising investment discretion, executing trades and seeking best execution. Artisan Partners’ primary objective in effecting portfolio transactions is to seek the best result reasonably available under the circumstances in connection with the execution of its clients’ securities transactions, taking into account price, transaction costs, speed, likelihood of execution and settlement, size, nature of the order and other relevant order execution considerations. Artisan Partners seeks to utilize those brokerdealers and execution venues that enable Artisan Partners to obtain the best result for execution of orders. A number of other subjective factors also enter into the decision to select a specific broker-dealer, including but not limited to the following:  Artisan Partners’ knowledge of the financial stability, reputation, integrity and operational, investment

and research capabilities of the broker-dealer selected;

 the broker-dealer’s willingness to commit its own capital to complete the transaction;  the broker-dealer’s ability to place difficult trades;  the sophistication of the broker-dealer’s trading facilities;  access provided by the broker-dealer to markets and limited investment opportunities, such as initial

public offerings;

 whether executing the trade through an electronic communication network (“ECN”) can provide a better

combination of net price and execution; and

 Artisan Partners’ knowledge of actual or apparent operational problems of any broker-dealer considered.

In addition, Artisan Partners takes into account whether the broker-dealer provides the firm with brokerage and research services, as described below, and the value of such brokerage and research services. For equity transactions, recognizing the value of the items listed above, Artisan Partners may cause a client to pay a brokerage commission in excess of that which another broker-dealer might have charged for effecting the same transaction. Brokerage commissions are only a small part of total execution costs and other factors, such as market impact and speed of execution, contribute significantly to overall transaction costs. Artisan Partners need not solicit competitive bids and does not have an obligation to seek the lowest available commission cost or spread. Artisan Partners maintains and periodically updates a list of approved broker-dealers that, in Artisan Partners’ judgment, generally are able to provide the best result after taking into consideration the items noted above. Evaluations of the services provided by broker-dealers, including the reasonableness of any brokerage

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commissions based on the foregoing items, are made on an ongoing basis by Artisan Partners’ staff while effecting portfolio transactions, subject to the oversight of, and review by, Artisan Partners’ trading oversight committee. Artisan Partners does not consider in selecting broker-dealers to be used in effecting securities transactions for client accounts whether Artisan Partners or its affiliates received client referrals from the broker-dealer. As a matter of policy, Artisan Partners does not compensate a broker-dealer for any promotion or sale of shares of its mutual fund advisory clients (including Artisan Partners Funds) by directing to the broker-dealer (i) securities transactions for a mutual fund advisory portfolio; or (ii) any remuneration, including, but not limited to, any commission, mark-up, mark-down or other fee (or portion thereof) received or to be received from mutual fund client portfolio transactions effected through any other broker-dealer. Artisan Partners has adopted policies and procedures that are reasonably designed to prevent: (1) the persons responsible for selecting broker-dealers to effect transactions in portfolio securities (for example, trading desk personnel) from taking into account, in making those decisions, broker-dealers’ promotional or sales efforts on behalf of mutual fund advisory clients; and (2) Artisan Partners from entering into any agreement or other understanding under which it directs or is expected to direct brokerage transactions or revenue generated by those transactions to a broker-dealer to pay for distribution of shares of its mutual fund advisory clients. Transactions may also be made directly with the issuer of the security or the issuer’s underwriter. In underwritten offerings, the price paid by a client typically includes a disclosed, fixed commission or discount retained by the underwriter or dealer. The broker-dealers Artisan Partners uses for fixed income transactions generally do not charge stated commissions. The broker-dealers in fixed income securities make a profit through the “spread,” which is the difference between the issuer’s fixed income security price and the marked-up price offered to buyers (in an initial offering) or the difference between the quoted bid and ask prices (in secondary market trading).

Use of Client Commissions Artisan Partners uses disclosed client commissions to pay for brokerage and research services (often referred to as “soft dollar” benefits) if Artisan Partners determines that such items meet the criteria outlined in its commission management policy. Artisan Partners’ and its affiliates’ use of client brokerage to acquire brokerage and research services is intended to qualify for the safe harbor provided by Section 28(e) of the Securities Exchange Act of 1934, as amended, and involves payment of agency commissions, compensation on certain riskless principal transactions, and any other securities transactions, the compensation on which qualifies for safe harbor treatment. The provision of brokerage and research services is not generally considered with respect to transactions in fixed income securities, although Artisan Partners receives research from brokers that are also used for fixed income transactions. “Brokerage services” are products and services relating to the execution of the trade from the point at which Artisan Partners communicates with the broker-dealer for the purposes of transmitting an order for execution, through the point at which funds or securities are delivered or credited to a client’s account. Eligible brokerage services must provide Artisan Partners with lawful and appropriate assistance in carrying out its responsibilities to clients. “Research services” include, but are not limited to, (i) research reports (including reports that are specific to issuers, industries and/or geographic regions) and (ii) research-oriented data analytics and software applications. Eligible research services must provide Artisan Partners with lawful and appropriate assistance in making investment decisions. The types of research products and services that may be received in the future, and were received by Artisan Partners during its last fiscal year, include:  research reports (including reports that are specific to issuers, industries and/or geographic regions);

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 subscriptions to financial publications and research compilations that are not targeted to a wide, public

audience;

 investment ideas;  access to the broker-dealer’s traders and analysts;  access to conferences and seminars that provide substantive content relating to issuers and industries;  access to management teams of companies with which the broker-dealer has a relationship;  access to groups of professionals with expertise in particular industries and/or subject matter areas;  research-oriented data analytics and software applications;  compilations of securities prices, earnings, dividends and similar market, financial and other economic

data;

 financial modeling, including historical financials, projections and valuations;  securities quotation services; and  services related to economic and other consulting services.

Artisan Partners provides clients with detailed information about the research and other products and services received by Artisan Partners in exchange for client brokerage upon client request or in accordance with the terms set forth in the investment management agreement between Artisan Partners and the client. When Artisan Partners receives brokerage and research services in return for client commissions, it relieves Artisan Partners of the expense it would otherwise bear in creating such items on its own or paying for those items with its own funds, which provides an incentive to select a particular broker-dealer or venue that will provide Artisan Partners with such brokerage and research services. In some instances, Artisan Partners has an agreement or understanding with a broker-dealer or venue that Artisan Partners will direct brokerage transactions to that broker-dealer or venue generating not less than a stated dollar amount of commissions. In those instances, the obligations of Artisan Partners pursuant to that agreement or understanding may, in some transactions, be an important or determining factor in the selection of a broker-dealer or venue, even if another broker-dealer or venue might execute the same transaction on comparable terms. Artisan Partners enters into such an agreement with a broker-dealer only if, in the judgment of Artisan Partners, the benefits to its clients of the research products and/or services provided outweigh any potential disadvantages to clients. In other instances, Artisan Partners has no agreement or understanding with a broker-dealer that provides research products and/or services. Artisan Partners identifies those broker-dealers that have provided it with research products or services and the value of the research products or services they provided. Artisan Partners directs commissions generated by its clients’ accounts in the aggregate to those broker-dealers to ensure the continued receipt of research products and services that Artisan Partners believes are useful. Artisan Partners has also entered into client commission sharing arrangements with certain broker-dealer firms pursuant to which Artisan Partners executes securities transactions with such broker-dealers in order to facilitate the receipt of research products and services provided by a party other than the executing broker-dealer. A portion of the commission paid to the executing broker-dealer is retained by that brokerdealer to compensate the broker-dealer for the execution services provided, while another portion is credited for the provision of research products and services. Artisan Partners typically instructs the providers of such research products or services (who may themselves be broker-dealers) to deliver an invoice for the research products or services directly to Artisan Partners, which coordinates payment of the invoice by an executing broker-dealer from the accrued credits.

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Read the rest in the brochure

Artisan Partners generally does not receive economic benefits for providing investment advice or other advisory services to its clients from parties other than its clients. As explained in “Brokerage Practices” above, Artisan Partners does, however, receive certain brokerage and research services in connection with the execution of securities transactions for client accounts. In addition, under certain circumstances, Artisan Partners receives payments from third-party sponsors of funds or accounts that invest all or substantially all of their assets in a fund or account managed by Artisan Partners. The amount of the payment received by Artisan Partners depends on the amount of the fee, including any performance-based fee, received by the sponsor. Information on performance-based fees is included in the section of this brochure entitled “Performance-Based Fees and Side-by-Side Management.” Certain Artisan Partners’ marketing and client service professionals participate in a bonus pool the amount of which is generally a percentage of the firm’s revenues received in connection with accounts serviced by the team of which that professional is a member. From time to time, Artisan Partners enters into agreements that compensate, directly or indirectly, a person who is not an Artisan Partners associate for client referrals. In addition, from time to time, Artisan Partners or the Private Funds also enter into agreements that compensate, directly or indirectly, a third-party placement agent who is not an Artisan Partners associate for investor referrals. Artisan Partners may pay directly or indirectly, cash compensation equal to a specified dollar amount, a specified percentage of the fees received by Artisan Partners from accounts obtained through the solicitor or a percentage of the value of the shares of the Private Funds held by investors referred by the placement agent. Any such payments comply with applicable law and, if applicable, relevant rules under the Advisers Act. In addition, clients and investors receive specific disclosures related to the arrangements as required by the Advisers Act and applicable law. In addition, Artisan Partners’ marketing and client service professionals call on and occasionally entertain or make gifts (within certain limits as more fully set forth in the Gifts and Business Entertainment policy) to representatives of investment consulting firms and other intermediaries in the process of soliciting new business and providing services to existing client relationships. From time to time, Artisan Partners and/or its employees also make charitable contributions to organizations associated or affiliated with clients and/or investment consultants and other intermediaries. Those consultants provide services to clients of Artisan Partners and/or investors in the shares of investment companies to which Artisan Partners serves as investment adviser. Such services include, but are not limited to, assisting in the selection of investment advisers to manage their clients’ assets and assisting in the selection of investment companies to serve as investment options for their clients. Artisan Partners also provides cash or non-cash support for educational, training, marketing and other events sponsored by consulting firms. Artisan Partners, in its capacity as investment adviser to Artisan Partners Funds; Artisan Distributors, in its capacity as distributor of the shares of Artisan Partners Funds; and Artisan Partners UK LLP, in its capacity as distributor of the shares of Artisan Partners Global Funds, have relationships with certain banks, brokerdealers, and benefit plan recordkeepers through which shares of Artisan Partners Funds or Artisan Partners Global Funds are made available for purchase by investors. (For ease of reference, in this paragraph Artisan Partners Funds and Artisan Partners Global Funds are referred to collectively as the “Funds” and Artisan Partners and Artisan Partners UK LLP are referred to collectively as “Artisan.”) Certain of those parties are engaged in, or have affiliates engaged in, the business of providing investment consulting services. Artisan generally pays a fee for the marketing and distribution services provided by such parties in connection with, or the Funds where applicable, the sale of shares of certain Funds, which is typically a percentage of the value of the shares of the Funds held by investors through investment accounts with such parties. These fee arrangements may create an incentive for such parties to promote or recommend the Funds. Artisan also occasionally provides business entertainment or makes gifts (within certain limits as more fully set forth in the Gifts and Business Entertainment policy) to representatives of those organizations, and provides cash or

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non-cash support for educational, training, marketing and other events. These banks, broker-dealers, and benefit plan recordkeepers, as nominee or otherwise for the benefit of their clients, hold shares of the Funds, the redemption of which could have an adverse effect on the Funds and/or Artisan.

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Artisan Partners and its management personnel have not been involved in a legal or disciplinary event that Artisan Partners believes to be material to a client’s or prospective client’s evaluation of its advisory business or the integrity of its management personnel.

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The Artisan Partners’ portfolio manager(s) responsible for a strategy continuously reviews the securities held by clients in that strategy. Artisan Partners’ traders also review the securities comprising the portfolio of each investment advisory account at least weekly. Oversight of investment activity in client portfolios is also conducted by Artisan Partners’ trade operations team through a range of different methods, including, for example, automated pre-trade and post-trade testing and manual reviews. Members of Artisan Partners’ investment operations team conduct a comprehensive review of each investment strategy at least quarterly. That review includes an analysis of portfolio characteristics, risk profile and performance for consistency with expectations for the stated investment strategy, policy and objective. In addition, Artisan Partners’ compliance personnel are responsible for ongoing compliance oversight of Artisan Partners’ investment activities. Artisan Partners provides to clients (other than investment company clients), no less frequently than quarterly, a written report that includes a statement of all assets in the account at the end of the period, a written calculation of investment performance, and such other information or reports as may be required by the relevant client account’s governing documents. Artisan Partners will furnish any additional or supplemental reports a client may reasonably request. Investment company clients of Artisan Partners receive reports as requested by their boards or as required by relevant laws, including the Investment Company Act of 1940, as amended. Investors in the Private Funds receive regular performance updates and annual audited financial statements as well as monthly statements. Clients of model delivery programs should contact the sponsors for information regarding reports provided to their clients. In addition to the quarterly reports provided to each client showing the investment performance achieved in the client’s account, Artisan Partners also calculates composite returns for each of its strategies that the firm uses in marketing its services to prospective clients and may also provide the returns to existing clients.

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Artisan Partners does not maintain custody of client funds or securities and will seek to take the actions necessary to avoid being deemed to have inadvertent custody of client funds and securities except with respect to the Private Funds. For example, Artisan Partners limits its authority in investment management agreements to trading activity. In addition, Artisan Partners maintains an authorized signers list granting limited authority to certain employees to provide trading, collateral and settlement-related instructions, which is provided to custodians and certain trading counterparties. Notwithstanding anything in a client’s agreement with a custodian or other service provider that purports to give Artisan Partners powers that may be construed as custody over such client’s assets, Artisan Partners expressly disclaims any such authority. Artisan Partners generally has no involvement in the process by which a separate account client selects its custodian and no involvement in a client’s negotiation of its custodial arrangements. Clients are therefore responsible for independently arranging for all custodial services, including negotiating custody agreements and fees. See the section of this brochure above entitled “Fees and Compensation” for more information about the expenses a client may incur in connection with its custodial arrangements. Although Artisan Partners does not generally maintain custody of client funds or securities, Artisan Partners and certain affiliates do, from time to time, hold certain privately offered securities for the Private Funds to the extent permitted by the Advisers Act and related SEC guidance and are deemed to have custody of the Private Funds’ funds and securities pursuant to the Custody Rule under the Advisers Act. Investors in the Private Funds will receive annual audited financial statements, which should be reviewed carefully. If an investor in the Private Funds does not receive audited financial statements in a timely manner (generally within 120 days of the Private Fund’s fiscal year end), then such investor should contact Artisan Partners as soon as possible. As a provision of the investment management agreements entered into between Artisan Partners and its clients, Artisan Partners agrees to provide clients with periodic account statements, typically on a monthly basis, reflecting the activity that has occurred within the account during the period. Artisan Partners encourages its clients to compare the periodic statements they receive from Artisan Partners to the applicable statements they receive from their qualified custodians.

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Artisan Partners generally accepts responsibility for management of a client account on a discretionary basis and each client enters into a written agreement with Artisan Partners granting it discretionary authority for the provision of advisory services to the client account. Artisan Partners generally does not tailor its investment management services to the individual needs of clients. Client portfolios in each strategy generally are managed to a single model; however, a client may, with Artisan Partners’ consent, impose limited restrictions on investment in certain securities or types of securities in its account. For more detailed information concerning the limitations clients may place on Artisan Partners’ discretionary authority, please see the section of this brochure entitled “Advisory Business” above. Artisan Partners provides model portfolios to sponsors of Managed Account Programs. Please see the sections of this brochure entitled “Advisory Business,” “Fees and Compensation,” “Types of Clients,” “Brokerage Practices” and “Review of Accounts” for more information.

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Artisan Partners votes proxies solicited by or with respect to the issuers of securities in which assets of a client account are invested, except as set forth below. When Artisan Partners votes a client’s proxy with respect to a specific issuer, the client’s economic interest as a shareholder of that issuer is Artisan Partners’ primary consideration in determining how the proxy should be voted. Except as otherwise specifically instructed by a client, Artisan Partners generally does not take into account interests of other stakeholders of the issuer or interests the client may have in other capacities. If a client has directed Artisan Partners to vote proxies solicited by or with respect to the issuers of securities held in the client’s account, Artisan Partners votes in a manner that, in the judgment of Artisan Partners, is in the best economic interests of the client as a shareholder of that issuer. A client may direct Artisan Partners how to vote with respect to securities held by that client for certain types of proxy votes or a particular proxy solicitation by communicating its desire to do so to Artisan Partners, provided that such desire to direct the vote is communicated sufficiently in advance of any applicable vote submission deadline. When making proxy voting decisions, Artisan Partners generally adheres to proxy voting guidelines that set forth Artisan Partners’ proxy voting positions on recurring issues and criteria for addressing non-recurring issues. Artisan Partners believes the guidelines, if followed, generally will result in the casting of votes in the economic best interests of clients as shareholders. The guidelines are based on Artisan Partners’ own research and analyses and the research and analyses provided by the proxy administration and research services engaged by Artisan Partners. The guidelines are not exhaustive and do not include all potential voting issues. Because proxy issues and the circumstances of individual companies are so varied, there may be instances when Artisan Partners votes contrary to its general guidelines. In addition, due to the varying regulations, customs and practices of non-US countries, Artisan Partners may vote contrary to its general guidelines in circumstances where it believes its guidelines would result in a vote inconsistent with local regulations, customs or practices. In the following circumstances Artisan Partners typically will not vote a client’s proxy:  The client has directed Artisan Partners not to vote on its behalf.  Artisan Partners has concluded that voting would have no identifiable economic benefit to the client as

a shareholder, such as when the security is no longer held in the client’s portfolio or when the value of the portfolio holding is indeterminable or insignificant.

 Artisan Partners has concluded that the costs of or disadvantages resulting from voting outweigh the

economic benefits of voting. For example, in some non-US jurisdictions, the sale of securities voted may be legally or practically prohibited or subject to some restrictions for some period of time, usually between the record and meeting dates (“share blocking”). Artisan Partners believes that the loss of investment flexibility resulting from share blocking generally outweighs the benefit to be gained by voting. Information about share blocking is often incomplete or contradictory. For example, client custodians may effectively restrict transactions even in circumstances in which Artisan Partners believes that share blocking is not required by law. Artisan Partners relies on custodians and on its proxy service provider to identify share blocking jurisdictions. To the extent such information is wrong, Artisan Partners could fail to vote shares that could have been voted without loss of investment flexibility, or could vote shares and then be prevented from engaging in a potentially beneficial transaction.

 Artisan Partners does not have the ability to vote shares held in a client’s account. For example, in some

non-US jurisdictions, a sub-custodian bank (record holder) may not have the power to vote shares, or may not receive proxy ballots in a timely fashion, unless the client has fulfilled certain administrative requirements (for example, providing a power of attorney to the local sub-custodian bank), which may be imposed a single time or may be periodic. Artisan Partners does not have the ability to vote shares

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held in a client’s account unless the client, in conjunction with the client’s custodian, has fulfilled these requirements.  The client, as of the record date, has loaned the securities to which the proxy relates. For most clients,

Artisan Partners is not aware of when a security may be on loan and, in those circumstances, will not vote the shares on loan and may not be able to fully reconcile the shares held at record date with the shares actually voted. Except in those circumstances in which a client may have an obligation to do so under applicable law, Artisan Partners typically does not attempt to have securities on loan recalled in order to vote.

Artisan Partners has engaged a primary proxy service provider to (i) make recommendations to Artisan Partners of proxy voting policies for adoption by Artisan Partners; (ii) perform research and make recommendations to Artisan Partners as to particular shareholder votes being solicited; (iii) perform the administrative tasks of receiving proxies and proxy statements, marking proxies as instructed by Artisan Partners and delivering those proxies; (iv) retain proxy voting records and information; and (v) report to Artisan Partners on its activities. The primary proxy service provider does not have the authority to vote proxies except in accordance with standing or specific instructions given to it by Artisan Partners. Artisan Partners retains final authority and fiduciary responsibility for the voting of proxies. In addition to the primary proxy service provider, Artisan Partners has engaged two other proxy service providers to perform research and make recommendations to Artisan Partners as to particular shareholder votes being solicited, and may engage one or more additional providers from time to time. In some instances for non-US companies, there may be little or no information available on matters to be voted on. In those circumstances, Artisan Partners generally follows the recommendation of its primary proxy service provider. Artisan Partners’ proxy voting committee oversees the proxy voting process, reviews the proxy voting policy at least annually, develops the guidelines and grants authority to proxy administrators to vote proxies in accordance with the guidelines and otherwise performs administrative services relating to proxy voting. The proxy voting committee also makes determinations as to certain votes to be cast, including with respect to each matter where there is an actual or potential conflict of interest. None of the members of the proxy voting committee is responsible for servicing existing Artisan Partners’ clients or soliciting new clients for Artisan Partners. Artisan Partners or its affiliates may have a relationship with an issuer that could pose a conflict of interest when voting the shares of that issuer on behalf of clients. Artisan Partners will be deemed to have a potential conflict voting proxies of an issuer if: (i) Artisan Partners or an affiliate manages assets for the issuer or an affiliate of the issuer and also recommends that its other clients invest in such issuer’s securities; (ii) a director, trustee or officer of the issuer or an affiliate of the issuer is a director of Artisan Partners Funds or an employee of Artisan Partners or its affiliates; (iii) Artisan Partners or an affiliate is actively soliciting that issuer or an affiliate of the issuer as a client and the employees who recommend, review or authorize a vote have actual knowledge of such active solicitation; (iv) a director or an executive officer of the issuer has a personal relationship with an employee who recommends, reviews or authorizes the vote; or (v) another relationship or interest of Artisan Partners or an affiliate, or of an employee of either of them, exists that may be affected by the outcome of the proxy vote and that is deemed to represent an actual or potential conflict for the purposes of the proxy voting policy. Artisan Partners maintains a list of issuers with which it believes it has a potential conflict in voting proxies (the “identified issuers”). Artisan Partners’ proxy voting guidelines should, in most cases, adequately address possible conflicts of interest since those guidelines are pre-determined. However, in the event an actual or potential conflict of interest has been identified, Artisan Partners will vote in accordance with Artisan Partners proxy voting guidelines on routine or corporate administrative matters, and with respect to non-routine matters, Artisan Partners will generally vote in accordance with the determination made by the proxy voting committee, which will consider the investment team’s recommended vote, any analysis available from the proxy service provider(s) and whether the proxy service provider(s) has a relationship with the issuer that

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could present a conflict of interest, the consistency of those recommendations with the proxy voting guidelines and any identified conflict of interest. Artisan Partners may vote in accordance with the recommendations of a proxy service provider, provided that such service provider provides research and analysis with respect to the issuer in question and the proxy voting committee has reason to believe the service provider is independent of the issuer. If the service provider does not meet those requirements, the proxy voting committee shall consider what course of action will serve the interests of Artisan Partners’ clients consistent with Artisan Partners’ obligations under applicable proxy voting rules. Artisan Partners has a process in place to review that proxy ballots were voted in accordance with its voting instructions and the proxy voting policy as applicable. Artisan Partners will provide a copy of its entire proxy voting policy and Artisan Partners’ proxy voting record with respect to a client’s account to that client or its representatives upon the client’s request or as may be required by applicable law. Artisan Partners generally will not disclose publicly its past votes, share amounts voted or held or how it intends to vote on behalf of a client account except as may be required by applicable law or in connection with meetings with issuers’ management teams, but may disclose such information to a client which itself may decide or may be required to make public such information. Clients that have not granted Artisan Partners voting authority over securities held in their accounts will receive their proxies in accordance with the arrangements they have made with their other service providers. Artisan Partners generally does not provide proxy voting recommendations to those clients.

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Artisan Partners does not require or solicit prepayment of investment advisory fees from its clients. Artisan Partners is not aware of any financial condition that is reasonably likely to impair its ability to meet its contractual commitments to clients, nor has Artisan Partners been the subject of a bankruptcy petition at any time during the past ten years.

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