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Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDYX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHYX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0102 0.0102 0.0102 0 0 0 0.0028 0.0011 0.0003 0.0130 0.0113 0.0105 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds and other investment companies (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">higher or lower, based on these assumptions your costs would be:</span> 132 412 713 1568 115 359 622 1375 107 334 579 1283 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">77.88</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.7788 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a diversified portfolio of securities that offers exposure to developing world economies. In pursuit of this goal, the team generally invests substantially in equity securities of issuers domiciled in or economically tied to countries the team considers to have characteristics typical of the developing world, including companies based in developed markets. The team believes a portfolio of companies with these characteristics will be well positioned to deliver attractive risk-adjusted</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> returns over the long term. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund invests substantially in equity securities of issuers domiciled in or economically tied to one or more markets in the developing world. The team generally considers developing world to include countries that are included in any one of the Morgan Stanley Capital Index (“MSCI”) emerging or frontier markets indices, or that are classified under a similar corresponding classification, by organizations such as the World Bank, United Nations, International Finance Corporation or the International Monetary Fund. For purposes </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">of the Fund’s investments, a determination that an issuer is economically tied to one or more countries in the developing world is based on factors including, but not limited to: domicile or principal office location, sources of its revenues or customers, countries in which a product is </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">used, and/or whether the issuer is indirectly exposed to the risks or economic fortunes of a developing market.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in US and non-US companies of all market capitalizations. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund‘s prospectus, but may be called different names by </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">issuers).</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in developing markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in developing market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Developing market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain developing markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many developing market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;margin-left:0.00%;">China-Related Risks:</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Because the Fund typically invests a significant portion of its assets in equity securities of Chinese companies, it is particularly affected by events or factors related to China, which may increase risk and volatility.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in the Middle East,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth the team anticipated.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">38.34</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-24.50</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.3834 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2450 2022-06-30 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of a broad-based market index over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The "Return after taxes on distributions and sale of Fund shares" for the five-year period ended 31 December 2025 is greater than the "Return </span><span style="font-family:Arial Narrow;font-size:10pt;">before taxes" because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable gains.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The "Return after taxes on distributions and sale of Fund shares" for the five-year period ended 31 December 2025 is greater than the "Return </span><span style="font-family:Arial Narrow;font-size:10pt;">before taxes" because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable gains.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.0782 -0.0113 0.1193 0.0995 2015-06-29 0.0782 -0.0164 0.1135 0.0941 0.0463 -0.0097 0.0978 0.0807 0.3357 0.0420 0.0842 0.0619 0.0795 -0.0097 0.1212 0.1014 2015-06-29 0.3357 0.0420 0.0842 0.0619 0.0808 -0.0087 0.1223 0.1025 2015-06-29 0.3357 0.0420 0.0842 0.0619 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Emerging Markets Debt Opportunities Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APFOX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDOX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHOX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide total return through a combination of current income and long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0075 0.0075 0 0 0 0.0148 0.0073 0.0055 0.0223 0.0148 0.0130 -0.0097 -0.0032 -0.0019 0.0126 0.0116 0.0111 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">31 January 2027</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be higher or lower, based on these assumptions your costs would be:</span> 128 604 1106 2489 118 437 778 1741 113 393 695 1551 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">91.58</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.9158 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a differentiated portfolio of securities, derivatives and other instruments that offer long and short exposures to emerging markets. The team seeks to identify emerging market countries that are undergoing or poised for strong economic growth or structural changes, such as political, legislative and/or economic reforms. The team seeks to invest in corporate and sovereign debt instruments that offer exposures to those emerging market countries at attractive absolute </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">and relative credit risk premium. As part of the investment process, the team considers financially material environmental, social and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">governance factors alongside other fundamental research.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in emerging market debt securities or instruments that have similar economic characteristics. These securities and other instruments include instruments issued or guaranteed by companies, financial institutions and government entities and/or their agencies and instrumentalities domiciled in or with exposure to emerging market countries, as well as derivatives or similar instruments used to gain or manage exposure to emerging market debt securities and/or manage related risk factors. The Fund considers emerging market countries to include any country other than Canada, Luxembourg, the US and the countries comprising the MSCI EAFE Index (currently, Australia, Austria, Belgium, Denmark, Finland, France, Germany, Hong Kong, Ireland, Israel, Italy, Japan, the Netherlands, New Zealand, Norway, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Portugal, Singapore, Spain, Sweden, Switzerland and the United Kingdom). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">fund. The Fund may have significant investment in a particular geographic region or country.   </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest in debt instruments of all types, including, without limitation, sovereign issues, treasury obligations, bonds, loans, commercial paper, credit linked notes, covered bonds, convertible bonds and other fixed-, variable- and floating-rate securities that are either secured or unsecured, and, either senior or subordinated. The Fund may invest, without limitation, in debt instruments of any credit rating, including instruments that are rated below investment grade (below BBB- by Standard &amp; Poor’s Rating Service or Fitch, Inc. or below Baa3 by Moody’s Investors Service, Inc.), or comparably rated by another nationally recognized statistical rating organization, or unrated but determined by Artisan Partners to be of comparable quality, commonly known as “junk bonds.”  The Fund may invest in debt instruments that are non-performing at the time of purchase. The Fund may invest in debt securities of any maturity. The Fund’s investments are not subject to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">any restrictions with respect to duration. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund expects to achieve certain exposures primarily through derivative transactions. These derivatives include, without limitation, forward foreign currency exchange contracts; futures on securities, indices, currencies, commodities, swaps and other investments; options; and swaps, including interest rate swaps, cross-currency swaps, total return swaps and credit default swaps, which may have the effect of creating investment leverage. The Fund may use derivatives to seek to enhance total return, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective duration of its portfolio, to manage certain investment risks, for speculation purposes to gain certain types of exposures and/or as a substitute for the purchase or sale of securities, currencies or commodities. The Fund may also utilize derivatives to take short positions in underlying assets and non-USD currencies to hedge certain risk factors. The Fund intends to use all or a portion of the proceeds from its short positions to take additional long positions or otherwise use in a manner consistent with its </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment guidelines. The Fund may engage in repurchase agreements, reverse repurchase agreements and forward commitments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund expects to hold US Treasury, government agency securities and agency mortgage-backed securities (and derivatives thereon), and </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">stripped securities to use as collateral for its derivatives positions and to help manage duration. </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund is permitted to invest in equity securities and exchange-traded funds </span><span style="font-family:Arial Narrow;font-size:10pt;">(“ETFs”). The Fund may invest in private placements and other </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">restricted securities (i.e., securities that are purchased in private placements and, accordingly, are subject to restrictions on resale as matter of </span><span style="font-family:Arial Narrow;font-size:10pt;">contract or under federal securities laws). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may have investment exposure to the commodities markets and/or Regulation S securities primarily through investments in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund may invest up to 25% of its </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">total assets in its Subsidiary. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may borrow up to the amount allowed by applicable law to enhance total return, fund redemptions, post collateral for hedges, or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to purchase investments prior to settlement of pending sale transactions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">In addition to instruments issued by emerging market issuers, the Fund may also invest in securities and other instruments of US and other </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">non-emerging market issuers, and securities denominated in currencies other than emerging market currency.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers environmental, social and governance factors in its research process, the Fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in the Middle East,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;margin-left:0.00%;">China-Related Risks: </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Because the Fund may have a significant exposure to China, it is particularly affected by events or factors relating to China, which may increase risk and volatility.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security will fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the instrument. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect the Fund’s debt investments unfavorably. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">Debt securities in which the Fund invests may be rated below investment grade or unrated securities that are determined by Artisan Partners to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.”  These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk, may be less liquid </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and may be subject to greater price volatility than higher-rated bonds.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Credit Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—An issuer or counterparty may fail to pay its obligations to the Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Interest Rate Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Interest rate risk is the risk that fixed income securities and other instruments in the Fund’s portfolio will fluctuate in value because of changes, or the anticipation of changes, in interest rates. In particular, during periods of rising interest rates, the values of such securities may decline and may result in losses to the Fund. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could cause the value of the Fund’s investments to decline. Interest rate changes can be sudden and unpredictable,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the Fund may experience losses as a result of movements in interest rates. The Fund may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile in response</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">to changing</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">interest rates.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Derivatives Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—A derivative is a financial contract whose value depends on changes in the value of one or more underlying assets, reference rates or indexes. These instruments include, among others, forward foreign currency exchange contracts; futures on securities, indices, currencies, commodities, swaps and other investments; options; swaps, including interest rate swaps, cross-currency swaps, total return swaps and credit default swaps and similar instruments. The Fund’s use of derivatives may involve risks different from, or greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and may perform in ways unanticipated by Artisan Partners. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">In addition to the risks of an adverse change in the value of the underlying reference asset, the Fund’s use of derivatives, including, but not limited to, over-the-counter (“OTC”) derivatives, involves the risk that the other party to the derivative contract will fail to make required payments or otherwise to comply with the terms of the contract. Derivatives transactions can create investment leverage and may be highly volatile, and the Fund could lose more than the amount it invests, especially in unusual or extreme market conditions. Derivatives may be difficult to value and highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an anticipated price. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">US and non-US legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), have resulted in, and may in the future result in, new regulation of derivative instruments and the Fund’s use of such instruments. New regulations could, among other things, restrict the Fund’s ability to engage in derivative transactions (for example, by making certain types of derivative instruments or transactions no longer available to the Fund) and/or increase the costs of such transactions, and the Fund may as a result be unable to execute its investment strategies in a manner Artisan Partners might otherwise </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">choose.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Sovereign Debt Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund's investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. Sovereign governments may default on their debt obligations for a number of reasons, including social, political, economic and diplomatic changes in countries issuing sovereign debt.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund may enter into futures contracts, in which the Fund agrees to buy or sell a security or other asset on a specified future date at a specified price or rate. There are risks associated with futures contracts, including that the success of such an investment strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; there may be an imperfect or no correlation between the changes in market value of the securities held by the Fund and the prices of futures; there may not be a liquid secondary market for a futures contract; trading restrictions or limitations may be imposed by an exchange; and government regulations may restrict trading in futures contracts.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Credit Default Swaps Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—A credit default swap enables an investor to buy or sell protection against a credit event with respect to an issuer. Credit default swaps may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” may be obligated to pay the protections “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided generally that no credit event on a reference obligation has occurred. When the Fund acts as a buyer of a credit default swap, it may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. When the Fund acts as a seller of a credit default swap, it must pay a buyer the full notional value of the reference obligation, and the Fund may not be profitable if no secondary market exists or the Fund is otherwise unable to close out these transactions at advantageous time. Credit default swaps involve special risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Short Position Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The risk that an increase in the value of an instrument with respect to which the Fund has established a short position for investment and/or risk management purposes will result in a loss to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Leverage Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Certain transactions, including, for example, the use of certain derivatives and borrowing money, can result in leverage. Leverage generally has the effect of increasing the amounts of loss or gain the Fund might realize and creates the likelihood of greater volatility of the value of the Fund’s investments. There is risk of loss in excess of invested capital.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">High Yield Securities (“Junk Bond”) Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Fixed income instruments rated below investment grade, or unrated securities that are determined by Artisan Partners to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds.”  These bonds </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of junk bonds generally and less secondary market liquidity. This potential lack of liquidity may make it more difficult for the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund to accurately value these securities.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Instruments Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Mortgage-related and other asset-backed securities typically provide a monthly payment which consists of both principal and interest. In times of declining interest rates, there is a greater likelihood that a Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans (“CMBS”) reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Government Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund invests in securities issued or guaranteed by the US Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by US Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the US Government and no assurance can be given that the US Government would provide financial support.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Counterparty Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund. If a counterparty becomes bankrupt or insolvent or otherwise fails to perform its obligations to the Fund due to financial difficulties, the Fund may experience significant losses or delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) from the counterparty.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Loan Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investments in loans, including floating or adjustable rate loans, are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. The Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which the Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or meet redemption obligations until a substantial period after the sale of the loans.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Convertible Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in convertible securities subjects the Fund to the risks of debt, but also the risks associated with an investment in the underlying equity security. Convertible securities are frequently issued with a call feature that allows the issuer to choose when to redeem the security, which could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Stressed and Distressed Instruments Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investments in the securities of financially stressed or distressed issuers involve substantial risks, including the risk that all or a portion of principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. As with any issuer, the team’s judgments about the credit quality of a financially stressed or distressed issuer and the relative value of its securities may prove to be wrong.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Liquidity risk is the risk that the Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—As a non-diversified fund, the Fund may invest a larger portion of its assets in securities of a smaller number of issuers than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">LIBOR Replacement Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—The coupons on variable and floating rate investments in which the Fund may invest are not fixed and may fluctuate based upon changes in market rates. The coupon on a floating rate investment is generally based on an interest rate, such as the Secured Overnight Financing</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Rate ("SOFR"). Some floating or variable rate obligations or investments of a Fund may have previously referenced the London Interbank Offered Rate (“LIBOR”). As a result of benchmark reforms, publication of all LIBOR settings has ceased. Public and private sector actors have worked to establish alternative reference rates, like SOFR or Term SOFR (a forward-looking </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">measurement of market expectations of SOFR implied from certain derivatives markets)</span><span style="font-family:Arial Narrow;font-size:10pt;">, to be used in place of LIBOR, but it remains </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">uncertain which alternative benchmarks will ultimately</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">emerge</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">as the most prevalent successors and</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">the</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">transition</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">process</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">may lead</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">to an increase in market, operational and valuation uncertainties and volatility.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Exchange-Traded Funds (“ETF”) Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—ETFs generally expose their shareholders to the risks associated with the assets in which the ETF invests. Additionally, as exchange-traded investment vehicles, ETFs may involve market risk, management risk and (for index funds) tracking risk. If the Fund acquires shares of an ETF, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the ETF.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Private Placement and Restricted Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—In addition to the general risks to which all securities are subject, securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities, and a liquid secondary market may never develop. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at a favorable time or price. This potential lack of liquidity may make it more difficult for the Fund to accurately value these securities. Issuers of private placements or other restricted securities may include special purpose vehicles (“SPVs”) that hold underlying assets to which the Fund wants to gain exposure. The Fund may have the right to receive payments only from the SPV, and may not have direct rights against the issuer of the underlying assets. Investors in such SPVs generally pay their share of the SPV’s administrative and other expenses, including management fees.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund’s investments are valued in accordance with Artisan Partners’ valuation policies. The valuation of any investment involves inherent uncertainty. The value of a security determined in accordance with the valuation policies may differ materially from the value that could have been realized in an actual sale or transfer for a variety of reasons, including the timing of the transaction and liquidity in the market.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">High Portfolio Turnover Risks </span><span style="font-family:Arial Narrow;font-size:10pt;">—The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with a less active trading strategy. These effects of higher than normal portfolio turnover may adversely affect Fund performance.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Investor Shares has varied over time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">On 2 January 2025, the fair value methodology used to value emerging market debt, as determined by a </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">resulted in a one-time increase of less than 0.40% in the net asset value for the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Investor Shares has varied over time. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">5.47</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-0.80</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">September 30, 2023</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.0547 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0080 2023-09-30 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of a broad-based market index over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.1548 0.1181 2022-04-07 0.1193 0.0798 0.0902 0.0742 0.1534 0.0619 0.1430 0.0624 0.1561 0.1190 2022-04-07 0.1534 0.0619 0.1430 0.0624 0.1564 0.1200 2022-04-07 0.1534 0.0619 0.1430 0.0624 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Floating Rate Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTUX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDUX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHUX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide total return through a combination of current income and long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 -0.0200 -0.0200 -0.0200 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0068 0.0068 0.0068 0 0 0 0.0087 0.0068 0.0056 0.0002 0.0002 0.0002 0.0157 0.0138 0.0126 -0.0050 -0.0041 -0.0034 0.0107 0.0097 0.0092 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">The Fund’s operating expenses have been restated to reflect a reduction in the expense limit that was effective as of 1 December 2025.</span> <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">31 January 2027</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be higher or lower, based on these assumptions your costs would be:</span> 109 447 808 1825 99 397 716 1622 94 366 659 1493 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">92.03</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.9203 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund seeks to invest in issuers with high quality business models that have compelling risk-adjusted return characteristics. The Fund employs a fundamental investment process to construct a diversified portfolio comprised primarily of floating rate debt instruments that are attractively valued, including, without limitation, floating rate leveraged loans, which could include, among other types of loans, senior </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">secured loans, unsecured loans, second lien loans, bridge loans and junior loans. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s investment team’s research process has four primary pillars: </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Business Quality</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—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 environmental, social and governance (“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 into its decision-making process. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Strength and Flexibility</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes that analyzing the history and trend of free cash flow generation is critical to understanding an issuer’s financial health. The team’s financial analysis also considers an issuer’s capital structure, refinancing options, asset or collateral coverage, financial covenants, amortization schedules and overall financial transparency. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Downside Analysis</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes that credit instruments by their nature have an asymmetric risk profile. The risk of loss is often greater than the potential for gain, particularly when looking at below investment grade issuers. 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. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Identification</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team uses multiple metrics 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 (“M&amp;A”).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in floating rate debt instruments and other investments that are the economic equivalent of floating rate debt instruments or enable the Fund to achieve a floating rate of income. Floating rate debt instruments for this purpose are those debt obligations of companies or other entities that have (a) interest at rates that adjust periodically, often, though not necessarily, based on a benchmark rate plus a premium or spread over the benchmark rate, or (b) maturities of six months or less even if the interest rates do not adjust periodically. The benchmark rate usually is the Prime Rate, Secured Overnight Funding Rate (“SOFR”), the Federal Reserve federal funds rate, or other base lending rates used by commercial lenders. In addition, fixed-rate investments with respect to which the Fund has entered into derivative instruments, such as, for example, interest rate swaps, to effectively convert the fixed-rate interest payments into floating or adjustable rate interest payments; exchange-traded funds (“ETFs”) or notes that provide exposure to floating or adjustable rate loans or obligations; and cash and cash equivalents (for example, money market funds) are examples of other investments considered by the Fund to be eligible for the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">purpose of satisfying the 80% policy. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest primarily in instruments that are rated, at the time of purchase, below investment grade (below BBB- by Standard &amp; Poor’s Rating Services (“S&amp;P”) or Fitch, Inc. (“Fitch”) or below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”)), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”), or unrated but determined by Artisan Partners to be of comparable quality, commonly known as “junk bonds.”  Although the Fund expects to primarily invest in instruments that are rated below investment grade (or unrated but determined by Artisan Partners to be of comparable quality) at the time of purchase, the Fund may invest without limit in instruments of any credit quality, including investment grade instruments and securities of stressed or distressed issuers. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund may invest in debt securities of any maturity. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest without limit in securities and other instruments of US and non-US issuers, including issuers economically tied to “emerging market” countries, securities traded principally outside of the United States, and securities denominated in currencies other than </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the US dollar. The Fund usually seeks (but is not required) to hedge against the risk of loss resulting from currency fluctuation. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">In addition to floating rate debt instruments, the Fund also may invest in other corporate fixed income instruments of varying maturities, including fixed-rate instruments, debentures, notes, commercial paper and other types of corporate debt instruments across the credit quality spectrum, such as stressed and distressed debt securities. The Fund may invest in private placements and other restricted securities (i.e., securities that are purchased in private placements and, accordingly, are subject to restrictions on resale as a matter of contract or under </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">federal securities laws). The Fund also may invest in ETFs. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may use derivatives for investment, duration management or hedging purposes, or with the purpose or effect of creating investment leverage. The Fund may also use derivatives to manage liquidity risk. The Fund’s investments in derivative instruments may include investments in, among other instruments, futures contracts, swap contracts and certain currency instruments such as currency forward </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">contracts and currency swap contracts.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers ESG factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider ESG factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Loan Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investments in loans, including floating or adjustable rate loans, are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. The Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which the Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or meet redemption obligations until a substantial period after the sale of the loans.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Credit Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—An issuer or counterparty may fail to pay its obligations to the Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">High Yield Securities (“Junk Bond”) Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Fixed income instruments rated below investment grade, or unrated securities that are determined by Artisan Partners to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds.”  These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of junk bonds generally and less secondary market liquidity. This potential lack of liquidity may make it more difficult for the Fund to accurately value these securities.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Interest Rate Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Interest rate risk is the risk that fixed income securities and other instruments in the Fund’s portfolio will fluctuate in value because of changes, or the anticipation of changes, in interest rates. In particular, during periods of rising interest rates, the values of such securities may decline and may result in losses to the Fund. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could cause the value of the Fund’s investments to decline. Interest rate changes can be sudden and unpredictable,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the Fund may experience losses as a result of movements in interest rates. The Fund may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile in response</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">to changing</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">interest rates.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. Investments in debt securities are subject to, among other risks, credit risk, interest rate risk and high yield securities (“junk bond”) risk, as described above.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Liquidity risk is the risk that the Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund’s investments are valued in accordance with Artisan Partners’ valuation policies. The valuation of any investment involves inherent uncertainty. The value of a security determined in accordance with the valuation policies may differ materially from the value that could have been realized in an actual sale or transfer for a variety of reasons, including the timing of the transaction and liquidity in the market.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Stressed and Distressed Instruments Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investments in the securities of financially stressed or distressed issuers involve substantial risks, including the risk that all or a portion of principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. As with any issuer, the team’s judgments about the credit quality of a financially stressed or distressed issuer and the relative value of its securities may prove to be wrong.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund may enter into futures contracts, in which the Fund agrees to buy or sell a security or other asset on a specified future date at a specified price or rate. There are risks associated with futures contracts, including that the success of such an investment strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; there may be an imperfect or no correlation between the changes in market value of the securities held by the Fund and the prices of futures; there may not be a liquid secondary market for a futures contract; trading restrictions or limitations may be imposed by an exchange; and government regulations may restrict trading in futures contracts.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Counterparty Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund. If a counterparty becomes bankrupt or insolvent or otherwise fails to perform its obligations to the Fund due to financial difficulties, the Fund may experience significant losses or delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) from the counterparty.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Private Placement and Restricted Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—In addition to the general risks to which all securities are subject, securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities, and a liquid secondary market may never develop. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at a favorable time or price. This potential lack of liquidity may make it more difficult for the Fund to accurately value these securities. Issuers of private placements or other restricted securities may include special purpose vehicles (“SPVs”) that hold underlying assets to which the Fund wants to gain exposure. The Fund may have the right to receive payments only from the SPV, and may not have direct rights against the issuer of the underlying assets. Investors in such SPVs generally pay their share of the SPV’s administrative and other expenses, including management fees.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Leverage Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Certain transactions, including, for example, the use of certain derivatives and borrowing money, can result in leverage. Leverage generally has the effect of increasing the amounts of loss or gain the Fund might realize and creates the likelihood of greater volatility of the value of the Fund’s investments. There is risk of loss in excess of invested capital.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">LIBOR Replacement Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—The coupons on variable and floating rate investments in which the Fund may invest are not fixed and may fluctuate based upon changes in market rates. The coupon on a floating rate investment is generally based on an interest rate, such as the Secured Overnight Financing</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Rate ("SOFR"). Some floating or variable rate obligations or investments of a Fund may have previously referenced the London Interbank Offered Rate (“LIBOR”). As a result of benchmark reforms, publication of all LIBOR settings has ceased. Public and private sector actors have worked to establish alternative reference rates, like SOFR or Term SOFR (a forward-looking </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">measurement of market expectations of SOFR implied from certain derivatives markets)</span><span style="font-family:Arial Narrow;font-size:10pt;">, to be used in place of LIBOR, but it remains </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">uncertain which alternative benchmarks will ultimately</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">emerge</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">as the most prevalent successors and</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">the</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">transition</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">process</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">may lead</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">to an increase in market, operational and valuation uncertainties and volatility.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Exchange-Traded Funds (“ETF”) Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—ETFs generally expose their shareholders to the risks associated with the assets in which the ETF invests. Additionally, as exchange-traded investment vehicles, ETFs may involve market risk, management risk and (for index funds) tracking risk. If the Fund acquires shares of an ETF, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the ETF.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Convertible Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in convertible securities subjects the Fund to the risks of debt, but also the risks associated with an investment in the underlying equity security. Convertible securities are frequently issued with a call feature that allows the issuer to choose when to redeem the security, which could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Derivatives Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—A derivative is a financial contract whose value depends on changes in the value of one or more underlying assets, reference rates or indexes. These instruments include, among others, participation certificates, credit default swaps, currency forward contracts, currency swap contracts and other swap agreements and similar instruments. The Fund’s use of derivatives may involve risks different from, or greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and may perform in ways unanticipated by Artisan Partners. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">In addition to the risks of an adverse change in the value of the underlying reference asset, the Fund’s use of derivatives, including, but not limited to, over-the-counter (“OTC”) derivatives, involves the risk that the other party to the derivative contract will fail to make required payments or otherwise to comply with the terms of the contract. Derivatives transactions can create investment leverage and may be highly volatile, and the Fund could lose more than the amount it invests, especially in unusual or extreme market conditions. Derivatives may be difficult to value and highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an anticipated price. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">US and non-US legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), have resulted in, and may in the future result in, new regulation of derivative instruments and the Fund’s use of such instruments. New regulations could, among other things, restrict the Fund’s ability to engage in derivative transactions (for example, by making certain types of derivative instruments or transactions no longer available to the Fund) and/or increase the costs of such transactions, and the Fund may as a result be unable to execute its investment strategies in a manner Artisan Partners might otherwise </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">choose.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Government Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund invests in securities issued or guaranteed by the US Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by US Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the US Government and no assurance can be given that the US Government would provide financial support.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">4.23</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">September 30, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-4.28</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.0423 2023-09-30 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0428 2022-06-30 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of a broad-based market index over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.0630 0.0598 2021-12-01 0.0320 0.0295 0.0367 0.0323 0.0594 0.0664 0.0715 -0.0020 0.0630 0.0606 2021-12-01 0.0594 0.0664 0.0715 -0.0020 0.0646 0.0611 2021-12-01 0.0594 0.0664 0.0715 -0.0020 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Focus Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTTX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDTX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHTX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0100 0.0100 0.0100 0 0 0 0.0036 0.0015 0.0007 0.0136 0.0115 0.0107 0.0000 0.0136 0.0115 0.0107 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">31 January 2027</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be higher or lower, based on these assumptions your costs would be:</span> 138 431 745 1635 117 365 633 1398 109 340 590 1306 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">245.77</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 2.4577 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment approach is based on idea generation, a systematic framework for analyzing companies and proactive risk management. Utilizing this approach, the team seeks to construct a focused portfolio designed to maximize alpha while limiting downside </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">risk over the long term. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Idea Generation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes a key element in alpha generation is finding areas where the team’s views on industry fundamentals differ from consensus estimates. In this pursuit, the team seeks to identify inflections in multi-year trends which may be caused by changes in supply/demand dynamics, societal behavior, market conditions, technology, laws/regulations and business models, among other variables. The team believes these inflections are often misunderstood by market participants, and can lead to meaningful re-evaluations of industries and companies. Identifying themes helps the team develop a focused universe of companies to analyze more thoroughly. The team will also consider compelling idiosyncratic positions that are a good fit based on the team’s rigorous fundamental analysis. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Systematic Analytical Framework</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team applies a systematic framework for analyzing companies across sectors and themes, creating a repeatable and methodical decision-making process. The team’s proprietary company models focus on multi-year earnings power differentiation, expected outcome scenario analysis, return on invested capital and discounted cash flow valuations. Visual outputs are then produced through the firm's internally developed technology solutions, allowing the team to consistently evaluate positions across the portfolio. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Proactive Risk Management</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team incorporates risk management into all stages of its investment process. Metrics evaluated include crowding, correlation, volatility, stress tests, liquidity, factor analysis and macro drivers, all of which inform portfolio construction and position sizing. The team also uses various instruments, such as options, in an effort to magnify alpha and minimize downside. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund invests in common stocks and other equity securities of companies across a broad capitalization range. There are no restrictions on the market capitalizations of the companies in which the Fund may invest. The Fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. As a result, a high percentage of the Fund’s total assets may be invested in a particular company, sector or industry. As part of the investment process, the team considers financially material </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">environmental, social and governance factors alongside other fundamental research. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest up to 50% of its total assets at market value at the time of purchase in securities of non-US companies (including depositary receipts). The Fund’s investments in non-US securities may include investments in developed markets, as well as emerging and less developed markets. The Fund usually seeks (but is not required) to hedge against the risk of loss resulting from currency fluctuation. The Fund may invest in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund’s prospectus, but may be called different names). The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund also invests in exchange-traded funds (“ETFs”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund also uses derivatives, such as options. The Fund may use derivatives for any purpose consistent with its investment objective, including, without limitation, to improve expected risk-adjusted returns and to obtain economic exposure to certain issuers. The Fund may implement short positions, including through the use of derivative instruments, or through short sales of instruments that are eligible investments for the Fund and generally intends to use short positions to reduce exposure to certain risks and for hedging purposes. The Fund intends to use all or a portion of the proceeds from its short positions to take additional long positions or otherwise use in a manner consistent </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">with its investment guidelines. The Fund also may borrow money for investment purposes, including to purchase additional securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest in real estate investment trusts (“REITs”). The Fund may also invest to a limited extent in debt securities (including securities rated below investment grade (below BBB- by Standard &amp; Poor’s Financial Services LLC (“S&amp;P”) or Fitch Ratings Inc. (“Fitch”) or below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”)), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”), or unrated but determined by Artisan Partners to be of comparable quality), commonly known as “junk bonds,” and convertible debt securities of US or non-US issuers that meet the Fund’s investment criteria. The Fund may invest in debt securities of any maturity or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">duration. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">As a result of the Fund's use of derivatives, the Fund may hold significant amounts of short-term investments, including cash and cash equivalents. The Fund may also maintain a significant portion of its total assets in cash from time to time in response to adverse market, economic, political or other conditions. In addition, cash flows, including from shareholder investments and redemptions and purchases and sales of portfolio securities, may cause the Fund's cash position to be larger or smaller. If the Fund holds a significant portion of its assets in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">cash, its ability to meet its investment objective and/or the Fund's performance may be adversely affected.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers environmental, social and governance factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—As a non-diversified fund, the Fund may invest a larger portion of its assets in securities of a smaller number of issuers than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth the team anticipated.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level that the team considers its intrinsic value.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Options Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">—</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (in the case of a “call option”) or sell (in the case of a “put option”) the underlying asset (or settle for cash an amount based on an underlying asset, rate, or index) at a specified price during a period of time or on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may lose the premium paid for it if the price of the underlying security or other assets decreased or remained the same (in the case of a call option) or increased or remained the same (in the case of a put option). Investments in options may also have the effect of creating leverage, in that they may expose the Fund to greater gains and losses than the amount of associated capital invested. Options held by the Fund may be more volatile than other types of assets. If a put or call option purchased by the Fund were to expire without being sold or exercised, its premium paid would represent a loss to the Fund. To the extent that the Fund writes or sells an option, it will be exposed to the risk that it may be required to buy or sell the underlying security at a disadvantageous price on or before the option’s expiration date. The Fund may face substantial losses in connection with any options that it writes.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">High Portfolio Turnover Risks </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with a less active trading strategy. These effects of higher than normal portfolio turnover may adversely affect Fund performance.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Leverage Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Certain transactions, including, for example, the use of certain derivatives and borrowing money, can result in leverage. Leverage generally has the effect of increasing the amounts of loss or gain the Fund might realize and creates the likelihood of greater volatility of the value of the Fund’s investments. There is risk of loss in excess of invested capital.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Exchange-Traded Funds (“ETF”) Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—ETFs generally expose their shareholders to the risks associated with the assets in which the ETF invests. Additionally, as exchange-traded investment vehicles, ETFs may involve market risk, management risk and (for index funds) tracking risk. If the Fund acquires shares of an ETF, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the ETF.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">REIT Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in REITs may subject the Fund to certain risks associated with a REIT’s direct investment in real property and real-estate related loans. A REIT that invests in real estate-related loans may be affected by the quality of the credit extended and interest rate risk, is dependent on specialized management skills, is subject to risks inherent in financing a limited number of properties, and may be subject to defaults by borrowers and to self-liquidations.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Short Position Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The risk that an increase in the value of an instrument with respect to which the Fund has established a short position for investment and/or risk management purposes will result in a loss to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security will fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the instrument. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect the Fund’s debt investments unfavorably. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">Debt securities in which the Fund invests may be rated below investment grade or unrated securities that are determined by Artisan Partners to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.”  These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk, may be less liquid </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and may be subject to greater price volatility than higher-rated bonds.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Convertible Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in convertible securities subjects the Fund to the risks of debt, but also the risks associated with an investment in the underlying equity security. Convertible securities are frequently issued with a call feature that allows the issuer to choose when to redeem the security, which could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">20.24</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-15.87</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.2024 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1587 2022-06-30 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of a broad-based market index over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.1989 0.1077 0.1776 2017-04-24 0.1801 0.0814 0.1508 0.1180 0.0726 0.1343 0.1788 0.1442 0.1487 0.2015 0.1097 0.1463 2018-07-31 0.1788 0.1442 0.1457 0.2021 0.1107 0.1403 2020-02-03 0.1788 0.1442 0.1519 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Global Discovery Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APFDX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDDX | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHDX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0097 0.0097 0.0097 0 0 0 0.0047 0.0047 0.0013 0.0144 0.0144 0.0110 -0.0003 -0.0013 0.0000 0.0141 0.0131 0.0110 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">31 January 2027</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be higher or lower, based on these assumptions your costs would be:</span> 144 453 784 1722 133 443 775 1713 112 350 606 1340 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">67.34</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.6734 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a diversified portfolio of US and non-US growth companies across a broad capitalization range. The team seeks to invest in companies that it believes possess franchise characteristics, are </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The Fund’s investment process focuses on two distinct elements</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">—</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">security selection and capital allocation. The team overlays its investment process with sustainability considerations and broad knowledge of the global economy. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Security Selection—</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The team seeks to identify companies that have franchise characteristics (e.g., 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. The team looks for companies that are well positioned for long-term growth, which is driven by demand for their products and services at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Capital Allocation—</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Based on the team’s fundamental analysis of a company’s profit cycle, it divides the portfolio into three parts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Garden</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;line-height:12pt;"> </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investments are small positions in the early part of their profit cycle that may warrant more sizeable allocations as their profit cycle accelerates. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Crop</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Harvest</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> investments are positions that are being reduced as they near the team’s estimates of full valuation or their profit cycles begin to decelerate. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sustainability Considerations—</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The team employs a framework in assessing material sustainability exposures that informs its security selection and capital allocation process. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Broad Knowledge—</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The team overlays the security selection and capital allocation elements of its investment process with a desire to invest opportunistically across the entire global economy. The team seeks broad knowledge of the global economy in order to position it to find growth wherever it occurs. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund primarily invests in common stocks and other equity securities of US and non-US companies, including depositary receipts. The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund’s investments in non-US securities may include investments in developed markets, as well as emerging and less developed markets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund generally focuses on mid-cap companies; however, there are no restrictions on the market capitalizations of the companies in which </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund may invest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund’s prospectus, but may be called </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">different names by issuers).</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers material sustainability exposures in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider similar factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in the Middle East,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth the team anticipated.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">30.32</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-20.46</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.3032 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2046 2022-06-30 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.1180 0.0387 0.1220 2017-08-21 0.0737 0.0258 0.1124 0.1003 0.0292 0.0996 0.1929 0.0728 0.0844 0.2234 0.1119 0.1148 0.1189 0.0397 0.0992 2020-02-03 0.1929 0.0728 0.0913 0.2234 0.1119 0.1237 0.1212 0.0419 0.1013 2020-02-03 0.1929 0.0728 0.0913 0.2234 0.1119 0.1237 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Global Equity Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTHX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDHX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHHX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0090 0.0090 0 0 0 0.0045 0.0077 0.0020 0.0135 0.0167 0.0110 0.0000 -0.0042 0.0000 0.0135 0.0125 0.0110 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">31 January 2027</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be higher or lower, based on these assumptions your costs would be:</span> 137 428 739 1624 127 486 868 1941 112 350 606 1340 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">187.11</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 1.8711 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a global (i.e., US and non-US) diversified portfolio of companies of all market capitalizations. The team seeks to invest in companies within its </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Themes</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team identifies long-term secular growth trends with the objective of investing in companies that have meaningful exposure to these trends. The team’s fundamental analysis focuses on those industry leaders with attractive growth and valuation characteristics that will be long-term beneficiaries of any structural change and/or trend. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sustainable Growth</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team applies a fundamental approach to identifying the 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 factors alongside other fundamental research. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team uses multiple valuation metrics to establish a target price range. The team assesses the relationship between its estimate of a company’s sustainable growth prospects and its current valuation.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers environmental, social and governance factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in the Middle East,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth the team anticipated.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">High Portfolio Turnover Risks </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund may engage in active and frequent trading of its portfolio securities. High portfolio turnover may result in increased transaction costs to the Fund, including brokerage commissions, dealer mark-ups and other transaction costs on the sale of the securities and on reinvestment in other securities. The sale of Fund portfolio securities may result in the realization and/or distribution to shareholders of higher capital gains or losses as compared to a fund with a less active trading strategy. These effects of higher than normal portfolio turnover may adversely affect Fund performance.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">23.56</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-15.96</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.2356 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1596 2020-03-31 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of a broad-based market index over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.4555 0.0968 0.1285 0.1249 2010-03-29 0.3423 0.0622 0.0992 0.1029 0.2693 0.0626 0.0940 0.0972 0.2234 0.1119 0.1172 0.0994 0.4570 0.0975 0.1186 2020-08-05 0.2234 0.1119 0.1324 0.4587 0.0995 0.1313 0.1281 2015-10-15 0.2234 0.1119 0.1172 0.1134 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Global Opportunities Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTRX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDRX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHRX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0089 0.0089 0.0089 0 0 0 0.0030 0.0017 0.0006 0.0119 0.0106 0.0095 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">higher or lower, based on these assumptions your costs would be:</span> 121 378 654 1443 108 337 585 1294 97 303 525 1166 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">68.63</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.6863 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a diversified portfolio of US and non-US growth companies across a broad capitalization range. The 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 Fund’s investment process focuses on two distinct elements—security selection and capital allocation. The team overlays its investment process with sustainability </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">considerations and broad knowledge of the global economy. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Security Selection</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team seeks to identify companies that have franchise characteristics (e.g., 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">are trading at a discount to the team’s estimate of private market value. The team looks for companies that are well positioned for long-term growth, which is driven by demand for their products and services at an early enough stage in their profit cycle to benefit from the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">increased cash flows produced by the emerging profit cycle. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Capital Allocation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Based on the team’s fundamental analysis of a company’s profit cycle, it divides the portfolio into three parts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Garden</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> investments are small positions in the early part of their profit cycle that may warrant more sizeable allocations as their profit cycle accelerates. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Crop</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Harvest</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> investments are positions that are being reduced as they near the team’s estimates of full valuation or their profit cycles begin to decelerate. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sustainability Considerations</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team employs a framework in assessing material sustainability exposures factors that informs its security selection and capital allocation process. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Broad Knowledge</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team overlays the security selection and capital allocation elements of its investment process with a desire to invest opportunistically across the entire global economy. The team seeks broad knowledge of the global economy in order to position it to find growth wherever it occurs.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund primarily invests in common stocks and other equity securities of US and non-US companies, including depositary receipts. The Fund’s investments in non-US securities may include investments in developed markets, as well as emerging and less developed markets. The Fund generally focuses on mid- and large-cap companies; however, there are no restrictions on the market capitalizations of the companies </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">in which the Fund may invest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund’s prospectus, but may be called </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">different names by issuers).</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers material sustainability exposures in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider similar factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine</span><span style="font-family:Arial Narrow;font-size:10pt;">,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">the Middle East</span><span style="font-family:Arial Narrow;font-size:10pt;">,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could </span><span style="font-family:Arial Narrow;font-size:10pt;">be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth the team anticipated.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">27.66</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-20.59</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.2766 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2059 2022-06-30 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of a broad-based market index over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.0887 0.0402 0.1117 0.1087 2008-09-22 0.0799 0.0270 0.0979 0.0999 0.0590 0.0303 0.0898 0.0921 0.2234 0.1119 0.1172 0.0907 0.0902 0.0416 0.1132 0.1077 2015-04-01 0.2234 0.1119 0.1172 0.1039 0.0915 0.0427 0.1144 0.1106 2011-07-26 0.2234 0.1119 0.1172 0.0980 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Global Unconstrained Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APFPX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDPX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHPX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide total return through a combination of current income and long-term capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0095 0.0095 0.0095 0 0 0 0.0117 0.0086 0.0083 0.0074 0.0043 0.0040 0.0043 0.0043 0.0043 0.0002 0.0002 0.0002 0.0214 0.0183 0.0180 -0.0045 -0.0024 -0.0026 0.0169 0.0159 0.0154 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund's investment in one or more money market funds and other investment companies (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">31 January 2027</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be higher or lower, based on these assumptions your costs would be:</span> 172 627 1108 2437 162 552 968 2128 157 541 951 2095 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">85.58</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.8558 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a differentiated portfolio of securities, derivatives and other instruments that offer long and short exposures around the world. The team seeks to identify countries that are undergoing or poised for strong economic growth or structural changes, such as political, legislative and/or economic reforms. The team seeks to invest in corporate and sovereign debt instruments that offer exposures to those countries at attractive absolute and relative credit risk premium. As part of the investment process, the team considers financially material environmental, social and governance factors alongside other fundamental </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">research.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund primarily invests in debt securities and instruments with similar economic characteristics. The Fund may have significant investment in a particular geographic region or country and typically a portion will be invested in emerging market countries. The Fund may invest without limit in securities and other instruments of US and non-US issuers, including issuers economically tied to emerging market countries, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">securities traded principally outside the United States, and securities denominated in currencies other than the US dollar. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest in debt instruments of all types, including, without limitation, sovereign issues, treasury obligations, bonds, loans, commercial paper, credit linked notes, covered bonds, convertible bonds and other fixed-, variable- and floating-rate securities that are either secured or unsecured, and, either senior or subordinated. The Fund may invest, without limitation, in debt instruments of any credit rating, including instruments that are rated below investment grade (below BBB- by Standard &amp; Poor’s Rating Service or Fitch, Inc. or below Baa3 by Moody’s Investors Service, Inc.), or comparably rated by another nationally recognized statistical rating organization, or unrated but determined by Artisan Partners to be of comparable quality, commonly known as “junk bonds.”  The Fund may invest in debt instruments that are non-performing at the time of purchase. The Fund may invest in debt securities of any maturity. The Fund’s investments are not subject to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">any restrictions with respect to duration. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund expects to achieve certain exposures primarily through derivative transactions. These derivatives include, without limitation, forward foreign currency exchange contracts; futures on securities, indices, currencies, commodities, swaps and other investments; options; and swaps, including interest rate swaps, cross-currency swaps, total return swaps and credit default swaps, which may have the effect of creating investment leverage. The Fund may use derivatives to seek to enhance total return, to hedge against fluctuations in securities prices, interest rates or currency exchange rates, to change the effective duration of its portfolio, to manage certain investment risks, for speculation purposes to gain certain types of exposures and/or as a substitute for the purchase or sale of securities, currencies or commodities. The Fund may also utilize derivatives to take short positions in underlying assets and non-USD currencies to hedge certain risk factors. The Fund intends to use all or a portion of the proceeds from its short positions to take additional long positions or otherwise use in a manner consistent with its </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">investment guidelines. The Fund’s use of derivatives is frequently extensive. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund expects to hold US Treasury, government agency securities and agency mortgage-backed securities (and derivatives thereon), and stripped securities to use as collateral for its derivatives positions and to help manage duration. The Fund may engage in repurchase </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">agreements, reverse repurchase agreements and forward commitments, and may engage a substantial portion of its assets in short sales. </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may also invest in equity securities and exchange-traded funds </span><span style="font-family:Arial Narrow;font-size:10pt;">(“ETFs”). The Fund may invest in private placements and other </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">restricted securities (i.e., securities that are purchased in private placements and, accordingly, are subject to restrictions on resale as matter of </span><span style="font-family:Arial Narrow;font-size:10pt;">contract or under federal securities laws). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may have investment exposure to the commodities markets and/or Regulation S securities primarily through investments in a wholly-owned subsidiary of the Fund organized under the laws of the Cayman Islands (the “Subsidiary”). The Fund may invest up to 25% of its </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">total assets in its Subsidiary. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may borrow up to the amount allowed by applicable law to enhance total return, fund redemptions, post collateral for hedges, or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">to purchase investments prior to settlement of pending sale transactions.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers environmental, social and governance factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in the Middle East,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;margin-left:0.00%;">China-Related Risks: </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Because the Fund may have a significant exposure to China, it is particularly affected by events or factors relating to China, which may increase risk and volatility.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security will fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the instrument. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect the Fund’s debt investments unfavorably. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">Debt securities in which the Fund invests may be rated below investment grade or unrated securities that are determined by Artisan Partners to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.”  These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk, may be less liquid </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and may be subject to greater price volatility than higher-rated bonds.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Credit Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—An issuer or counterparty may fail to pay its obligations to the Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Interest Rate Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Interest rate risk is the risk that fixed income securities and other instruments in the Fund’s portfolio will fluctuate in value because of changes, or the anticipation of changes, in interest rates. In particular,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">during periods of rising interest rates,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">the values of such securities may decline and may result in losses to the Fund. Factors including central bank monetary policy,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">rising inflation rates,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and </span><span style="font-family:Arial Narrow;font-size:10pt;">changes in general economic conditions may cause interest rates to rise, which could cause the value of the Fund’s investments to decline. </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">Interest rate changes can be sudden and unpredictable, and the Fund may experience losses as a result of movements in </span><span style="font-family:Arial Narrow;font-size:10pt;">interest rates. The </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">Fund may not be able to hedge against changes in interest rates or</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">may choose not to do so for cost or other reasons. Fixed income </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">securities with longer durations tend to be more sensitive to changes in interest rates</span><span style="font-family:Arial Narrow;font-size:10pt;">, usually making</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">them more volatile in response to changing interest rates.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Derivatives Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—A derivative is a financial contract whose value depends on changes in the value of one or more underlying assets, reference rates or indexes. These instruments include, among others, forward foreign currency exchange contracts; futures on securities, indices, currencies, commodities, swaps and other investments; options; swaps, including interest rate swaps, cross-currency swaps, total return swaps and credit default swaps and similar instruments. The Fund’s use of derivatives may involve risks different from, or greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and may perform in ways unanticipated by Artisan Partners. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">In addition to the risks of an adverse change in the value of the underlying reference asset, the Fund’s use of derivatives, including, but not limited to, over-the-counter (“OTC”) derivatives, involves the risk that the other party to the derivative contract will fail to make required payments or otherwise to comply with the terms of the contract. Derivatives transactions can create investment leverage and may be highly volatile, and the Fund could lose more than the amount it invests, especially in unusual or extreme market conditions. Derivatives may be difficult to value and highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an anticipated price. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">US and non-US legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), have resulted in, and may in the future result in, new regulation of derivative instruments and the Fund’s use of such instruments. New regulations could, among other things, restrict the Fund’s ability to engage in derivative transactions (for example, by making certain types of derivative instruments or transactions no longer available to the Fund) and/or increase the costs of such transactions, and the Fund may as a result be unable to execute its investment strategies in a manner Artisan Partners might otherwise </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">choose.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Sovereign Debt Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund's investments in debt obligations of sovereign governments may lose value due to the government entity’s unwillingness or inability to repay principal and interest when due in accordance with the terms of the debt or otherwise in a timely manner. Sovereign governments may default on their debt obligations for a number of reasons, including social, political, economic and diplomatic changes in countries issuing sovereign debt.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund may enter into futures contracts, in which the Fund agrees to buy or sell a security or other asset on a specified future date at a specified price or rate. There are risks associated with futures contracts, including that the success of such an investment strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; there may be an imperfect or no correlation between the changes in market value of the securities held by the Fund and the prices of futures; there may not be a liquid secondary market for a futures contract; trading restrictions or limitations may be imposed by an exchange; and government regulations may restrict trading in futures contracts.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Credit Default Swaps Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—A credit default swap enables an investor to buy or sell protection against a credit event with respect to an issuer. Credit default swaps may have as reference obligations one or more securities that are not currently held by the Fund. The protection “buyer” may be obligated to pay the protections “seller” an up-front payment or a periodic stream of payments over the term of the contract, provided generally that no credit event on a reference obligation has occurred. When the Fund acts as a buyer of a credit default swap, it may lose its investment and recover nothing should no credit event occur and the swap is held to its termination date. When the Fund acts as a seller of a credit default swap, it must pay a buyer the full notional value of the reference obligation, and the Fund may not be profitable if no secondary market exists or the Fund is otherwise unable to close out these transactions at advantageous time. Credit default swaps involve special risks because they are difficult to value, are highly susceptible to liquidity and credit risk, and generally pay a return to the party that has paid the premium only in the event of an actual default by the issuer of the underlying obligation (as opposed to a credit downgrade or other indication of financial difficulty).</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Short Position Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The risk that an increase in the value of an instrument with respect to which the Fund has established a short position for investment and/or risk management purposes will result in a loss to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Leverage Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Certain transactions, including, for example, the use of certain derivatives and borrowing money, can result in leverage. Leverage generally has the effect of increasing the amounts of loss or gain the Fund might realize and creates the likelihood of greater volatility of the value of the Fund’s investments. There is risk of loss in excess of invested capital.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">High Yield Securities (“Junk Bond”) Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Fixed income instruments rated below investment grade, or unrated securities that are determined by Artisan Partners to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds.”  These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds. These </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of junk bonds generally and less secondary market liquidity. This potential lack of liquidity may make it more difficult for the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund to accurately value these securities.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Mortgage-Related and Other Asset-Backed Instruments Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Mortgage-related and other asset-backed securities typically provide a monthly payment which consists of both principal and interest. In times of declining interest rates, there is a greater likelihood that a Fund’s higher yielding securities will be pre-paid with the Fund being unable to reinvest the proceeds in an investment with as great a yield. Pools created and guaranteed by non-governmental issuers, including government-sponsored corporations, may be supported by various forms of insurance or guarantees, but there can be no assurance that private insurers or guarantors can meet their obligations under the insurance policies or guarantee arrangements. Many of the risks of investing in mortgage-related securities secured by commercial mortgage loans (“CMBS”) reflect the effects of local and other economic conditions on real estate markets, the ability of tenants to make lease payments, and the ability of a property to attract and retain tenants. These securities may be less liquid and may exhibit greater price volatility than other types of mortgage-related or other asset-backed securities.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Government Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund invests in securities issued or guaranteed by the US Government or its agencies and instrumentalities (such as the Government National Mortgage Association (“Ginnie Mae”), the Federal National Mortgage Association (“Fannie Mae”), or the Federal Home Loan Mortgage Corporation (“Freddie Mac”)). Unlike Ginnie Mae securities, securities issued or guaranteed by US Government-related organizations, such as Fannie Mae and Freddie Mac, are not backed by the full faith and credit of the US Government and no assurance can be given that the US Government would provide financial support.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Counterparty Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund. If a counterparty becomes bankrupt or insolvent or otherwise fails to perform its obligations to the Fund due to financial difficulties, the Fund may experience significant losses or delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) from the counterparty.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Loan Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investments in loans, including floating or adjustable rate loans, are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. The Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which the Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or meet redemption obligations until a substantial period after the sale of the loans.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Convertible Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in convertible securities subjects the Fund to the risks of debt, but also the risks associated with an investment in the underlying equity security. Convertible securities are frequently issued with a call feature that allows the issuer to choose when to redeem the security, which could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Stressed and Distressed Instruments Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investments in the securities of financially stressed or distressed issuers involve substantial risks, including the risk that all or a portion of principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. As with any issuer, the team’s judgments about the credit quality of a financially stressed or distressed issuer and the relative value of its securities may prove to be wrong.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Liquidity risk is the risk that the Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—As a non-diversified fund, the Fund may invest a larger portion of its assets in securities of a smaller number of issuers than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">LIBOR Replacement Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—The coupons on variable and floating rate investments in which the Fund may invest are not fixed and may fluctuate based upon changes in market rates. The coupon on a floating rate investment is generally based on an interest rate, such as the Secured Overnight Financing</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">Rate ("SOFR"). Some floating or variable rate obligations or investments of a Fund may have previously referenced the London Interbank Offered Rate (“LIBOR”). As a result of benchmark reforms, publication of all LIBOR settings has ceased. Public and private sector actors have worked to establish alternative reference rates, like SOFR or Term SOFR (a forward-looking measurement of market expectations of SOFR implied from certain derivatives markets), to be used in place of LIBOR, but it remains uncertain which alternative benchmarks will ultimately</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">emerge</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">as the most prevalent successors and</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">the</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">transition</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">process</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">may lead</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">to an increase in market, operational and valuation uncertainties and volatility.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Exchange-Traded Funds (“ETF”) Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—ETFs generally expose their shareholders to the risks associated with the assets in which the ETF invests. Additionally, as exchange-traded investment vehicles, ETFs may involve market risk, management risk and (for index funds) tracking risk. If the Fund acquires shares of an ETF, shareholders bear both their proportionate share of expenses in the Fund (including management and advisory fees) and, indirectly, the expenses of the ETF.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Private Placement and Restricted Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—In addition to the general risks to which all securities are subject, securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities, and a liquid secondary market may never develop. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at a favorable time or price. This potential lack of liquidity may make it more difficult for the Fund to accurately value these securities. Issuers of private placements or other restricted securities may include special purpose vehicles (“SPVs”) that hold underlying assets to which the Fund wants to gain exposure. The Fund may have the right to receive payments only from the SPV, and may not have direct rights against the issuer of the underlying assets. Investors in such SPVs generally pay their share of the SPV’s administrative and other expenses, including management fees.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund’s investments are valued in accordance with Artisan Partners’ valuation policies. The valuation of any investment involves inherent uncertainty. The value of a security determined in accordance with the valuation policies may differ materially from the value that could have been realized in an actual sale or transfer for a variety of reasons, including the timing of the transaction and liquidity in the market.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Repurchase Agreement Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund may enter into repurchase agreements, which are transactions in which the Fund purchases a security from a bank or recognized securities dealer and simultaneously commits to resell that security to the bank or dealer at an agreed upon price, date and market rate of interest unrelated to the coupon rate or maturity of the purchased security. To the extent that the proceeds from any sale of collateral upon a default in the obligation to repurchase were less than the repurchase price, the Fund would suffer a loss. If the financial institution that is party to the repurchase agreement petitions for bankruptcy or otherwise becomes subject to bankruptcy or other liquidation proceedings, there may be restrictions on the Fund’s ability to sell the collateral and the Fund could suffer a loss. In addition, to the extent that the Fund enters into repurchase agreements, the ability of the Fund to meet its objective may be limited.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Investor Shares has varied over time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">On 2 January 2025, the fair value methodology used to value emerging market debt, as determined by a </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">third party vendor, held by the Fund was changed from using bid pricing to using the midpoint between the bid and ask price. The change </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">resulted in a one-time increase of less than 0.35% in the net asset value for the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Investor Shares has varied over time. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;">4.84</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">March 31, 2024</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;">0.87</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2024</span> <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.0484 2024-03-31 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> 0.0087 2024-06-30 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.1143 0.0972 2022-03-31 0.0911 0.0667 0.0671 0.0615 0.0418 0.0422 0.0428 0.0426 0.1164 0.0983 2022-03-31 0.0418 0.0422 0.0428 0.0426 0.1158 0.0990 2022-03-31 0.0418 0.0422 0.0428 0.0426 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Global Value Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTGX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDGX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHGX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0098 0.0098 0.0098 0 0 0 0.0028 0.0013 0.0004 0.0126 0.0111 0.0102 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">higher or lower, based on these assumptions your costs would be:</span> 128 400 692 1523 113 353 612 1352 104 325 563 1248 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">17.38</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.1738 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a diversified portfolio of securities of undervalued US and non-US companies. The team seeks to invest in what the team considers to be high quality, undervalued companies with strong balance </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sheets and shareholder-oriented management teams. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The team’s investment process focuses on four key characteristics: </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Undervaluation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Determining the intrinsic value of a business is the heart of the team’s research process. The team believes that intrinsic value represents the amount that a buyer would pay to own a company’s future cash flows. The team seeks to invest at a significant discount to its estimate of the intrinsic value of a business. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Business Quality</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Strength</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder-Oriented Management</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team’s research process attempts to identify management teams with a history of building value for shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Companies that make it through this analytical process are ranked at the time the position is initiated according to the degree of the discount of the current market price of the stock to the team’s estimate of the company’s intrinsic value. The team manages the portfolio by generally taking larger positions in companies where the discount is greatest and smaller positions in companies with narrower discounts (subject to adjustments for investment-related concerns, including diversification, risk management and liquidity). As part of the investment process, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">team considers financially material environmental, social and governance factors alongside other fundamental research.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The focus of the investment process is on individual companies, not on selection of countries or regions. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Under normal market conditions, the Fund primarily invests in common stocks and other equity securities, both within and outside the US. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund also may invest in emerging and less developed markets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund generally invests in US and non-US companies with market capitalizations of at least $2 billion at the time of initial purchase. The </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Fund may continue to invest in a company should its market capitalization fall below $2 billion. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund’s prospectus, but may be called </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">different names by issuers). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">From time to time, the team may conclude that a security other than an equity security presents a more attractive risk/reward profile. Accordingly, the Fund may invest to a limited extent in debt securities (including lower-rated securities, which include securities rated below investment grade (below BBB- by Standard &amp; Poor’s Rating Services (“S&amp;P”) or Fitch, Inc. (“Fitch”) or below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”)), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”), or unrated but determined by Artisan Partners to be of comparable quality, commonly known as “junk bonds,”) and convertible debt securities of US or non-US issuers that </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">meet the Fund’s investment criteria. The Fund may invest in debt securities of any maturity.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers environmental, social and governance factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in the Middle East,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level that the team considers its intrinsic value.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security will fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the instrument. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect the Fund’s debt investments unfavorably. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">Debt securities in which the Fund invests may be rated below investment grade or unrated securities that are determined by Artisan Partners to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.”  These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk, may be less liquid </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and may be subject to greater price volatility than higher-rated bonds.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Convertible Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in convertible securities subjects the Fund to the risks of debt, but also the risks associated with an investment in the underlying equity security. Convertible securities are frequently issued with a call feature that allows the issuer to choose when to redeem the security, which could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">21.65</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-29.60</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.2165 2020-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2960 2020-03-31 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of a broad-based market index over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.3398 0.1340 0.1114 0.0917 2007-12-10 0.3173 0.1169 0.0999 0.0831 0.2028 0.1004 0.0876 0.0746 0.2234 0.1119 0.1172 0.0712 0.3420 0.1357 0.1130 0.1012 2015-04-01 0.2234 0.1119 0.1172 0.1039 0.3431 0.1367 0.1141 0.1170 2012-07-17 0.2234 0.1119 0.1172 0.1121 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan High Income Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTFX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDFX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHFX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide total return through a combination of current income and capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 -0.0200 -0.0200 -0.0200 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0067 0.0067 0.0067 0 0 0 0.0027 0.0012 0.0002 0.0001 0.0001 0.0001 0.0095 0.0080 0.0070 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund's investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">higher or lower, based on these assumptions your costs would be:</span> 97 303 525 1166 82 255 444 990 72 224 390 871 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund incurs transaction costs when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal year, the Fund’s portfolio </span><span style="font-family:Arial Narrow;font-size:10pt;">turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">29.82</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.2982 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund seeks to invest in issuers with high quality business models that have compelling risk-adjusted return characteristics. The Fund employs a fundamental investment process to construct a diversified portfolio of attractively valued high yield corporate bonds (often referred to as “junk bonds”) and secured and unsecured loans, including, without limitation, bridge financing, senior and subordinated loans, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">delayed funding loans and revolving credit facilities, and loan participations and assignments. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund’s investment team’s research process has four primary pillars: </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Business Quality</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">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 environmental, social and governance (“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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">a company, the team incorporates it into its decision-making process. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Strength and Flexibility</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes that analyzing the history and trend of free cash flow generation is critical to understanding an issuer’s financial health. The team’s financial analysis also considers an issuer’s capital structure, refinancing options, asset or collateral coverage, financial covenants, amortization schedules and overall financial transparency. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Downside Analysis</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes that credit instruments by their nature have an asymmetric risk profile. The risk of loss is often greater than the potential for gain, particularly when looking at below investment grade issuers. 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. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Identification</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team uses multiple metrics 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 (“M&amp;A”). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund will invest primarily in instruments that are rated, at the time of purchase, below investment grade (below BBB- by Standard &amp; Poor’s Rating Services (“S&amp;P”) or Fitch, Inc. (“Fitch”) or below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”)), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”), or unrated but determined by Artisan Partners to be of comparable quality, commonly known as “junk bonds.”  The Fund may invest a significant portion of its assets in high-yield securities that are rated in the lower rating categories by one or more NRSRO (for example, CCC+ or lower by S&amp;P or Fitch or Caa1 or lower by Moody’s) or, if </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">unrated, are determined by Artisan Partners to be of comparable quality. The Fund may invest in debt securities of any maturity. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest without limit in securities and other instruments of US and non-US issuers, including issuers economically tied to “emerging market” countries, securities traded principally outside of the United States, and securities denominated in currencies other than the US dollar. The Fund usually seeks (but is not required) to hedge against the risk of loss resulting from currency fluctuation. The Fund may invest in private placements and other restricted securities (i.e., securities that are purchased in private placements and, accordingly, are </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">subject to restrictions on resale as a matter of contract or under federal securities laws).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">In addition to high yield corporate bonds and loans, the Fund also may invest in other corporate fixed income instruments of varying maturities, including fixed-, variable- and floating-rate bonds, debentures, notes, commercial paper and other types of corporate debt </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">instruments across the credit quality spectrum, such as stressed and distressed debt securities. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may use derivatives for investment, duration management or hedging purposes, or with the purpose or effect of creating investment leverage. The Fund also may invest in debt obligations issued by governments (including, without limitation, obligations issued or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">guaranteed by the US government) and/or their agencies and instrumentalities.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers ESG factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider ESG factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. Investments in debt securities are subject to, among other risks, credit risk, interest rate risk and high yield securities (“junk bond”) risk, as described below.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Credit Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—An issuer or counterparty may fail to pay its obligations to the Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">High Yield Securities (“Junk Bond”) Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Fixed income instruments rated below investment grade, or unrated securities that are determined by Artisan Partners to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds.”  These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of junk bonds generally and less secondary market liquidity. This potential lack of liquidity may make it more difficult for the Fund to accurately value these securities.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Interest Rate Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Interest rate risk is the risk that fixed income securities and other instruments in the Fund’s portfolio will fluctuate in value because of changes, or the anticipation of changes, in interest rates. In particular, during periods of rising interest rates, the values of such securities may decline and may result in losses to the Fund. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could cause the value of the Fund’s investments to decline. Interest rate changes can be sudden and unpredictable,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the Fund may experience losses as a result of movements in interest rates. The Fund may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile in response</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">to changing</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">interest rates.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Loan Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investments in loans, including floating or adjustable rate loans, are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. The Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which the Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or meet redemption obligations until a substantial period after the sale of the loans.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Liquidity risk is the risk that the Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund’s investments are valued in accordance with Artisan Partners’ valuation policies. The valuation of any investment involves inherent uncertainty. The value of a security determined in accordance with the valuation policies may differ materially from the value that could have been realized in an actual sale or transfer for a variety of reasons, including the timing of the transaction and liquidity in the market.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Stressed and Distressed Instruments Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investments in the securities of financially stressed or distressed issuers involve substantial risks, including the risk that all or a portion of principal will not be repaid. These securities may present a substantial risk of default or may be in default at the time of investment. The Fund may incur additional expenses to the extent it is required to seek recovery upon a default in the payment of principal or interest on its portfolio holdings. As with any issuer, the team’s judgments about the credit quality of a financially stressed or distressed issuer and the relative value of its securities may prove to be wrong.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Futures Contract Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund may enter into futures contracts, in which the Fund agrees to buy or sell a security or other asset on a specified future date at a specified price or rate. There are risks associated with futures contracts, including that the success of such an investment strategy may depend on an ability to predict movements in the prices of individual securities, fluctuations in markets and movements in interest rates; there may be an imperfect or no correlation between the changes in market value of the securities held by the Fund and the prices of futures; there may not be a liquid secondary market for a futures contract; trading restrictions or limitations may be imposed by an exchange; and government regulations may restrict trading in futures contracts.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Counterparty Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund. If a counterparty becomes bankrupt or insolvent or otherwise fails to perform its obligations to the Fund due to financial difficulties, the Fund may experience significant losses or delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) from the counterparty.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Private Placement and Restricted Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—In addition to the general risks to which all securities are subject, securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities, and a liquid secondary market may never develop. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at a favorable time or price. This potential lack of liquidity may make it more difficult for the Fund to accurately value these securities. Issuers of private placements or other restricted securities may include special purpose vehicles (“SPVs”) that hold underlying assets to which the Fund wants to gain exposure. The Fund may have the right to receive payments only from the SPV, and may not have direct rights against the issuer of the underlying assets. Investors in such SPVs generally pay their share of the SPV’s administrative and other expenses, including management fees.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Leverage Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Certain transactions, including, for example, the use of certain derivatives and borrowing money, can result in leverage. Leverage generally has the effect of increasing the amounts of loss or gain the Fund might realize and creates the likelihood of greater volatility of the value of the Fund’s investments. There is risk of loss in excess of invested capital.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">12.13</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-13.78</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.1213 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1378 2020-03-31 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.0798 0.0531 0.0713 0.0628 2014-03-19 0.0508 0.0236 0.0416 0.0335 0.0467 0.0275 0.0418 0.0348 0.0850 0.0450 0.0645 0.0500 0.0715 -0.0042 0.0201 0.0215 0.0828 0.0548 0.0730 0.0645 2014-03-19 0.0850 0.0450 0.0645 0.0500 0.0715 -0.0042 0.0201 0.0215 0.0838 0.0560 0.0662 2016-10-03 0.0850 0.0450 0.0534 0.0715 -0.0042 0.0155 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan International Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTIX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDIX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHIX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0094 0.0094 0.0094 0 0 0 0.0025 0.0011 0.0002 0.0119 0.0105 0.0096 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">higher or lower, based on these assumptions your costs would be:</span> 121 378 654 1443 107 334 579 1283 98 306 531 1178 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">111.26</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 1.1126 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a diversified portfolio of non-US growth companies of all market capitalizations. The team seeks to invest in companies within its preferred </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Themes</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team identifies long-term secular growth trends with the objective of investing in companies that have meaningful exposure to these trends. The team’s fundamental analysis focuses on those industry leaders with attractive growth and valuation characteristics that will be long-term beneficiaries of any structural change and/or trend. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sustainable Growth</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team applies a fundamental approach to identifying the 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 factors alongside other fundamental research. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team uses multiple valuation metrics to establish a target price range. The team assesses the relationship between its estimate of a company’s sustainable growth prospects and its current valuation.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund invests primarily in developed markets but also may invest up to 35% of the Fund’s total assets at market value at the time of purchase in emerging and less developed markets. Under normal market conditions, the Fund is substantially fully invested in common stocks and similar securities, and invests at least 65% of its net assets at market value at the time of purchase in securities of non-US companies. There </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">are no restrictions on the size of the companies in which the Fund may invest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund’s prospectus, but may be called </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">different names by issuers).</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers environmental, social and governance factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in the Middle East,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth the team anticipated.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">17.13</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">December 31, 2022</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-21.26</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.1713 2022-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2126 2020-03-31 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.3603 0.0856 0.0826 0.0892 1995-12-28 0.2931 0.0567 0.0632 0.0767 0.2483 0.0613 0.0623 0.0742 0.3122 0.0892 0.0818 0.0566 0.3239 0.0791 0.0841 0.0592 0.3618 0.0871 0.0841 0.0701 2015-04-01 0.3122 0.0892 0.0818 0.0702 0.3239 0.0791 0.0841 0.0685 0.3631 0.0881 0.0850 0.0821 1997-07-01 0.3122 0.0892 0.0818 0.0536 0.3239 0.0791 0.0841 0.0556 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan International Explorer Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTBX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARDBX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARHBX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0105 0.0105 0.0105 0 0 0 0.0065 0.0020 0.0015 0.0002 0.0002 0.0002 0.0172 0.0127 0.0122 -0.0020 0.0000 0.0000 0.0152 0.0127 0.0122 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">31 January 2027</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be higher or lower, based on these assumptions your costs would be:</span> 155 522 915 2014 129 403 697 1534 124 387 670 1477 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">27.36</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.2736 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a diversified portfolio of securities of undervalued, primarily non-US small companies. The team seeks to invest in what the team considers to be high quality, undervalued companies with </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">strong balance sheets and shareholder-oriented management teams. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The team’s investment process focuses on four key characteristics: </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Undervaluation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Determining the intrinsic value of a business is the heart of the team’s research process. The team believes that intrinsic value represents the amount that a buyer would pay to own a company’s future cash flows. The team seeks to invest at a significant discount to its estimate of the intrinsic value of a business. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Business Quality</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Strength</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder-Oriented Management</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team’s research process attempts to identify management teams with a history of building value for shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Companies that make it through this analytical process are ranked at the time the position is initiated according to the degree of the discount of the current market price of the stock to the team’s estimate of the company’s intrinsic value. The team manages the portfolio by generally taking larger positions in companies where the discount is greatest and smaller positions in companies with narrower discounts (subject to adjustments for investment-related concerns, including diversification, risk management and liquidity). As part of the investment process, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">team considers financially material environmental, social and governance factors alongside other fundamental research.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The focus of the investment process is on individual companies, not on selection of countries or regions. Under normal market conditions, the Fund invests no less than 65% of its total assets (excluding cash and cash equivalents), measured at market value at the time of purchase, in common stocks and other securities of non-US companies. The Fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. As a result, a high percentage of the Fund’s total assets may be invested in a particular company, sector or industry. The Fund may invest a substantial portion of its total assets in emerging and less developed markets. The Fund may invest in companies of any size, but anticipates investing primarily in small-capitalization (“small-cap”) companies. Small-cap </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies for this purpose are those companies with a market capitalization below $5 billion at the time of the Fund’s investment. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund’s prospectus, but may be called </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">different names by issuers). The Fund may (but is not required) to hedge against the risk of loss resulting from currency fluctuation. </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund invests primarily in equity securities but, from time to time, the team may conclude that a security other than an equity security presents a more attractive risk/reward profile. Accordingly, the Fund may invest to a limited extent in debt securities of US and non-US issuers</span><span style="font-family:Arial Narrow;font-size:10pt;">, including loans, that meet the Fund’s investment criteria. The Fund may invest in debt securities of any maturity or duration.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers environmental, social and governance factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Liquidity risk is the risk that the Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—As a non-diversified fund, the Fund may invest a larger portion of its assets in securities of a smaller number of issuers than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level team considers its intrinsic value.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in the Middle East,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security will fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the instrument. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect the Fund’s debt investments unfavorably.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Loan Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Investments in loans, including floating or adjustable rate loans, are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. The Fund may invest in loans made in connection with highly </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which the Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or meet redemption </span><span style="font-family:Arial Narrow;font-size:10pt;">obligations until a substantial period after the sale of the loans.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Convertible Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in convertible securities subjects the Fund to the risks of debt, but also the risks associated with an investment in the underlying equity security. Convertible securities are frequently issued with a call feature that allows the issuer to choose when to redeem the security, which could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Institutional Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Because the Fund’s Investor Shares have not been offered for sale as of the date of this prospectus, the information provided represents the performance of the Fund</span><span style="font-family:Arial Narrow;font-size:10pt;">’s Advisor Shares and Institutional Shares. Investor Shares would have substantially similar annual returns because the </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">shares are invested in the same portfolio of securities. The performance of the Investor Shares will be different from the performance of Advisor Shares and Institutional Shares because the Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement </span><span style="font-family:Arial Narrow;font-size:10pt;">associated with each class will be different.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Institutional Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">14.61</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">March 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-5.33</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">September 30, 2023</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.1461 2023-03-31 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0533 2023-09-30 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of a broad-based market index over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Institutional Shares, and the after-tax returns for Advisor Shares will vary from Institutional Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Institutional Shares, and the after-tax returns for Advisor Shares will vary from Institutional Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.1831 0.1120 2022-05-16 0.1490 0.0987 0.1080 0.0824 0.2926 0.1181 0.3196 0.1363 0.1823 0.1114 2022-05-16 0.2926 0.1181 0.3196 0.1363 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan International Small-Mid Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTJX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDJX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHJX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0103 0.0103 0.0103 0 0 0 0.0030 0.0013 0.0005 0.0133 0.0116 0.0108 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">higher or lower, based on these assumptions your costs would be:</span> 135 421 729 1601 118 368 638 1409 110 343 595 1317 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">34.42</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.3442 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental stock selection process focused on identifying durable and idiosyncratic opportunities to build a diversified portfolio of primarily non-US small- and mid-cap growth companies. The team generally seeks long-term investments in high-quality businesses exposed to structural growth themes that can be acquired at sensible valuations in contrarian fashion and are led by </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">excellent management teams. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Investing with Tailwinds</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team identifies structural themes at the intersection of growth and change with the objective of investing in companies having meaningful exposure to these trends. Themes represent a secular outlook, are generally industry specific, and are identified from a bottom-up perspective. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">High-Quality Businesses</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team seeks companies that it views as future industry leaders with sustainable growth characteristics that can be owned for the long term. Those characteristics include differentiated and defensible business models, strong balance sheets, dynamic management teams, favorable positions within their industry value chains and high or improving returns on capital. 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. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">A Contrarian Approach to Valuation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team seeks to invest in high-quality businesses in contrarian fashion. Mismatches between stock price and long-term business value are created by market dislocations, temporary slowdowns in individual businesses or misperceptions in the investment community. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Manage Unique Risks of International Small- and Mid-Cap Equities</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—International small- and mid-cap equities are exposed to unique investment risks that require managing. The team defines risk as including permanent loss of capital, not just share price volatility. The team manages this risk by having a long-term ownership focus, understanding the direct and indirect security risks for each business, constructing the portfolio on a well-diversified basis and sizing positions according to individual risk characteristics.</span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in common stocks and other securities of small- and mid-cap companies. Small- and mid-cap companies for this purpose are those companies with a market capitalization below $30 billion or having a market capitalization similar to the constituents of the MSCI All Country World (ACWI) ex</span><span style="font-family:Arial Narrow;font-size:10pt;"> USA SMID Index at the time of the Fund’s investment. Some of these companies, although small by US </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">standards, might rank among the largest in their countries by market capitalization. Under normal market conditions, the Fund will invest at least 65% of its total assets at market value at the time of purchase in securities of non-US companies. The Fund invests in developed markets </span><span style="font-family:Arial Narrow;font-size:10pt;">and emerging and less developed markets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund’s prospectus, but may be called </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">different names by issuers). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">From time to time, the team may conclude that a security other than an equity presents a more attractive risk/reward profile. Accordingly, the Fund may invest to a limited extent in debt securities (including lower-rated securities), which include securities rated below investment grade (below BBB- by Standard &amp; Poor’s Rating Services (“S&amp;P”) or Fitch, Inc. (“Fitch”) or below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”)), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”), or unrated but determined by Artisan Partners to be of comparable quality, commonly known as “junk bonds,” and convertible debt securities of US or non-US issuers that </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">meet the Fund’s investment criteria.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers certain environmental, social and governance ("ESG") factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider ESG factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in the Middle East,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth the team anticipated.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security will fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the instrument. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect the Fund’s debt investments unfavorably. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">Debt securities in which the Fund invests may be rated below investment grade or unrated securities that are determined by Artisan Partners to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.”  These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk, may be less liquid </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and may be subject to greater price volatility than higher-rated bonds.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Effective 4 December 2018, the Fund’s principal investment strategies changed to reflect, among other things, greater flexibility to invest in small- and medium-sized companies.  The Fund’s performance prior to 4 December 2018 would have been different if the Fund were </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">managed using the current investment strategies.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">26.84</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-21.42</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.2684 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2142 2020-03-31 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of four broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The "Return after taxes on distributions and sale of Fund shares" for the one-year period ended 31 December 2025 is greater than the "Return </span><span style="font-family:Arial Narrow;font-size:10pt;">before taxes" because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable gains.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of four broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The "Return after taxes on distributions and sale of Fund shares" for the one-year period ended 31 December 2025 is greater than the "Return </span><span style="font-family:Arial Narrow;font-size:10pt;">before taxes" because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable gains.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> <span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Investor</span><span style="font-family:Arial Narrow;font-size:9pt;">1-Year</span><span style="font-family:Arial Narrow;font-size:9pt;">5-Year</span><span style="font-family:Arial Narrow;font-size:9pt;">10-Year</span><span style="font-family:Arial Narrow;font-size:9pt;">Since Inception</span><span style="font-family:Arial Narrow;font-size:9pt;">Inception Date</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Return before taxes</span><span style="font-family:Arial Narrow;font-size:9pt;">18.22%</span><span style="font-family:Arial Narrow;font-size:9pt;">0.63%</span><span style="font-family:Arial Narrow;font-size:9pt;">6.09%</span><span style="font-family:Arial Narrow;font-size:9pt;">9.96%</span><span style="font-family:Arial Narrow;font-size:9pt;">December 21, 2001</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Return after taxes on distributions</span><span style="font-family:Arial Narrow;font-size:9pt;">16.74%</span><span style="font-family:Arial Narrow;font-size:9pt;">0.20%</span><span style="font-family:Arial Narrow;font-size:9pt;">4.15%</span><span style="font-family:Arial Narrow;font-size:9pt;">8.40%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Return after taxes on distributions and sale of Fund shares</span><span style="font-family:Arial Narrow;font-size:9pt;">11.85%</span><span style="font-family:Arial Narrow;font-size:9pt;">0.48%</span><span style="font-family:Arial Narrow;font-size:9pt;">4.21%</span><span style="font-family:Arial Narrow;font-size:9pt;">8.15%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">MSCI ACWI ex USA SMID Index</span><span style="font-family:Arial Narrow;font-size:5.5pt;line-height:10pt;margin-left:0.0pt;position:relative;top:-3.75pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">(reflects no deduction for fees, expenses </span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">or taxes)</span><span style="font-family:Arial Narrow;font-size:9pt;">30.74%</span><span style="font-family:Arial Narrow;font-size:9pt;">6.80%</span><span style="font-family:Arial Narrow;font-size:9pt;">7.87%</span><span style="font-family:Arial Narrow;font-size:9pt;">8.68%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">MSCI EAFE Small Cap Growth Index</span><span style="font-family:Arial Narrow;font-size:5.5pt;line-height:10pt;margin-left:0.0pt;position:relative;top:-3.75pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">(reflects no deduction for fees, </span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">expenses or taxes)</span><span style="font-family:Arial Narrow;font-size:9pt;">26.15%</span><span style="font-family:Arial Narrow;font-size:9pt;">2.09%</span><span style="font-family:Arial Narrow;font-size:9pt;">6.70%</span><span style="font-family:Arial Narrow;font-size:9pt;">8.33%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">MSCI ACWI ex USA (reflects no deduction for fees, expenses or taxes)</span><span style="font-family:Arial Narrow;font-size:9pt;">32.39%</span><span style="font-family:Arial Narrow;font-size:9pt;">7.91%</span><span style="font-family:Arial Narrow;font-size:9pt;">8.41%</span><span style="font-family:Arial Narrow;font-size:9pt;">7.09%</span><span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Advisor</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Return before taxes</span><span style="font-family:Arial Narrow;font-size:9pt;">18.46%</span><span style="font-family:Arial Narrow;font-size:9pt;">0.80%</span><span style="font-family:Arial Narrow;font-size:9pt;"><span style="-sec-ix-hidden:c3144614-221e-49e2-8848-b1df2b704a92">N/A</span></span><span style="font-family:Arial Narrow;font-size:9pt;">8.60%</span><span style="font-family:Arial Narrow;font-size:9pt;">December 04, 2018</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">MSCI ACWI ex USA SMID Index</span><span style="font-family:Arial Narrow;font-size:5.5pt;line-height:10pt;margin-left:0.0pt;position:relative;top:-3.75pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">(reflects no deduction for fees, expenses </span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">or taxes)</span><span style="font-family:Arial Narrow;font-size:9pt;">30.74%</span><span style="font-family:Arial Narrow;font-size:9pt;">6.80%</span><span style="font-family:Arial Narrow;font-size:9pt;"><span style="-sec-ix-hidden:a5636f79-a07c-4b22-ad1e-08ba43529633">N/A</span></span><span style="font-family:Arial Narrow;font-size:9pt;">8.68%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">MSCI EAFE Small Cap Growth Index</span><span style="font-family:Arial Narrow;font-size:5.5pt;line-height:10pt;margin-left:0.0pt;position:relative;top:-3.75pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">(reflects no deduction for fees, </span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">expenses or taxes)</span><span style="font-family:Arial Narrow;font-size:9pt;">26.15%</span><span style="font-family:Arial Narrow;font-size:9pt;">2.09%</span><span style="font-family:Arial Narrow;font-size:9pt;"><span style="-sec-ix-hidden:ee1b0374-363c-43ed-87a7-466b54429af0">N/A</span></span><span style="font-family:Arial Narrow;font-size:9pt;">6.99%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">MSCI ACWI ex USA (reflects no deduction for fees, expenses or taxes)</span><span style="font-family:Arial Narrow;font-size:9pt;">32.39%</span><span style="font-family:Arial Narrow;font-size:9pt;">7.91%</span><span style="font-family:Arial Narrow;font-size:9pt;"><span style="-sec-ix-hidden:b657f649-5d43-4e15-8c76-443e14d6dc01">N/A</span></span><span style="font-family:Arial Narrow;font-size:9pt;">9.19%</span><span style="font-family:Arial;font-size:9pt;font-weight:bold;margin-left:0.0pt;">Institutional</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Return before taxes</span><span style="font-family:Arial Narrow;font-size:9pt;">18.56%</span><span style="font-family:Arial Narrow;font-size:9pt;">0.88%</span><span style="font-family:Arial Narrow;font-size:9pt;"><span style="-sec-ix-hidden:x_9efbcb28-26d4-4a76-9c08-9611746c6437">N/A</span></span><span style="font-family:Arial Narrow;font-size:9pt;">7.26%</span><span style="font-family:Arial Narrow;font-size:9pt;">April 12, 2016</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">MSCI ACWI ex USA SMID Index</span><span style="font-family:Arial Narrow;font-size:5.5pt;line-height:10pt;margin-left:0.0pt;position:relative;top:-3.75pt;"> </span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">(reflects no deduction for fees, expenses </span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">or taxes)</span><span style="font-family:Arial Narrow;font-size:9pt;">30.74%</span><span style="font-family:Arial Narrow;font-size:9pt;">6.80%</span><span style="font-family:Arial Narrow;font-size:9pt;"><span style="-sec-ix-hidden:x_077ea396-f32b-415e-82e3-f845ec95f083">N/A</span></span><span style="font-family:Arial Narrow;font-size:9pt;">8.02%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">MSCI EAFE Small Cap Growth Index (reflects no deduction for fees, </span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">expenses or taxes)</span><span style="font-family:Arial Narrow;font-size:9pt;">26.15%</span><span style="font-family:Arial Narrow;font-size:9pt;">2.09%</span><span style="font-family:Arial Narrow;font-size:9pt;"><span style="-sec-ix-hidden:x_39425810-28a9-485a-b86d-58add1d24e1f">N/A</span></span><span style="font-family:Arial Narrow;font-size:9pt;">7.07%</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">MSCI ACWI ex USA (reflects no deduction for fees, expenses or taxes)</span><span style="font-family:Arial Narrow;font-size:9pt;">32.39%</span><span style="font-family:Arial Narrow;font-size:9pt;">7.91%</span><span style="font-family:Arial Narrow;font-size:9pt;"><span style="-sec-ix-hidden:x_983f57c6-0197-4bea-ae1b-586b243c4b37">N/A</span></span><span style="font-family:Arial Narrow;font-size:9pt;">8.78%</span> 0.1822 0.0063 0.0609 0.0996 2001-12-21 0.1674 0.0020 0.0415 0.0840 0.1185 0.0048 0.0421 0.0815 0.3074 0.0680 0.0787 0.0868 0.2615 0.0209 0.0670 0.0833 0.3239 0.0791 0.0841 0.0709 0.1846 0.0080 0.0860 2018-12-04 0.3074 0.0680 0.0868 0.2615 0.0209 0.0699 0.3239 0.0791 0.0919 0.1856 0.0088 0.0726 2016-04-12 0.3074 0.0680 0.0802 0.2615 0.0209 0.0707 0.3239 0.0791 0.0878 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan International Value Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTKX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDKX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHKX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0093 0.0093 0.0093 0 0 0 0.0025 0.0012 0.0002 0.0002 0.0002 0.0002 0.0120 0.0107 0.0097 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund's investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">higher or lower, based on these assumptions your costs would be:</span> 122 381 660 1455 109 340 590 1306 99 309 536 1190 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">24.70</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.2470 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a diversified  portfolio of securities of undervalued non-US companies of all sizes. The team seeks to invest in what the team considers to be high quality, undervalued companies with strong balance </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sheets and shareholder-oriented management teams. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The team’s investment process focuses on four key characteristics: </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Undervaluation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Determining the intrinsic value of a business is the heart of the team’s research process. The team believes that intrinsic value represents the amount that a buyer would pay to own a company’s future cash flows. The team seeks to invest at a significant discount to its estimate of the intrinsic value of a business. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Business Quality</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Strength</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder-Oriented Management</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team’s research process attempts to identify management teams with a history of building value for shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Companies that make it through this analytical process are ranked at the time the position is initiated according to the degree of the discount of the current market price of the stock to the team’s estimate of the company’s intrinsic value. The team manages the portfolio by generally taking larger positions in companies where the discount is greatest and smaller positions in companies with narrower discounts (subject to </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">adjustments for investment-related concerns, including diversification, risk management and liquidity).</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The focus of the investment process is on individual companies, not on selection of countries or regions. Under normal market conditions, the Fund invests no less than 80% of its total assets (excluding cash and cash equivalents), measured at market value at the time of purchase, in common stocks and other securities of non-US companies. The Fund invests primarily in developed markets but also may invest in emerging </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and less developed markets. The Fund may invest in companies of any size. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund’s prospectus, but may be called </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">different names by issuers). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund invests primarily in equity securities but, from time to time, the team may conclude that a security other than an equity security presents a more attractive risk/reward profile. Accordingly, the Fund may invest to a limited extent in debt securities of US and non-US issuers, </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">including loans, that meet the Fund’s investment criteria. The Fund may invest in debt securities of any maturity.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine</span><span style="font-family:Arial Narrow;font-size:10pt;">,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">the Middle East</span><span style="font-family:Arial Narrow;font-size:10pt;">,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could </span><span style="font-family:Arial Narrow;font-size:10pt;">be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level that the team considers its intrinsic value.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security will fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the instrument. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect the Fund’s debt investments unfavorably.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Loan Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investments in loans, including floating or adjustable rate loans, are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. The Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which the Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, the Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and the Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments or meet redemption obligations until a substantial period after the sale of the loans.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Convertible Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in convertible securities subjects the Fund to the risks of debt, but also the risks associated with an investment in the underlying equity security. Convertible securities are frequently issued with a call feature that allows the issuer to choose when to redeem the security, which could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">21.77</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-27.46</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.2177 2020-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2746 2020-03-31 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.2250 0.1165 0.0991 0.1179 2002-09-23 0.2038 0.1026 0.0879 0.1078 0.1448 0.0897 0.0782 0.1008 0.3122 0.0892 0.0818 0.0799 0.3239 0.0791 0.0841 0.0827 0.2265 0.1180 0.1006 0.0878 2015-04-01 0.3122 0.0892 0.0818 0.0702 0.3239 0.0791 0.0841 0.0685 0.2280 0.1191 0.1016 0.0845 2006-10-01 0.3122 0.0892 0.0818 0.0506 0.3239 0.0791 0.0841 0.0514 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Mid Cap Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTMX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDMX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHMX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0094 0.0094 0.0094 0 0 0 0.0027 0.0013 0.0004 0.0121 0.0107 0.0098 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">higher or lower, based on these assumptions your costs would be:</span> 123 384 665 1466 109 340 590 1306 100 312 542 1201 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">62.54</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.6254 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a diversified portfolio of US mid-cap growth companies. The 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 Fund’s investment process focuses on two distinct elements—security selection and capital allocation. The team overlays its investment process with sustainability considerations and broad knowledge of the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">global economy. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Security Selection</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team seeks to identify companies that have franchise characteristics (e.g., 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 </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">are trading at a discount to the team’s estimate of private market value. The team looks for companies that are well positioned for long-term growth, which is driven by demand for their products and services at an early enough stage in their profit cycle to benefit from the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">increased cash flows produced by the emerging profit cycle. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Capital Allocation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Based on the team’s fundamental analysis of a company’s profit cycle, it divides the portfolio into three parts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Garden</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> investments are small positions in the early part of their profit cycle that may warrant more sizeable allocations as their profit cycle accelerates. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Crop</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> 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. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Harvest</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> investments are positions that are being reduced as they near the team’s estimates of full valuation or their profit cycles begin to decelerate. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sustainability Considerations</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team employs a framework in assessing material sustainability exposures factors that informs its security selection and capital allocation process. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Broad Knowledge</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team overlays the security selection and capital allocation elements of its investment process with a desire to invest opportunistically across the entire global economy. The team seeks broad knowledge of the global economy in order to position it to find growth wherever it occurs.</span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund invests primarily in US companies and, under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in the common stocks of medium-sized companies. The Fund defines a medium-sized company as one with a market capitalization greater than the market capitalization of the smallest company in the Russell Midcap</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index and less than three times the weighted average market capitalization of companies in the Russell Midcap</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="font-family:Arial Narrow;font-size:10pt;">Index. Under </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">normal circumstances, the Fund generally maintains a weighted average market capitalization of not more than 1.5 times the weighted </span><span style="font-family:Arial Narrow;font-size:10pt;">average market capitalization of the companies included in the Russell Midcap</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index or Russell Midcap</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Growth Index, whichever is greater. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest up to 15% of its total assets at market value at the time of purchase in common stocks and other securities of non-US companies (including depositary receipts). The Fund’s investments in non-US securities may include investments in developed markets, as </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">well as emerging and less developed markets.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers material sustainability exposures in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider similar factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth the team anticipated.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">37.29</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-22.47</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.3729 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2247 2022-06-30 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of three broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of three broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.1475 0.0212 0.1081 0.1262 1997-06-27 0.1042 -0.0012 0.0774 0.1060 0.1197 0.0157 0.0816 0.1056 0.1060 0.0867 0.1101 0.0991 0.0866 0.0665 0.1249 0.0949 0.1715 0.1315 0.1429 0.0940 0.1491 0.0226 0.1097 0.1008 2015-04-01 0.1060 0.0867 0.1101 0.0959 0.0866 0.0665 0.1249 0.1106 0.1715 0.1315 0.1429 0.1313 0.1504 0.0236 0.1107 0.0908 2000-07-01 0.1060 0.0867 0.1101 0.0922 0.0866 0.0665 0.1249 0.0727 0.1715 0.1315 0.1429 0.0831 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Mid Cap Value Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTQX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDQX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHQX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0090 0.0090 0.0090 0 0 0 0.0028 0.0017 0.0006 0.0118 0.0107 0.0096 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">higher or lower, based on these assumptions your costs would be:</span> 120 375 649 1432 109 340 590 1306 98 306 531 1178 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">45.48</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.4548 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a diversified portfolio of medium-sized US companies. The team seeks to invest in companies that are undervalued, in solid financial condition and have attractive business economics. The team </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">believes that companies with these characteristics are less likely to experience eroding values over the long term. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Attractive Valuation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that the team believes would be reasonable. The team generally will purchase a security if the stock price falls below or toward the lower end of that range. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sound Financial Condition</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team prefers companies with an acceptable level of debt and positive cash flow. At a minimum, the team seeks to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interest of the companies’ shareholders. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Attractive Business Economics</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle. As part of the team’s analysis of a company’s business prospects, among other factors, the team considers certain environmental, social and governance (“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 into its decision-making process.</span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund invests primarily in US companies and, under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in the common stocks of medium-sized companies. The Fund defines a medium-sized company as one with a market capitalization greater than the market capitalization of the smallest company in the Russell Midcap</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index and less than three times the weighted average market capitalization of companies in the Russell Midcap</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">® </span><span style="font-family:Arial Narrow;font-size:10pt;">Index. The </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Fund will generally not initiate a position in a company unless it has a market capitalization that is within the range of the market capitalizations of companies in the Russell Midcap</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index as of the most recent calendar year-end (between $134.5 million and $100.8 billion as of 31 December 2025).</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers ESG factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider ESG factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level that the team considers its intrinsic value.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">25.14</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-34.84</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.2514 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.3484 2020-03-31 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of three broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The "Return after taxes on distributions and sale of Fund shares" for the one-year period ended 31 December 2025 is greater than the "Return </span><span style="font-family:Arial Narrow;font-size:10pt;">before taxes" because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable gains.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of three broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The "Return after taxes on distributions and sale of Fund shares" for the one-year period ended 31 December 2025 is greater than the "Return </span><span style="font-family:Arial Narrow;font-size:10pt;">before taxes" because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable gains.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.0172 0.0661 0.0787 0.0909 2001-03-28 0.0011 0.0378 0.0547 0.0741 0.0221 0.0496 0.0600 0.0751 0.1105 0.0983 0.0978 0.0970 0.1060 0.0867 0.1101 0.0991 0.1715 0.1315 0.1429 0.0956 0.0180 0.0675 0.0801 0.0622 2015-04-01 0.1105 0.0983 0.0978 0.0836 0.1060 0.0867 0.1101 0.0959 0.1715 0.1315 0.1429 0.1313 0.0196 0.0685 0.0811 0.0786 2012-02-01 0.1105 0.0983 0.0978 0.1073 0.1060 0.0867 0.1101 0.1161 0.1715 0.1315 0.1429 0.1413 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Select Equity Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTNX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDNX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHNX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0075 0.0075 0.0075 0 0 0 0.0151 0.0196 0.0033 0.0001 0.0001 0.0001 0.0227 0.0272 0.0109 -0.0101 -0.0156 0.0000 0.0126 0.0116 0.0109 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">“Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.</span> <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">31 January 2027</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be higher or lower, based on these assumptions your costs would be:</span> 128 612 1123 2527 118 696 1301 2937 111 347 601 1329 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">26.15</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.2615 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a focused portfolio of securities of undervalued US companies across a broad capitalization range. The team seeks to invest in what the team considers to be high quality, undervalued </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">companies with strong balance sheets and shareholder-oriented management teams. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The team’s investment process focuses on four key characteristics: </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Undervaluation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Determining the intrinsic value of a business is the heart of the team’s research process. The team believes that intrinsic value represents the amount that a buyer would pay to own a company’s future cash flows. The team seeks to invest at a significant discount to its estimate of the intrinsic value of a business. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Business Quality</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Financial Strength</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder-Oriented Management</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team’s research process attempts to identify management teams with a history of building value for shareholders. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Companies that make it through this analytical process are ranked at the time the position is initiated according to the degree of the discount of the current market price of the stock to the team’s estimate of the company’s intrinsic value. The team manages the portfolio by generally taking larger positions in companies where the discount is greatest and smaller positions in companies with narrower discounts (subject to adjustments for investment-related concerns, including diversification, risk management and liquidity). As part of the investment process, the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">team considers financially material environmental, social and governance factors alongside other fundamental research.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Under normal market conditions, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in equity securities or instruments that have similar economic characteristics. The Fund will invest primarily in US companies but may invest up to 20% of its total assets at market value at the time of purchase in non-US companies, including those in emerging and less developed markets. The Fund is non-diversified, which means that it may invest a greater portion of its assets in a more limited number of issuers than a diversified fund. The Fund will typically hold 20-30 securities. As a result, a high percentage of the Fund’s total assets may be invested in a particular company, sector or industry. The Fund will generally not invest more than 10% of its total assets, at the time of purchase, in the securities of a single issuer. There are no restrictions on the market capitalizations of the companies in which the Fund </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may invest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest up to 10% of its assets, measured at the time of purchase, in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund’s prospectus, but may be called different names by issuers). There are no restrictions on the market capitalizations of the companies in </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">which the Fund may invest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">From time to time, the team may conclude that a security other than an equity security presents a more attractive risk/reward profile. Accordingly, the Fund may invest to a limited extent (in any event, no more than 20% of its net assets plus any borrowings for investment purposes at market value at the time of purchase) in debt securities (including lower-rated securities, which include securities rated below investment grade (below BBB- by Standard &amp; Poor’s Rating Services (“S&amp;P”) or Fitch, Inc. (“Fitch”) or below Baa3 by Moody’s Investors Service, Inc. (“Moody’s”)), or comparably rated by another nationally recognized statistical rating organization (“NRSRO”), or unrated but determined by Artisan Partners to be of comparable quality, commonly known as “junk bonds”), and convertible debt securities of US or non-US issuers that </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">meet the Fund’s investment criteria. The Fund may invest in debt securities of any maturity.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers environmental, social and governance factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider environmental, social and governance factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Non-Diversification Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—As a non-diversified fund, the Fund may invest a larger portion of its assets in securities of a smaller number of issuers than a diversified fund, which means a single issuer’s performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level team considers its intrinsic value.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth team anticipated.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies, while the Fund values its assets in US dollars. The exchange rates between foreign currencies and the US dollar fluctuate continuously. As a result, the Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may mitigate the risk of loss from changes in currency exchange rates, but also may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the value of a debt security will fall in response to increases in interest rates. The Fund may invest in debt securities without considering the maturity of the instrument. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the US and outside the US may affect the Fund’s debt investments unfavorably. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">Debt securities in which the Fund invests may be rated below investment grade or unrated securities that are determined by Artisan Partners to be of comparable quality. Debt securities of below investment grade quality are high yield, high risk bonds, commonly known as “junk bonds.”  These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk, may be less liquid </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">and may be subject to greater price volatility than higher-rated bonds.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Convertible Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in convertible securities subjects the Fund to the risks of debt, but also the risks associated with an investment in the underlying equity security. Convertible securities are frequently issued with a call feature that allows the issuer to choose when to redeem the security, which could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">12.84</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">December 31, 2023</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-14.63</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.1284 2023-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.1463 2022-06-30 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of a broad-based market index over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.2862 0.1241 0.1413 2020-02-28 0.2768 0.1172 0.1353 0.1759 0.0974 0.1131 0.1788 0.1442 0.1724 0.2880 0.1254 0.1425 2020-02-28 0.1788 0.1442 0.1724 0.2892 0.1260 0.1432 2020-02-28 0.1788 0.1442 0.1724 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Small Cap Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTSX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDSX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHSX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0097 0.0097 0.0097 0 0 0 0.0028 0.0013 0.0005 0.0125 0.0110 0.0102 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses remain the same. Although your actual costs may be </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">higher or lower, based on these assumptions your costs would be:</span> 127 397 686 1511 112 350 606 1340 104 325 563 1248 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">64.80</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.6480 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a diversified portfolio of US small-cap growth companies. The 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 Fund’s investment process focuses on two distinct elements—security selection and capital allocation. The team overlays its investment process with sustainability considerations and broad knowledge of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the global economy. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Security Selection</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team seeks to identify companies that have franchise characteristics (e.g., 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. The team looks for companies that are well positioned for long-term growth, which is driven by demand for their products and services at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Capital Allocation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Based on the team’s fundamental analysis of a company’s profit cycle, it divides the portfolio into three parts. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Garden</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> investments are small positions in the early part of their profit cycle that may warrant more sizeable allocations as their profit </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">cycle accelerates. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Crop</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> investments are positions that are being increased to a full weight because the team believes they are moving </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">through the strongest part of their profit cycles. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Harvest</span><span style="color:#000000;font-family:Arial;font-size:6.5pt;font-weight:bold;position:relative;top:-4.25pt;">SM</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> investments are positions that are being reduced as they near the team’s estimates of full valuation or their profit cycles begin to decelerate. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sustainability Considerations</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team employs a framework in assessing material sustainability exposures factors that informs its security selection and capital allocation process. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Broad Knowledge</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team overlays the security selection and capital allocation elements of its investment process with a desire to invest opportunistically across the entire global economy. The team seeks broad knowledge of the global economy in order to position it to find growth wherever it occurs.</span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund invests primarily in US companies and, under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in the common stocks of small companies. The Fund defines small companies as those with market capitalizations less than $8 billion or the market capitalization of the largest company in the Russell 2000</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index on a rolling one-year basis, whichever is greater. The Fund will not initiate a position in a company unless it has a market </span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">capitalization that is within the range of the market capitalizations of companies in the Russell 2000</span><span style="font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="font-family:Arial Narrow;font-size:10pt;"> Index as of the most recent calendar year-end (between $5.6 million and $31.2 billion as of 31 December 2025). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest in the securities of non-US companies, but only if the securities are purchased or sold in the US. The Fund’s maximum investment in those securities, including, without limitation, depositary receipts, is 10% of the Fund’s total assets at market value at the time of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">purchase. The Fund may also, from time to time, invest in other private placements and restricted securities.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers material sustainability exposures in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider similar factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth the team anticipated.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Private Placement and Restricted Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—In addition to the general risks to which all securities are subject, securities acquired in a private placement generally are subject to strict restrictions on resale, and there may be no liquid secondary market or ready purchaser for such securities, and a liquid secondary market may never develop. Therefore, the Fund may be unable to dispose of such securities when it desires to do so or at a favorable time or price. This potential lack of liquidity may make it more difficult for the Fund to accurately value these securities.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">37.26</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-21.52</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">June 30, 2022</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.3726 2020-06-30 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2152 2022-06-30 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The "Return after taxes on distributions and sale of Fund shares" for the five-year period ended 31 December 2025 is greater than the "Return </span><span style="font-family:Arial Narrow;font-size:10pt;">before taxes" because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable gains.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The "Return after taxes on distributions and sale of Fund shares" for the five-year period ended 31 December 2025 is greater than the "Return </span><span style="font-family:Arial Narrow;font-size:10pt;">before taxes" because you are assumed to be able to use any capital loss realized on the sale of Fund shares to offset other taxable gains.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.0829 -0.0269 0.1042 0.0907 1995-03-28 0.0639 -0.0378 0.0862 0.0785 0.0635 -0.0201 0.0824 0.0752 0.1281 0.0609 0.0962 0.0907 0.1301 0.0318 0.0957 0.0794 0.0844 -0.0255 0.1070 2017-02-01 0.1281 0.0609 0.0843 0.1301 0.0318 0.0928 0.0857 -0.0247 0.1066 0.1102 2012-05-07 0.1281 0.0609 0.0962 0.1021 0.1301 0.0318 0.0957 0.1057 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Sustainable Emerging Markets Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTZX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDEX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHEX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0085 0.0085 0.0085 0 0 0 0.0061 0.0028 0.0017 0.0146 0.0113 0.0102 -0.0031 -0.0008 -0.0002 0.0115 0.0105 0.0100 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">31 January 2027</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be higher or lower, based on these assumptions your costs would be:</span> 117 431 768 1720 107 351 615 1367 102 323 561 1246 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">32.63</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.3263 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental research process to construct a portfolio of emerging market companies. The team seeks to invest in companies that it believes are uniquely positioned to benefit from the growth potential in emerging markets and possess a </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sustainable global competitive advantage. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sustainable Earnings</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes that over the long-term a stock’s price is directly related to the company’s ability to deliver sustainable earnings. The team determines a company’s sustainable earnings based upon financial and strategic analyses. The team’s financial analysis of a company’s balance sheet, income statement and statement of cash flows focuses on identifying historical drivers of return on equity. The team’s strategic analysis examines a company’s competitive advantages and financial strength to assess sustainability. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sustainability Assessment</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes that a company’s long-term direction and degree of change across multiple environmental, social and governance (“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 incident-based and empirical components of the assessment, which informs the team’s view of a company’s target price. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risk Analysis</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes a disciplined risk framework allows greater focus on fundamental stock selection. The team incorporates its assessment of company-specific and macroeconomic risks into its valuation analysis to develop a risk-adjusted target price. The team’s risk-rating assessment includes a review of country-appropriate macroeconomic risk factors to which a company is exposed. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team believes investment opportunities develop when businesses with sustainable earnings are undervalued relative to peers and historical industry, country and regional valuations. The team values a business and develops a price target for a company based on its assessment of the business’s sustainable earnings, sustainability assessment and risk analysis. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">In the sustainability assessment, the team considers incident-based data from a third-party provider and the team’s internal research to score </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">ESG factors that may materially impact a company’s sustainable growth potential, including but not limited to: </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Governance </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Board management </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Business ethics and competitive behavior </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Reporting transparency and communication </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shareholder ownership and rights </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Environmental </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Climate change risk, mitigation and adaptation </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Water stress </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Land use impact and bio-diversity loss </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Social </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Human rights and responsibility to the community </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Human capital, labor rights and equity </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Data privacy and security </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">For each company, as part of its sustainability assessment, the team generates an overall sustainability score from 1 (lowest) to 5 (highest) based on separate incident-based scores and empirical scores. The team derives the incident-based scores from data provided by a third-party provider, which considers the frequency and severity of ESG-related incidents to measure positive or negative change over time and rate a company’s ESG risk. The team generates the empirical sustainability scores based on the team’s research and engagement with companies on ESG factors. The team uses the sustainability assessment scores in evaluating a company’s target price, adjusting the price upward for high scores (4 or 5) or downward for low scores (1 or 2). The target price adjustment is not symmetric; premiums applied to companies with high </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">sustainability scores are not as significant as discounts applied to companies with low sustainability scores. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The team’s sustainability assessment does not exclude companies from potential investment; rather it is used to measure the influence of a </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">company’s ESG-related risks on its potential sustainable earnings and stock price.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Under normal circumstances, the Fund invests no less than 80% of its net assets plus any borrowings for investment purposes at market value at the time of purchase in equity securities of issuers domiciled, headquartered, or whose primary business activities or principal trading markets are in emerging and less developed markets. The Fund generally will not invest more than 15% of its total assets in the securities of a single issuer, measured at the time of purchase. The Fund invests in common stocks and other equity securities of companies across a broad market capitalization range. The companies in which the Fund invests generally have market capitalizations of at least $400 million at the time </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of initial purchase, although the Fund may invest in a company with a lower market capitalization from time to time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest to a limited extent in equity-linked securities that provide economic exposure to a security of one or more non-US companies without direct investment in the underlying securities (called “participation certificates” in the Fund’s prospectus, but may be called </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">different names by issuers).</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;margin-left:0.00%;">China-Related Risks: </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Because the Fund may have a significant exposure to China, it is particularly affected by events or factors relating to China, which may increase risk and volatility.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sustainable Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—When the team considers certain ESG metrics as part of its sustainability assessment and when making investment decisions, there is a risk that the Fund may forgo otherwise attractive investment opportunities and, therefore, may underperform funds that do not consider such ESG metrics or perform such sustainability assessments. For example, the team may decide not to purchase, or underweight its investment in, certain securities when they otherwise would have decided to purchase or make a more significant investment in such securities on account of other investment considerations. It is also possible that the team may decide to purchase, or overweight its investment in, certain securities based on its sustainability assessment when it might be otherwise disadvantageous to do so based on other investment considerations. Data or information from third-party research providers utilized by the team in connection with its sustainability assessments may differ from data or information provided by other third-party research providers and may be unreliable and/or inaccurate. In addition, there is a risk that the companies that the team identifies as having sustainable growth potential do not operate or perform as expected. There is no guarantee that such companies will achieve their sustainable growth potential.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Geopolitical Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Geopolitical events adversely affect global economies and securities markets, subjecting the Fund's investments to related risks. War, terrorism, global health crises and pandemics, sanctions, tariffs, the imposition of exchange controls or other cross-border trade barriers and other geopolitical events have led, and in the future may lead, to increased market volatility and may have adverse short- or long-term effects on the US and world economies and markets generally. For example, military action by Russia in Ukraine,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">conflicts in the Middle East,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">US action in Venezuela and similar</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">events</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and conflicts around the globe could affect the value of the Fund's investments, including beyond the Fund's direct exposure to issuers in the relevant countries or nearby geographic regions. In addition, the US has in the past imposed economic sanctions on certain countries, which may consist of asset freezes, restrictions on dealings in debt and equity, and certain industry-specific restrictions. Sanctions impair the ability of the Fund to buy, sell, receive or deliver those securities and/or assets that are subject to the sanctions, and the extent and duration of sanctions, and resulting market disruptions, are impossible to predict and could be substantial.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Growth Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Growth stocks may fall out of favor with investors and underperform other asset types during given periods. A company may never achieve the earnings growth the team anticipated.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Participation Certificate Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in a participation certificate subjects the Fund to the risks associated with an investment in the underlying equity security and also exposes the Fund to counterparty risk, which is the risk that the bank or broker-dealer that issues the certificate will not fulfill its contractual obligation to timely pay the Fund the amount owed under the certificate.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Institutional Shares has varied over time. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The performance of Investor Shares and Advisor Shares of the Fund would be lower because of the higher expenses paid by Investor Shares and Advisor Shares of the Fund (after fee waiver and expense reimbursements). </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Institutional Shares has varied over time. </span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">21.83</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-26.57</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.2183 2020-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2657 2020-03-31 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of a broad-based market index over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Institutional Shares, and the after-tax returns for Investor Shares and Advisor Shares will vary from Institutional Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">For periods prior to 14 February 2014, the performance shown below for the Fund’s Investor Shares is the performance of the Fund’s former Advisor Shares. Effective 14 February 2014, the Fund’s former Advisor Shares were redesignated as Investor Shares (the “Redesignation”). Because the fees and expenses of the Fund’s Investor Share class are the same as the fees and expenses of the Fund’s former Advisor Share </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">class, the performance of the Fund’s Investor Shares would have been the same as the Fund’s former Advisor Shares prior to the Redesignation. The Fund's current Advisor Shares were launched on 27 April 2022 and are unrelated to the aforementioned former Advisor </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Shares.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Institutional Shares, and the after-tax returns for Investor Shares and Advisor Shares will vary from Institutional Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.4284 0.0527 0.0995 0.0589 2006-06-26 0.4216 0.0499 0.0969 0.0560 0.2562 0.0404 0.0815 0.0483 0.3357 0.0420 0.0842 0.0613 0.4270 0.0511 0.0983 0.0283 2008-06-02 0.3357 0.0420 0.0842 0.0332 0.4282 0.1572 2022-04-27 0.3357 0.1123 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Value Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">ARTLX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDLX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHLX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks long-term capital growth.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0074 0.0074 0.0074 0 0 0 0.0035 0.0022 0.0010 0.0109 0.0096 0.0084 -0.0011 -0.0008 -0.0001 0.0098 0.0088 0.0083 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">31 January 2027</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be higher or lower, based on these assumptions your costs would be:</span> 100 336 590 1319 90 298 523 1171 85 267 465 1036 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">35.72</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.3572 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a diversified portfolio of equity securities across a broad capitalization range. The team seeks to invest in companies that are undervalued, in solid financial condition and have attractive business </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">economics. The team believes that companies with these characteristics are less likely to experience eroding values over the long term. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Attractive Valuation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that the team believes would be reasonable. The team generally will purchase a security if the stock price falls below or toward the lower end of that range. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sound Financial Condition</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team prefers companies with an acceptable level of debt and positive cash flow. At a minimum, the team seeks to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interest of the companies’ shareholders. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Attractive Business Economics</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle. As part of the team’s analysis of a company’s business prospects, among other factors, the team considers certain environmental, social and governance (“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 into its decision-making process.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund may invest up to 25% of its total assets at market value at the time of purchase in securities of non-US issuers (including depositary receipts). The Fund’s investments in non-US securities may include investments in developed markets, as well as emerging and less developed </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">markets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund invests in common stocks and other securities of companies across a broad capitalization range. The Fund will invest in US companies with market capitalizations of at least $2 billion at the time of initial purchase, although the Fund may invest in a US company with a lower market capitalization if it already holds a position in that company. There is no restriction on the size of the non-US companies in which </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">the Fund may invest.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers ESG factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider ESG factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level that the team considers its intrinsic value.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">20.00</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">December 31, 2020</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;">-28.53</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">March 31, 2020</span> <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.2000 2020-12-31 <span style="color:#000000;font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.2853 2020-03-31 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of three broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of three broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.1428 0.1229 0.1260 0.0862 2006-03-27 0.1095 0.0958 0.1031 0.0702 0.1080 0.0935 0.0989 0.0679 0.1591 0.1133 0.1053 0.0808 0.1737 0.1359 0.1459 0.1081 0.1715 0.1315 0.1429 0.1060 0.1436 0.1244 0.1276 0.1059 2015-04-01 0.1591 0.1133 0.1053 0.0947 0.1737 0.1359 0.1459 0.1347 0.1715 0.1315 0.1429 0.1313 0.1449 0.1249 0.1282 0.1078 2011-07-26 0.1591 0.1133 0.1053 0.1081 0.1737 0.1359 0.1459 0.1389 0.1715 0.1315 0.1429 0.1360 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> <span style="color:#000000;font-family:Arial;font-size:20pt;font-weight:bold;">Artisan Value Income Fund</span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;">Investor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APFWX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Advisor: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APDWX</span><span style="color:#000000;font-family:Arial Narrow;font-size:9pt;"> | </span><span style="color:#000000;font-family:Arial Narrow;font-size:8pt;"> Institutional: </span><span style="color:#000000;font-family:Arial;font-size:9pt;font-weight:bold;">APHWX</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Investment Objective</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The Fund seeks to provide total return through a combination of income and capital appreciation.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Fees and Expenses of the Fund</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This table describes the fees and expenses that you pay if you buy, hold and sell shares of the Fund. </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">The table and expense example do not reflect any transaction fees or commissions that may be charged by a shareholder’s financial intermediary when buying or selling shares.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Shareholder Fees (fees paid directly from your investment)</span> 0 0 0 0 0 0 0 0 0 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Annual Fund Operating Expenses (expenses that you pay each year as a percentage of the value of your investment)</span> 0.0070 0.0070 0.0070 0 0 0 0.0694 0.0301 0.0143 0.0764 0.0371 0.0213 -0.0644 -0.0261 -0.0108 0.0120 0.0110 0.0105 <span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">31 January 2027</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Expense Example</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The example is intended to help you compare the cost of investing in the Fund with the cost of investing in other mutual funds. The example assumes that you invest $10,000 in the Fund for the time periods indicated and then redeem all of your shares at the end of those periods. The example also assumes a 5% return each year, and that the Fund’s operating expenses are equal to Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the first year and Total Annual Fund Operating Expenses thereafter. Although your actual costs </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may be higher or lower, based on these assumptions your costs would be:</span> 122 1667 3131 6466 112 893 1694 3789 107 563 1045 2377 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Portfolio Turnover</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund pays transaction costs, such as commissions, when it buys and sells securities (or “turns over” its portfolio). A higher portfolio turnover rate may indicate higher transaction costs and may result in higher taxes when Fund shares are held in a taxable account. These costs, which are not reflected in annual fund operating expenses or in the example, affect the Fund’s performance. During the most recent fiscal </span><span style="font-family:Arial Narrow;font-size:10pt;">year, the Fund’s portfolio turnover rate was </span><span style="font-family:Arial Narrow;font-size:10pt;">31.99</span><span style="font-family:Arial Narrow;font-size:10pt;">% of the average value of its portfolio.</span> 0.3199 <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Investment Strategies</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund’s investment team employs a fundamental investment process to construct a diversified portfolio of equity securities across a broad capitalization range. The team seeks to invest in companies that are undervalued, in solid financial condition and have attractive business </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">economics. The team believes that companies with these characteristics are less likely to experience eroding values over the long term. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Attractive Valuation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that the team believes would be reasonable. The team generally will purchase a security if the stock price falls below or toward the lower end of that range. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Sound Financial Condition</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team prefers companies with an acceptable level of debt and positive cash flow. At a minimum, the team seeks to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interest of the companies’ shareholders. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Attractive Business Economics</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle. As part of the team’s analysis of a company’s value, among other factors, the team considers certain environmental, social and governance (“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 into its decision-making process. </span><span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Income Generation</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The team assesses the stability and growth of a company’s dividends and examines opportunities across a company’s capital structure. The team may invest opportunistically in equity securities and other instruments that generate attractive income, as well as utilize derivatives instruments to attempt to enhance yield.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Under normal circumstances, the investment team seeks to generate a portfolio current yield that is greater than or equal to two times the average current yield for stocks in the S&amp;P 500</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index, although the portfolio current yield may be less than two times the average current </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">yield for stocks in the S&amp;P 500</span><span style="color:#000000;font-family:Arial Narrow;font-size:6.5pt;position:relative;top:-4.25pt;">®</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Index at any given time. Securities in which the Fund may invest include common stocks, equity securities of </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">real estate investment trusts (“REITs”), preferred stocks, convertible securities (including convertible bonds), depositary receipts and rights and warrants to buy common stocks. The Fund may invest up to 30% of its total assets at market value at the time of purchase in securities of non-US issuers (including depositary receipts). In addition, the Fund may invest up to 10% of its total assets at market value at the time of purchase in non-convertible fixed income securities, which may include non-convertible corporate bonds. The Fund’s investments in non-US securities </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">may include investments in developed markets, as well as emerging and less developed markets. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund invests in common stocks and other securities of companies across a broad capitalization range. There is no restriction on the size </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">of the companies in which the Fund may invest. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The Fund also uses derivatives, such as options. The Fund may purchase and sell (write) call and put options on securities, securities indexes and foreign currencies. To the extent the Fund writes call options on securities that it does not hold in its portfolio (i.e., “naked” call options), it is subject to the risk that a liquid market for the underlying security may not exist at the time an option is exercised or when the Fund otherwise seeks to close out an option position. The Fund may use derivatives for any purpose consistent with its investment objective, including, without limitation, to improve expected risk-adjusted returns, to obtain economic exposure to certain issuers and to attempt to enhance income. The Fund may implement short positions, including through the use of derivative instruments, or through short sales of instruments that are eligible investments for the Fund and generally intends to use short positions to reduce exposure to certain risks and for hedging purposes. The Fund intends to use all or a portion of the proceeds from its short positions to take additional long positions or </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">otherwise use in a manner consistent with its investment guidelines.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Principal Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;"> Investors in the Fund should have a long-term perspective and be able to tolerate potentially sharp declines in value. The Fund’s principal risks include:</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Like all mutual funds, the Fund takes investment risks and it is possible for you to lose money by investing in the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Market Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Markets may perform poorly and the securities in which the Fund invests may underperform the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions, intervention and/or policies, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic, political, regulatory or other news.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Active Management Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The success of the Fund is dependent on the team’s investment decisions, which are based, in part, on the research process employed by the team. The portfolio securities selected by the team may decline in value or not increase in value when the market indices, including relevant benchmark indices, are rising, in which case the Fund could experience losses regardless of the performance of the market indices. When the team considers ESG factors in its research process, the Fund may forgo certain investment opportunities and underperform funds that do not consider ESG factors.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Dividend Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—There is no guarantee that the companies in which the Fund invests will declare dividends in the future or that dividends, if declared, will remain at current levels or increase over time. Securities that pay dividends may be sensitive to changes in interest rates, and as interest rates rise or fall, the prices of such securities may fall.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Small and Medium-Sized Company Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Securities of small and medium-sized companies tend to be more volatile and less liquid than securities of large companies. Compared to large companies, small and medium-sized companies typically may have analyst coverage by fewer brokerage firms – meaning they may trade at prices that reflect incomplete or inaccurate information. Smaller companies may have a shorter history of operations, less access to financing and a less diversified product line – making them more susceptible to market pressures and more likely to have volatile security prices. During some periods, securities of small and medium-sized companies, as an asset class, have underperformed the securities of larger companies.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Value Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Value stocks may fall out of favor with investors and underperform other asset types during given periods. The price of a company’s stock may never reach the level team considers its intrinsic value.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">REIT Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in REITs may subject the Fund to certain risks associated with a REIT’s direct investment in real property and real-estate related loans. A REIT that invests in real estate-related loans may be affected by the quality of the credit extended and interest rate risk, is dependent on specialized management skills, is subject to risks inherent in financing a limited number of properties, and may be subject to defaults by borrowers and to self-liquidations. In addition, a REIT may be affected by its failure to qualify for favorable tax treatment under the Internal Revenue Code of 1986, as amended, or failure to maintain exemption from registration under the Investment Company Act of 1940, as amended.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Convertible Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investing in convertible securities subjects the Fund to the risks of debt, but also the risks associated with an investment in the underlying equity security. Convertible securities are frequently issued with a call feature that allows the issuer to choose when to redeem the security, which could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Options Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;font-style:italic;">—</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">An option is an agreement that, for a premium payment or fee, gives the option holder (the purchaser) the right but not the obligation to buy (in the case of a “call option”) or sell (in the case of a “put option”) the underlying asset (or settle for cash an amount based on an underlying asset, rate, or index) at a specified price during a period of time or on a specified date. Investments in options are considered speculative. When the Fund purchases an option, it may lose the premium paid for it if the price of the underlying security or other assets decreased or remained the same (in the case of a call option) or increased or remained the same (in the case of a put option). Investments in options may also have the effect of creating leverage, in that they may expose the Fund to greater gains and losses than the amount of associated capital invested. Options held by the Fund may be more volatile than other types of assets. If a put or call option purchased by the Fund were to expire without being sold or exercised, its premium paid would represent a loss to the Fund. To the extent that the Fund writes or sells an option, it will be exposed to the risk that it may be required to buy or sell the underlying security at a disadvantageous price on or before the option’s expiration date. The Fund may face substantial losses in connection with any options that it writes.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Debt Securities Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The value of a debt security changes in response to various factors, including, for example, market-related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. Investments in debt securities are subject to, among other risks, credit risk, interest rate risk and high yield securities (“junk bond”) risk.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Short Position Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The risk that an increase in the value of an instrument with respect to which the Fund has established a short position for investment and/or risk management purposes will result in a loss to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Foreign Investing Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities may underperform US securities and may be more volatile than US securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts) and to securities of issuers with significant exposure to foreign markets include currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks, including less liquidity, high inflation rates and unfavorable economic practices; and political instability and expropriation and nationalization risks.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Emerging and Developing Markets Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Investment risks typically are greater in emerging and less developed markets, including “frontier markets”, which are a subset of emerging markets and less developed markets that, generally, have smaller economies and less mature capital markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. Their securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in the developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war or ethnic, religious or racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight. Such risks may be greater in frontier markets.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Liquidity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Liquidity risk is the risk that the Fund may be unable to sell a portfolio investment at a desirable time or at the value the Fund has placed on the investment. It may be more difficult for the Fund to determine a fair value of an illiquid investment than that of a more liquid comparable investment.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Valuation Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund’s investments are valued in accordance with Artisan Partners’ valuation policies. The valuation of any investment involves inherent uncertainty. The value of a security determined in accordance with the valuation policies may differ materially from the value that could have been realized in an actual sale or transfer for a variety of reasons, including the timing of the transaction and liquidity in the market.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Counterparty Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund will be subject to credit risk with respect to the counterparties to the derivative contracts and other instruments entered into by the Fund. If a counterparty becomes bankrupt or insolvent or otherwise fails to perform its obligations to the Fund due to financial difficulties, the Fund may experience significant losses or delays in obtaining any recovery (including recovery of any collateral it has provided to the counterparty) from the counterparty.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Currency Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Foreign securities usually are denominated and traded in foreign currencies and the exchange rates between foreign currencies and the US dollar fluctuate continuously. The Fund’s performance will be affected by its direct or indirect exposure, which may include exposure through US dollar denominated depositary receipts and participation certificates, to a particular currency due to favorable or unfavorable changes in currency exchange rates relative to the US dollar. The Fund’s direct or indirect exposure to a particular currency may be hedged to mitigate currency volatility or because the Fund believes a currency is overvalued. There can be no guarantee that any hedging activity will be successful. Hedging activity and/or use of forward foreign currency contracts may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the contracting party will not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price to the Fund.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Credit Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—An issuer or counterparty may fail to pay its obligations to the Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or other instrument or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s or other instrument’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="font-family:Arial;font-size:10pt;font-weight:bold;">Interest Rate Risks</span><span style="font-family:Arial Narrow;font-size:10pt;">—Interest rate risk is the risk that fixed income securities and other instruments in the Fund’s portfolio will fluctuate in value because of changes, or the anticipation of changes, in interest rates. In particular, during periods of rising interest rates, the values of such securities may decline and may result in losses to the Fund. Factors including central bank monetary policy, rising inflation rates, and changes in general economic conditions may cause interest rates to rise, which could cause the value of the Fund’s investments to decline. Interest rate changes can be sudden and unpredictable,</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">and the Fund may experience losses as a result of movements in interest rates. The Fund may not be able to hedge against changes in interest rates or may choose not to do so for cost or other reasons. Fixed income securities with longer durations tend to be more sensitive to changes in interest rates, usually making them more volatile in response</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">to changing</span><span style="font-family:Arial Narrow;font-size:10pt;line-height:12pt;"> </span><span style="font-family:Arial Narrow;font-size:10pt;">interest rates.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Leverage Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Certain transactions, including, for example, the use of certain derivatives and borrowing money, can result in leverage. Leverage generally has the effect of increasing the amounts of loss or gain the Fund might realize and creates the likelihood of greater volatility of the value of the Fund’s investments. There is risk of loss in excess of invested capital.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Derivatives Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—A derivative is a financial contract whose value depends on changes in the value of one or more underlying assets, reference rates or indexes. These instruments include, among others,  participation certificates, credit default swaps, currency forward contracts, currency swap contracts and other swap agreements and similar instruments. The Fund’s use of derivatives may involve risks different from, or greater than, the risks associated with investing in more traditional investments, such as stocks and bonds. Derivatives can be highly complex and may perform in ways unanticipated by Artisan Partners. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">In addition to the risks of an adverse change in the value of the underlying reference asset, the Fund’s use of derivatives, including, but not limited to, over-the-counter (“OTC”) derivatives, involves the risk that the other party to the derivative contract will fail to make required payments or otherwise to comply with the terms of the contract. Derivatives transactions can create investment leverage and may be highly volatile, and the Fund could lose more than the amount it invests, especially in unusual or extreme market conditions. Derivatives may be difficult to value and highly illiquid, and the Fund may not be able to close out or sell a derivative position at a particular time or at </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">an anticipated price. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0.00%;">US and non-US legislative and regulatory reforms, including those related to the Dodd-Frank Wall Street Reform and Consumer Protection Act (the “Dodd-Frank Act”), have resulted in, and may in the future result in, new regulation of derivative instruments and the Fund’s use of such instruments. New regulations could, among other things, restrict the Fund’s ability to engage in derivative transactions (for example, by making certain types of derivative instruments or transactions no longer available to the Fund) and/or increase the costs of such transactions, and the Fund may as a result be unable to execute its investment strategies in a manner Artisan Partners might otherwise </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">choose.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Risks of Emphasizing a Region, Country, Sector or Industry</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—If the Fund has invested a higher percentage of its total assets in a particular region, country, sector or industry, changes affecting that region, country, sector or industry may have a significant impact on the performance of the Fund’s overall portfolio.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Impact of Actions by Other Shareholders</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—The Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors in the Fund may have an adverse effect on the Fund and on other investors. For example, shareholder purchase and redemption activity may affect the per share amount of the Fund’s distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund’s shareholders subject to income tax who receive Fund distributions.</span> <span style="color:#999999;font-family:Arial Narrow;font-size:7pt;position:relative;top:-1.07pt;">■</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Operational and Cybersecurity Risks</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">—Operational failures, cyber-attacks or other disruptions that affect the Fund’s service providers, the Fund’s counterparties, other market participants or the issuers of securities held by the Fund may adversely affect the Fund and its shareholders, including by causing losses for the Fund or impairing Fund operations.</span> <span style="color:#000000;font-family:Arial;font-size:13pt;font-weight:bold;">Performance</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">This section provides some indication of the risks of investing in the Fund. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">The following bar chart shows how the performance of the Fund’s Investor Shares has varied over time.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">Past performance (before and after taxes) is not necessarily an indication of how any class of the Fund will perform in the future.</span> <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Calendar Year by Year Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;"> (%)</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">Highest/Lowest Quarter Returns (%) </span><span style="color:#4C4C4C;font-family:Arial Narrow;font-size:8pt;">During the time period shown in the bar chart.</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;">10.84</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">September 30, 2024</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span><span style="font-family:Arial Narrow;font-size:9pt;">-3.90</span><span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">December 31, 2024</span> <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Highest Quarter</span> 0.1084 2024-09-30 <span style="font-family:Arial Narrow;font-size:9pt;margin-left:0.0pt;">Lowest Quarter</span> -0.0390 2024-12-31 <span style="font-family:Arial;font-size:10pt;font-weight:bold;">Average Annual Total Returns</span><span style="font-family:Arial Narrow;font-size:10pt;">—</span><span style="font-family:Arial Narrow;font-size:8pt;">(For Periods Ended 31 December 2025)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">Your actual after-tax returns depend on your own tax situation and may differ from those shown. </span><span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span><span style="font-family:Arial Narrow;font-size:10pt;">For Periods Ended 31 December 2025 (%)</span> <span style="font-family:Arial Narrow;font-size:10pt;margin-left:0%;">The following table shows the average annual total returns (before and after taxes) and the change in value of two broad-based market indices over various periods ended 31 December </span><span style="font-family:Arial Narrow;font-size:10pt;">2025. The index information is intended to permit you to compare the Fund’s performance to broad measures of market performance.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;margin-left:0%;">After-tax returns are shown only for Investor Shares, and the after-tax returns for Advisor Shares and Institutional Shares will vary from Investor Shares.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are calculated using the historical highest individual federal marginal income tax rates and do not reflect the impact of state and local taxes.</span> <span style="color:#000000;font-family:Arial Narrow;font-size:10pt;">After-tax returns are not relevant to investors who hold their Fund shares in a tax-advantaged account, or to investors who are tax-exempt.</span> 0.1003 0.0536 2022-02-28 0.0944 0.0469 0.0633 0.0404 0.1788 0.1406 0.1212 0.0799 0.1014 0.0546 2022-02-28 0.1788 0.1406 0.1212 0.0799 0.1028 0.0552 2022-02-28 0.1788 0.1406 0.1212 0.0799 <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;margin-left:0%;">Updated performance information, including current NAV per share, may be obtained by calling </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;"> or visiting </span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span><span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">.</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">800.344.1770</span> <span style="color:#000000;font-family:Arial;font-size:10pt;font-weight:bold;">www.artisanpartners.com</span> “Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. “Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds and other investment companies (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. “Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Artisan Partners Limited Partnership, the Fund’s investment adviser (“Artisan Partners”), has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.50% of the average daily net assets of Investor Shares, 1.40% of the average daily net assets of Advisor Shares and 1.35% of the average daily net assets of Institutional Shares. This contract continues through 31 January 2027. “Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. “Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Artisan Partners Limited Partnership, the Fund's investment adviser (“Artisan Partners”), contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.50% of the average daily net assets of Investor Shares. This contract continues through 31 January 2027. Artisan Partners Limited Partnership, the Fund’s investment adviser (“Artisan Partners”), has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.15% of the average daily net assets of Investor Shares, 1.05% of the average daily net assets of Advisor Shares and 1.00% of the average daily net assets of Institutional Shares. This contract continues through 31 January 2027. “Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Artisan Partners Limited Partnership, the Fund’s investment adviser (“Artisan Partners”), has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.05% of the average daily net assets of Investor Shares, 0.95% of the average daily net assets of Advisor Shares and 0.90% of the average daily net assets of Institutional Shares. This contract continues through 31 January 2027. Prior to 1 December 2025, the expense limit, as a percentage of average daily net assets, was 1.20%, 1.10% and 1.05% for Investor Shares, Advisor Shares and Institutional Shares, respectively. “Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund's investment in one or more money market funds and other investment companies (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Artisan Partners Limited Partnership, the Fund’s investment adviser (“Artisan Partners”), has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.24% of the average daily net assets of Investor Shares, 1.14% of the average daily net assets of Advisor Shares and 1.09% of the average daily net assets of Institutional Shares. This contract continues through 31 January 2027. Artisan Partners Limited Partnership, the Fund’s investment adviser (“Artisan Partners”), has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.20% of the average daily net assets of Investor Shares, 1.10% of the average daily net assets of Advisor Shares and 1.05% of the average daily net assets of Institutional Shares. This contract continues through 31 January 2027. Artisan Partners Limited Partnership, the Fund’s investment adviser (“Artisan Partners”), has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.25% of the average daily net assets of Investor Shares, 1.15% of the average daily net assets of Advisor Shares and 1.10% of the average daily net assets of Institutional Shares. This contract continues through 31 January 2027. “Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Artisan Partners Limited Partnership, the Fund’s investment adviser (“Artisan Partners”), has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.25% of the average daily net assets of Investor Shares, 1.15% of the average daily net assets of Advisor Shares and 1.10% of the average daily net assets of Institutional Shares. This contract continues through 31 January 2027. Artisan Partners Limited Partnership, the Fund’s investment adviser (“Artisan Partners”), has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.35% of the average daily net assets of Investor Shares and 1.25% of the average daily net assets of Advisor Shares and 1.20% of the average daily net assets of Institutional Shares. This contract continues through 31 January 2027. “Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund's investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Artisan Partners Limited Partnership, the Fund’s investment adviser (“Artisan Partners”) has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 0.98% of the average daily net assets of Investor Shares, 0.88% of the average daily net assets of Advisor Shares and 0.83% of the average daily net assets of Institutional Shares. This contract continues through 31 January 2027. “Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. “Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses and Total Annual Fund Operating Expenses After Fee Waiver and Expense Reimbursement in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. Artisan Partners Limited Partnership, the Fund’s investment adviser (“Artisan Partners”), has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to Artisan Partners) not to exceed 1.40% of the average daily net assets of Investor Shares, 1.30% of the average daily net assets of Advisor Shares and 1.25% of the average daily net assets of Institutional Shares. This contract continues through 31 January 2027. “Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. “Acquired Fund Fees and Expenses” shown are for the fiscal year ended 30 September 2025 and are indirect expenses the Fund incurred from the Fund's investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds. “Other Expenses” include  “Acquired Fund Fees and Expenses,” which were less than 0.01% of the average net assets of the Fund. “Acquired Fund Fees and Expenses” are indirect expenses the Fund incurred from the Fund’s investment in one or more money market funds (acquired funds). To the extent that the Fund invests in acquired funds, Total Annual Fund Operating Expenses in the table above may not match the ratios of expenses to average net assets shown in the “Financial Highlights” in the Fund’s prospectus, since the Financial Highlights reflect the operating expenses of the Fund and do not include fees and expenses of acquired funds.