Artisan International Fund · Artisan High Income Fund 7 May 2020. Artisan International Fund. Mark...

Artisan High Income Fund

7 May 2020 Artisan International FundMark Yockey, CFA

This is an offering of shares of an Artisan Fund and does not create a relationship between the investor and Artisan Partners. The Notes and Disclosures section of this presentation contains important information. Readers are encouraged to review it carefully.

The Case for Mark Yockey and Artisan International Fund

Sustainable Growth

InvestmentOpportunities

Valuation

ARTISAN PARTNERS 1

Skilled Portfolio Leadership

Cohesive Team

A skilled manager of international equities, Mark Yockey was named Morningstar’s International-Stock Fund Manager of the year in 1998 and was also nominated for the award in 2014

December 2020 will represent the 25th anniversary of Mark managing the International Fund at Artisan Partners

Mark Yockey, Charles Hamker and Andrew Euretig have worked together for over 15 years

Time-Tested Investment Process

A consistent investment process focused on searching for sustainable growth in businesses that are trading at attractive relative valuations

Proven to be repeatable over a nearly 25-year track record

Artisan International Fund

Jason Kantor Daniel Reagan

HEALTH CARE

Claudia Corra Brice Vandamme Steven Foundos, CFA

FINANCIALS

Artisan Partners Global Equity TeamSeasoned Leadership, Continuity of Decision Makers, Diverse Perspectives

Portfolio Leadership

Artisan Partners Global Equity Team

Stephen Chan Jeff Zhu, CFA Richard Logan, CFA

Nikola Legetic, CFA Sam Zarnegar Ian Chua

Research Analysts

Portfolio Specialists

Diverse Perspectives

Idea Generation

Experienced

Deep Stock Research

Thematic Research

CONSUMER BUSINESSESINDUSTRIALS / CYCLICALS / TECHNOLOGY

RESEARCH ASSOCIATES (9) Fundamental Modeling Sector Research Support

Sean Howley | Jamie Sandison | Ben Helsby | Ami Fox

Brett Meyer, CFA, FRMChief Operating Officer

Process

Research

Decisions

Construction / Risk

Charles-Henri Hamker

Global EquityInternational

New York

Investment Experience: 30 Years

Andrew Euretig


San Francisco


Mark Yockey, CFA


New York


Team Offices Team Interaction

San Francisco New York Singapore London Twice weekly

Daily interactive between team members

Daily meetings and conferences with management teams

1995

ARTISAN PARTNERS 2

Investment Portfolio Committee Monthly meetings

Members include: Mark Yockey, Charles-Henri Hamker, Andrew Euretig, Brett Meyer and Claudia Corra

Talent, ESG, Risk

2003 2005 2010


Investment Process —Quality, Growth and Valuation

QualitySustainable

Growth


Valuation

Themes

ARTISAN PARTNERS 3


Long-Term Alpha Generation

Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worthmore or less than their original cost. Current performance may be lower or higher than that shown. Call 800.344.1770 for current to most recent month-end performance.Source: Artisan Partners/MSCI/Morningstar Direct. As of 31 Mar 2020. Performance data shown for the Investor Class. Investor Class represents the oldest share class in the Fund and generally has higher expenses and lower minimum investments. Upside Capture is a statisticalmeasure of an investment manager’s overall performance in up-markets. Downside Capture is a statistical measure of an investment manager’s overall performance in down-markets.

4

-200%

0%

200%

400%

600%

800%

1996

1998

2000

2002

2004

2006

2008

2010

2012

2014

2016

2018

2020

Artisan International Fund MSCI EAFE Index

Artisan International Fund Cumulative Returns Performance Up/Down Market Capture (%)

1 Yr 101.1 79.7

3 Yr 106.8 82.9

5 Yr 90.1 88.6

10 Yr 98.0 87.1

Inception 112.5 95.0

113% 95%

0%

25%

50%

75%

100%

125%

Upside Downside

Sinc

e In

cept

ion

Prospectus Expense Ratio—Investor Shares:1.19%

The Case for International—Diversification and Opportunity Set Benefits

Sustainable Growth


Valuation

ARTISAN PARTNERS 5

Source: Artisan Partners/FactSet. As of 31 Mar 2020. Past performance is not a reliable indicator of future results. Diversification does not guarantee a profit or protect against investment loss.

-40

-20

0

20

40

Mar-90 Mar-92 Mar-94 Mar-96 Mar-98 Mar-00 Mar-02 Mar-04 Mar-06 Mar-08 Mar-10 Mar-12 Mar-14 Mar-16 Mar-18 Mar-20

Diversification across geographies has proven to be beneficial over the long term• Economic growth rates vary around the world. • Tactically predicting periods of regional outperformance is challenging and can often erode value

S&P 500® Minus MSCI EAFE Rolling 12-Month Returns

Tota

lRet

urn

Diff

eren

tial

US Outperformed Non-US Outperformed US Outperformed

The Opportunity Set expands considerably by including international equities in portfolios

• The US population is 328m, the world population is 7.8bn; by ignoring growth trends in the rest of the world, investors may be missing out on significant potential returns

• Historically, international markets have been less efficient than the US, providing a superior opportunity set for skilled stock pickers to capitalize on market dislocations

Investable Universe Comparison

MSCIEAFE

MSCI ACWI ex US

S&P500®

# of Companies 918 2,411 500

Top 10% Weight 13.4% 8.8% 26.6%

Weighted Avg. Market Cap $57bn $72bn $284bn

Median Market Cap $8bn $6bn $18bn

# of Countries 22 49 1

# of GICS Sectors 11 11 11

# of Currencies 13 37 1


Sustainable Growth at Reasonable Valuations

Sustainable Growth


Valuation

ARTISAN PARTNERS 6

Finding sustainable growth at reasonable valuations has been a consistent focus since the team’s inception

The Artisan International Fund’s 3-5 Yr EPS Growth rate exceeds that of the S&P 500® Index, and is ~58% higher than that of its primary benchmark, the MSCI EAFE Index This is a testament to the team’s ability to find growth opportunities and exercise its degrees of freedom

The Artisan International Fund’s P/E ratio is below that of the S&P 500® Index, while still exhibiting a more favorable growth outlook The Fund’s P/E ratio is higher than that of the MSCI EAFE Index, but the Fund’s higher 3-5 YR EPS growth

results in a lower PEG ratio of 1.4x compared to 1.7x for the MSCI EAFE Index

Relative to these broad-based US and International Indices, Artisan’s International Fund is more competitive factoring in both growth and valuation—reflecting the team’s consistent focus on seeking the most attractive sustainable growth opportunities selling at reasonable valuations

Artisan International Fund MSCI EAFE Index S&P 500® Index

EPS Growth Rate (3-5 Yr)1 11.5% 7.3% 10.7%

P/E Ratio (FY1)2 15.6x 12.3x 16.2x

Source: Artisan Partners/FactSet. As of 31 Mar 2020. 1Weighted-average earnings per share (EPS) growth. 2Weighted Harmonic Average P/E (a measure of how expensive a stock is) is the harmonic average, which measures the price/earnings ratio, excluding negativeearners, weighted by the size of the company's position within the portfolio or index. The earnings figures used for FY1 are estimates for the current unreported fiscal year.


Sustainable Growth—Examples

Refer to Portfolio Holdings for security weights. Portfolio holdings are subject to change without notice. The themes and stock examples listed are for illustrative purposes only


ARTISAN PARTNERS 7

Linde

INDUSTRIAL GASES

Aon

RISK/INSURANCE BROKERAGE

Deutsche Boerse

EXCHANGES

Source: Company/Artisan estimates.

Linde-Praxair

Air ProductsAir

Liquide

Messer (CVC)

Taiyo Nippon Sanso

Other

Top 4 players comprise over 70% of the market

33%

25%

23%

9%4%

6%8.2% 7.7%

11.0%12.9% 12.9%

14.7%

18.1% 17.8% 18.0%

2010 2011 2012 2013 2014 2015 2016 2017 2018

Free Cash Flow Margin (%)

Source: Aon Financial report 2018 Source: Deutsche Boerse Group financial report 2018.

Diversified Revenue StreamsNet Revenue by Segment

Eurex (Financial

Derivatives)

Clearstream (Post-Trading)

EEX (Commod…

Xetra (Cash …

Other

34%

26%

23%

9%

8%


Portfolio Holdings (% of total portfolio)

Source: GICS. As of 31 Mar 2020. Cash represented 3.9% of the total portfolio at 31 Mar 2020. Securities of the same issuer are aggregated to determine the weight in the portfolio.

8

Why Consider Artisan International Fund Now?

Sustainable Growth


Valuation

ARTISAN PARTNERS 9

While the world and financial markets continue to be littered with uncertainty, and there are many things we do not know, here’s what WE DO KNOW:

Mark Yockey is a proven investor with a record of investing for 30+ years, navigating multiple market cycles, the TMT bubble, 9/11, the Global Financial Crisis, the Euro crisis, Brexit and now the COVID-19 pandemic—investors looking for a fund with overseas growth and a valuation discipline should continue to have conviction that Artisan International Fund is focused on finding sustainable long-term growth opportunities at reasonable valuations.

In any significant worldwide event, winners and losers will emerge

We believe the winners will be companies that provide essential goods and services (Aon, Lonza), possess unique assets (Amazon, Alibaba), have pricing power (Nestle, Air Liquide) and have dominant market positions or oligopolies (Linde, Deutsche Boerse)

- These are the types of businesses we have owned for 25 years

Secular growth characteristics should be even more prized in this environment

- Areas of secular growth include e-commerce, logistics, technology, health care, and consumer non-durables, among others

- Our team of senior research analysts and research associates are diligently evaluating businesses within each of these sub-themes where we are finding promising long-term growth stories at reasonable valuations


What We Seek in a Potential Investment: Attributes that Lead to Sustainable Growth

APPENDIX

Top 10 Holdings

Source: Artisan Partners. As of 31 Mar 2020. Securities of the same issuer are aggregated to determine the weight in the portfolio.


ARTISAN PARTNERS 12

Company Initial Purchase % of total portfolio

Linde PLCOne of the world’s largest industrial gas providers, supplying customers across a diverse range of industries.

15 Mar 2007 6.5

Deutsche Boerse AG Largest exchanges operator in Europe. 20 Jan 2016 6.2

Air Liquide SA A global leader in the consolidated industrial gases industry. 25 Apr 2018 4.7

Nestle SA World’s leading food company with a large portfolio of billionaire brands. 18 Dec 2001 4.4

AIA Group Ltd The largest independent publicly listed pan-Asian insurance group. 22 Oct 2010 3.8

Aon PLC A leading global provider of risk management, insurance and reinsurance brokerage. 7 Oct 2015 3.5

Amazon.com Inc One of the world’s largest online retailers and a leading provider of enterprise cloud services. 12 Dec 2018 2.9

Wirecard AG A leading provider of Internet payment and processing software. 16 Sep 2015 2.9

Medtronic PLC A diversified medical devices company. 26 Mar 2015 2.6

Nippon Shinyaku Co Ltd A Japanese pharmaceuticals and health-foods products company. 25 Sep 2018 2.5

Total 40.0%


Sector and Region Weights

Relative Region Weights Relative Sector Weights

ARTISAN PARTNERS 13

Source: FactSet/GICS/MSCI. As of 31 Mar 2020. Percentages shown are of the portfolio equities compared to the MSCI EAFE Index. Cash represented 3.9% of the total portfolio at 31 Mar 2020.

Sector Weights Region Weights

Investment Process— Idea Generation


Sustainable Growth


ARTISAN PARTNERS

Our ability to cut through the enormous amount of noise and remain focused on what matters is critical to directing our research appropriately.

14


Sustainable Growth factors outlined above apply to the investment selection criteria.

Investment Process—In-Depth Analysis

ARTISAN PARTNERS 15

Quality

Sustainable Growth

Valuation

Focused management and strong governance

Proven track record, clear business strategy

Alignment of interest, treatment of stakeholders

Financial strength, ROE, ROIC

Dominant market position, high barriers to entry

Unique assets, brand strength pricing power

Investing for the future, responsible practices

High and/or improving profit margins

Significant free cash flow

EV/EBITDA

FCF yield

PEG ratio

Sum-of-the-parts

Relative to history and peers


Investment Results—Average Annual Total Returns

Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worthmore or less than their original cost. Current performance may be lower or higher than that shown. Call 800.344.1770 for current to most recent month-end performance.Source: MSCI. Returns less than one year are not annualized. Institutional Class performance is that of the Investor Class from 28 Dec 1995 through the inception of the Institutional Class on 1 Jul 1997, and actual Institutional Class performance thereafter. Advisor Classperformance is that of the Investor Class from 28 Dec 1995 through the inception of the Advisor Class on 1 Apr 2015, and actual Advisor Class performance thereafter. Investor Class inception: 28 Dec 1995. Performance has not been adjusted to reflect the expenses of theAdvisor and Institutional Classes for the periods prior to their inceptions, and each Class’s performance results would differ if such expenses were reflected. Investor Class represents the oldest share class in the Fund and generally has higher expenses and lower minimuminvestments. MSCI ACWI ex USA Index performance represents the MSCI ACWI ex USA (Gross) Index from inception to 31 Dec 2000 and the MSCI ACWI ex USA (Net) Index from 1 Jan 2001 forward. 1Based on the Lipper International Large-Cap Growth category. 2Battingaverage is calculated as the percentage of 36-month periods (monthly) that the Fund outperformed the MSCI EAFE Index.

(%) as of 31 Mar 2020 QTD 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Inception Investor Class: ARTIX -21.26 -7.78 2.92 -0.20 2.72 4.92 7.89

Advisor Class: APDIX -21.23 -7.62 3.07 -0.04 2.84 5.00 7.93

Institutional Class: APHIX -21.21 -7.56 3.15 0.03 2.95 5.16 8.11

MSCI EAFE Index -22.83 -14.38 -1.82 -0.62 1.75 2.72 3.74

MSCI ACWI ex USA Index -23.36 -15.57 -1.96 -0.64 1.06 2.05 4.12

Annual Report3 / Prospectus4

Expense Ratio—Investor Shares 1.19% / 1.19%Expense Ratio—Advisor Shares 1.04% / 1.04%Expense Ratio—Institutional Shares 0.96% / 0.97%3Audited. For the fiscal year ended 30 Sep 2019. 4See prospectus for further details.

ARTISAN PARTNERS 16

Lipper Percentile Rank—Investor Class 26 30 60 40 18 4Lipper Absolute Rank / # of Funds in Category 53/210 57/194 96/159 56/141 21/118 1/24

Lipper rankings are based on total return, are historical and do not represent future results. Artisan International Fund is ranked within Lipper, Inc.'s International Large-Cap Growth category. The number of funds inthe category may include several share classes of the same mutual fund which may have a material impact on the fund’s ranking within the category.

Since inception, the Fund (+7.9%) has outperformed the MSCI EAFE (+3.7%) and performed nearly in line with the S&P 500 (+8.1%) on an annualized basis

Strong outperformance versus peers since inception: ranked 1st in its Lipper category1

Historical attribution reveals relative outperformance driven by stock selection with a high batting average (64%) based on rolling three-year periods2

Artisan Global Equity Fund

Investment Results—Average Annual Total Returns

(%) as of 31 Mar 2020 QTD 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Inception Investor Class: ARTHX -15.96 -2.41 9.30 5.69 7.69 10.13 10.09

Institutional Class: APHHX -15.96 -2.21 9.54 5.92 7.85 10.25 10.21

MSCI All Country World Index -21.37 -11.26 1.50 2.85 5.07 5.88 5.68

-25%

-20%

-15%

-10%

-5%

0%

5%

10%

15%

Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may be worthmore or less than their original cost. Current performance may be lower or higher than that shown. Call 800.344.1770 for current to most recent month-end performance. Performance may reflectagreements to limit a Fund’s expenses, which would reduce performance if not in effect.Source: MSCI. Returns less than one year are not annualized. Institutional Class performance is that of the Investor Class from 29 Mar 2010 through the inception of the Institutional Class on 15 Oct 2015, and actual Institutional Class performance thereafter. Investor Classinception: 29 Mar 2010. Performance has not been adjusted to reflect the expenses of the Institutional Class for the period prior to the Class's inception, and Institutional Class performance results would differ if such expenses were reflected. Investor Class represents the oldestshare class in the Fund and generally has higher expenses and lower minimum investments.

ARTISAN PARTNERS 17

Annual Report1 / Prospectus2

Expense Ratio—Investor Shares 1.38% / 1.28%Expense Ratio—Institutional Shares 1.16% / 1.07%1Audited. For the fiscal year ended 30 Sep 2019. 2Reflects a reduction in management fees,effective as of 15 Nov 2019. See prospectus for further details.

Lipper Percentile Rank—Investor Class 14 11 34 39 20 18Lipper Absolute Rank / # of Funds in Category 29/219 20/185 48/142 48/123 17/86 15/84

Lipper rankings are based on total return, are historical and do not represent future results. Artisan Global Equity Fund is ranked within Lipper, Inc.’s Global Multi-Cap Growth category. Thenumber of funds in the category may include several share classes of the same mutual fund which may have a material impact on the fund’s ranking within the category.

For Financial Advisor Use Only. Not for Distribution to the Public.

Notes and Disclosures

Artisan Partners

This section of this presentation contains information important to a complete understanding of the material presented. Please review it carefully.

Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information is contained in the Fund's prospectus and summaryprospectus, which can be obtained by visiting www.artisanpartners.com/prospectus. Read carefully before investing.These materials are presented in connection with an offer of the shares of a Fund in the series of Artisan Partners Funds, Inc. These materials are not an offer for any other mutual fund mentioned. A purchase of shares of an Artisan Partners Fund does not create an investment advisoryrelationship between the investor and Artisan Partners Limited Partnership, the investment adviser to the Fund. In addition to acting as investment adviser to the Fund, Artisan Partners provides institutional investment management services.


Current and future holdings are subject to risk. International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically aregreater in emerging markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Growth securities mayunderperform other asset types during a given period.

Artisan Global Equity Fund

Current and future holdings are subject to risk. International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically aregreater in emerging markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Growth securities mayunderperform other asset types during a given period.

MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. MSCI All Country World ex USA Index measures the performance of developed and emerging markets, excluding the US. MSCI All Country World Index measures the performance of developedand emerging markets. S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market.The benchmark index(es) presented are unmanaged, market-weighted indices whose returns include net reinvested dividends, but, unlike the portfolio'sreturns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. An investment cannot be made directly into an index.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced byMSCI.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2020 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibitedwithout written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes anyrepresentation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

Totals may not sum due to rounding. All data shown is in USD unless otherwise indicated.

Morningstar data: ©2020, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information.

Morningstar Award: Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers’ funds must have notonly posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders’.

Morningstar Inc.’s awards are based on qualitative evaluation and research, thus subjective in nature and should not be used as the sole basis for investment decisions. Morningstar’s awards are not guarantees of a fund’s future investment performance. Morningstar, Inc. does not sponsor,issue, sell or promote any open-end mutual funds including the Artisan Partners Funds.

Sector Allocation: Sector exposure percentages reflect sector designations as currently classified by GICS. The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). Neither MSCI, S&P,their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy, completeness,merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.

Country Allocation: Historical country exposure percentages reflect country designations as classified by MSCI as of the date shown. Securities not classified by MSCI reflect country designations as of the date the report was generated.

This material may include the views of the portfolio manager and other information relating to the portfolio and portfolio securities. While we believe the data accurately reflects the investment process, this information is presented as of the date indicated and will change over time.

Security Examples: The security examples provided do not constitute recommendations to buy or sell investments. The examples present information about the companies believed to be accurate and are the views of the portfolio managers as of the date indicated.

ARTISAN PARTNERS 18

For Financial Advisor Use Only. Not for Distribution to the Public.

Notes and Disclosures (continued)

Artisan Partners

Portfolio Holdings: For the purpose of determining the portfolio's holdings, securities of the same issuer are aggregated to determine the weight in the portfolio. For an index, the largest holdings are calculated at the security level and do not aggregate securities held by an issuer. Holdings information is not intended to represent or predict portfolio investment performance or as a recommendation of any individual security. A complete list of the securities held by portfolio, other than cash and cash equivalents unless otherwise noted, as of the date indicated is included. Securities named in this material, but not listed within the portfolio holdings page were not held as of the date reported. Portfolio holdings are subject to change without notice. This listing is for informational purposes only and may not be identical to the official books and records of the Fund. Security names may not represent the official legal corporate name. Please refer to the Fund's most recent Annual Report for an audited portfolio holdings list.

Alpha is a quantitative measure of the volatility of the portfolio relative to a designated index. A positive alpha of 1.0 means the fund has outperformed its designated index by 1%. Correspondingly, a similar negative alpha would indicate an underperformance of 1%. Batting average measures a portfolio manager's abiltiy to outperform a given index. Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity. Return on Invested Capital (ROIC) is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. EV/EBITDA is a measure of the intrinsic value of a business. EV is calculated as the market capitalization of the company plus its long-term debt. EBITDA is an approximate measure of a company's operating cash flow based on data from the company's income statement. It is calculated by looking at earnings before the deduction of interest expenses, taxes, depreciation, and amortization. Free Cash Flow (FCF) yield is a measure of valuation that compares free cash flow per share to the market value per share. The PEG Ratio is (an indicator of a stock's potential value) measures the ratio of the P/E of a company to the growth rate.

This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed as investment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser before making investments in order to determine the appropriateness of any investment product discussed herein.

Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealer subsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Partners Funds, iswholly owned by Artisan Partners Holdings LP.

© 2020 Artisan Partners. All rights reserved.

ARTISAN PARTNERS 19

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