Portfolio and Market Discussion Artisan Partners Global Value Team

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1 Artisan High Income Fund Portfolio and Market Discussion Artisan Partners Global Value Team Daniel O Keefe, Portfolio Manager For Institutional Investors Only Not for Onward Distribution

2 Artisan Partners Global Value Team Artisan Partners Global Value Team Team Leadership Daniel J. O Keefe Lead Portfolio Manager: Global Value Portfolio Manager: Non-U.S. Value N. David Samra Lead Portfolio Manager: Non-U.S. Value Portfolio Manager: Global Value Associate Portfolio Managers Justin V. Bandy, CFA Ian P. McGonigle, CFA Michael J. McKinnon, CFA Joseph Vari Analyst Benjamin L. Herrick, CFA Research Associate Dain C. Tofson, CFA ARTISAN PARTNERS 2

3 Artisan Partners Global Value Team Investment Philosophy We focus on identifying high-quality, undervalued businesses that offer the potential for superior risk/reward outcomes Value Investing Long-Term Investment Horizon Risk Management Undervalued Companies Quality Businesses Financial Strength Shareholder-Oriented Management ARTISAN PARTNERS 3

4 Artisan Non-U.S. Value Strategy Investment Results Average Annual Total Returns 20% 15% 10% 5% 0% -5% (%) as of 31 Mar 2017 YTD 1 Yr 3 Yr 5 Yr 7 Yr 10 Yr Inception Artisan Non-U.S. Value Composite: Gross Artisan Non-U.S. Value Composite: Net MSCI EAFE Index MSCI EAFE Value Index Source: Artisan Partners/MSCI. Past performance does not guarantee and is not a reliable indicator of future results Gross- and net-of-fees performance shown for the Composite. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Current performance may be lower or higher than performance shown. Returns less than one year are not annualized. Composite inception: 1 Jul ARTISAN PARTNERS 4

5 Artisan Global Value Strategy Investment Results Average Annual Total Returns Source: Artisan Partners/MSCI. Past performance does not guarantee and is not a reliable indicator of future results. Gross- and net-of-fees performance shown for the Composite. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the composite. Current performance may be lower or higher than performance shown. Returns less than one year are not annualized. Composite inception: 1 Jul ARTISAN PARTNERS 5

6 Artisan Non-U.S. Value Strategy Contribution to Return Q and 1 Yr Q Yr Top Top Samsung Electronics Information Technology Samsung Electronics Information Technology Arch Capital Group Financials Tokyo Electron Information Technology ABB Industrials Arch Capital Group Financials Cie Financiere Richemont Consumer Discretionary ING Groep Financials Medtronic Health Care ABB Industrials Bottom Bottom Tesco Consumer Staples Tesco Consumer Staples Imperial Oil Energy Baidu Information Technology Panalpina Welttransport Holding Industrials Royal Bank of Scotland Financials Orkla Consumer Staples Lloyds Banking Group Financials Sugi Holdings Consumer Staples KIA Motors Consumer Discretionary Source: Artisan Partners/FactSet/GICS. As of 31 Mar Past performance does not guarantee and is not a reliable indicator of future results. The representative portfolio information is supplemental to the Artisan Non-U.S. Value Composite presentation provided and individual accounts within the Composite may vary. These securities made the greatest contribution to, or detracted most from, performance during the period. This is not a complete listing of portfolio activity. Upon request, Artisan will provide: (i) the calculation methodology and/or (ii) a list showing the contribution of each holding to overall performance during the measurement period. Securities of the same issuer are aggregated to determine the weight in the portfolio. Refer to Portfolio Holdings for security weights. The holdings mentioned above comprised the following average weights in the portfolio during the 1Q 2017 time period: Samsung Electronics Co Ltd 5.4%, Arch Capital Group Ltd 4.5%, ABB Ltd 4.0%, Cie Financiere Richemont SA 2.3%, Medtronic PLC 2.9%, Tesco PLC 2.6%, Imperial Oil Ltd 1.7%, Panalpina Welttransport Holding AG 2.2%, Orkla ASA 1.2%, Sugi Holdings Co Ltd 0.4%. The holdings mentioned above comprised the following average weights in the portfolio during the one-year time period: Samsung Electronics Co Ltd 5.2%, Tokyo Electron Ltd 2.3%, Arch Capital Group Ltd 4.3%, ING Groep NV 3.6%, ABB Ltd 4.0%, Tesco PLC 2.7%, Baidu Inc 3.7%, Royal Bank of Scotland Group PLC 3.2%, Lloyds Banking Group PLC 2.0%, Kia Motors Corp 0.7%. ARTISAN PARTNERS 6

7 Artisan Global Value Strategy Contribution to Return Q and 1 Yr Q Yr Top Top Samsung Electronics Information Technology Samsung Electronics Information Technology Oracle Information Technology Citigroup Financials Medtronic Health Care Arch Capital Group Financials Arch Capital Group Financials BNY Mellon Financials Telefonica Brasil Telecommunication Services Citizens Financial Group Financials Bottom Bottom QUALCOMM Information Technology Tesco Consumer Staples Tesco Consumer Staples Royal Bank of Scotland Financials Imperial Oil Energy Kia Motors Consumer Discretionary Citizens Financial Group Financials Baidu Information Technology Orkla Consumer Staples Imperial Oil Energy Source: Artisan Partners/FactSet/GICS. As of 31 Mar Past performance does not guarantee and is not a reliable indicator of future results. The representative portfolio information is supplemental to the Artisan Global Value Composite presentation provided and individual accounts within the Composite may vary. These securities made the greatest contribution to, or detracted most from, performance during the period. This is not a complete listing of portfolio activity. Upon request, Artisan will provide: (i) the calculation methodology and/or (ii) a list showing the contribution of each holding to overall performance during the measurement period. Securities of the same issuer are aggregated to determine the weight in the portfolio. Refer to Portfolio Holdings for security weights. The holdings mentioned above comprised the following average weights in the portfolio during the Q time period: Samsung Electronics Co Ltd 4.4%, Oracle Corp 3.4%, Medtronic PLC 3.0%, Arch Capital Group Ltd 3.9%, Telefonica Brasil SA 3.0%, QUALCOMM Inc 3.0%, Tesco PLC 2.4%, Imperial Oil Ltd 1.5%, Citizens Financial Group Inc 2.0%, Orkla ASA 1.0%. The holdings mentioned above comprised the following average weights in the portfolio during the one-year time period: Samsung ElectronicsCoLtd4.0%,CitigroupInc3.5%,ArchCapitalGroupLtd3.8%,TheBankofNew York Mellon Corp 3.9%, Citizens Financial Group Inc 1.8%, Tesco PLC 2.5%, Royal Bank of Scotland Group PLC 2.8%, Kia Motors Corp 1.1%, Baidu Inc 2.7%, Imperial Oil Ltd 1.6%. ARTISAN PARTNERS 7

8 Artisan Non-U.S. Value Strategy Top 10 Holdings Company Samsung Electronics Co Ltd (Korea) UBS Group AG (Switzerland) Arch Capital Group Ltd (United States*) Compass Group PLC (United Kingdom) Baidu Inc (China) ING Groep NV (Netherlands) ABB Ltd (Switzerland) Royal Bank of Scotland Group PLC (United Kingdom) RELX PLC (United Kingdom) TE Connectivity Ltd (United States*) Description and Investment Thesis A leader in smartphones, semiconductors and other electronic components. We believe Samsung s global scale and vertically integrated business model provide it with a competitive advantage. The world s largest wealth manager, the leading retail bank in Switzerland, a global asset manager and a leading global investment bank. UBS is one of the best-capitalized banks in the world, and we believe it has significant growth and capital return opportunities. A Bermuda-based company that writes insurance and reinsurance on a worldwide basis. We are attracted to Arch's strong management team, disciplined underwriting track record and solid capital base. The world's leading contract-catering business. This is a secular growth business as corporations continue to see the financial benefit of outsourcing their food service needs. The company is highly profitable as measured by return on capital and free cash flow generation, and its management is focused on generating value for shareholders. The dominant Internet search business in China. We are attracted to Baidu's high profitability and net cash position. We think the company should grow as Internet search continues to take advertising share in China. A banking and insurance conglomerate based in the Netherlands. ING recently completed a multi-year and extensive restructuring that saw it shed insurance and non-core assets, repay bailout funding from the government and cut costs. That process is now effectively complete, and its smaller and simplified form is performing well with an excellent capital position. Yet, it remains very attractively valued. A leading global engineering company and the largest global supplier of industrial motors, generators and power grids. We are attracted to ABB s strong balance sheet and believe it has the potential to improve margins. One of the leading retail and commercial banking franchises in the UK. We think it is making significant progress turning around the business and are attracted to its market-leading position and long-term earnings power. A leading publisher and professional information provider. We are attracted to RELX s strong competitive positions and its subscription-based business model, which offers a recurring source of revenue and solid cash flow generation. The world s largest provider of connectors and other electronic components. We think it has attractive long-term secular growth prospects and like its strong cash generation. % of total portfolio Total 40.4% Source: Artisan Partners/FactSet/MSCI. As of 31 Mar Securities of the same issuer are aggregated to determine the weight in the portfolio. *Securities classified as US are incorporated outside of the US. The representative portfolio information is supplemental to the Artisan Non-U.S. Value Composite presentation provided and individual accounts within the Composite may vary. ARTISAN PARTNERS 8

9 Artisan Global Value Strategy Top 10 Holdings Company Samsung Electronics Co Ltd (Korea) Arch Capital Group Ltd (United States) Citigroup Inc (United States) The Bank of New York Mellon Corp (United States) Oracle Corp (United States) ABB Ltd (Switzerland) Description and Investment Thesis A leader in smartphones, semiconductors and other electronic components. We believe Samsung s global scale and vertically integrated business model provide it with a competitive advantage. A Bermuda-based company that writes insurance and reinsurance on a worldwide basis. We are attracted to Arch s strong management team, disciplined underwriting track record and solid capital base. One of the world s largest financial institutions and credit card issuers. The bank is well capitalized, and we believe it will become significantly more overcapitalized. The combination of the global banking franchise and the potential for substantial excess capital generation makes its valuation highly attractive. A global financial services company with leading positions in securities servicing, issuer services and asset management. We are attracted to BNY Mellon s fee-based business model and its scale advantages. A major global vendor of enterprise software. We like Oracle s attractive valuation, solid balance sheet and dominant position in the highly profitable database market. A leading global engineering company and the largest global supplier of industrial motors, generators and power grids. We are attracted to ABB s strong balance sheet and believe it has the potential to improve margins. % of total portfolio Marsh & McLennan Cos Inc (United States) One of the world s largest insurance brokers. We are attracted to its market-leading positions and strong balance sheet. 3.3 Baidu Inc (China) Medtronic PLC (United States) The dominant search business in China. We are attracted to its high profitability and net cash positions. We think the company should grow as Internet search continues to take advertising share in China. One of the world s largest medical technology companies. We are attracted to Medtronic s leadership positions in most of its major markets, its significant cash generation (which it returns to shareholders) and its cheap multiple Telefonica Brasil SA (Brazil) Brazil s leading provider of mobile phone services. Its competitive advantages include its high market share in contract-based subscribers, the highest quality cellular network in Brazil, and the ownership of a fixed-line and broadband business. We believe Telefonica offers a unique value in the telecom space due to its strong financial position and cheap valuation. Total 34.9% 3.0 Source: Artisan Partners/FactSet/MSCI. As of 31 Mar Securities of the same issuer are aggregated to determine the weight in the portfolio. The representative portfolio information is supplemental to the Artisan Global Value Composite presentation provided and individual accounts within the Composite may vary. ARTISAN PARTNERS 9

10 Artisan Partners Global Value Team Sector Weights Artisan Non-U.S. Value Strategy MSCI EAFE Index MSCI EAFE Value Index Artisan Global Value Strategy MSCI All Country World Index Source: FactSet/GICS/MSCI. Percentages shown are of the representative portfolio equities. Based on a representative portfolio. Cash represented 12.8% and 13.0%, respectively, of the total portfolios of Artisan Non-U.S. Value Composite and Artisan Global Value Composite at 31 Mar The representative portfolio information is supplemental to the Artisan Non-U.S. Value Composite and Artisan Global Value Composite presentations provided and individual accounts within the Composite may vary. ARTISAN PARTNERS 10

11 Artisan Non-U.S. Value Strategy Portfolio Holdings By Country (% of total portfolio) *Securities classified as US are incorporated outside of the US. Source: FactSet/MSCI. As of 31 Mar Cash represented 12.8% of the total representative portfolio at 31 Mar Securities of the same issuer are aggregated to determine the weight in the portfolio. The representative portfolio information is supplemental to the Artisan Non-U.S. Value Composite presentation provided and individual accounts within the Composite may vary. ARTISAN PARTNERS 11

12 Artisan Non-U.S. Value Strategy Portfolio Holdings By Sector (% of total portfolio) Source: FactSet/GICS. As of 31 Mar Cash represented 12.8% of the total representative portfolio at 31 Mar Securities of the same issuer are aggregated to determine the weight in the portfolio. The representative portfolio information is supplemental to the Artisan Non-U.S. Value Composite presentation provided and individual accounts within the Composite may vary. ARTISAN PARTNERS 12

13 Artisan Global Value Strategy Portfolio Holdings By Country (% of total portfolio) Source: FactSet/MSCI. As of 31 Mar Cash represented 13.0% of the total representative portfolio at 31 Mar Securities of the same issuer are aggregated to determine the weight in the portfolio. The representative portfolio information is supplemental to the Artisan Global Value Composite presentation provided and individual accounts within the Composite may vary. ARTISAN PARTNERS 13

14 Artisan Global Value Strategy Portfolio Holdings By Sector (% of total portfolio) Source: FactSet/GICS. As of 31 Mar Cash represented 13.0% of the total representative portfolio at 31 Mar Securities of the same issuer are aggregated to determine the weight in the portfolio. The representative portfolio information is supplemental to the Artisan Global Value Composite presentation provided and individual accounts within the Composite may vary. ARTISAN PARTNERS 14

15 Q & A

16 GBLV-SA Artisan Partners Global Value Team Biographies Artisan Partners Global Value Team Daniel J. O Keefe is a managing director of Artisan Partners and founding partner of the Global Value team. He is lead portfolio manager of the Artisan Global Value Strategy, which he has managed since the portfolio's inception in July In addition, he is the portfolio co-manager of the Artisan Non-U.S. Value Strategy, which he has co-managed since October Prior to becoming portfolio manager in 2006, Mr. O'Keefe was a research analyst for the Global Value team since its inception in Prior to joining Artisan Partners in May 2002, Mr. O'Keefe was an analyst in international equities at Harris Associates LP from July 1997 through May Preceding his days at Harris Associates, he was an associate in mergers and acquisitions at BancAmerica Securities from February 1995 through July 1997, and was an analyst with Morningstar, Inc. from June 1993 through February Under the management of Mr. O'Keefe and his co-founding partner, David Samra, the Global Value team has been nominated six times (in 2008, consecutively from and again in 2016) for Morningstar, Inc.'s annual US fund manager awards. The team won the prestigious award in recognition of their efforts in 2008 and in 2013 for the management of international-stock funds. Mr. O'Keefe holds a bachelor's degree in philosophy from Northwestern University. N. David Samra is a managing director of Artisan Partners and founding partner of the Global Value team. He is lead portfolio manager of the Artisan Non-U.S. Value Strategy, which he has managed since the portfolio's inception in July In addition, he is the portfolio co-manager of the Artisan Global Value Strategy, which he has co-managed since its inception in July Prior to joining Artisan Partners in May 2002, Mr. Samra was a portfolio manager and a senior analyst in international equities at Harris Associates LP from August 1997 through May Earlier in his career, he was a portfolio manager with Montgomery Asset Management, Global Equities Division from June 1993 through August Under the management of Mr. Samra and his co-founding partner, Daniel O'Keefe, the Global Value team has been nominated six times (in 2008, consecutively from and again in 2016) for Morningstar, Inc.'s annual US fund manager awards. The team won the prestigious award in recognition of their efforts in 2008 and in 2013 for the management of international-stock funds. Mr. Samra holds a bachelor's degree in finance from Bentley College and a master's degree in business administration from Columbia Business School. Justin V. Bandy, CFA, is an associate portfolio manager on the Artisan Partners Global Value Team. In this role, he conducts fundamental research as a generalist. Prior to joining Artisan Partners in October 2009, Mr. Bandy was an equity research associate for KeyBanc Capital Markets, where he conducted research on mid-market software companies. Earlier in his career, he was a retail banking research analyst with the Lafferty Group / VRL Knowledgebank. Mr. Bandy holds a bachelor s degree in history and a bachelor s degree in geology-biology from Brown University. Ian P. McGonigle, CFA, is an associate portfolio manager on the Artisan Partners Global Value Team. In this role, he conducts fundamental research as a generalist. Prior to joining Artisan Partners in June 2009, Mr. McGonigle was a securities analyst for Eagle Capital Partners LLC. Earlier in his career, he was a research analyst and vice president for the First Eagle group of mutual funds at Arnhold and S. Bleichroeder Advisers LLC from 2007 to 2008, and a senior equity research analyst at Estabrook Capital Management LLC from 2003 to Mr. McGonigle holds a bachelor s degree in business from Franklin & Marshall College. ARTISAN PARTNERS 16

17 GBLV-SA Artisan Partners Global Value Team Biographies Artisan Partners Global Value Team Michael J. McKinnon, CFA, is an associate portfolio manager on the Artisan Partners Global Value Team. In this role, he conducts fundamental research as a generalist. Prior to joining Artisan Partners in February 2010, Mr. McKinnon was a securities analyst at Legg Mason Capital Management for all LMCM funds. Earlier in his career, he was a research analyst for Himalaya Capital, a long/short equity fund affiliated with Tiger Management, and a senior consultant at Arthur Andersen LLP. Mr. McKinnon holds a bachelor s degree in economics and Asian studies from Tufts University, a master s degree in public administration from Harvard Kennedy School and a master s degree in business administration from Columbia Business School. Joseph Vari is an associate portfolio manager on the Artisan Partners Global Value Team. In this role, he conducts fundamental research as a generalist. Prior to joining Artisan Partners in August 2012, Mr. Vari was a generalist analyst for Hunter Global Investors. Earlier in his career, he was a research analyst for Himalaya Capital, a long/short equity fund affiliated with Tiger Management. Mr. Vari holds a bachelor s degree in history (summa cum laude) from Loyola University, a master s degree in anthropology from Columbia University Graduate School of Arts and Sciences, and a master s degree in international affairs, international finance and banking from Columbia University School of International and Public Affairs. Benjamin L. Herrick, CFA, is an analyst on the Artisan Partners Global Value Team. In this role, he conducts fundamental research as a generalist. Prior to joining Artisan Partners in December 2015, Mr. Herrick was a senior equity analyst for Del Rey Global Investors. Earlier in his career, he was an equity analyst at Relational Investors, LLC. Mr. Herrick holds a bachelor s degree in economics from Claremont McKenna College and a master s degree in business administration from UCLA Anderson School of Management. Dain C. Tofson, CFA, is a research associate on the Artisan Partners Global Value Team. In this role, he conducts fundamental research as a generalist. Prior to joining Artisan Partners in April 2017, Mr. Tofson was an equity research analyst for Institutional Capital LLC, where he conducted research on companies in the capital spending and consumer durables sectors. Earlier in his career, he was a financial analyst at Ventas, Inc., and an investment analyst at MLG Capital. Mr. Tofson holds a bachelor s degree in business administration from the University of Wisconsin-Madison and a master s degree in business administration from the University of Chicago Booth School of Business. Robert G. Paulson is a managing director of Artisan Partners and a business leader for the firm s Global Value team. Prior to joining Artisan Partners in May 2005, Mr. Paulson was senior vice president/regional director of institutional business development and consultant relations for Franklin Templeton Investments. Mr. Paulson holds a bachelor s degree in economics from the University of Utah. AaronM.Roberts,CFA,is a director on the institutional client services team at Artisan Partners with responsibility for institutional marketing and client service of the strategies managed by the firm s Global Value team. Prior to joining Artisan Partners in January 2008, Mr. Roberts was vice president and director of research for the institutional consulting group at Callan Associates, Inc. Mr. Roberts holds a bachelor s degree in economics from the University of California-Los Angeles. ARTISAN PARTNERS 17

18 Artisan Partners Notes and Disclosures This section of this presentation contains information important to a complete understanding of the material presented. Please review it carefully. Artisan Partners is an independent investment management firm focused on providing high value-added, active investment strategies to sophisticated clients globally. Artisan Partners Limited Partnership (APLP) is an investment adviser registered with the US Securities and Exchange Commission (SEC). Artisan Partners UK LLP (APUK) is authorized and regulated by the Financial Conduct Authority and is a registered investment adviser with the SEC. APLP and APUK are collectively, with their parent company and affiliates, referred to as Artisan Partners herein. Form ADV: Additional information about APLP or APUK, the firms, its partners, ownership, investment strategies, fees and expenses and policies is contained in each firm s respective Form ADV. Each firm will supply a copy of its Form ADV upon request. Artisan Non-U.S. Value Strategy 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 are greater 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. Value securities may underperform other asset types during a given period. Artisan Global Value Strategy 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 are greater 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. Value securities may underperform other asset types during a given period. Composite Performance: All performance results are net of commissions and transaction costs, and have been presented gross or net of investment advisory fees. For performance presented net of fees, fees may be higher for certain pooled vehicles and the composite may include accounts with performance-based fees. Dividend income is recorded net of foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan Partners. Interest income is recorded on the accrual basis. Performance results for the index include reinvested dividends and are presented net of foreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. Unless otherwise indicated, the Artisan Strategy characteristics relate to that of an investment composite or a representative account managed within a composite. It is intended to provide a general illustration of the investment strategy and considerations used by Artisan Partners in managing that strategy. Individual accounts may differ, at times significantly, from the reference data shown due to varying account restrictions, fees and expenses, and since-inception time periods, among others. Where applicable, this information is supplemental to, and not to be construed with, a current or prospective client s investment account information. 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 by MSCI. Totals may not sum due to rounding. All data shown is in USD unless otherwise indicated. 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. Portfolio Statistics: Portfolio statistics are intended to provide a general view of the entire portfolio, or Index, at a certain point in time. Statistics are calculated using information obtained from various data sources. Artisan Partners excludes outliers when calculating portfolio statistics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics. This material represents the views and opinions of Artisan Partners as of June 2017, are based on current market conditions, which will fluctuate, and are subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation. Weightings of securities in the portfolio are based on the degree of undervaluation at the time of initiation of a position and are periodically re-adjusted. All weightings are subject to investment related considerations, including diversification and liquidity. 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. Upon request, Artisan Partners will furnish to any prospective client a complete list of all securities purchased over the last year, including the name of each security, the date(s) itwaspurchased and/or sold, the market price of those transactions, and the market price of those securities as of the most recent practicable date. 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 is for informational purposes only and shall not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before making investments in order to determine whether an investment will be suitable for them. In no event shall Artisan Partners have any liability for direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) losses or any other damages resulting from the use of this material Artisan Partners. All rights reserved. This material is not for use by retail investors and may not be reproduced or distributed without Artisan Partners' permission. For Institutional Investors Only Not for Onward Distribution ARTISAN PARTNERS 18