Artisan Partners Global Value Team 31, 2017 · Portfolio and Market Discussion Artisan Partners Global Value Team N ... A leader in smartphones ... around the business and are attracted

Artisan High Income Fund

For Institutional Investors Only—Not for Onward Distribution

Portfolio and Market Discussion

Artisan Partners Global Value TeamN. David Samra, Portfolio Manager

Aaron Roberts, Director

Artisan Partners Global Value Team


Team Leadership

N. David Samra Daniel J. O’KeefeLead Portfolio Manager: Non-U.S. Value

Portfolio Manager: Global Value

Lead Portfolio Manager: Global Value

Portfolio Manager: Non-U.S. Value

Associate Portfolio Managers

Ian P. McGonigle, CFA

Justin V. Bandy, CFA

Michael J. McKinnon, CFA

Joseph Vari

Analyst

Benjamin L. Herrick, CFA

Research Associate

Dain C. Tofson, CFA

ARTISAN PARTNERS 2

Where Do Our Returns Come From?

Discount Rates

Present value of future cash flows

Utilize conservative estimates of earnings power

Cost of equity + cost of debt

Developed markets vs. emerging markets

ARTISAN PARTNERS 4

Artisan Global Value Team

Hurdle Rate

We seek a 30% discount to our internal estimates of intrinsic value

10, 10, 5

Unwind of discount rate = 10%

Unwind of hurdle rate = 10%

Mistakes = -5%

Net return = 15%

ARTISAN PARTNERS 5


For illustrative purposes only.

Price to Intrinsic Value

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Non-U.S. Value Strategy

Source: Artisan Partners. As of 31 Mar 2017. Valuation estimates are based on investment team judgment. The representative portfolio information is supplemental to the Artisan Non-U.S. Value Composite presentations provided and individual accounts within the Composite may vary.

Weighted Average Price to Intrinsic Value

ARTISAN PARTNERS

Artisan Non-U.S. Value Strategy

Current State Of Affairs

Today’s portfolio discount is rather narrow

How can we widen the discount?

Uncover new, undervalued businesses

Reinvestment in the portfolio

Stock market decline

ARTISAN PARTNERS 7



Investment Results—Calendar Year 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 withinthe composite. Current performance may be lower or higher than performance shown. Composite inception: 1 Jul 2002.

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 2016

■ Artisan Non-U.S. Value Composite: Gross 59.96 34.30 10.86 35.47 0.31 -29.06 35.29 20.18 -6.07 23.76 32.35 1.10 -0.64 6.44

■ Artisan Non-U.S. Value Composite: Net 58.43 33.00 9.78 34.23 -0.62 -29.74 34.05 19.09 -6.95 22.63 31.15 0.17 -1.56 5.46

■ MSCI EAFE Index 38.59 20.25 13.54 26.34 11.17 -43.38 31.78 7.75 -12.14 17.32 22.78 -4.90 -0.81 1.00

■ MSCI EAFE Value Index 45.30 24.33 13.80 30.38 5.96 -44.09 34.23 3.25 -12.17 17.69 22.95 -5.39 -5.68 5.02

-50%

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ARTISAN PARTNERS 8

Artisan Global Value Strategy

Investment Results—Calendar Year 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 withinthe composite. Current performance may be lower or higher than performance shown. Composite inception: 1 Jul 2007.

2008 2009 2010 2011 2012 2013 2014 2015 2016

Artisan Global Value Composite: Gross -28.53 35.14 17.34 3.22 20.67 33.74 6.16 -1.83 11.32

Artisan Global Value Composite: Net -29.26 33.84 16.20 2.19 19.50 32.48 5.15 -2.77 10.26

MSCI All Country World Index -42.19 34.63 12.67 -7.35 16.13 22.80 4.16 -2.36 7.86

-45%

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ARTISAN PARTNERS 9

Q & A

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 11

Contribution to Return—Q1 2017 and 1 Yr

Source: Artisan Partners/FactSet/GICS. As of 31 Mar 2017. 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 withinthe 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 tooverall 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 thefollowing 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%, KiaMotors Corp 0.7%.

Q1 2017 1 YrTop 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


12ARTISAN PARTNERS

Q1 2017 1 YrTop 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

Contribution to Return—Q1 2017 and 1 Yr

Source: Artisan Partners/FactSet/GICS. As of 31 Mar 2017. 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 withinthe 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 tooverall 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 Q1 2017 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 averageweights in the portfolio during the one-year time period: Samsung Electronics Co Ltd 4.0%, Citigroup Inc 3.5%, Arch Capital Group Ltd 3.8%, The Bank of New 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 Inc2.7%, Imperial Oil Ltd 1.6%.


13ARTISAN PARTNERS

Top 10 Holdings

Company Description and Investment Thesis% of

total portfolio

Samsung Electronics Co Ltd(Korea)

A leader in smartphones, semiconductors and other electronic components. We believe Samsung’s global scale and verticallyintegrated business model provide it with a competitive advantage.

5.7

UBS Group AG(Switzerland)

The world’s largest wealth manager, the leading retail bank in Switzerland, a global asset manager and a leading globalinvestment bank. UBS is one of the best-capitalized banks in the world, and we believe it has significant growth and capitalreturn opportunities.

4.6

Arch Capital Group Ltd (United States*)

A Bermuda-based company that writes insurance and reinsurance on a worldwide basis. We are attracted to Arch's strongmanagement team, disciplined underwriting track record and solid capital base.

4.5

Compass Group PLC(United Kingdom)

The world's leading contract-catering business. This is a secular growth business as corporations continue to see the financialbenefit of outsourcing their food service needs. The company is highly profitable as measured by return on capital and freecash flow generation, and its management is focused on generating value for shareholders.

4.3

Baidu Inc(China)

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.

4.0

ING Groep NV(Netherlands)

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.

4.0

ABB Ltd(Switzerland)

A leading global engineering company and the largest global supplier of industrial motors, generators and power grids. Weare attracted to ABB’s strong balance sheet and believe it has the potential to improve margins.

4.0

Royal Bank of Scotland Group PLC(United Kingdom)

One of the leading retail and commercial banking franchises in the UK. We think it is making significant progress turningaround the business and are attracted to its market-leading position and long-term earnings power.

3.3

RELX PLC(United Kingdom)

A leading publisher and professional information provider. We are attracted to RELX’s strong competitive positions and itssubscription-based business model, which offers a recurring source of revenue and solid cash flow generation.

3.0

TE Connectivity Ltd(United States*)

The world’s largest provider of connectors and other electronic components. We think it has attractive long-term seculargrowth prospects and like its strong cash generation.

2.9

Total 40.4%

Source: Artisan Partners/FactSet/MSCI. As of 31 Mar 2017. 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 Compositepresentation provided and individual accounts within the Composite may vary.


14ARTISAN PARTNERS

Top 10 Holdings

Company Description and Investment Thesis% of

total portfolio

Samsung Electronics Co Ltd(Korea)

A leader in smartphones, semiconductors and other electronic components. We believe Samsung’s global scale and verticallyintegrated business model provide it with a competitive advantage.

4.7

Arch Capital Group Ltd (United States)

A Bermuda-based company that writes insurance and reinsurance on a worldwide basis. We are attracted to Arch’s strongmanagement team, disciplined underwriting track record and solid capital base.

3.8

Citigroup Inc(United States)

One of the world’s largest financial institutions and credit card issuers. The bank is well capitalized, and we believe it willbecome significantly more overcapitalized. The combination of the global banking franchise and the potential for substantialexcess capital generation makes its valuation highly attractive.

3.7

The Bank of New York Mellon Corp(United States)

A global financial services company with leading positions in securities servicing, issuer services and asset management. Weare attracted to BNY Mellon’s fee-based business model and its scale advantages.

3.6

Oracle Corp(United States)

A major global vendor of enterprise software. We like Oracle’s attractive valuation, solid balance sheet and dominant positionin the highly profitable database market.

3.4

ABB Ltd(Switzerland)

A leading global engineering company and the largest global supplier of industrial motors, generators and power grids. Weare attracted to ABB’s strong balance sheet and believe it has the potential to improve margins.

3.3

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)

The dominant search business in China. We are attracted to its high profitability and net cash positions. We think thecompany should grow as Internet search continues to take advertising share in China.

3.1

Medtronic PLC(United States)

One of the world’s largest medical technology companies. We are attracted to Medtronic’s leadership positions in most of itsmajor markets, its significant cash generation (which it returns to shareholders) and its cheap multiple.

3.1

Telefonica Brasil SA(Brazil)

Brazil’s leading provider of mobile phone services. Its competitive advantages include its high market share in contract-basedsubscribers, the highest quality cellular network in Brazil, and the ownership of a fixed-line and broadband business. Webelieve Telefonica offers a unique value in the telecom space due to its strong financial position and cheap valuation.

3.0

Total 34.9%

Source: Artisan Partners/FactSet/MSCI. As of 31 Mar 2017. 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 theComposite may vary.


15ARTISAN PARTNERS


Sector Weights

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 2017. The representativeportfolio 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 GlobalValue Strategy

MSCI All Country World IndexMSCI EAFE Index

MSCI EAFEValue Index

16ARTISAN PARTNERS


Portfolio Holdings—By Country (% of total portfolio)

Source: FactSet/MSCI. As of 31 Mar 2017. Cash represented 12.8% of the total representative portfolio at 31 Mar 2017. 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 Compositepresentation provided and individual accounts within the Composite may vary.

*Securities classified as US are incorporated outside of the US.

17ARTISAN PARTNERS


Portfolio Holdings—By Sector (% of total portfolio)

Source: FactSet/GICS. As of 31 Mar 2017. Cash represented 12.8% of the total representative portfolio at 31 Mar 2017. 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 Compositepresentation provided and individual accounts within the Composite may vary.

ARTISAN PARTNERS 18


Portfolio Holdings—By Country (% of total portfolio)

Source: FactSet/MSCI. As of 31 Mar 2017. Cash represented 13.0% of the total representative portfolio at 31 Mar 2017. 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 Compositepresentation provided and individual accounts within the Composite may vary.

19ARTISAN PARTNERS


Portfolio Holdings—By Sector (% of total portfolio)

Source: FactSet/GICS. As of 31 Mar 2017. Cash represented 13.0% of the total representative portfolio at 31 Mar 2017. 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 Compositepresentation provided and individual accounts within the Composite may vary.

ARTISAN PARTNERS 20

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, whichhe has managed since the portfolio's inception in July 2002. In addition, he is the portfolio co-manager of the Artisan Global Value Strategy, which he has co-managed sinceits inception in July 2007. Prior to joining Artisan Partners in May 2002, Mr. Samra was a portfolio manager and a senior analyst in international equities at Harris Associates LPfrom August 1997 through May 2002. Earlier in his career, he was a portfolio manager with Montgomery Asset Management, Global Equities Division from June 1993 throughAugust 1997.

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 2011-2014 andagain 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 managementof 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.

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, whichhe has managed since the portfolio's inception in July 2007. In addition, he is the portfolio co-manager of the Artisan Non-U.S. Value Strategy, which he has co-managed sinceOctober 2006. Prior to becoming portfolio manager in 2006, Mr. O'Keefe was a research analyst for the Global Value team since its inception in 2002. Prior to joining Artisan Partnersin May 2002, Mr. O'Keefe was an analyst in international equities at Harris Associates LP from July 1997 through May 2002. Preceding his days at Harris Associates, he wasan associate in mergers and acquisitions at BancAmerica Securities from February 1995 through July 1997, and was an analyst with Morningstar, Inc. from June 1993 throughFebruary 1995.

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 2011-2014 andagain 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 managementof international-stock funds.

Mr. O'Keefe holds a bachelor's degree in philosophy from Northwestern 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 joiningArtisan 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 FirstEagle 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 2003to 2007. Mr. McGonigle holds a bachelor’s degree in business from Franklin & Marshall College.

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 joiningArtisan Partners in October 2009, Mr. Bandy was an equity research associate for KeyBanc Capital Markets, where he conducted research on mid-market software companies. Earlierin 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 ingeology-biology from Brown University.


INTV, Team-SA

Biographies—Artisan Partners Global Value Team

ARTISAN PARTNERS 21

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 tojoining 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 researchanalyst 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 ineconomics 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 fromColumbia 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 ArtisanPartners 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 fundaffiliated 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 ColumbiaUniversity Graduate School of Arts and Sciences, and a master’s degree in international affairs, international finance and banking from Columbia University School of Internationaland 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 inDecember 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 abachelor’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 Partnersin 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 durablessectors. 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 fromthe 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 wassenior vice president/regional director of institutional business development and consultant relations for Franklin Templeton Investments. Mr. Paulson holds a bachelor’s degree ineconomics from the University of Utah.

Aaron M. Roberts, CFA, is a director on the institutional client services team at Artisan Partners with responsibility for institutional marketing and client service of the strategiesmanaged 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 consultinggroup at Callan Associates, Inc. Mr. Roberts holds a bachelor’s degree in economics from the University of California-Los Angeles.


INTV, Team-SA

Biographies—Artisan Partners Global Value Team

ARTISAN PARTNERS 22

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.

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). ArtisanPartners 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.


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-sizedcompanies 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.


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-sizedcompanies 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-basedfees. 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 netof 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. Individualaccounts 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 accountinformation.

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 oftheir 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. TheGICS 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 aparticular 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 anystatement 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 orinterpreted 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 intendedto 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 theportfolio 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) it was purchasedand/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 anyliability for direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) losses or any other damages resulting from the use of this material.

© 2017 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 23

Documents

Artisan Partners Global Value Team 31, 2017 · Portfolio and Market Discussion Artisan Partners Global Value Team N ... A leader in smartphones ... around the business and are attracted