2017 Annual Report

Source: Artisan Partners/MSCI/Russell/ICE BofA Merrill Lynch/S&P. Data as of and through December 31, 2017. Value-added since inception is based on net of fees returns minus the since inception returns of the benchmark. Periods less than one year are not annualized. Past performance is not indicative of future results and represents net of management fees performance for the Artisan composites. Artisan High Income Strategy may hold loans and other security types that may not be included in the ICE BofAML US High Yield Master II Index. At times, this causes material differences in relative performance. The Global Equity, Global Discovery and Thematic strategies investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future. Current performance may be lower or higher than the performance shown. View further information on how we present our performance. Performance for Artisan Thematic Long/Short and Credit Opportunities Strategies has been intentionally omitted.

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Data as of and through December 31, 2017. Sources: Artisan Partners/MSCI/Russell/ICE BofA Merrill Lynch. The growth of $1 million calculation is based on investing $1 million, with monthly net returns, in each Artisan composite (launched prior to 2017) historically marketed to investors and its broad-based market index for the period since the composite’s inception through December 31, 2017. Performance includes U.S. Small-Cap Value and Global Small-Cap Growth strategies, reflecting the U.S. Small-Cap Value strategy composite’s returns for the period since inception June 1, 1997 through the last full month of performance for the strategy on April 30, 2016, and the Global Small-Cap Growth strategy composite’s returns for the period since inception July 1, 2013 through the last full month of performance for the strategy on December 31, 2016. An investment cannot be made directly in an Artisan composite or a market index and the results are hypothetical.

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The dark blue line indicates the percent of periods each Artisan composite outperformed its broad-based market index, and the lighter blue line indicates the periods that the U.S. Mid-Cap Growth, U.S. Small-Cap Growth, Value Equity and U.S. Mid-Cap Value strategies outperformed their style indexes. Percent of periods outperformed is the percentage of total 5-year periods in which the Artisan composite, net of fees, outperformed its broad-based market or style index through December 31, 2017. The performance over rolling periods is based on monthly returns for the rolling periods that each Artisan composite has completed a five-year return. The U.S. Small-Cap Value strategy, which reorganized into the U.S. Mid-Cap Value strategy in May 2016, outperformed its broad-based benchmark index in 77% of the 168 rolling 5-year periods during its existence, after fees. The Global Small-Cap Growth strategy, which was shut down in January 2017, was managed for less than five years. The following strategies do not yet have 5-year track records: Artisan Global Discovery, High Income, Credit Opportunities, Developing World, Thematic and Thematic Long/Short Strategies.