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This audio recording should be reviewed in conjunction with the accompanying slide presentation, which contains standardized fund performance, portfolio holdings and other important information. Access “Slides” to view.

This investor update represents the views and opinions of the Mark Yockey, Artisan International Fund portfolio manager as of 13 February 2025 and does not necessarily represent those of Artisan Partners. The views and opinions expressed are based on current market conditions, which will fluctuate, and those views 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. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

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. Run rate uses current financial performance to extrapolate over a longer term period. MSCI EAFE Index measures the performance of developed markets, excluding the US and Canada. MSCI Europe Index measures the performance of large and mid-cap stocks of developed markets countries in Europe.

Clarification: Between November 13, 2024, and February 13, 2025, SGS SA's stock price rose from 85.99 CHF to 98.74 CHF.

This discussion is not intended to be a recommendation of any individual security. Securities mentioned, but not listed here or in the investor update presentation are not held in the Fund as of the date of this report.

Past performance does not guarantee future results. Current and future portfolio holdings are subject to risk.