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 recording represents the views of the Artisan Partners International Small-Mid Team, as of 29 January 2025, and do 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.

Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Free cash flow yield is a financial metric that shows how much cash a company generates relative to its market value. Multiple of earnings is a valuation method whereby the value of a company is expressed through the use of a multiple applied to a company's earnings. CapEx stands for "Capital Expenditures" and refers to the investments a company makes to acquire, improve or maintain long-term assets such as buildings, land, machinery or equipment. The Magnificent 7 is a group of high-performing and influential companies in the U.S. stock market (Alphabet, Amazon, Apple, Meta Platforms, Microsoft, NVIDIA, and Tesla). Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings. EV/FCF ratio compares a company’s enterprise value (EV) to its free cash flow (FCF), which provides an overview of a company’s total value, encompassing both equity and debt, in relation to its available cash flow.

The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. MSCI EAFE Index measures the performance of developed and emerging markets, excluding the US. MSCI All Country World ex-US Index measures the performance of developed markets, excluding the US and Canada. Russell 1000® Index measures the performance of roughly 1,000 US large-cap companies. Nasdaq Composite Index is a broad-based market index in the US that includes more than 3700 stocks listed on the Nasdaq stock exchange.

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 recording.

Past performance does not guarantee future results. Current and future portfolio holdings are subject to risk. Diversification does not ensure a profit or protect against a loss.