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 24 July 2024 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.

Enterprise value (EV) is a measure of a company’s value. Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings. Book Value is the net asset value of a company, calculated by total assets minus intangible assets and liabilities. Normalized earnings show the company's financial results without the effects of non-recurring charges or gains, forward free cash flow multiple is a measure of valuation calculated as the free cash flow per share that a company is expected to earn over the next twelve months divided by the market price per share, Price to free cash flow is a ratio that compares a company's market capitalization to its free cash flow, which is a key measure of profitability, Earnings per share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock, Price to books ratio considers how a stock is priced relative to the book value of its assets, Dividend yield is a financial ratio that shows how much income an investor earns in dividend payments each year for every dollar invested in a security.

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.