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 October 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. Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Foreign exchange (FX) exposure, also known as currency risk, is the risk a business faces when its financial performance is impacted by fluctuations in foreign exchange rates. 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. EBIT stands for earnings before interest and taxes, and it's a company's net income before interest and income tax expenses are deducted. EBITDA, or earnings before interest, taxes, depreciation, and amortization, is an alternative measure of a company's overall financial performance. Discount to book value is when a stock trades at a price that is lower than its equity book value per share. This is represented by a price-to-book (P/B) ratio of less than one. 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.

S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

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.

Correction: The Fund is 21.8% allocated in the Americas as of 9/30/2024.

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.