16 april 2020 artisan international small- mid fund...16 april 2020 artisan international small- mid...

16 April 2020 Artisan International Small-Mid Fund

This is an offering of shares of an Artisan Fund and does not create a relationship between the investor and Artisan Partners. The Notes and Disclosures section of this presentation contains important information. Readers are encouraged to review it carefully.

ARTISAN PARTNERS 1

Artisan Partners

High Value-Added Investment Firm Talent-Driven Business Model Thoughtful Growth

Active Strategies Designed for Investment Talent to Thrive Active Talent Identification

Autonomous Franchises Managed by Business Professionals Entrepreneurial Commitment

Process-Driven Results Structured to Align Interests Focus on Long-Term Global Demand

Who We Are

Artisan International Small-Mid Fund

ARTISAN PARTNERS 2


Fund Transition

As of October 15, 2018, Rezo Kanovich took over portfolio management responsibilities for Artisan International Small-Mid Fund1.

Aligning with Rezo’s leadership, changes to the Fund’s name and guidelines took effect on December 4, 2018.

1Formerly Artisan International Small Cap Fund

Portfolio Manager Years of Investment Industry Experience

Rezo Kanovich 21

Analysts

Andres Avalos Vitiello 8

Samir Mainthia 12

Matthew Trusz 6


Investment Results—Average Annual Total Returns

Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may beworth more or less than their original cost. Current performance may be lower or higher than that shown. Call 800.344.1770 for current to most recent month-end performance.Source: MSCI. Returns less than one year are not annualized. Institutional Class performance is that of the Investor Class from 21 Dec 2001 through the inception of the Institutional Class on 12 Apr 2016, and actual Institutional Class performance thereafter. Advisor Classperformance is that of the Investor Class from 21 Dec 2001 through the inception of the Advisor Class on 4 Dec 2018, and actual Advisor Class performance thereafter. Investor Class inception: 21 Dec 2001. Performance has not been adjusted to reflect the expenses of theAdvisor Class for the period prior to the Class’s inception, and Advisor Class performance results would differ if such expenses were reflected. Morningstar rankings are based on total return, are historical, and do not represent future results. The Fund is ranked within Morningstar’sForeign Small/Mid Growth Category. The number of funds in the category may include several share classes of the same mutual fund which may have a material impact on the fund’s ranking within the category.

As of October 15, 2018, Rezo Kanovich took over portfolio management responsibilities for the Artisan International Small-Mid Fund. The Fund has been in transition due to the expanded degrees of freedom as applicable within the prospectus.

Annual Report1 / Prospectus2,3

Expense Ratio—Investor Shares 1.43% / 1.40%Expense Ratio—Advisor Shares 1.25%4 / 1.26%Expense Ratio—Institutional Shares 1.16% / 1.15%1Audited. For the fiscal year ended 30 Sep 2019. 2See prospectus for further details. 3Restated to reflect a reduction inmanagement fees, effective 1 Dec 2018. 4For the period from commencement of operations 5 Dec 2018 through 30 Sep 2019.

(%) as of 31 Mar 2020 YTD 1 Yr 3 Yr 5 Yr 10 Yr Inception

Investor Class: ARTJX -21.42 -7.01 3.88 1.85 5.70 9.90

Advisor Class: APDJX -21.41 -6.85 3.95 1.89 5.72 9.91

Institutional Class: APHJX -21.33 -6.73 4.12 2.03 5.79 9.95

MSCI All Country World ex USA SMID Index -27.96 -20.05 -4.24 -0.96 2.58 6.96

MSCI All Country World ex USA Small Cap Index -29.01 -21.18 -4.89 -0.81 2.79 7.60

Morningstar Percentile Rank—Investor Class 9 12 44 48 16

Morningstar Absolute Rank / # of Funds in Category 8/134 13/123 43/109 36/87 11/60

-30%

-20%

-10%

0%

10%

3


Investment Results—Performance Statistics

Past performance does not guarantee and is not a reliable indicator of future results.Source: Artisan Partners/Morningstar. Benchmark: MSCI All Country World ex USA SMID Index. Returns less than one year are not annualized. Morningstar rankings are based on total return, are historical, and do not represent future results. The Fund is ranked withinMorningstar’s Foreign Small/Mid Growth Category. The number of funds in the category may include several share classes of the same mutual fund which may have a material impact on the fund’s ranking within the category. Upside/Downside Capture based on monthlyreturns beginning with July 2015, the first full month since inception; it represents average monthly returns during months when the index was positive and negative, respectively. Performance data shown for the Investor Class.

Investor Class: ARTJX Q1 2020 2019

Return - Fund -21.42% 36.25%

Return - MSCI All Country World ex USA SMID Index -27.96% 22.36%

Beta 0.76 0.84

Sharpe Ratio -3.78 3.08

Alpha 0.10 15.16

Upside Capture N/A 128%

Downside Capture 76% 58%

Morningstar Percentile Rank 15 8Morningstar Absolute Rank / # of Funds in Category 15/134 8/131

4

Sector Attribution —Q1 2020

ARTISAN PARTNERS 5


Source: FactSet/GICS/MSCI. As of 31 Mar 2020. Past performance does not guarantee and is not a reliable indicator of future results. Refer to Notes and Disclosures for attribution information.

Economic Sector

Communication Services 2.97 -24.24 4.83 -24.96 -0.16 -0.10 -0.08 -0.34

Consumer Discretionary 8.46 -38.30 11.81 -36.10 0.27 -0.25 -0.13 -0.12

Consumer Staples 7.58 -16.35 6.83 -14.95 -0.03 -0.48 0.26 -0.25

Energy -- -- 2.65 -50.56 0.64 -- 0.05 0.69

Financials 3.31 -24.25 11.01 -32.29 0.31 0.13 0.05 0.49

Health Care 27.30 -20.99 7.95 -14.05 3.06 -2.51 0.65 1.20

Industrials 16.33 -24.71 19.87 -30.67 0.04 1.25 -0.01 1.28

Information Technology 25.53 -17.86 10.36 -21.92 0.76 1.23 0.51 2.51

Materials 2.29 -11.74 10.38 -29.07 -0.14 0.30 0.16 0.32

Real Estate 1.18 -10.91 9.84 -29.00 0.28 0.18 -0.12 0.34

Utilities -- -- 4.48 -20.92 -0.54 -- 0.08 -0.46

Cash 5.06 0.30 -- -- 1.01 -- 0.19 1.20

Total 100.00 -21.12 100.00 -27.96 5.49 -0.25 1.61 6.84

Total EffectPortfolio MSCI All Country World ex USA Small Mid Attribution Analysis

% Average Weight % Return % Average Weight % Return Allocation Effect Selection Effect Currency Effect

ARTINTSM-ACWIexUSSMID

Performance Attribution

Artisan Non-U.S. Small-Mid Growth vs. MSCI All Country Wolrd ex USA Small Mid

12/31/2018 to 3/29/2019

U.S. Dollar

Artisan Non-U.S. Small-Mid Fund

PortfolioMSCI All Country World ex USA Small MidAttribution Analysis

Economic Sector% Average Weight% Return% Average Weight% ReturnAllocation EffectSelection EffectCurrency EffectTotal Effect

Communication Services2.97-24.244.83-24.96-0.16-0.10-0.08-0.34

Consumer Discretionary8.46-38.3011.81-36.100.27-0.25-0.13-0.12

Consumer Staples7.58-16.356.83-14.95-0.03-0.480.26-0.25

Energy----2.65-50.560.64--0.050.69

Financials3.31-24.2511.01-32.290.310.130.050.49

Health Care27.30-20.997.95-14.053.06-2.510.651.20

Industrials16.33-24.7119.87-30.670.041.25-0.011.28

Information Technology25.53-17.8610.36-21.920.761.230.512.51

Materials2.29-11.7410.38-29.07-0.140.300.160.32

Real Estate1.18-10.919.84-29.000.280.18-0.120.34

Utilities----4.48-20.92-0.54--0.08-0.46

Cash5.060.30----1.01--0.191.20

Total100.00-21.12100.00-27.965.49-0.251.616.84

Sector Attribution —1 Yr

ARTISAN PARTNERS 6


Source: FactSet/GICS/MSCI. As of 31 Mar 2020. Past performance does not guarantee and is not a reliable indicator of future results. Refer to Notes and Disclosures for attribution information.

Economic Sector

Communication Services 2.91 -7.73 4.78 -19.15 -0.07 0.19 -0.03 0.09

Consumer Discretionary 9.40 -32.20 12.31 -28.89 0.29 -0.24 -0.18 -0.14

Consumer Staples 8.30 -2.90 6.77 -10.73 -0.09 0.33 0.28 0.52

Energy -- -- 2.97 -52.05 1.07 -- 0.05 1.11

Financials 3.30 -2.81 11.36 -25.81 0.43 0.63 0.08 1.14

Health Care 25.15 -5.82 7.48 -6.79 2.78 -0.44 0.57 2.92

Industrials 17.24 -6.10 19.82 -21.62 0.05 2.88 -0.05 2.88

Information Technology 26.21 0.73 9.70 -4.63 2.18 1.46 0.54 4.18

Materials 2.53 6.31 10.80 -21.16 -0.09 0.56 0.14 0.60

Real Estate 1.00 35.15 9.76 -21.15 0.33 0.41 -0.11 0.64

Utilities -- -- 4.25 -13.13 -0.47 -- 0.10 -0.37

Cash 3.97 1.61 -- -- 0.83 -- 0.14 0.98

Total 100.00 -5.50 100.00 -20.05 7.24 5.78 1.53 14.55

Total EffectPortfolio MSCI All Country World ex USA Small Mid Attribution Analysis

% Average Weight % Return % Average Weight % Return Allocation Effect Selection Effect Currency Effect

ARTINTSM-ACWIexUSSMID

Performance Attribution

Artisan International Small-Mid Fund vs. MSCI All Country Wolrd ex USA Small Mid

12/31/2018 to 3/29/2019

U.S. Dollar


PortfolioMSCI All Country World ex USA Small MidAttribution Analysis

Economic Sector% Average Weight% Return% Average Weight% ReturnAllocation EffectSelection EffectCurrency EffectTotal Effect

Communication Services2.91-7.734.78-19.15-0.070.19-0.030.09

Consumer Discretionary9.40-32.2012.31-28.890.29-0.24-0.18-0.14

Consumer Staples8.30-2.906.77-10.73-0.090.330.280.52

Energy----2.97-52.051.07--0.051.11

Financials3.30-2.8111.36-25.810.430.630.081.14

Health Care25.15-5.827.48-6.792.78-0.440.572.92

Industrials17.24-6.1019.82-21.620.052.88-0.052.88

Information Technology26.210.739.70-4.632.181.460.544.18

Materials2.536.3110.80-21.16-0.090.560.140.60

Real Estate1.0035.159.76-21.150.330.41-0.110.64

Utilities----4.25-13.13-0.47--0.10-0.37

Cash3.971.61----0.83--0.140.98

Total100.00-5.50100.00-20.057.245.781.5314.55

Contribution to Return—Q1 2020 and 1 Yr

ARTISAN PARTNERS 7


Source: Artisan Partners/FactSet/GICS. As of 31 Mar 2020. Past performance does not guarantee and is not a reliable indicator of future results. These securities made the greatest contribution to, or detracted most from, performance during the period. This is not acomplete listing of portfolio activity. Upon request, Artisan will provide: (i) the calculation methodology and/or (ii) a list showing the contribution of each holding to overall performance during the measurement period. Securities of the same issuer are aggregated todetermine the weight in the portfolio. Refer to Portfolio Holdings for security weights. The holdings mentioned above comprised the following average weights in the portfolio during the Q1 2020 time period: Ambu A/S 0.9%, SG Holdings Co Ltd 1.7%, Zscaler Inc 0.2%,Kobe Bussan Co Ltd 1.3%, Lonza Group AG 1.1%, Intersect ENT Inc 0.9%, MorphoSys AG 2.3%, Metso Oyj 1.4%, SSP Group PLC 0.9%, CAE Inc 1.2%. The holdings mentioned above comprised the following average weights in the portfolio during the one-year time period:SolarEdge Technologies Inc 1.3%, Kobe Bussan Co Ltd 1.1%, ACADIA Pharmaceuticals Inc 1.0%, Nice Ltd 3.0%, Rakus Co Ltd 0.7%, Jenoptik AG 0.8%, Cree Inc 1.7%, CAE Inc 1.7%, Intersect ENT Inc 0.7%, SSP Group PLC 1.1%.

Q1 2020 1 Yr

Top Top

Ambu Health Care SolarEdge Technologies Information Technology

SG Holdings Industrials Kobe Bussan Consumer Staples

Zscaler Information Technology ACADIA Pharmaceuticals Health Care

Kobe Bussan Consumer Staples Nice Information Technology

Lonza Group Health Care Rakus Information Technology

Bottom Bottom

CAE Industrials SSP Group Consumer Discretionary

SSP Group Consumer Discretionary Intersect ENT Health Care

Metso Oyj Industrials CAE Industrials

MorphoSys Health Care Cree Information Technology

Intersect ENT Health Care Jenoptik Information Technology


Source: Artisan Partners/FactSet/GICS. As of 31 Mar 2020. This presentation is not a complete listing of portfolio activity. Refer to Portfolio Holdings for security weights.

Representative Transactions —Q1 2020

ARTISAN PARTNERS 8

New Positions/Additions Sector Description and Investment Thesis

Afya LtdConsumer Discretionary

A Brazilian for-profit education company specializing in medical schools. Brazil has a structural shortage ofphysicians and medical schools. Demand for medical education is strong as medicine is a lucrativeprofession in Brazil, but the government controls the number of new seats offered. The resulting supply-demand imbalance makes for an attractive business from both pricing and growth perspectives. Thebusiness economics are also attractive, as working capital is negative since students pay for a year inadvance. The run rate for growth is also highly visible as it takes five to six years to become a doctor.

Hennge KKInformation Technology

A Japanese company that provides single sign-on solutions for enterprises enabling users to seamlesslyand securely access multiple cloud services and applications with a single ID and password. The trendtoward working from home should only accelerate as a result in the current environment, and HENNGE isespecially well-positioned to benefit from this long-term growth theme as its technology directly facilitatesthe adoption of remote worker access solutions.

STAAR Surgical Co Health Care

A developer of an implantable lens-based procedure for vision correction. In contrast to Lasik’s ablation ofthe cornea, STAAR’s approach involves an implanted lens—a reversible and less-invasive undertaking. US-based STAAR began its growth in international markets where its procedure has become highly popular.China and Japan make up about two-thirds of company revenues today, and the company has meaningfulpromise as it pursues entrance into the US market over the next one to two years.

Zscaler IncInformation Technology

Provides cloud-based Internet security solutions. Zscaler is among the short list of structurally advantagedcompanies in this space, but a situation where patience for an attractive entry point based upon valuationwas required. A complete rethinking of cybersecurity is required, and Zscaler’s structural advantage via 150remote data centers and unique security offerings is apparent.

Sold Positions Sector Reason(s) for Sale

BK Brasil Operacao e Assessoria a Restaurantes SA

Consumer Discretionary

Sold due to concerns about increasing competition from McDonald’s.

LivaNova PLC Health Care Sold due to pipeline failures.

Treasury Wine Estates Ltd Consumer Staples Change in management and concerns about the wine industry’s overcapacity.

Sector Weights

ARTISAN PARTNERS 9


Source: GICS/MSCI. Cash represented 2.5% of the total portfolio at 31 Mar 2019 and 3.8% at 31 Mar 2020.

ARTISAN PARTNERS 10


Region Weights

Source: MSCI. Cash represented 2.5% of the total portfolio at 31 Mar 2019 and 3.8% at 31 Mar 2020. Countries held in the index but not in the portfolio are not listed.

Source: Artisan Partners/MSCI. As of 31 Mar 2020. Securities of the same issuer are aggregated to determine the weight in the portfolio.

Top 10 Holdings

ARTISAN PARTNERS 11


Company Initial Purchase % of total portfolio

Nice Ltd(Israel)

A developer of both cloud and on-premises software based on advanced analytics. Oct 2018 3.2

Tecan Group AG(Switzerland)

Develops, produces and distributes laboratory instruments and solutions. Oct 2018 2.5

MorphoSys AG(Germany)

A biopharmaceutical company that develops antibodies for research, diagnostics and therapeutic use.

Oct 2018 2.4

SG Holdings Co Ltd(Japan)

Engages in the delivery and logistics business. Oct 2018 2.2

Azbil Corp(Japan)

Manufactures automation equipment used in industrial and commercial buildings. Jul 2018 2.1

Obic Co Ltd(Japan)

Provides ERP system software for SMEs (small- and medium-sized enterprises) in Japan. Dec 2018 1.8

Morinaga & Co Ltd(Japan)

Produces confectionary products, canned soft drinks and ice cream. Oct 2018 1.7

Cree Inc(United States)

An innovator of semiconductor products for power and radio-frequency (RF) applications and specialty LEDs. Oct 2018 1.6

Jeol Ltd(Japan)

Manufactures medical, industrial and semiconductor equipment, as well as scientific and metrology instruments. Oct 2018 1.5

Belimo Holding AG (Switzerland)

Develops and distributes actuators, valves and sensor solutions for heating, ventilation and air conditioning systems.

Oct 2018 1.5

Total 20.4%

Portfolio Holdings (% of total portfolio)

ARTISAN PARTNERS 12


Source: GICS. As of 31 Mar 2020. Cash represented 3.8% of the total portfolio at 31 Mar 2020. Securities of the same issuer are aggregated to determine the weight in the portfolio.

APPENDIX

Structural Growth Themes

InvestmentOpportunities

We are long-term oriented investors in high-quality businesses exposed to structural growth themes. We seek high returns on capital, sensible valuations and excellent management teams. The team believes success can be achieved through:

Investing with Tailwinds Identify structural themes at the intersection of growth and change

High-Quality Businesses Unique and defensible models led by strong management teams

A Contrarian Approach to ValuationMarket dislocations and mismatches between stock price and long-term business value creates opportunity

Manage Unique Risks of International Small- and Mid-Cap Equities Understand the direct and indirect security risk and the probability of permanent capital impairment

Time-Tested Investment Philosophy

ARTISAN PARTNERS 15


High-QualityBusinesses

Structural Theme

AlignmentInvestment

Opportunities

Valuation Discipline

Investment Process

ARTISAN PARTNERS 16

Bottom-Up AnalysisTheme Identification

Intersection of significant growth and change

Regulatory changes

Technological evolution

Unique and defensible business models with attractive growth characteristics

Idea Iteration

Industry value chain analysis including competitors and suppliers

Triangulation of ideas across industries, countries and companies


Identify investable themes at the intersection of growth and change with the objective of investing in companies having meaningful exposure to these trends

Next-Generation Healthcare Life-sciences tools

Biologics and bioprocessing

Biotherapeutics

New Technology E-commerce/Logistics

Automation

IoT/big data

Artificial intelligence

Transcendent Brands Luxury goods Dominant franchises in

niche industries

High Value Added Bottlenecks Flavors and fragrances

Pumps, valves, compressors, controls

Develop Investable Universe—Structural Growth Theme Identification

ARTISAN PARTNERS 17

Our team is intellectually curious about the world and how it is changing

Themes can be identified from both bottom-up and top-down perspectives

Themes represented in our portfolios are evolving to recognize new opportunities for investment


Examples include:

Sustainable growth factors outlined above apply to the investment selection criteria.

Identify High-Quality Businesses to Own for the Long Term

ARTISAN PARTNERS 18

Seek future leaders in the early stages of growth opportunities that are underappreciated by the market

We SEEK companies that exhibit: Unique and defensible business models

The ability to disrupt old industries

Large and growing TAM

Intellectual property, brand strength, unique assets, pricing power

Favorable positions in industry value chain

High/improving returns on capital

Proven management teams with the ability to enhance business model durability

Imbedded Optionality

We AVOID companies that exhibit: Undifferentiated business models

High debt leverage ratios

Commodity influenced businesses

Substantial government regulation or influence

Weak position in industry value chain

Encumbered/Obsolete


Investment Process—Valuation Discipline

ARTISAN PARTNERS 19

Market dislocations create opportunities

Temporary slowdowns in individual businesses afford entry points

Misperceptions in the investment community open buying windows

Investments are made when probability of doubling the investment over five years is high

Free-cash-flow yield is a primary metric

Valuation Discipline

Contrarian Buyers of High-Quality Businesses

Entry Point Maximizes Total Return


Free cash flow yield is a valuation metric calculated as free cash flow per share divided by the share price.

Portfolio Construction and Risk Management

*Limitations apply at the time of purchase. The Fund implemented guideline changes on December 4, 2018, which included permitting investment in mid-cap securities and a renaming of the Fund to Artisan International Small-Mid Fund. The Portfolio Construction guidelinesnoted will vary from Artisan International Small Cap Fund's guidelines prior to effectiveness. See the Fund's prospectus for further details.

Portfolio Construction Diversified, low-turnover portfolio of 100-150 securities

Maintain adequate diversification across sectors, countries and regions

Individual position sizes typically limited to 5% maximum and rarely exceed 3%*

Market capitalization range generally similar to the constituents of the MSCI All Country World ex USA SMID Index

Risk Management International small- and mid-cap equities are exposed to unique investment risks that require managing

We define risk as permanent loss of capital, not share price volatility

Larger positions reflect higher confidence in the risk/reward ratio of the holding

Higher risk positions are typically afforded smaller position sizes in the portfolio

ARTISAN PARTNERS 20


Rezo Kanovich is a managing director of Artisan Partners and the sole portfolio manager for the Artisan Non-U.S. Small-Mid Growth Strategy, including Artisan InternationalSmall-Mid Fund. Prior to joining Artisan Partners in October 2018, Mr. Kanovich was a portfolio manager for OppenheimerFunds, where he managed the International Small-MidCap strategy from January 2012 through September 2018. Before that, Mr. Kanovich worked as an analyst with Boston Biomedical Consultants, an investment banker with theLehman Brothers mergers & acquisitions team and as a consultant at PricewaterhouseCoopers. Mr. Kanovich holds a bachelor’s and master’s degree in international economicsand finance from Brandeis University and a master’s degree in business administration, dual concentration in finance and health care systems, from the Wharton School,University of Pennsylvania.

Andres Avalos Vitiello is an analyst for the Artisan Non-U.S. Small-Mid Growth Strategy, including Artisan International Small-Mid Fund. In this role, he conducts fundamentalresearch as a generalist. Prior to joining Artisan Partners in October 2018, Mr. Avalos Vitiello was a senior research analyst at OppenheimerFunds. Mr. Avalos Vitiello holds abachelor’s degree in accounting from the Instituto de Estudios Superiores de Tamaulipas in Mexico and a master’s degree in business administration from Lubin School ofBusiness, Pace University. He is fluent in Spanish and Italian.

Samir Mainthia is an analyst for the Artisan Non-U.S. Small-Mid Growth Strategy, including Artisan International Small-Mid Fund. In this role, he conducts fundamental researchas a generalist. Prior to joining Artisan Partners in October 2018, Mr. Mainthia was a senior research analyst at OppenheimerFunds. Prior to joining OppenheimerFunds, Mr.Mainthia was an investment analyst at Pantheon Ventures and an investment banking analyst at Jefferies and Company. Mr. Mainthia holds a bachelor’s degree in economicswith a minor in mathematics from the University of Michigan and a master’s degree in business administration, dual concentration in finance and accounting (with honors), fromthe Wharton School, University of Pennsylvania.

Matthew Trusz is an analyst for the Artisan Non-U.S. Small-Mid Growth Strategy, including Artisan International Small-Mid Fund. In this role, he conducts fundamental research asa generalist. Prior to joining Artisan Partners in July 2019, Mr. Trusz was a research analyst and assistant vice president at Gabelli & Company where he covered industrials andTMT. Mr. Trusz holds a bachelor’s degree in economics from the Wharton School, University of Pennsylvania.


Biographies

ARTISAN PARTNERS 21

This section of this presentation contains information important to a complete understanding of the material presented. Please review it carefully.

Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information is contained in the Fund's prospectus andsummary prospectus, which can be obtained by visiting www.artisanpartners.com/prospectus. Read carefully before investing.These materials are presented in connection with an offer of the shares of a Fund in the series of Artisan Partners Funds, Inc. These materials are not an offer for any other mutual fund mentioned. A purchase of shares of an Artisan Partners Fund does not create an investmentadvisory relationship between the investor and Artisan Partners Limited Partnership, the investment adviser to the Fund. In addition to acting as investment adviser to the Fund, Artisan Partners provides institutional investment management services.Artisan International Small-Mid FundInternational investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities ofsmall- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Growth securities may underperform other asset types duringa given period.MSCI All Country World ex USA SMID Index measures the performance of small- and mid-cap companies in developed and emerging markets excluding the US. MSCI All Country World ex USA Small Cap Index measures the performance of small-cap companies in developed marketsand emerging markets excluding the US. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved orproduced by MSCI.©Morningstar, Inc. All rights reserved. The Morningstar information contained herein (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or redistributed; and (3) is not warranted to be accurate, complete, or timely. Neither Morningstar nor itscontent providers are responsible for any damages or losses arising from any use of this information. Totals may not sum due to rounding. All data shown is in USD unless otherwise indicated.Performance attribution quantifies the relationship between a portfolio's relative returns and the active management decisions differentiating the portfolio from the benchmark. Attribution excludes account fees and expenses and does not represent an investor's total return. AllocationEffect examines the relative return attributable to group (e.g. asset class, sector, region) allocations. Selection Effect examines the relative return attributable to security selections. For international portfolios, Currency Effect examines the relative return attributable to currencyexposures. Contribution to Return is calculated by multiplying a security’s portfolio weight by its in-portfolio return for the period. Upon request, Artisan will provide: (i) the calculation methodology and/or (ii) a list of each security's contribution to overall performance during theperiod. Securities of the same issuer are aggregated to determine the weight in the portfolio; aggregation of corporate affiliates is subject to the determination of Artisan Partners. For more information, please call 800.454.1770. Attribution and Contribution to Return are not exact,but should be considered an approximation of the relative contribution of the factors considered.Security Examples: The security examples provided do not constitute recommendations to buy or sell investments. The examples present information about the companies believed to be accurate and are the views of the portfolio managers as of the date indicated.This material may include the views of the portfolio manager and other information relating to the portfolio and portfolio securities. While we believe the data accurately reflects the investment process, this information is presented as of the date indicated and will change over time.Country Allocation: Historical country exposure percentages reflect country designations as classified by MSCI as of the date shown. Securities not classified by MSCI reflect country designations as of the date the report was generated.Sector Allocation: Sector exposure percentages reflect sector designations as currently classified by GICS. The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). Neither MSCI,S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warranties of accuracy,completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of such damages.Portfolio Holdings: For the purpose of determining the portfolio's holdings, securities of the same issuer are aggregated to determine the weight in the portfolio. For an index, the largest holdings are calculated at the security level and do not aggregate securities held by an issuer.Holdings information is not intended to represent or predict portfolio investment performance or as a recommendation of any individual security. A complete list of the securities held by portfolio, other than cash and cash equivalents unless otherwise noted, as of the date indicated isincluded. Securities named in this material, but not listed within the portfolio holdings page were not held as of the date reported. Portfolio holdings are subject to change without notice. This listing is for informational purposes only and may not be identical to the official books andrecords of the Fund. Security names may not represent the official legal corporate name.Beta is a measure of the volatility of a security or a portfolio in comparison to the market as a whole. Alpha measures the performance of an investment portfolio against a market index. Sharpe Ratio is a measure of risk-adjusted return—it is the average return earned in excess ofthe risk-free rate per unit of volatility or total risk. The risk free rate is the US 3-month Treasury Bill.This material is provided for informational purposes without regard to your particular investment needs. This material shall not be construed as investment or tax advice on which you may rely for your investment decisions. Investors should consult their financial and tax adviser beforemaking investments in order to determine the appropriateness of any investment product discussed herein.We expressly confirm that neither Artisan Partners nor its affiliates have made or are making an investment recommendation, or have provided or are providing investment advice of any kind whatsoever (whether impartial or otherwise), in connection with any decision to hire ArtisanPartners as an investment adviser, invest in or remain invested in any funds to which we serve as investment adviser or otherwise engage with Artisan Partners in a business relationship. In no event shall Artisan Partners have any liability for direct, indirect, special, incidental,punitive, consequential (including, without limitation, lost profits) losses or any other damages resulting from the use of this material.Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealer subsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan PartnersFunds, is wholly owned by Artisan Partners Holdings LP.© 2020 Artisan Partners. All rights reserved.

ARTISAN PARTNERS 22

Artisan Partners

Notes and Disclosures

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16 april 2020 artisan international small- mid fund...16 april 2020 artisan international small- mid...

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