q4 2018 artisan thematic fund (ticker: arttx)...q4 2018 artisan thematic fund (ticker: arttx) this...

Artisan High Income Fund

Q4 2018 Artisan Thematic Fund (Ticker: ARTTX)

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.

Portfolio Manager Years of Investment Industry Experience

Christopher Smith 15

Risk Manager and Head Trader

Matthew Plotkin 17

Research Analysts Coverage Areas

Michael Abrams Industrials, Energy, Materials 11

Noel Culhane, CFA TMT 11

Jay Joshi, CFA TMT 6

Nitin Gupta Consumer, Business Services 6

Data Analyst

James Kelly 9

Client Service

Brian Newman 20

Brittany Wayne 5

Artisan Partners Thematic TeamLocation: New York, NY

Our process blends a collaborative team mentality with individual accountability

Artisan Partners Thematic Team

ARTISAN PARTNERS 1

Executive Summary

Portfolio manager Chris Smith has 15 years of long-short and long-only investment experience at investment firms including Karsch Capital and Kingdon Capital

Chris is supported by a dedicated risk manager/trader, four research analysts and one data analyst

Chris has previously worked with risk manager/head trader Matthew Plotkin at Karsch and research analyst Nitin Gupta at Kingdon

Experience/Team

The investment team applies the same approach to thematic idea generation, fundamental company analysis, and risk management that Chris has honed throughout his career

Ideas are generated based on areas we believe are experiencing inflections in multi-year trends, which can lead to powerful re-ratings of industries and companies

A rigorous valuation framework is then used to analyze companies and clear visual outputs allow us to consistently evaluate positions across the portfolio

Utilizing this approach, we seek to construct a focused portfolio designed to maximize alpha while limiting downside risk over the long term

Investment Process

Differentiated Portfolio: High-conviction portfolio across 5-8 themes

Systematic Analytical Framework: Allows for a repeatable and methodical decision-making process

Proactive Risk Management: Incorporated throughout the investment process by evaluating various metrics regularly and using options actively

Operational Alpha: Artisan’s infrastructure provides business stability and operational support, allowing us to focus on the investments

Key Differentiators

Artisan Thematic Fund

ARTISAN PARTNERS 2

Investment Process—A Differentiated Approach

Thematic Idea Generation

Systematic Analytical Framework

Proactive Risk Management

We seek to construct a focused portfolio designed to maximize alpha while limiting downside risk over the long term

We apply a systematic framework for analyzing companies across sectors and themes, creating a repeatable and methodical decision-making process

We incorporate risk management into all stages of our investment process, evaluating various metrics regularly and using options actively


We seek to identify inflections in multi-year trends, which are often misunderstood by market participants, allowing us to take differentiated views on industry fundamentals

Operational Alpha

Artisan’s operational infrastructure allows the team to focus on the investment process and provides business stability, operational support and flexibility in the scope and duration of our investment process

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Systematic Analytical Framework—Differentiated Views

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Actual Thematic Team Estimate Street Estimate

Alpha Generation Potential

Through our deep due diligence process and rigorous valuation models, we identify the companies we believe present the greatest differentiation vs. consensus estimates

This hypothetical example is provided for illustrative purposes only and is not intended to constitute a past specific recommendation or reflect a past or current holding. The stylized example is intended to convey a high-level overview of the analysis performed in connection with theteam’s research process, and the type of information that is considered in that analysis. The information contained herein represents a simplified presentation of a complex process. The investment process is subject to change and may differ materially from what is stated herein.


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Systematic Analytical Framework—Visualization Tools

Visual outputs allow us to consistently evaluate positions across the portfolio

For illustrative purposes only. The information contained herein represents a simplified presentation of a complex process. The investment process is subject to change and may differ materially from what is stated herein.


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Differentiation in Artisan Thematic Views vs. Street

(1yr forward)

Valuation Downside(2yr annualized)

Valuation Upside(2yr annualized)

Theme 1

Theme 2

Theme 3

Theme 4

Ideas Tracked

Positions not warranted in names with limited or no upside and small differentiation to the street

Largest positions in names with high upside and large differentiation to the street

ARTISAN PARTNERS 5


1Limitations apply at the time of purchase. Portfolio guidelines are subject to change. See prospectus for more details.

Portfolio Construction

Number of Holdings 20–35 names across 5–8 themes

Position Concentration Top 5 positions 25% to 45%

Position Sizing Core 3% to 6%; Min 1%; Max 15% (general guidelines)1

Holding Period Typically 2 years with active position management

Theme Concentration Top theme(s): 10% to 30% each

Geography Primarily US with ability to invest globally

Sector Exposure Broadly invest across sectors

Market Capitalization No preference

ARTISAN PARTNERS 6

(%) as of 31 Dec 2018 QTD 1 Yr Inception

Advisor Class: APDTX -8.79 11.14 24.40

Investor Class: ARTTX -8.71 11.23 24.46

S&P 500® Index -13.52 -4.38 5.34

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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 be worth more orless 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. Performance may reflect agreements to limita Fund’s expenses, which would reduce performance if not in effect. The Fund’s investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contributesignificantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future.Source: S&P. Returns less than one year are not annualized. Advisor Class performance is that of the Investor Class from 24 Apr 2017 through the inception of the Advisor Class on 31 Jul 2018, and actual Advisor Class performance thereafter. Investor Class inception: 24 Apr2017. Performance has not been adjusted to reflect the expenses of the Advisor Class for the period prior to the Class’s inception, and Advisor Class performance results would differ if such expenses were reflected.


Investment Results—Average Annual Total Returns

7

Expense Ratios (Gross / Net) APDTX1 ARTTX1

Annual Report 30 Sep 20183, 5 2.74% / 1.40% 1.70% / 1.51%

Prospectus 30 Sep 20172, 4 1.59% / 1.47% 1.63% / 1.57%1Net expenses reflect a contractual expense limitation agreement in effect through 31 January 2020. 2Includes estimated expenses for the current fiscal year, of which 0.07% are dividend andinterest expenses relating to short sales. See prospectus for further details. 3For the fiscal year ended 30 Sep 2018. ARTTX expense ratio includes 0.01% of dividend and interest expensesrelating to short sales. 4APDTX prospectus dated 1 Jun 2018. 5APDTX expense ratio is for the period from commencement of operations 31 Jul 2018 through 30 Sep 2018.

ARTISAN PARTNERS

Proactive Risk Management

Crowding Stress Testing Use of Derivatives Factor Analysis Other Metrics Monitored

Compare the portfolio to consensus long baskets

Monitor short interest, sell-side sentiment, hedge fund ownership

Consider crowding scores

Utilize internally developed systems to stress test the portfolio regularly under positive and negative scenarios

Shock the portfolio using various methodologies, including analyzing historical beta, volatility and factor inputs

Opportunistic use of options to complement core holdings

Offensive: Seek to magnify alpha through creative derivative strategies which maximize risk/reward

Defensive: Seek to minimize portfolio drawdowns through low-cost option structures

Dedicated data analyst monitors which “risk factors” are most influencing the portfolio

Generate weekly reports to monitor and identify factor trends and potential reversals

Liquidity of individual investments and overall portfolio

Exposures by geography, sector and theme

Credit market sensitivity

Global macro forces and market volatility

Sentiment indicators

Technicals

Our detailed risk-management process is designed to ensure all portfolio risks are intended


Our proactive risk management approach is critical for portfolio construction and individual position sizing

ARTISAN PARTNERS 8


Portfolio Statistics

Source: Artisan Partners/FactSet. As of 31 Dec 2018. Theme categorizations are at the sole discretion of the team. Themes and constituents are as of the date indicated and subject to change. Portfolio sector classifications are defined by the investment team and may differsubstantially from the GICS classifications. For the portfolio’s sector breakdown according to GICS methodology, refer to the Fund’s most recent portfolio holdings filed at www.sec.gov. 1% of net assets represents the portfolio's exposures based on the economic value ofinvestments and options are delta-adjusted. Cash and cash equivalents represented -4.6% of net assets as of 31 Dec 2018. Statistics shown exclude ETFs and ETF options, which represented 0.0% and 0.0% of net assets, respectively. 2Exposures are at the issuer level and mayinclude multiple securities of the same issuer. 3Harmonic.

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Portfolio Exposure and Holdings by Theme (% of net assets)

Source: Artisan Partners. As of 31 Dec 2018. % of net assets represents the portfolio’s exposures based on the economic value of investments and options are delta-adjusted. Exposures are at the issuer level and may include multiple securities of the same issuer. Cash and cashequivalents represented -4.6% of net assets as of 31 Dec 2018. Excludes ETFs and ETF options which represented 0.0% and 0.0% of net assets, respectively. Theme categorizations are at the sole discretion of the team. Themes and constituents are as of the date indicated, aresubject to change and do not account for all portfolio securities, including securities used for hedging purposes.


Theme categorizations are at the sole discretion of the team. Themes and constituents are as of the date indicatedand subject to change. Idiosyncratic positions are issuers held outside of a theme.

Data Monetization

7.5Fidelity National Information Services Inc

6.0 IHS Markit Ltd4.7 Intercontinental Exchange Inc4.7 Visa Inc4.0 Fiserv Inc1.5 Bottomline Technologies de Inc1.5 CME Group Inc1.5 Wirecard AG

Life Sciences5.8 Medtronic PLC3.8 Danaher Corp3.5 Thermo Fisher Scientific Inc3.3 Agilent Technologies Inc3.3 PerkinElmer Inc

Software6.1 VMware Inc2.5 Microsoft Corp2.0 Salesforce.com Inc1.5 Tableau Software Inc1.5 Adobe Inc

Industrial Gases4.5 Air Liquide SA4.4 Linde PLC4.4 Air Products & Chemicals Inc

Communications Infrastructure3.7 Equinix Inc2.5 SBA Communications Corp1.8 InterXion Holding NV1.5 Crown Castle International Corp

Cash Flow Inflection6.0 Automatic Data Processing Inc3.0 Canadian Pacific Railway Ltd0.2 Ocean Outdoor Ltd

% of net assets

Themes

Data Monetization 31.4

Life Sciences 19.6

Software 13.6

Industrial Gases 13.4

Communications Infrastructure 9.4

Cash Flow Inflection 9.2

Total 96.6%

ARTISAN PARTNERS 10


Portfolio Holdings by Sector (% of net assets)

Source: Artisan Partners. As of 31 Dec 2018. % of net assets represents the portfolio’s exposures based on the economic value of investments and options are delta-adjusted. Exposures are at the issuer level and may include multiple securities of the same issuer. Cash and cashequivalents represented -4.6% of net assets as of 31 Dec 2018. Excludes ETFs and ETF options which represented 0.0% and 0.0% of net assets, respectively. Portfolio sector classifications are defined by the investment team and may differ substantially from the GICSclassifications. For the portfolio’s sector breakdown according to GICS methodology, refer to the Fund’s most recent portfolio holdings filed at www.sec.gov.

Information Technology6.1 VMware Inc6.0 Automatic Data Processing Inc2.5 Microsoft Corp2.0 Salesforce.com Inc1.5 Tableau Software Inc1.5 Adobe Inc1.5 Bottomline Technologies de Inc

Communication Services3.7 Equinix Inc2.5 SBA Communications Corp1.8 InterXion Holding NV1.5 Crown Castle International Corp0.2 Ocean Outdoor Ltd

Consumer Discretionary4.7 Visa Inc

Financials

7.5Fidelity National Information Services Inc

4.7 Intercontinental Exchange Inc4.0 Fiserv Inc1.5 CME Group Inc1.5 Wirecard AG

Health Care5.8 Medtronic PLC3.8 Danaher Corp3.5 Thermo Fisher Scientific Inc3.3 Agilent Technologies Inc3.3 PerkinElmer Inc

Industrials6.0 IHS Markit Ltd3.0 Canadian Pacific Railway Ltd

Materials4.5 Air Liquide SA4.4 Linde PLC4.4 Air Products & Chemicals Inc

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Industrial Gases Theme

12ARTISAN PARTNERS


Industry fundamentals have inflected and continue to improve

Across the industry, backlogs are improving, which should set the stage for multi-year earnings growth.

The industry is now consolidated, with three players in an effective global oligopoly able to solidify recent pricing gains, supporting further improvements in the US and Europe and leading to higher ROIC on growth projects.

Macro conditions are supportive

Positive and slowing world industrial production, combined with rising “old economy” capex have historically generated a positive backdrop for gas stocks.

Volumes should be supported late into the cycle as operating rates rise, backlogs grow, and key chemical and energy verticals grow.

ROIC acceleration

ROIC for these businesses is structurally moving higher, driving up multiples.

Differentiation vs. Street

At the company level, we develop differentiated views on growth rates by focusing on companies with significant pricing power and conservative capital allocation.

As of 31 Dec 2018.

Appendix

Biographies—Artisan Partners Thematic Team


Portfolio ManagerChristopher Smith is a managing director of Artisan Partners and founding portfolio manager of the Artisan Partners Thematic Team. Prior to joining Artisan Partners in October 2016,Mr. Smith was a senior analyst at Kingdon Capital Management where he managed capital directly for Mark Kingdon. Mr. Smith spent the majority of his career at Karsch CapitalManagement where he was a managing director and a senior analyst covering the consumer, media and industrial sectors. Upon Karsch Capital closing in August 2013, Mr. Smith wasselected by Michael Karsch to create and exclusively manage Centerline Investment Partners, a long-only fund with more than $100 million in assets, which he then merged intoKingdon Capital with the client’s approval. Mr. Smith has also worked at Soros Fund Management, as well as UBS and Credit Suisse in equity research. He holds a bachelor's degree infinance from the Wharton School, University of Pennsylvania (summa cum laude).

Risk Manager and Head TraderMatthew Plotkin is head of trading and risk management for the Artisan Partners Thematic Team. Prior to joining Artisan Partners in January 2017, Mr. Plotkin spent 15 years workingfor various Michael Karsch entities. Most recently, Mr. Plotkin was a managing director at Hunter Peak Investments where he was the head of global trading and risk management.Before that, Mr. Plotkin worked at KCM Consulting, LLC where he assisted in consulting Stanley Druckenmiller’s Duquesne Family Office. Mr. Plotkin was a managing director and co-head of trading at Karsch Capital Management where he began his career in 2002 until the time of its closing in 2013. Mr. Plotkin holds a bachelor’s degree in marketing from theRobert Smith School of Business–University of Maryland.

Research AnalystsMichael Abrams is an analyst on the Artisan Partners Thematic Team. In this role, he conducts fundamental research, primarily focusing on industrials, energy and materials. Priorto joining Artisan Partners in January 2017, Mr. Abrams was an analyst at Pine River Capital Management where he covered the industrials sector. Before that, Mr. Abrams was a vicepresident of liquid equity markets at Fortress Investment Group LLC where he was a generalist with an emphasis on energy and old economy cyclicals. Earlier in his career, he wasa mechanical engineer at Start, LLC where he designed novel instrumentation for use during minimally invasive surgery and obtained multiple patents in this area. Mr. Abrams holdsa bachelor's degree in mechanical engineering from the University of New Haven (summa cum laude) and a master’s degree in engineering and applied science from YaleUniversity.

Noel Culhane, CFA, is an analyst on the Artisan Partners Thematic Team. In this role, he conducts fundamental research, primarily focusing on technology, media andtelecommunications (TMT). Prior to joining Artisan Partners in January 2017, Mr. Culhane was an investment analyst at Vulcan Capital where he focused on public and privateinvestments in global TMT industries and advised on spectrum investments and credit opportunities. Before that, Mr. Culhane was an equity research analyst at Citigroup GlobalMarkets focused on US telecom services. Mr. Culhane began his career in the TMT Investment Banking group at RBS in London. He holds a bachelor's degree in business and legalstudies from the University College Dublin (First Class Honors) and a master’s degree in finance from the Michael Smurfit Graduate Business School, University College Dublin.

Nitin Gupta is an analyst on the Artisan Partners Thematic Team. In this role, he conducts fundamental research, primarily focusing on the consumer and business services sectors.Prior to joining Artisan Partners in October 2016, Mr. Gupta was an analyst at Kingdon Capital Management where he covered the consumer sector under Mr. Smith. At KingdonCapital, he performed fundamental analysis and built in-depth financial models. Before that, Mr. Gupta worked in investment banking at Moelis & Company where he helped adviseand guide management teams on M&A strategy, including Heinz’s sale to 3G / Berkshire and the New York Stock Exchange’s sale to ICE. Mr. Gupta holds a bachelor's degree ineconomics from Duke University (magna cum laude).

Jay Joshi, CFA, is a junior research analyst on the Artisan Partners Thematic Team. In this role, he conducts fundamental research, primarily focusing on technology, media andtelecommunications (TMT). Prior to joining Artisan Partners in May 2018, Mr. Joshi was a research analyst at Point72 Asset Management where he covered TMT companies. Beforethat, he worked on investments at BHR Capital and 3K Limited Partnership. Mr. Joshi holds a bachelor's degree in quantitative economics from Tufts University.

ARTISAN PARTNERS 15


Biographies—Artisan Partners Thematic TeamData AnalystJames Kelly is a data analyst on the Artisan Partners Thematic Team. In this role, he provides quantitative analysis to support the team’s investment process and automates variousreports to assist with the team’s research and risk management efforts. Prior to joining Artisan Partners in July 2017, Mr. Kelly was a data scientist at Weiss Multi Strategy Advisers LLC.Before that, he held various positions at the Wake Forest University Office of Investments, most recently as a risk and portfolio strategist. Mr. Kelly holds a bachelor’s degree ineconomics and English literature from the College of the Holy Cross, and has completed coursework on data analysis, machine learning and deep learning at Udacity.

Client ServiceBrian M. Newman is a managing director of Artisan Partners and the business leader for the firm’s Thematic team. Prior to joining Artisan Partners in January 2019, Mr. Newman was adirector of business development at BlackRock where he led a sales team within the institutional client business. In this role, he was responsible for developing and maintainingrelationships with institutional investors, including foundations, endowments and public and private pensions. Before that, Mr. Newman was responsible for spearheading theinstitutional distribution effort on behalf of the largest sell-side, exchange-traded fund desk at a global financial firm. Earlier in his career, Mr. Newman was an equity strategist atLehman Brothers and Barclays Capital, tasked with managing relationships with corporate clients by engaging with CEOs, CFOs, treasurers and investor relations professionals. Hebegan his career as a specialist and member of the New York Stock Exchange in 1998. Mr. Newman holds a bachelor’s degree in finance from Georgetown University and a master’sdegree in business administration from New York University Stern School of Business.

Brittany Wayne is an associate director on the institutional client service team at Artisan Partners with responsibility for institutional marketing and client support for the strategiesmanaged by the firm’s Thematic team. Prior to joining Artisan Partners in November 2017, Ms. Wayne managed investor relations at Corsair Capital Management, an equitylong/short investment firm. Before that, she worked at UJA-Federation of New York where she was responsible for venture philanthropy and targeted giving. She holds a bachelor'sdegree in public communication from the University of Vermont.

ARTISAN PARTNERS 16

Jason A. Gottlieb is a managing director and Chief Operating Officer of Investments of Artisan Partners. Prior to joining Artisan Partners in October 2016, Mr. Gottlieb was a partnerand managing director at Goldman Sachs, where he was a leader in Goldman Sachs’ Alternative Investment & Manager Selection Group and a portfolio manager on the GoldmanSachs Multi-Manager Alternatives Fund. Mr. Gottlieb holds a bachelor's degree in finance from Siena College and a master’s degree in finance from Fordham University.

Sarah A. Johnson is a managing director and Chief Legal Officer of Artisan Partners. Ms. Johnson also currently serves as the general counsel, vice president and secretary of ArtisanPartners Funds, Inc. Prior to joining Artisan Partners in July 2002, Ms. Johnson practiced law with the law firm of Bell, Boyd & Lloyd LLC in Chicago, IL. Ms. Johnson holds a bachelor'sdegree in sociology from Northwestern University and a juris doctor from Northwestern University School of Law (cum laude).

George Djurasovic is Global Chief Compliance Officer and an Associate Counsel of Artisan Partners. Prior to joining Artisan Partners in September 2013, Mr. Djurasovic was the vicepresident and head of the US regulatory compliance team at Goldman Sachs Asset Management (GSAM). Before that, he was an associate general counsel in the legal departmentwhile at GSAM. He also previously worked as senior counsel at TIAA-CREF and as an associate at the law firm of Debevoise & Plimpton before joining GSAM. Mr. Djurasovic holds abachelor's degree in political economy from Williams College and a juris doctor from Yale Law School.

Gregory K. Ramirez is a managing director and head of vehicle administration for Artisan Partners. Mr. Ramirez also currently serves as Chief Financial Officer, vice president andtreasurer of Artisan Partners Funds, Inc. Prior to joining Artisan Partners in July 1997, Mr. Ramirez was an audit manager with Price Waterhouse, focusing on investment companyaudits and reviewing transfer agency controls. Mr. Ramirez holds a bachelor’s degree in accounting from the University of Iowa and a master’s degree in business administration fromMarquette University. He is a Certified Public Accountant.

Beth Duray is Director of Securities Operations at Artisan Partners. Ms. Duray oversees a team that manages trade support, settlements, securities servicing and portfoliooversight/control. Prior to joining Artisan Partners in September 2011, Ms. Duray was the director of trading operations at Robert W. Baird & Co. Before that, she was the director oftrade execution and global operations at Stark Investments. Ms. Duray holds a bachelor's degree in finance from the University of North Dakota and a master's degree in businessadministration from the University of St. Thomas.

Michael Mazza is a director in the trade operations group at Artisan Partners. In this role, he oversees the middle office functions for the firm’s credit and alternative strategies. Prior tojoining Artisan Partners in March 2014, Mr. Mazza worked at Brandes Investment Partners where he managed fixed income operations. Prior to that, he was a senior vice president ofInvestment Operations at Zurich Investment Services Limited. Mr. Mazza holds a bachelor’s degree in Finance from Fordham University.

Artisan Partners

Biographies—Operations

ARTISAN PARTNERS 17

Notes and Disclosures

Artisan Partners

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 and summaryprospectus, 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 investment advisoryrelationship 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.


A non-diversified portfolio may invest a larger portion of assets in securities of a smaller number of issuers and performance of a single issuer may affect overall portfolio performance greater than in a diversified portfolio. The portfolio’s use of derivativeinstruments may create additional leverage and involve risks different from, or greater than, the risks associated with investing in more traditional investments. High portfolio turnover may adversely affect returns due to increased transaction costs and creation ofadditional tax consequences. Securities of small- 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. Internationalinvestments 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.

Portfolio Statistics: Portfolio statistics are intended to provide a general view of the entire portfolio, or Index, at a certain point in time. Statistics are calculated using information obtained from various data sources. Artisan Partners excludes outliers when calculating portfolio statistics. Ifinformation is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics.

Sector Allocation: Portfolio sector classifications are defined by the investment team and may differ substantially from the Bloomberg Industry Classification System (BICS) classifications.

Delta-adjusted exposure is shown as a percentage of net assets. All options positions are displayed on a delta-adjusted basis. Delta adjustment is necessary to properly account for the sensitivity of options to changes in price of the underlying security, as well as for making exposurecomparisons to the underlying security (measuring options exposure as premium will understate the economic exposure and risk, while measuring exposure as notional value will overstate the economic exposure). Delta-adjusted exposure is a measure for the exposure on the equitymarket created by the options. This estimation of the equity exposure of a portfolio is only approximate. The delta-adjusted exposure changes over time and is a function of the size and the precise composition of the options portfolio.

This material contains the views and opinions of the manager as of the date of publication, is based on current market conditions, which will fluctuate, and is subject to change without notice. While the information contained herein is believed to be reliable, there is no guarantee to theaccuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. The investment process information containedherein represents a simplified presentation of a complex process. The investment process is subject to change and may differ materially from what is stated herein. The examples provided herein are not intended to constitute a past specific recommendation or past or current holding. Thesestylized examples are only intended to convey a high-level overview of the investment team's approach when analyzing a company, and the type of information that is available about such company. Any forecasts contained herein are for illustrative purposes only and are not to be reliedupon as advice or interpreted as a recommendation. Additionally, there is no obligation to update, modify or amend this material or to otherwise notify a reader in the event that any matter stated herein, or any opinion, projection, forecast or estimate set forth herein, changes orsubsequently becomes inaccurate.

Analyses and opinions contained herein may be based on assumptions that if altered can change the analyses or opinions expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any financial instrument, credit, currency rate or othermarket or economic measure.

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. Holdings weights are delta-adjusted at the issuer level. Holdings information is not intended to represent or predict portfolioinvestment performance or as a recommendation of any individual security. Portfolio holdings are subject to change without notice. Securities named, but not listed as a portfolio holding are not held in the Fund as of the date of this indicated. This listing is for informational purposes onlyand may not be identical to the official books and records of the Fund. Security names may not represent the official legal corporate name.

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 18

Notes and Disclosures

Artisan Partners

Earnings per Share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock. Alpha is a quantitative measure of the volatility of the portfolio relative to a designated index. A positive alpha of 1.0 means the fund has outperformed its designatedindex by 1%. Correspondingly, a similar negative alpha would indicate an underperformance of 1%. Sharpe Ratio is a measure of risk-adjusted return—it is the average return earned in excess of the risk-free rate per unit of volatility or total risk. Information Ratio measures a portfoliomanager’s ability to consistently generate excess returns relative to a benchmark. Upside Capture Ratio is used to evaluate how well a portfolio manager performs relative to an index during periods when that index has risen. Downside Capture Ratio is used to evaluate how well orpoorly a portfolio manager performs relative to an index during periods when that index has dropped. Market Cap is the aggregate value of all of a company's outstanding equity securities. Return on Equity (ROE) is a profitability ratio that measures the amount of net income returnedas a percentage of shareholders equity. Price-to-Earnings (P/E) is a valuation ratio of a company’s current share price compared to its per-share earnings. Weighted Average is the average of values weighted to the data set's composition. Weighted Harmonic Average is a calculationof weighted average commonly used for rates or ratios. LT EPS Growth Rate is the average of the 3-5 year forecasted EPS growth rate of a company. Active Share is defined as the percentage of a portfolio that differs from its benchmark index. Active Share can range from 0% for anindex fund that perfectly mirrors its benchmark to 100% for a portfolio with no overlap with an index. Return on Invested Capital (ROIC) is a measure of how well a company generates cash flow relative to capital invested in the business.

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.

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright © 2019 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part areprohibited without written permission of S&P Dow Jones Indices LLC. S&P® is a registered trademark of S&P Global and Dow Jones® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensorsmakes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

© 2019 Artisan Partners. All rights reserved.

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 Partners Funds, iswholly owned by Artisan Partners Holdings LP.

ARTISAN PARTNERS 19

q4 2018 artisan thematic fund (ticker: arttx)...q4 2018 artisan thematic fund (ticker: arttx) this...

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