Artisan Partners Developing World Fund Portfolio Manager Lewis Kaufman discusses his team’s investment philosophy, portfolio positioning and the current market environment.

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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 investor update represents the views and opinions of the managers as of 14 Oct 2021, which are based on current market conditions, will fluctuate, and 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. 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. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

This discussion is not intended to be a recommendation of any individual security. The holdings mentioned comprised the following percentages of the Fund’s total net assets as of 30 Sep 2021: Visa Inc 6.6%, Sea Ltd 6.0%, Airbnb Inc 5.1%, Tencent Holdings Ltd 5.0%, MercadoLibre Inc 4.9%, Wuxi Biologics Cayman Inc 4.4%, Meituan 4.3%, Adyen NV 4.1%, Bilibili Inc 4.1%, Farfetch Ltd 4.0%, Unity Software Inc 3.9%, Snap Inc 3.1%, Kweichow Moutai Co Ltd 3.1%, Netflix Inc 3.1%, HDFC Bank Ltd 3.1%, Crowdstrike Holdings Inc 2.4%, Aier Eye Hospital Group Co Ltd 2.3%, Alibaba Group Holding Ltd 2.3%, LVMH Moet Hennessy Louis Vuitton SE 2.2%, The Estee Lauder Cos Inc 2.2%, StoneCo Ltd 1.1%, China Tourism Group Duty Free Corp Ltd 0.8%. Securities mentioned, but not listed here or in the investor update presentation are not held in the Fund as of the date of this report.

The MSCI China Index captures large and mid-cap representation across China A shares, H shares, B shares, Red chips, P chips and foreign listings (e.g., ADRs). The MSCI Europe Index captures large and mid-cap representation across 15 Developed Markets countries in Europe. The Producer Price Index (PPI) is a group of indexes that represents the average changes in selling prices from domestic production over time. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

Free cash flow (FCF) is a measure of financial performance calculated as operating cash flow minus capital expenditures. Price-to-Earnings (P/E) is a valuation ratio of a company's current share price compared to its per-share earnings.

Past performance does not guarantee future results. Current and future holdings are subject to risk.