David Samra, lead portfolio manager of the Artisan International Value Fund discusses recent portfolio performance 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 Mr. Samra, lead portfolio manager of the Artisan International Fund, as of 17 Nov 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.

For the purpose of determining the portfolio’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities. Securities mentioned, but not listed in the slide presentation are not held in the Fund as of the date of this report. This discussion is not intended to be a recommendation of any individual security.

Financial leverage is a factor that is calculated as a composite factor that includes degree of financial leverage, debt to equity, interest and cash flow coverage ratios. Free cash flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Discounted cash flow (DCF) is a valuation method used to estimate the value of an investment based on its expected future cash flows. Hurdle rate is the minimum rate of return on a project or investment required by a manager or investor. In order to compensate for risk the riskier the project, the higher the hurdle rate. Margin of Safety, a concept developed by Benjamin Graham, is the difference between the market price and the estimated intrinsic value of a business. A large margin of safety may help guard against permanent capital loss and improve the probability of capital appreciation. Margin of safety does not prevent market loss—all investments contain risk and may lose value. Earnings per Share (EPS) is the portion of a company's profit allocated to each outstanding share of common stock.

Past performance does not guarantee future results. Current and future portfolio holdings are subject to risk. Diversification does not guarantee profit or protect against loss.