Q1 2020 Artisan Developing World Strategy

Artisan High Income Fund

Q1 2020 Artisan Developing World Strategy

This material does not constitute an offer or solicitation where such actions are not authorized or lawful. Further limitations on the availability of products or services described herein may be imposed.

This material is only intended for investors which meet qualifications as institutional investors as defined in the applicable jurisdiction where this material is received, which includes only Professional Clients or Eligible Counterparties asdefined by the Markets in Financial Instruments Directive (MiFID) where this material is issued by APUK or AP Europe. This material is not for use by retail investors and may not be reproduced or distributed without Artisan Partners’permission.

For Institutional Investors Only—Not for Onward Distribution

Important DisclosuresThese materials are provided solely for use in a private meeting and are intended for informational and discussion purposes only. Investment is subject to further documentation.

This document is not a prospectus. Unless expressly stated, it has not otherwise been registered with, or approved by, any regulatory authority in any jurisdiction.

This material is for informational purposes only and shall not be construed as investment or tax advice. Prospective investors should consult their financial and tax adviser before making investments in order to determine whetherinvestment will be suitable for them.

Unless otherwise indicated, the Artisan Strategy characteristics relate to that of an investment composite or a representative account managed within a composite. It is intended to provide a general illustration of the investmentstrategy and considerations used by Artisan Partners in managing that strategy. Individual accounts may differ, at times significantly, from the reference data shown due to varying account restrictions, fees and expenses, and since-inception time periods, among others. Where applicable, this information is supplemental to, and not to be construed with, a current or prospective client’s investment account information.

The information presented is believed to be materially correct as at the date indicated, but no representation or warranty (express or implied) is made as to the accuracy or completeness of any of this information. Nothing set outin these materials is or shall be relied upon as a promise or representation as to the past or future.

Statements contained in the presentation are based on the beliefs and assumptions of our portfolio management team and on the information currently available to our team at the time of such statements. Although we believethat the expectations reflected in these statements are reasonable, we can give no assurance that these expectations will prove to be correct.

Artisan Partners

INVESTMENT RISKS: Investments will rise and fall with market fluctuations and investor capital is at risk. For further information on the investment risks related to this material, please see theNotes and Disclosures section.

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For Financial Advisor Use Only. Not for Distribution to the Public.

Artisan Partners Developing World Team


Portfolio Manager Years Investment Industry Experience

Lewis Kaufman, CFA 21

Investment Professionals

David Ng, CFA 8

Meng (Cece) Ge 8

Graeme Harten 7

Trader

Jonathan Hogan 12

Business Professionals

David Heiny 20

Bill Mahler, CFA 9

Grace White 19

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Process Overview: A Compounding Outcome

We seek to build, preserve and reinforce a stream of compounded business value

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Build: Developing World Opportunities

Source: Artisan Partners. Exports of goods and services as of 31 Dec 2017 based on World Bank data.

Domestic demand focused and structured to transcend constraints

Exports are growing just 5% globally. Low penetration domestic demand offers the potential for better compounding outcomes.

Domestic Demand Focus

Domestic demand potential is increasingly hard to realize, as many EM countries face declining potential output.

Value Realization

Our opportunity set is aligned to low-penetration domestic demand, but structured to better transcend constraints.

Evolving Opportunity Set

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Preserve: Foundational Risk Management

We implement a forward-looking construct for managing risk

Correlation Currency Impairment

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Reinforce: Methodical Portfolio Improvement

Our underlying risk management framework is designed to facilitate portfolio improvements in down markets

Change Weights

New Purchases

Sales

Leverage Different Correlations

Premier Assets

Process Evolution

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Source: Artisan Partners/MSCI. As of 31 Mar 2020. Past performance does not guarantee and is not a reliable indicator of future results. Gross-of-fees performance shown for the Composite. Current performance may be lower or higher thanperformance shown. Based on monthly returns beginning with July 2015, the first full month since inception. Upside/Downside Capture represents average monthly returns during months when the index was positive and negative, respectively. May notsum due to rounding.

Artisan Developing World Strategy

Reinforce: Upside Capture, Downside Capture

Upside CaptureAverage Up Month

Downside CaptureAverage Down Month

Artisan Developing World Strategy 382bps -276bps

MSCI Emerging Markets Index 361bps -424bps

Difference +21bps +147bps

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Investment Results

Source: Artisan Partners/MSCI. Past performance does not guarantee and is not a reliable indicator of future results. Gross- and net-of-fees performance shown for the Composite. Net-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios withinthe composite. Current performance may be lower or higher than that shown. Returns greater than one year are annualized unless otherwise noted. Composite inception: 1 Jul 2015.

Annual Returns

Average Annual Total Returns


Biographies—Artisan Partners Developing World Investment ProfessionalsLewis S. Kaufman, CFA, is a managing director of Artisan Partners and founding portfolio manager of the Developing World team. In this role, he is the portfolio manager for theArtisan Developing World Fund. Prior to joining Artisan Partners in February 2015, Mr. Kaufman was a managing director and portfolio manager for Thornburg InvestmentManagement, where he managed the Developing World Strategy from its inception in 2009 through January 2015. Thornburg was named Emerging-Markets Equity InvestmentManager of the Year by Institutional Investor for its Developing World Strategy in 2014. Mr. Kaufman also co-managed the International ADR Strategy from 2007 through 2013, afterjoining Thornburg in 2005 as an associate portfolio manager. Prior to joining Thornburg, Mr. Kaufman held various investment-related positions with Morgan Stanley and Citigroup.Mr. Kaufman graduated cum laude with a bachelor’s degree in English from Colgate University and holds a master’s degree in business administration from Duke University FuquaSchool of Business.

David Ng, CFA, is an analyst on the Artisan Partners Developing World Team. In this role, he conducts fundamental research as a generalist. Prior to joining Artisan Partners inJanuary 2016, Mr. Ng was a senior fixed income and equity research associate at Dodge & Cox. Mr. Ng graduated Phi Beta Kappa from Stanford University, and holds a bachelor'sdegree in economics.

Meng (Cece) Ge is an analyst on the Artisan Partners Developing World Team. In this role, she conducts fundamental research as a generalist. Prior to joining Artisan Partners inApril 2018, Ms. Ge was an equity research associate at Bank of America Merrill Lynch where she covered energy MLPs and natural gas utilities. Ms. Ge holds a bachelor’s degree inapplied and computational mathematics and economics from the California Institute of Technology.

Graeme Harten is a research associate on the Artisan Partners Developing World Team. In this role, he conducts fundamental research as a generalist. Prior to joining ArtisanPartners in September 2019, Mr. Harten worked in institutional equity sales at China International Capital Corporation Limited (CICC). Mr. Harten was a double major and has abachelor’s degree in both economics and Asian studies from Carleton College.


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Biographies—Artisan Partners Developing World Business ProfessionalsJonathan P. Hogan is a trader for Artisan Partners’ non-US portfolios and the lead trader for the Artisan Partners Developing World Team. Prior to joining Artisan Partners in May2012, he was an institutional equity services analyst at Robert W. Baird & Co., Inc. Mr. Hogan holds a bachelor’s degree in accounting and finance (cum laude) from the University ofWisconsin-Milwaukee.

David J. Heiny is a managing director of Artisan Partners and a business leader for the firm’s Developing World team. Mr. Heiny was previously responsible for a range of functionsincluding defined contribution practice leadership, oversight of marketing and communications at the firm, and institutional business development for the Artisan Growth Teamand Small Cap Growth strategy. Prior to joining Artisan Partners in August 2000, Mr. Heiny was a credit analyst with First Chicago (presently JPMorgan Chase). Mr. Heiny holds abachelor’s degree in business from Miami University and a master’s degree in business administration from the University of Chicago Booth School of Business.

Bill Mahler, CFA, is a director on the institutional client services team at Artisan Partners with responsibility for institutional marketing and client service of the Developing Worldstrategy. Mr. Mahler was previously a director on the intermediary services team at Artisan Partners. Mr. Mahler holds a bachelor’s degree in English from Tufts University and amaster’s degree in business administration from the Kellogg School of Management at Northwestern University.

Grace White is an associate director on the institutional client services team with responsibility for institutional marketing and client support for the Artisan Developing WorldStrategy managed by the firm’s Developing World team. Prior to joining Artisan Partners in February 2016, Ms. White was director of operations for Dorsal Capital Managementwhere she oversaw the operations of an equity long/short hedge fund. Earlier in her career, Ms. White worked as a senior client service representative for Morgan Stanley. Ms. Whiteholds a bachelor’s degree in business economics from University of California- Santa Barbara.


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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.

Artisan Partners Limited Partnership (APLP) is an investment adviser registered with the U.S. Securities and Exchange Commission (SEC). Artisan Partners UK LLP (APUK) is authorized and regulated by the Financial Conduct Authority and is a registered investment adviser with the SEC. APEL Financial DistributionServices Limited (AP Europe) is authorized and regulated by the Central Bank of Ireland. APLP, APUK and AP Europe are collectively, with their parent company and affiliates, referred to as Artisan Partners herein.

Form ADV: Additional information about APLP or APUK, the firms, its partners, ownership, investment strategies, fees and expenses and policies is contained in each firm’s respective Form ADV. Each firm will supply a copy of its Form ADV upon request.

Artisan Developing World Strategy Investment Risks

International 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. Such risks include new and rapidly changingpolitical and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations. Securities of small- and medium-sized companies tend to have a shorter history of operations, be morevolatile and less liquid and may have underperformed securities of large companies during some periods. Investments will rise and fall with market fluctuations and investor capital is at risk. Investors investing in strategies denominated in non-local currency should be aware of the risk ofcurrency exchange fluctuations that may cause a loss of principal. These risks, among others, are further described in Artisan Partners Form ADV, which is available upon request.

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.

Composite Performance: All performance results are net of commissions and transaction costs, and have been presented gross or net of investment advisory fees. For performance presented net of fees, fees may be higher for certain pooled vehicles and the composite may include accounts with performance-basedfees. Dividend income is recorded net of foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan Partners. Interest income is recorded on the accrual basis. Performance results for the index include reinvested dividends and are presented netof foreign withholding taxes but, unlike the portfolio's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. A client’s returns will be reduced by the advisory fees and other expenses it may incur in the management of itsaccount. For example, an actively managed account of $20 million with an annual rate of return of 10% compounded over a 10-year period that was charged an advisory fee of 1.05%, would achieve a net-of-fee return of 135.65%; compared to a gross-of-fee return of 159.4% based on the same assumptions.

Unless otherwise indicated, the Artisan Strategy characteristics relate to that of an investment composite or a representative account managed within a composite. It is intended to provide a general illustration of the investment strategy and considerations used by Artisan Partners in managing that strategy. Individualaccounts may differ, at times significantly, from the reference data shown due to varying account restrictions, fees and expenses, and since-inception time periods, among others. Where applicable, this information is supplemental to, and not to be construed with, a current or prospective client’s investment accountinformation.

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 or produced by MSCI.

Totals may not sum due to rounding. All data shown is in USD unless otherwise indicated.

Artisan Partners is not registered, authorized or eligible for an exemption from registration in all jurisdictions. Therefore, services described herein may not be available in certain jurisdictions. This material does not constitute an offer or solicitation where such actions are not authorized or lawful, and in some casesmay only be provided at the initiative of the prospect. Further limitations on the availability of products or services described herein may be imposed.This material is only intended for investors which meet qualifications as institutional investors as defined in the applicable jurisdiction where this material is received, which includes only Professional Clients or Eligible Counterparties as defined by the Markets in Financial Instruments Directive (MiFID) where thismaterial is issued by APUK or AP Europe. This material is not for use by retail investors and may not be reproduced or distributed without Artisan Partners’ permission.

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 before making investments in order todetermine 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 Artisan Partners as an investmentadviser, 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.

In the United Kingdom, issued by APUK, 25 St. James’s St., Floor 3, London SW1A 1HA, registered in England and Wales (LLP No. OC351201). Registered office: Reading Bridge House, Floor 4, George St., Reading, Berkshire RG1 8LS. In Ireland, issued by AP Europe, Fitzwilliam Hall, Fitzwilliam Pl, Ste. 202,Dublin 2, D02 T292. Registered office: 70 Sir John Rogerson’s Quay, Dublin 2, D02 R296 (Company No. 637966).

© 2020 Artisan Partners. All rights reserved.

For Institutional Investors Only—Not for Onward Distribution

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Composite Performance PresentationArtisan Developing World CompositeSchedule of Performance Results—1 July 2015 (inception) through 31 December 2019

The MSCI Emerging Markets Index is an unmanaged, market-weighted index of companies in emerging markets. Performance results for the MSCI Emerging Markets Index include reinvested dividendsand are presented net of foreign withholding taxes but, unlike the portfolio’s returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securitiesincluded in the index.

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 orused to create indices or financial products. This report is not approved or produced by MSCI.

The three-year annualized ex-post standard deviation of the Composite and benchmark is as follows:

General InformationThe firm is defined as Artisan Partners (“Artisan” or the “Firm”) which includes all assets managed by Artisan Partners Limited Partnership and Artisan Partners UK LLP (Artisan UK), investment advisersregistered with the United States Securities and Exchange Commission. Artisan UK is also authorized and regulated by the Financial Conduct Authority in the United Kingdom. The Firm is anindependent, multi-product investment management firm that focuses exclusively on high value-added investment strategies.

Artisan claims compliance with the Global Investment Performance Standards (GIPS®) and has prepared and presented this report in compliance with the GIPS standards. Artisan has been independently verified for the periods April 1, 1995, through December 31, 2019. Verification assesses whether (1) the firm has complied with all the composite construction requirements of the GIPS standards on a firm-wide basis and (2) the firm’s policies and procedures are designed to calculate and present performance in compliance with the GIPS standards. The Artisan Developing World Composite has been examined for the periods July 1, 2015, through December 31, 2019. The verification and performance examination reports are available upon request.

A complete list of composite descriptions and policies for valuing portfolios, calculating performance and preparing compliant presentations are available upon request.

The Artisan Developing World Composite (the “Composite”), created July 2015, includes all accounts managed by Artisan in the Artisan Developing World Strategy. Artisan invests Developing Worldaccounts in a diversified portfolio of common stocks and other equity securities of all market capitalizations that offer exposure to developing world economies. The strategy seeks to focus its analysison businesses that are domiciled in or economically tied to the developing world and emphasize financially sound, self-funding companies. The benchmark is the MSCI Emerging Markets Index.


Composite (Gross of Fees) MSCI Emerging Markets Index

31 Dec 2019 13.8% 14.2%

31 Dec 2018 13.5% 14.6%

Number of Portfolios

Composite Assets($ millions)

Total Firm Assets($ millions)

Percentage of Composite Assets to Total Firm Assets

Gross-of-Fees Composite Performance

Net-of-Fees Composite Performance

MSCI Emerging Markets Index Performance

Measure of Internal Dispersion1

Percent Non-Fee Paying Portfolios

31 Dec 2019 3 $3,373.7 $121,016.6 2.8% 43.40% 41.94% 18.42% N/M 0.0%31 Dec 2018 2 $1,993.3 $96,224.0 2.1% -14.53% -15.43% -14.57% N/M 0.0%31 Dec 2017 2 $2,252.6 $115,494.4 2.0% 36.87% 35.48% 37.28% N/M 0.0%31 Dec 2016 2 $986.5 $96,845.1 1.0% 13.08% 11.91% 11.19% N/M 0.0%31 Dec 2015 1 $373.8 $99,847.8 0.4% -11.75% 2 -12.23% 2 -17.35% 2 N/M 0.0%

Past performance does not guarantee and is not a reliable indicator of future results. 1A statistical measure of internal dispersion for composites with five or fewer portfolios included for the entire year is not considered meaningful. N/M - Not considered meaningful. 2Returns for the period from 1 Jul 2015 through 31 Dec 2015 are not annualized.

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Composite Performance PresentationGeneral Information (continued)Portfolios in the Composite may invest in equity-linked participation certificates and, in limited circumstances, may use forward agreements to hedge a particular currency that Artisan believes isovervalued if the portfolio has, or is initiating positions in, securities traded in that currency. An investment in an equity-linked participation certificate provides economic exposure to a security of a non-US company without a direct investment in that security and creates exposure to the credit risk of the issuing financial institution, as well as to the market risk of the underlying security. The use offorward agreements may reduce the risk of loss from currency revaluations but also may reduce or limit the opportunity for gain and involves counterparty risk, which is the risk that the counterpartywill not fulfill its contractual obligation to deliver the currency contracted for at the agreed upon price.

Calculation MethodologyThe returns provided represent the investment performance results for the Artisan Developing World Composite. The Composite consists of all discretionary client accounts (“accounts” or “portfolios”)managed by Artisan in the Developing World strategy described above. All performance results are net of commissions and transaction costs and have been presented gross and net of investmentadvisory fees. Dividend income is recorded net of nonreclaimable foreign withholding taxes on ex-dividend date or as soon after the ex-dividend date as the information becomes available to Artisan.Interest income is recorded on the accrual basis. The MSCI Emerging Markets Index uses the WM/Reuters closing spot rates taken at 4:00 p.m. London time to translate values to US dollars. TheComposite translates values to US dollars using the WM/Reuters 4:00 p.m. Eastern Time spot rates. All valuations are stated, and returns are computed, in US dollars. Securities transactions are accountedfor on trade date. Investment performance results represent time-weighted portfolio returns and are based on daily valuations of portfolios.

Portfolio securities are valued at the closing price on the exchange or market designated by Artisan or its pricing vendor as the principal exchange, as of the time of closing of the principal exchange or,for those markets that are open at the time of delivery of the vendor quotation feed, the last traded price at the time of delivery of the vendor quotation feed (the “time of valuation”). Absent closingprice information from the principal exchange as of the time of valuation, a security is valued using the closing price on another exchange on which the security is traded (if such price is made availableby the pricing vendor) or the most recent bid quotation on the principal exchange or, if not available, a secondary exchange or in the over-the-counter market. When reliable market quotations are notreadily available, securities are valued according to procedures adopted by Artisan.

Fees and ExpensesNet-of-fees composite returns were calculated using the highest model investment advisory fees applicable to portfolios within the Composite. Fees may be higher for certain pooled vehicles, and theComposite may include accounts with performance-based fees.

Artisan generally requires a minimum of $100 million of assets to establish an account in the Developing World strategy. However, Artisan reserves the right to waive the minimum account size undercertain circumstances. Artisan sometimes negotiates other fee schedules depending on the type of account, relationship, if any, to other accounts managed by Artisan, the size of the account, level ofservice required, potential growth and other factors Artisan considers relevant. Artisan will negotiate an individual fee schedule with a client having assets under management of approximately $500million or more. Currently, the investment advisory fee structure is as follows:


Net AssetsFirst $100 million 0.90%Greater than $100 million 0.85%

Annual Investment Advisory FeeNew Accounts

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Q1 2020 Artisan Developing World Strategy

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