Quarterly Commentary Artisan Developing World Strategy As of 30 September 2016

Artisan Developing World Strategy returned 10.95% (gross return) for earnings report, as a limited credit offering and continued fashion the quarter ended September 30, 2016, versus 9.03% for the MSCI missteps resulted in market share losses and negative operating Emerging Markets Index (all returns in USD unless stated otherwise). leverage. Al Tayyar suffered mostly from continued budget pressure While emerging markets assets have been beneficiaries of in Saudi Arabia, which has resulted in significant constraints on the accommodative monetary policy for most of the year, the thirst for company’s core corporate and government travel customer. Dish yield accelerated in the aftermath of the United Kingdom’s continued to report mixed operating results, as the company failed to referendum to exit the European Union. Indeed, the prospect of experience average selling price increases commensurate with accommodative monetary policy for an extended period benefited industry trends. Tung Thih experienced volatility in monthly sales specific emerging markets that can offer investors some combination trends, with investors seeking near-term supply chain stabilization of positive real interest rates and reasonable fiscal trajectories. Brazil before looking through to longer-term automotive active (+11.31%), Russia (+8.43%) and Indonesia (+9.52%) were among the safety trends. best performing markets during the third quarter, and broadly reflective of this dynamic. Also notable was Chinese market strength Against a backdrop of the fifth-best quarter for the emerging markets on the heels of a robust property market, with the Hang Seng China since the Global Financial Crisis, market participants remain focused Enterprises Index returning 10.56% during the quarter after declining on whether the burgeoning optimism for emerging markets assets the first half of the year. Underperforming markets generally can continue. While FOMC monetary policy and the trajectory of the succumbed to the global wave of populism in one form or another, or Chinese economic slowdown may offer some clues, we find it difficult to domestic political strife. Mexico (-2.24%) declined as investors or even detrimental to allocate capital on the basis of key economic or processed Trump’s status in the polls and his visit with embattled policy assumptions. However, we know that exogenous events will Mexican President Enrique Peña Nieto. The Philippines (-5.33%) also cause currency volatility for countries that depend on foreign capital underperformed as the country’s bombastic president Rodrigo to fund current account and budget deficits, and that a less volatile Duterte continued to alarm investors, thereby overwhelming an experience for our shareholders is desirable. Thus, we prefer to otherwise robust macroeconomic story. Turkey (-5.26%) also navigate the macroeconomic landscape through the lens of experienced weakness, as investors were left to ponder another coup imbalances. For example, Brazil has experienced a collapse in in the country. domestic demand while India has reduced fiscal support for fuel subsides, such that we would expect manageable current account Top contributors to performance for the quarter included China deficits and relatively modest currency volatility in each country going e-commerce company Alibaba, Russian food retailer Magnit, forward. By contrast, South Africa’s persistent current account deficit Macanese operator Sands China, Chinese online gaming and renders it vulnerable to every FOMC interest rate increase, every messaging provider , and Panamanian airline Copa Holdings. domestic political misstep engineered by Mr. Zuma, and every Alibaba rose as investors continue to shift focus away from Gross intimation of future downgrades from the ratings agencies. Thus, we Merchandise Value (GMV) growth and toward mobile monetization, would expect continued currency volatility in South Africa. the proliferation of cloud-based services, and overall platform Importantly, we do not exclude South Africa from our opportunity set, strength. Magnit rose as investors look past the near-term macro and but would want to be compensated for the risk of future currency competitive environment and instead focus on the company’s store volatility when we invest. expansion opportunity, cyclical recovery potential and recent margin resilience. Sands benefited from stabilization in industry Gross Our approach to managing currency volatility, then, is an important Gaming Revenues (GGR), particularly in the company’s core “mass” component of the construct we use to manage risk. Managing segment and from optimism about the opening of the Parisian volatility is of course intrinsically desirable. Less obvious is that a property this fall. Tencent continues to experience broad business construct for managing volatility at the portfolio level can be an strength, with its legacy gaming business surprising positively against important building block on the road to long-term capital a backdrop of a long-tailed growth opportunity in mobile messaging appreciation, because this characteristic positions us to deploy capital and advertising. Copa saw better-than-expected yields and load when markets are down. We believe this framework extricates us from factors despite a still-tepid macroeconomic backdrop, thereby a “risk-on, risk-off” or asset allocation-oriented approach to emerging bolstering the case for substantially higher earnings power as the markets. Instead, we are able to focus on constructing a portfolio of Latin American economic backdrop improves. companies with the business model resilience to compound business value over a market cycle, while seeking to mitigate risk through a Key detractors from performance for the quarter included Danish forward-looking construct that helps us to best mitigate and even diabetes leader Novo Nordisk, South African apparel company Mr. capitalize on portfolio volatility. Price Group, Saudi Arabian travel provider Al Tayyar, Indian satellite TV provider Dish TV India, and Taiwanese auto parts supplier Tung Thih Electronic. Novo declined as US diabetes pricing came under pressure, and investors questioned the persistence of this issue and the company’s valuation premium. Mr. Price suffered from a tepid QUARTERLY Artisan Developing World Strategy FactCommentary Sheet

As of 30 September 2016 Team Overview

Portfolio Management

Lewis S. Kaufman, CFA Portfolio Manager

Investment Results (%) Average Annual Total Returns As of 30 September 2016 QTD1 YTD1 1 Yr 3 Yr 5 Yr 10 Yr Inception2 Composite — Gross 10.95 20.63 27.38 — — — 5.11 Composite — Net 10.67 19.71 26.07 — — — 4.02 MSCI Emerging Markets Index 9.03 16.02 16.78 -3.29 Source: Artisan Partners/MSCI. 1Returns for periods less than one year are not annualized. 2Composite inception: 1 July 2015.

Past performance does not guarantee and is not a reliable indicator of future results. Net-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 the composite may include accounts with performance-based fees. All performance results are net of commissions and transaction costs, and have been presented gross and net of investment advisory fees. 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 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 securities included in the indices. For more information: Visit www.artisanpartners.com

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A R T I S A N P A R T N E R S

10/17/2016 A16675L_vXUS Artisan Developing World Strategy Quarterly Contribution to Return (%) As of 30 September 2016

Contribution to Contribution to Top Contributors Average Weight Return Ending Weight Bottom Contributors Average Weight Return Ending Weight Holding Ltd 3.30 0.97 3.44 Novo Nordisk A/S 1.77 -0.47 2.02 Magnit PJSC 3.72 0.87 4.02 Mr Price Group Ltd 2.14 -0.37 1.89 Sands China Ltd 2.76 0.79 2.55 Al Tayyar Travel Group Holding Co 0.72 -0.13 0.41 Tencent Holdings Ltd 3.98 0.77 3.94 Dish TV India Ltd 2.19 -0.08 1.98 Copa Holdings SA 1.39 0.73 1.45 Tung Thih Electronic Co Ltd 0.45 -0.06 0.39 SK Hynix Inc 2.01 0.53 2.09 Matahari Department Store Tbk PT 0.95 -0.04 1.05 AIA Group Ltd 4.11 0.48 4.08 Media Nusantara Citra Tbk PT 0.55 -0.03 0.58 Facebook Inc 3.94 0.48 4.04 Grupo Televisa SAB 3.04 -0.02 2.63 MercadoLibre Inc 1.25 0.43 1.02 Puregold Price Club Inc 1.10 -0.01 1.07 Eicher Motors Ltd 1.48 0.42 1.54 Credicorp Ltd 1.98 0.00 1.78 Vipshop Holdings Ltd 0.51 0.40 0.00 LINE Corp 0.00 0.00 0.00 Hypermarcas SA 2.11 0.39 2.24 Gridsum Holding Inc 0.01 0.00 0.00 Delphi Automotive PLC 1.92 0.33 1.62 Ambev SA 0.63 0.01 1.55 HDFC Bank Ltd 3.52 0.31 3.44 Unilever NV 2.60 0.01 3.56 Largan Precision Co Ltd 0.96 0.29 0.94 Cash Holdings 8.46 0.02 7.93 Baidu Inc 2.68 0.29 2.51 Qualicorp SA 1.94 0.02 2.11 LVMH Moet Hennessy Louis Vuitton SE 1.86 0.27 1.74 Sinopharm Group Co Ltd 2.59 0.04 2.62 Eclat Textile Co Ltd 0.93 0.26 0.85 Pioneer Foods Group Ltd 0.53 0.05 0.51 Emaar Properties PJSC 1.78 0.25 1.74 NIKE Inc 0.11 0.05 0.00 Kroton Educacional SA 2.57 0.24 2.61 My EG Services Bhd 0.44 0.05 0.43 QIWI PLC 1.37 0.24 1.01 Lojas Renner SA 0.95 0.05 1.01 The Siam Commercial Bank PCL 1.92 0.22 1.86 Clicks Group Ltd 0.49 0.06 0.45 Visa Inc 1.77 0.21 1.71 Kansas City Southern 1.58 0.07 1.46 PVR Ltd 1.09 0.21 1.09 Grupo Supervielle SA 0.51 0.08 0.53 China Biologic Products Inc 1.40 0.20 2.17 Shanghai International Airport Co Ltd 2.00 0.09 2.11 Bank Mandiri Persero Tbk PT 0.99 0.20 0.92 EPAM Systems Inc 0.96 0.09 1.02 Aurobindo Pharma Ltd 0.96 0.17 1.16 Bharti Infratel Ltd 1.25 0.12 0.87 Kweichow Moutai Co Ltd 2.48 0.15 3.03 Commercial International Bank Egypt SAE 0.82 0.14 0.76 Ajanta Pharma Ltd 0.48 0.15 0.48 Source: Artisan Partners/FactSet. Performance is historical and is not a reliable indicator of future results. As of 30 Sep 2016. These stocks made the greatest contribution to, or detracted most from, performance during the period based on a representative account within the strategy Composite. 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 to determine the weight in the portfolio. % Contribution to Return is calculated by FactSet by multiplying a security’s weight in the portfolio by its in portfolio return for the period referenced and does not take into account expenses of the portfolio. Purchases/sales are accounted for by using end of the day prices, which may or may not reflect the actual purchase/sale price realized by the portfolio.