Artisan High Income Fund

Q1 2020 Artisan Partners Global Value Team

This material is intended to provide an overview of the Global Value team's investment philosophy and process. Investment in any vehicle managed by the team is subject to further documentation contained in the vehicle's offering materials. This material is not for use by retail investors and may not be reproduced or distributed without Artisan Partners' permission. 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 Eligible Counterparties as defined 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 or professional clients and may not be reproduced or distributed without Artisan Partners' permission.

For US institutional investors and MiFID Eligible Counterparties Only—Not for Onward Distribution Artisan Partners Important Disclosures This document is not a prospectus. Investment is subject to further documentation. Unless expressly stated, it has not otherwisebeen 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 whether investment 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 investment strategy 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 out in 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 believe that the expectations reflected in these statements are reasonable, we can give no assurance that these expectations will prove to be correct.

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 the Notes and Disclosures section.

ARTISAN PARTNERS 1 Artisan Partners Global Value Team Investment Philosophy

We focus on identifying high-quality, undervalued businesses that offer the potential for superior risk/reward outcomes

Long-Term Value Investing Risk Management Investment Horizon

Undervalued Companies

Quality Businesses

Financial Strength

Shareholder-Oriented Management

ARTISAN PARTNERS 2 Artisan Partners Global Value Team Artisan Partners Global Value Team

Team Leadership

Daniel J. O’Keefe Lead Portfolio Manager Global Generalist

Justin V. Bandy, CFA Michael J. McKinnon, CFA Co-Portfolio Manager Co-Portfolio Manager Generalist with Regional Focus Generalist with Regional Focus North America, EMEA, Latin America, North America, UK/Ireland, Japan, Australia, New Zealand Asia ex-Japan

Analyst

Generalist with Regional Focus Ashutosh N. Bagaria North America, UK/Ireland, Asia ex-Japan

Generalist with Regional Focus Ben Singer-Scott, CFA North America, EMEA, Latin America, Japan, Australia, New Zealand

Generalist with Regional Focus Jonathan Prigoff US, UK, Europe

ARTISAN PARTNERS 3 Artisan Global Value Strategy Artisan Global Value Strategy Investment Results

Average Annual Total Returns

Annual Returns

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 within the 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 2007.

ARTISAN PARTNERS 5 Artisan Global Value Strategy Representative Transactions—Q1 2020

New Positions Sector Description % of total portfolio

Southwest Airlines Co Industrials A leading US airline offering primarily short-haul, high-frequency and point-to-point flights. 2.8 (United States)

Compass Group PLC Consumer Discretionary The world’s leading contract-catering business. 1.9 (United Kingdom)

Visa Information Technology The operator of the world’s largest retail electronic payments network. 1.0 (United States)

Berkshire Hathaway Financials A diversified holding company. 0.9 (United States)

Sold Positions Sector Reason(s) for Sale % of total portfolio

Carnival Corp Consumer Discretionary Sold in favor of other opportunities. 0.0 (United States)

Nestle SA Consumer Staples Sold as it reached our estimate of intrinsic value. 0.0 (Switzerland)

Royal Bank of Scotland Financials Sold in favor of other opportunities. 0.0 (United Kingdom)

Source: Artisan Partners/FactSet/MSCI/GICS. As of 31 Mar 2020. Securities of the same issuer are aggregated todetermine the weight in the portfolio. This presentation is not a complete listing of portfolio activity. Based on a representative portfolio.

ARTISAN PARTNERS 6 Artisan Global Value Strategy Top 10 Holdings % of total Company Description and Investment Thesis portfolio Alphabet is the global leader in Internet search. We are attracted to the company's tremendous market position and cash Alphabet Inc generation capabilities. The company has made strides in improving transparency which should help bring greater 5.1 (United States) accountability to investors and improved financial discipline. A leader in smartphones, semiconductors and other electronic components. We believe Samsung’s global scale and Samsung Electronics Co Ltd 5.1 (Korea) vertically integrated business model provide it with a competitive advantage. Facebook is the world’s leading social networking company. We are attracted to Facebook’s powerful and growing platform Facebook Inc 4.6 (United States) with incredible scale and reach. FedEx is one of the world’s leading parcel, express and freight delivery networks. We are attracted to the company’s strong FedEx Corp 3.9 (United States) competitive positioning and expansion opportunities in Europe. A major global vendor of enterprise software. We like Oracle’s attractive valuation, solid balance sheet and dominant Oracle Corp 3.8 (United States) position in the highly profitable database market. UBS is the world’s largest wealth manager, the leading retail bank in Switzerland, a global asset manager and a leading UBS Group AG global investment bank. UBS is one of the best-capitalized banks in the world, and we believe it has significant growth and 3.8 (Switzerland) capital return opportunities. A global financial services company with leading positions in securities servicing, issuer services and asset management. We The Bank of New York Mellon Corp 3.7 (United States) are attracted to BNY Mellon’s fee-based business model and its scale advantages. Richemont is a Swiss-domiciled manufacturer and distributor of luxury goods. The company owns some of the best- recognized brands in the world, including Cartier, Van Cleef & Arpels, Piaget, Jaeger-LeCoultre and Montblanc, among Cie Financiere Richemont SA 3.7 (Switzerland) several others. The company has a strong balance sheet with considerable excess cash and assets, and is led by a management team we believe to be an excellent steward of shareholder value. Cognizant Technology Solutions Cognizant is one of the world’s leading IT service providers. It has one of the best long-term track records among its peers, is Corp highly profitable, generates good free cash, has a net-cash balance sheet and operates in an industry with good long-term 3.6 (United States) growth prospects. A leading global engineering company and the largest global supplier of industrial motors, generators and power grids. We ABB Ltd 3.6 (Switzerland) are attracted to ABB’s strong balance sheet and believe it has the potential to improve margins. Total 40.7%

Source: Artisan Partners/MSCI. As of 31 Mar 2020. Securities of the same issuer are aggregated todetermine the weight in the portfolio. Based on a representative portfolio.

ARTISAN PARTNERS 7 Artisan Global Value Strategy Sector Weights

Source: GICS/MSCI. Percentagesshown are of the representative portfolio equities. Based on a representative portfolio. Cash represented1.5% of the total representative portfolio at 31 Mar 2020.

ARTISAN PARTNERS 8 Artisan Global Value Strategy Region/Country Weights

Source: MSCI. Percentagesshown are of the portfolio equities. Based on a representative portfolio. Cash represented1.5% of the total representative portfolio at 31 Mar 2020. Countriesheld in the index but not in the portfolio are not listed.

ARTISAN PARTNERS 9 Artisan Global Value Strategy Portfolio Statistics

Source: FactSet/MSCI. As of 31 Mar 2020 unless otherwise indicated. 1Harmonic; excluding negative earners. 2Reflects a company’s financial leverage as measured by its net debt (total debt minus cash and cash equivalents) divided by total capital. The aggregate calculation excludes companies classified by GICS as banks, consumer finance and capital markets to focus on nonfinancial liabilities. 3For the calendar year ended31 Dec 2019. Based on a representative portfolio.

ARTISAN PARTNERS 10 Artisan Global Value Strategy

Portfolio Holdings—By Country (% of total portfolio)

Source: MSCI. As of 31 Mar 2020. Cash represented1.5% of the total representative portfolio at 31 Mar 2020. Securities of the same issuer are aggregated todetermine the weight in the portfolio. Based on a representative portfolio.

ARTISAN PARTNERS 11 Artisan Global Value Strategy

Portfolio Holdings—By Sector (% of total portfolio)

Source: GICS. As of 31 Mar 2020. Cash represented1.5% of the totalrepresentative portfolio at 31 Mar 2020. Securities of the same issuer are aggregated todetermine the weight in the portfolio. Based on a representative portfolio.

ARTISAN PARTNERS 12 Artisan Select Equity Strategy Artisan Select Equity Strategy Investment Results—Total Returns

Source: Artisan Partners/S&P. 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 within the composite. Current performance may be lower or higher than that shown. The portfolio's return may vary greatly over short periods due to the limited operating period since inception. Returns greater than one year are annualized unless otherwise noted.Composite inception: 28 Feb 2020.

ARTISAN PARTNERS 14 Artisan Select Equity Strategy Top 10 Holdings % of total Company Description and Investment Thesis portfolio Oracle Corp A major global vendor of enterprise software. We like Oracle’s attractive valuation, solid balance sheet and dominant 5.8 (Information Technology) position in the highly profitable database market. DENTSPLY SIRONA is the world’s largest dental supply company. The dental supplies industry is a stable, growing market DENTSPLY SIRONA Inc driven by the developed world’s aging population and increasing rates of dental care in the emerging world. We believe 5.7 (Health Care) the company is attractively valued and will benefit from its initiatives to integrate the Sirona acquisition and restore margins. American Express is one of the world’s largest credit and charge card issuers, operating primarily in the premium end of the American Express Co payments industry. The company operates in a secular growth industry as it benefits from the long-term migration of cash 5.7 (Financials) and checks to electronic forms of payment. We are attracted to American Express’ unique business model, great brand and experienced management team. Facebook Inc Facebook is the world’s leading social networking company. We are attracted to Facebook’s powerful and growing platform 5.6 (Communication Services) with incredible scale and reach. Alphabet is the global leader in Internet search. We are attracted to the company's tremendous market position and cash Alphabet Inc generation capabilities. The company has made strides in improving transparency which should help bring greater 5.6 (Communication Services) accountability to investors and improved financial discipline. Booking Holdings is an online travel company operating worldwide. We believe revenue growth should accelerate and the Booking Holdings company will leverage its current investment spend, leading to stable or rising margins. The company also has a net-cash 5.4 (Consumer Discretionary) balance sheet. A leading US managed-care organization. Medical cost inflation continues growing faster than GDP—which we expect to Anthem Inc continue and which should provide a tailwind to Anthem’s premium revenue. We also see an opportunity to improve the 5.0 (Health Care) operational performance of the commercial business under CEO Gail Boudreaux. Cognizant Technology Solutions Cognizant is one of the world’s leading IT service providers. It has one of the best long-term track records among its peers, is Corp highly profitable, generates good free cash, has a net-cash balance sheet and operates in an industry with good long-term 4.8 (Information Technology) growth prospects.

Samsung Electronics Co Ltd A leader in smartphones, semiconductors and other electronic components. We believe Samsung’s global scale and 4.4 (Information Technology) vertically integrated business model provide it with a competitive advantage.

The Progressive Corp Progressive is a leading direct auto insurer in the US. We are attracted to its solid underwriting capabilities and think it is well 4.4 (Financials) positioned to benefit from secular growth trends in the direct channel. Total 52.4%

Source: Artisan Partners/GICS. As of 31 Mar 2020. Securities of the same issuer are aggregated todetermine the weight in the portfolio. Based on a representative portfolio.

ARTISAN PARTNERS 15 Artisan Select Equity Strategy Sector Weights

Source: GICS/S&P. Percentagesshown are of the representative portfolio equities. Based on a representative portfolio. Cash represented4.3% of the total representative portfolio at 31 Mar 2020.

ARTISAN PARTNERS 16 Artisan Select Equity Strategy Portfolio Statistics

Source: FactSet/S&P. As of 31 Mar 2020. 1Harmonic; excluding negative earners. 2Reflects a company’s financial leverage as measured by its net debt (total debt minus cash and cash equivalents) divided by total capital. The aggregate calculation excludes companies classified by GICS as banks, consumer finance and capital markets to focus on nonfinancial liabilities. Based on a representative portfolio.

ARTISAN PARTNERS 17 Artisan Select Equity Strategy

Portfolio Holdings—By Sector (% of total portfolio)

Source: GICS. As of 31 Mar 2020. Cash represented4.3% of the totalrepresentative portfolio at 31 Mar 2020. Securities of the same issuer are aggregated todetermine the weight in the portfolio. Based on a representative portfolio.

ARTISAN PARTNERS 18 Q&A GBLV-SA

Artisan Partners Global Value Team Biographies —Artisan Partners Global Value Team Daniel J. O’Keefe is a managing director of Artisan Partners and founding partner of the Artisan Partners Global Value Team. He is lead portfolio manager of the Artisan Global Value and Artisan Select Equity Funds, both of which he has managed since inception. Mr. O’Keefe also was co-portfolio manager for the Artisan International Value Fund from October 2006 through September 2018. During this time, the team was nominated six times (in 2008, consecutively from 2011-2014, and again in 2016) for Morningstar, Inc.'s International- Stock Fund Manager of the Year award in the US and won the award in 2008 for Artisan International Value and in 2013 for Artisan Global Value and Artisan International Value Funds. Prior to becoming portfolio manager in 2006, Mr. O’Keefe was a research analyst for the Artisan International Value Fund. Prior to joining Artisan Partners in May 2002, Mr. O'Keefe was an analyst in international equities at Harris Associates LP from July 1997 through May 2002. Preceding his days at Harris Associates, he was an associate in mergers and acquisitions at BancAmerica Securities, and was an analyst with Morningstar, Inc. Mr. O’Keefe holds a bachelor’s degreein philosophy from Northwestern University.

Justin V. Bandy, CFA, is a co-portfolio manager on the Artisan Partners Global Value Team. In this role, he oversees the research process and conducts fundamental research as a generalist. Prior to joining Artisan Partners in October 2009, Mr. Bandy was an equity research associate for KeyBanc Capital Markets, where he conducted research on mid-market software companies. Earlier in his career, he was a retail banking research analyst with the Lafferty Group / VRL Knowledgebank. Mr. Bandy holds a bachelor’s degree in history and a bachelor’s degreein geology-biology from Brown University.

Michael J. McKinnon, CFA, is a co-portfolio manager on the Artisan Partners Global Value Team. In this role, he oversees the research process and conducts fundamental research as a generalist. Prior to joining Artisan Partners in February 2010, Mr. McKinnon was a securities analyst at Legg Mason Capital Management for all LMCM funds. Earlier in his career, he was a research analyst for Himalaya Capital, a long/short equity fund affiliated with Tiger Management, and a senior consultant at Arthur Andersen LLP. Mr. McKinnon holds a bachelor’s degree in economics and Asian studies from Tufts University, a master’s degree in public administration from Harvard Kennedy School and a master’s degree in business administration from Columbia Business School.

Ashutosh N. Bagaria is an analyst on the Artisan Partners Global Value Team. In this role, he conducts fundamental research as a generalist. Prior to joining Artisan Partners in July 2018, Mr. Bagaria was an international investment analyst for Harris Associates where he generated investment ideas across sectors and geographies globally as a generalist. Prior to that, he was a research associate at Dodge and Cox covering global TMT equity. Earlier in his career, he was an analyst at Bank of America Merrill Lynch. Mr. Bagaria holds a bachelor’s degreein electrical engineering from the Indian Institute of Technology (IIT) and a master’s degree in electrical engineering from Stanford University.

Ben Singer-Scott, CFA, is an analyst on the Artisan Partners Global Value Team. In this role, he conducts fundamental research as a generalist. Prior to joining Artisan Partners in September 2019, Mr. Singer-Scott was an equity analyst for Wedge Capital Management with a focus on TMT, consumer and utilities sectors. Prior to that, he was an equity analyst at Wellington Management for six value strategies, including large cap, mid cap and global. Earlier in his career, Mr. Singer-Scott was an equity research associate at Raymond James & Associates. Mr. Singer-Scott holds a bachelor’s degree in economics from the Wharton School, University of Pennsylvania.

Jonathan Prigoff is an analyst on the Artisan Partners Global Value Team. In this role, he conducts fundamental research as a generalist. Prior to joining Artisan Partners in March 2020, Mr. Prigoff was an associate portfolio manager at Thornburg Investment Management on several global investment strategies, while also generating ideas globally across sectors as a generalist. Before that, he was an investment analyst at Champlain Investment Partners. Earlier in his career, Mr. Prigoff was an investment analyst at Equinox Partners. Mr. Prigoff holds a bachelor’s degreein economics and mathematics from Williams College.

ARTISAN PARTNERS 20 GBLV-SA

Artisan Partners Global Value Team Biographies —Artisan Partners Global Value Team Robert G. Paulson is a managing director of Artisan Partners and a business leader for the firm’s International Value and Global Value teams. Prior to joining Artisan Partners in May 2005, Mr. Paulson was senior vice president/regional director of institutional business development and consultant relations for Franklin Templeton Investments. Mr. Paulson holds a bachelor’s degreein economics from the University of Utah.

Aaron M. Roberts, CFA, is a managing director on the institutional client services team at Artisan Partners with responsibility for institutional marketing and client service of the strategies managed by the firm’s Global Value team. Prior to joining Artisan Partners in January 2008, Mr. Roberts was vice president and director of research for the institutional consulting group at Callan Associates, Inc. Mr. Roberts holds a bachelor’s degreein economics from the University of California-Los Angeles.

Ryan Wood, CFA, is an associate director on the institutional client services team at Artisan Partners with responsibility for institutional marketing and client service of the strategies managed by the firm’s Global Value team. He joined Artisan Partners in 2015 as part of the firm’s rotational training program and had the opportunity to work across multiple business areas of the firm over the course of 3 years. In 2018, Mr. Wood spent the last year of the program on the institutional client services team during which he was aligned with the International Value and Global Value teams. Mr. Wood holds a bachelor’s degreein economics from Davidson College.

ARTISAN PARTNERS 21 Artisan Partners Notes and Disclosures 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 Distribution Services Limited (AP Europe) is authorized and regulatedby the CentralBank of Ireland. APLP, APUK and AP Europe are collectively, with their parent company and affiliates, referredtoas Artisan Partnersherein. Form ADV: Additional information about APLP or APUK, the firms, its partners, ownership, investment strategies, feesand 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 Global Value Strategy Investment Risks Current and future portfolio holdings are subject to risk. 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. 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. Value securities may underperform other asset types during a given period. Artisan Select Equity Strategy Investment Risks Current and future portfolio holdings are subject to risk. 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. 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. Value or growth securities may underperform other asset types during a given period. 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-based 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. A client’s returns will be reduced by the advisory fees and other expenses it may incur in the management of its account. 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 returnof 135.65%; compared to a gross-of-fee returnof 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. 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. 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. 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 © 2020 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited 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 licensors makes 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. CountryAllocation: Historical country exposure percentagesreflect countrydesignations as classified by MSCI as of the date shown. Securities not classified by MSCI reflect country designations as of the date the report was generated. Sector Allocation: Unless otherwise noted, sector exposure percentages reflect sector designations as currently classified by GICS. The Global Industry Classification Standard (GICS®) is the exclusive intellectual property of MSCI Inc. (MSCI) and Standard & Poor’s Financial Services, LLC (S&P). Neither MSCI, S&P, their affiliates, nor any of their third party providers (“GICS Parties”) makes any representations or warranties, express or implied, with respect to GICS or the results to be obtained by the use thereof, and expressly disclaim all warranties, including warrantiesof accuracy, completeness, merchantability and fitness for a particular purpose. The GICS Parties shall not have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) evenif notified of such damages. 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. If information is unavailable for a particular security Artisan may use data from a relatedsecurity to calculate portfolio statistics. Weightings of securities in the portfolio are based on the degree of undervaluationat the time of initiation of a position and are periodically re-adjusted. All weightings are subject to investment relatedconsiderations, including diversification and liquidity.

ARTISAN PARTNERS 22 Artisan Partners Notes and Disclosures 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. For an index, the largest holdings are calculated at the security level and do not aggregate securities held by an issuer. Holdings information is not intended to represent or predict portfolio investment performance or as a recommendation of any individual security. A complete list of the securities held by portfolio, other than cash and cash equivalents unless otherwise noted, as of the date indicated is included. Securities named in this material, but not listed within the portfolio holdings page were not held as of the date reported. Portfolio holdings are subject to change without notice. Upon request, Artisan Partners will furnish to any prospective client a complete list of all securities purchased over the last year, including the name of each security, the date(s) it was purchased and/or sold, the market price of those transactions, and the market price of those securities as of the most recent practicable date. 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 to determine the appropriatenessof 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 Partnersas an investment adviser, invest in or remain investedin any fundsto which we serve as investment adviser or otherwise engage with Artisan Partnersin a business relationship. 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 cases may 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 Eligible Counterparties as defined 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. 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). Australia: This material is directed at wholesale clients only and is not intended for, or to be relied upon by, private individuals or retail investors. Artisan Partners Australia Pty Ltd is a representative of APLP (ARBN 153 777 292) and APUK (ARBN 603 522 649). APLP and APUK are respectively regulated under US and UK laws which differ from Australian laws and are exempt from the requirement to hold an Australian financial services license under the Australian Corporations Act 2001 in respect to financial services provided in Australia. Bailiwick of Guernsey: The financial services referred to in this material and this document are not being made available in the Bailiwick of Guernsey (Guernsey) to more than 50 persons in Guernsey and the financial services may not be accepted by more than 50 persons in Guernsey. Canada: This material is distributed in Canada by APLP and/or Artisan Partners Distributors LLC, which conduct activities in Canada under exemptions from the dealer, portfolio manager and investment fund manager registration requirements of applicable Canadian securities laws. This material does not constitute an offer of services in circumstances where such exemptions are not available. APLP advisory services are available only to investors that qualify as "permitted clients" under applicable Canadian securities laws. In no event shall Artisan Partnershave 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. This is an offering of services from Artisan PartnersLimited Partnership. © 2020 Artisan Partners. All rights reserved. This material is not for use by retail investors and may not be reproduced or distributed without Artisan Partners'permission. For US institutional investors and MiFID Eligible CounterpartiesOnly --Not for Onward Distribution—Not for Onward Distribution

ARTISAN PARTNERS 23