Q4 2019 Artisan Partners Thematic Team

This is an offering of shares of an Artisan Fund and does not create a relationship between the investor and Artisan Partners. The Notes and Disclosures section of this presentation contains important information. Readers are encouraged to review it carefully.

Executive Summary

Portfolio manager Chris Smith has 16 years of long-short and long-only investment experience at investment firms including Karsch Capital and Kingdon Capital

Chris is supported by a dedicated risk manager/trader, five research analysts and one data analyst

Chris has previously worked with risk manager/head trader Matthew Plotkin at Karsch and research analyst Nitin Gupta at Kingdon

Experience/Team

The investment team applies the same approach to thematic idea generation, fundamental company analysis, and risk management that Chris has honed throughout his career

Ideas are generated based on areas we believe are experiencing inflections in multi-year trends, which can lead to powerful re-ratings of industries and companies

A rigorous valuation framework is then used to analyze companies and clear visual outputs allow us to consistently evaluate positions across the portfolio

Utilizing this approach, we seek to construct a focused portfolio designed to maximize alpha while limiting downside risk over the long term

Investment Process

Differentiated Portfolio: High-conviction portfolio across 5-8 themes

Systematic Analytical Framework: Allows for a repeatable and methodical decision-making process

Proactive Risk Management: Incorporated throughout the investment process by evaluating various metrics regularly and using options actively

Operational Alpha: Artisan’s infrastructure provides business stability and operational support, allowing us to focus on the investments

Key Differentiators

Artisan Thematic Fund

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Portfolio Manager Years of Investment Industry Experience

Christopher Smith 16

Risk Manager and Head Trader

Matthew Plotkin 18

Research Analysts Coverage Areas

Noel Culhane, CFA TMT 12

Jay Joshi, CFA TMT 7

Jeffrey Nykun Generalist 17

Michael Abrams Industrials, Energy, Materials 12

Nitin Gupta Consumer, Business Services 7

Data Analyst

James Kelly 10

Client Service

Brian Newman 21

Brittany Wayne 6

Artisan Partners Thematic TeamLocation: New York, NY

Our process blends a collaborative team mentality with individual accountability

Artisan Partners Thematic Team

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Cumulative Returns

(%) as of 31 Dec 2019 QTD 1 Yr Inception Inception Advisor Class: APDTX 7.56 32.65 27.41 91.76

Investor Class: ARTTX 7.49 32.29 27.32 91.39

S&P 500® Index 9.07 31.49 14.40 43.56

Past performance does not guarantee and is not a reliable indicator of future results. Investment returns and principal values will fluctuate so that an investor's shares, when redeemed, may beworth more or less than their original cost. Current performance may be lower or higher than that shown. Call 800.344.1770 for current to most recent month-end performance. Performance mayreflect agreements to limit a Fund’s expenses, which would reduce performance if not in effect. The Fund’s investments in initial public offerings (IPOs) made a material contribution to performance.IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable in the future.Source: S&P. Returns less than one year are not annualized. Advisor Class performance is that of the Investor Class from 24 Apr 2017 through the inception of the Advisor Class on 31 Jul 2018, and actual Advisor Class performance thereafter. Investor Class inception: 24 Apr2017. Performance has not been adjusted to reflect the expenses of the Advisor Class for the period prior to the Class’s inception, and Advisor Class performance results would differ if such expenses were reflected.

Investment Results—Average Annual Total Returns

Expense Ratios (Gross / Net) APDTX ARTTX

Annual Report 30 Sep 20191 1.17% 1.37%2,3

Prospectus 30 Sep 20183,4 1.27%5 1.71% / 1.52%6

1Audited. For the fiscal year ended 30 Sep 2019. 2Excludes Acquired Fund Fees and Expenses as described in the prospectus.3See prospectus forfurther details. 4Includes 0.01% of dividend and interest expenses relating to short sales. 5Includes estimated expenses for the current fiscal year,of which 0.01% are dividend and interest expenses relating to short sales. 6Reflect a contractual expense limitation agreement in effect through31 January 2021.

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Artisan Thematic Fund

Artisan Thematic Fund

Portfolio Statistics

Source: Artisan Partners/FactSet. As of 31 Dec 2019. Theme categorizations are at the sole discretion of the team. Themes and constituents are as of the date indicated and subject to change. Portfolio sector classifications are defined by the investment team and may differsubstantially from the GICS classifications. For the portfolio’s sector breakdown according to GICS methodology, refer to the Fund’s most recent portfolio holdings filed at www.sec.gov. 1% of net assets represents the portfolio's exposures based on the economic value ofinvestments and options are delta-adjusted. Cash and cash equivalents represented 14.1% of net assets as of 31 Dec 2019. Statistics shown exclude ETFs and ETF/Index options, which represented 0.0% and 0.0% of net assets, respectively. 2Exposures are at the issuer leveland may include multiple securities of the same issuer. 3Harmonic.

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Portfolio Exposure and Holdings by Theme (% of net assets)

Source: Artisan Partners. As of 31 Dec 2019. % of net assets represents the portfolio’s exposures based on the economic value of investments and options are delta-adjusted. Exposures are at the issuer level and may include multiple securities of the same issuer. Cash and cashequivalents represented 14.1% of net assets as of 31 Dec 2019. Excludes ETFs and ETF options which represented 0.0% and 0.0% of net assets, respectively. Theme categorizations are at the sole discretion of the team. Themes and constituents are as of the date indicated, aresubject to change and do not account for all portfolio securities, including securities used for hedging purposes.

Artisan Thematic Fund

Theme categorizations are at the sole discretion of the team. Themes and constituents are as of the date indicated and subjectto change. Idiosyncratic positions are issuers held outside of a theme.

Digitization of Commerce7.8 Fidelity National Information Services Inc3.6 Alibaba Group Holding Ltd3.1 Alphabet Inc3.0 Global Payments Inc2.3 Visa Inc1.9 American Express Co1.9 Facebook Inc1.5 Tencent Holdings Ltd

Network Modernization5.7 Analog Devices Inc4.5 Microsoft Corp4.0 NVIDIA Corp2.1 VMware Inc1.9 Charter Communications Inc1.5 T-Mobile US Inc1.0 Equinix Inc1.0 American Tower Corp1.0 SBA Communications Corp0.9 Marvell Technology Group Ltd

Automation of Industrial Complex4.1 Honeywell International Inc3.3 Union Pacific Corp3.0 NXP Semiconductors NV2.9 Amphenol Corp1.9 Norfolk Southern Corp

% of net assets

Themes

Digitization of Commerce 24.9

Network Modernization 23.7

Automation of Industrial Complex 15.2

Data Monetization 14.5

Life Sciences 7.0

Industrial Gases 5.3

Total 90.7%

Data Monetization2.9 BlackRock Inc2.3 IHS Markit Ltd2.1 Marriott International Inc2.1 Wyndham Hotels & Resorts Inc2.0 Hilton Worldwide Holdings Inc1.1 S&P Global Inc1.0 SS&C Technologies Holdings Inc1.0 Moody's Corp

Life Sciences3.0 Thermo Fisher Scientific Inc3.0 Becton Dickinson and Co1.0 Agilent Technologies Inc

Industrial Gases2.7 Air Liquide SA2.6 Linde PLC

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Thematic Framework

Data Consumption is a key demand driver for network infrastructure

Evolution of Machine Learning

Known use cases for structured data

Emerging use cases for unstructured data

Internet of Things (IoT) and Machine Learning will accelerate data growth IDC predicts the average person will interact with a connected device 4,800 times per day within 8 years

Users: 1.5bn PC, 7bn smartphone, IoT (100bn? – no population cap)

Netflix SD stream = 1GB/hr; HD stream = 3GB/hr. Netflix streams > one billion hours of content per month2

Autonomous car = 1GB/sec; 3,600GB/hr3

Data creation is more than doubling every 2 years

Source: Artisan Partners. As of 30 Apr 2017. 2Netflix. 3Networkworld. The hypothetical investment example is provided for illustrative purposes only and is not representative of all portfolio investments. The information contained herein represents a simplified presentation of acomplex process. The investment process is subject to change and may differ materially from what is stated herein.

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Artisan Partners Thematic Team

26.8 28.8 30.7 32.7 34.8 37.0

12.614.7

17.220.0

23.126.7

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2018 2019E 2020E 2021E 2022E 2023E

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Total Retail Colo TAM Total Hyperscale / Wholesale TAM

~10% CAGR

Total Retail Colo TAM Total Hyperscale / Wholesale TAM

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Hyperscale Data Center Capex: Inflect in FY’20

Network Modernization —> Data Centers

Global Data Center TAM ($ Billions)

Global Data Center TAM expected to grow by ~61% to ~$64B over five years After a strong FY’18, the largest data center customers (AMZN, MSFT, FB, GOOG) – also known as hyperscalers – materially slowed down their

consumption (capex spend) to absorb large purchases made in 2018

Hyperscale data center capex expected to inflect in FY’20 following a period of excess capacity digestion

Source: Artisan Partners/Structure Research. Global data center TAM estimates as of 30 September 2019. Hyperscale capex derived from company data as 30 September 2019. TAM: Total addressable market. Colo: Colocation data center facility.

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Artisan Partners Thematic Team$

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As data center at hyperscale spend returns, semiconductors are leveraged to capex recovery We believe data center-exposed semiconductors will experience best-in-class growth

We ranked DC-exposed semiconductors based on their exposure to end market exposure, plotting against 3-year CAGR growth expectations

Artisan Thematic Blended Exposure - Data Centers

Network Modernization —> Data Centers —> Semiconductors

Source: Artisan Partners. Consensus 3-year growth revenue expectations based on an average of estimates aggregated by Visible Alpha. Secular tailwind rank based on percentage of revenues tied to data center spend. A higher tailwind rank corresponds to a higher proportion ofrevenue derived from data centers. Exposure approximations are provided for illustrative purposes only and are subject to change. The information contained herein represents a simplified presentation of a complex process. The investment process is subject to change and maydiffer materially from what is stated herein. Refer to Portfolio Holdings for security weights. AMD: Advanced Micro Devices; XLNX: Xilinx; NVDA: NVIDIA; INTC: Intel; MU: Micron.

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Artisan Partners Thematic Team

Secular Tailwind Rank

$37 Billion

$50 Billion

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$ 50 Billion

$ 37 Billion17% 21% 23%

27% 31% 33% 36% 39% 41%52%

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Semiconductors—NVIDIA (NVDA)

NVIDIA should continue to benefit from secular tailwinds within the graphic processing units (GPU) space NVIDIA is a dominant player in the GPU industry which allows for accelerated processing used in datacenters and gaming

Data Centers NVIDIA’s datacenter TAM could rise to $50B from $37B over the next 5 years

Growing demand for GPUs will by driven by data sciences and AI processing

Gaming Gamer adoption of high-powered GPUs remains nascent and is poised to accelerate

Penetration GPUs should increase over the next 3 years as NVDA introduces new chips and improved gaming technology

GPU: Market Share in GamingData Center: Total Addressable Market ($ billions)

Source: Artisan Partners/Bank of America. NVIDIA TAM estimates based on company data. GPU gaming market share from Bank of America as of 13 Jan 2020. Refer to Portfolio Holdings for security weights.

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Artisan Partners Thematic Team$

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Q&A

This section of this presentation contains information important to a complete understanding of the material presented. Please review it carefully.

Carefully consider the Fund’s investment objective, risks and charges and expenses. This and other important information is contained in the Fund's prospectus andsummary prospectus, which can be obtained by visiting www.artisanpartners.com/prospectus. Read carefully before investing.These materials are presented in connection with an offer of the shares of a Fund in the series of Artisan Partners Funds, Inc. These materials are not an offer for any other mutual fund mentioned. A purchase of shares of an Artisan Partners Fund does not create an investmentadvisory relationship between the investor and Artisan Partners Limited Partnership, the investment adviser to the Fund. In addition to acting as investment adviser to the Fund, Artisan Partners provides institutional investment management services.

Artisan Thematic Fund

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. The portfolio’s use of derivativeinstruments may create additional leverage and involve risks different from, or greater than, the risks associated with investing in more traditional investments. High portfolio turnover may adversely affect returns due to increased transaction costs andcreation of additional tax consequences. 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.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.

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 portfoliostatistics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics.

Sector Allocation: Portfolio sector classifications are defined by the investment team and may differ substantially from the Bloomberg Industry Classification System (BICS) classifications.

Delta-adjusted exposure is shown as a percentage of net assets. All options positions are displayed on a delta-adjusted basis. Delta adjustment is necessary to properly account for the sensitivity of options to changes in price of the underlying security, as well as for makingexposure comparisons to the underlying security (measuring options exposure as premium will understate the economic exposure and risk, while measuring exposure as notional value will overstate the economic exposure). Delta-adjusted exposure is a measure for the exposureon the equity market created by the options. This estimation of the equity exposure of a portfolio is only approximate. The delta-adjusted exposure changes over time and is a function of the size and the precise composition of the options portfolio.

This material contains the views and opinions of the manager as of the date of publication, is based on current market conditions, which will fluctuate, and is subject to change without notice. While the information contained herein is believed to be reliable, there is no guaranteeto 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. The investment processinformation contained herein represents a simplified presentation of a complex process. The investment process is subject to change and may differ materially from what is stated herein.

Analyses and opinions contained herein may be based on assumptions that if altered can change the analyses or opinions expressed. Nothing contained herein shall constitute any representation or warranty as to future performance of any financial instrument, credit, currencyrate or other market or economic measure. Theme and security examples are not intended to constitute a past specific recommendation or past or current holding. The stylized examples are only intended to convey a high-level overview of the investment team's approach whenanalyzing a company, and the type of information that is available about such company. Additionally, there is no obligation to update, modify or amend this material or to otherwise notify a reader in the event that any matter stated herein, or any opinion, projection, forecast orestimate set forth herein, changes or subsequently becomes inaccurate.

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. Holdings weights are delta-adjusted at the issuer level. Holdings information is not intended to represent or predictportfolio investment performance or as a recommendation of any individual security. Portfolio holdings are subject to change without notice. Securities named, but not listed as a portfolio holding are not held in the Fund as of the date of this indicated. This listing is forinformational purposes only and may not be identical to the official books and records of the Fund. Security names may not represent the official legal corporate name.

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 adviserbefore making investments in order to determine 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 hireArtisan Partners as an investment adviser, 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.

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Notes and Disclosures

Return on Invested Capital (ROIC) is a measure of how well a company generates cash flow relative to capital invested in the business. Alpha is outperformance on a risk-adjusted basis. Beta is a measure of risk representing how a security is expected to respond to generalmarket movements. Average Market Cap is the average of the weighted capitalization of holdings. Return on Equity (ROE) is a measure of profitability that calculates how many dollars of revenue is generated with each dollar of shareholders’ equity. Earnings Per Share(EPS) is the portion of a company's profit allocated to each share of common stock. Price-to-Earnings Ratio (P/E) is a valuation ratio of a company’s current share price compared to its actual per-share earnings over the last 12 months. Active Share is a measure of thepercentage of stock holdings in a manager's portfolio that differs from the benchmark index. Weighted Average is an average resulting from the multiplication of each component by a factor reflecting its importance. Free Cash Flow (FCF) represents the cash a companyproduces through its operations, less the cost of expenditures on assets. Compound annual growth rate (CAGR) is a business and investing specific term for the geometric progression ratio that provides a constant rate of return over the time period.

S&P 500® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment.

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 partare 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 partylicensors 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 thedata included therein.

© 2020 Artisan Partners. All rights reserved.

Artisan Partners Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealer subsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan PartnersFunds, is wholly owned by Artisan Partners Holdings LP.

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Notes and Disclosures