Emerging Markets Fund - Advisor Shares

Ticker:	ARTZX
Inception:	6/2/08
Availability:	Limited Access
Fund Assets:	$664 Mil.
(All classes as of 31-Mar-13)

Manager:	Negrete-Gruson
Expense Ratio:	1.49% / 1.48% Indirect / Direct For the fiscal year ended 9/30/12. Expense Ratio Disclosure

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Artisan Emerging Markets Fund - Advisor Shares are not available directly to individual investors.

PROCESS & CURRENT INFORMATION

Process Highlights In-depth Philosophy & Process (PDF)

We believe that emerging markets present investors with two distinct characteristics: higher economic growth potential than developed economies and greater volatility associated with their emerging nature. We seek to identify emerging market companies that are uniquely positioned to benefit from that growth potential and possess a sustainable competitive advantage that can assist in weathering challenging economic environments.

Artisan Emerging Markets Fund employs a fundamental research process to construct a diversified portfolio of emerging market companies, focusing on identifying companies that are priced at a discount relative to the team’s estimate of their sustainable earnings. The investment process focuses on three core elements.

Sustainable Earnings - The team believes that over the long-term a stock's price is directly related to the company's ability to deliver sustainable earnings. The team determines a company's sustainable earnings based upon financial and business analyses. The team's financial analysis of a company's historical balance sheets, income statements and statements of cash flows focuses on identifying historical drivers of return on equity. The team's strategic analyses examines a company's competitive advantages and financial strength to assess sustainability.

Risk Analysis - The team believes that a disciplined risk framework allows greater focus on fundamental stock selection. The team incorporates its assessment of company-specific and macroeconomic risks into its valuation analysis to develop a risk-adjusted target price. The team's risk-rating assessment includes a review of the currency, inflation, monetary and fiscal policy and political risks to which a company is exposed.

Valuation - The team believes that investment opportunities develop when businesses with sustainable earnings are under valued relative to peers and historical, industry, country and regional valuations. The team values a business and develops a price target based on its sustainable earnings and cash flow expectations and risk analysis.

The Fund will typically hold between 90–110 stocks of companies that have a minimum market capitalization of $400 million at the time of purchase. The maximum investment at time of purchase in any single country is +/- 10% of that country's weighting in the MSCI Emerging Markets Index^SM, 10% in any single country that is not included in the Index. The maximum investment in any one industry is 25% of the Fund’s net assets at purchase. The Fund's maximum position size is 5% at the time of purchase in 75% of the portfolio, but in the remaining 25% of the portfolio the team can invest up to 10% of Fund assets at the time of purchase in a single position. The Fund typically remains unhedged.

Current Information

"MONTHLY COMMENTARY: Led by Indonesian food company Indofood and airline company Air Arabia, our portfolio outpaced the Index this month. In its most recent period, strength in Indofood’s noodles division helped grow revenues 15% year-over-year. We were pleased to see..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: Disregard for fundamentals in the first quarter particularly came to life in the metals and mining industry. Over the period, the industry fell over 13% in local terms as it faced headwinds from falling commodity prices, a fear of global oversupply of commodities, demand concerns in China and the euro zone and..."

Prospectus | Important Fund Risks | Index Definitions

PERFORMANCE as of 3/31/13


	NAV²	Change ($)	Change (%)	PERFORMANCE TO DATE³
				MTD	YTD
Emerging Markets - Advisor Shares¹	$13.06	n/c	n/c	1.01%	–1.95%

Historical NAVs
¹Advisor Share Inception Date: 6/2/08 ²Net Asset Value (NAV) ³Fund performance is not annualized. Source: Artisan Partners The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

Morningstar Rating™

as of 4/30/2013

Period	Rating	Funds in Category
3 Yr		357
5 Yr		257
10 Yr	n/a	n/a
Overall Rating		357
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Diversified Emerging Markets Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.

Lipper Ranking

as of 3/31/13

Period	Rank	Funds in Category
1 Yr	470	537
3 Yr	307	341
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 6/2/08	225	262

Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Emerging Markets Category.
*Lipper ranking inception date: 6/2/08.

Morningstar data© 2013, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception^2,3
Emerging Markets - Advisor Shares²	–2.93%	–2.42%	1.48%	–2.71%	n/a	n/a	–4.94%
MSCI Emerging Markets Index⁴	–0.88%	–2.23%	3.97%	3.12%	n/a	n/a	–0.67%
Emerging Markets Fund Linked Institutional and Advisor Shares³	n/a	n/a	n/a	n/a	–4.18%	n/a	5.31%
MSCI Emerging Markets Index⁴	n/a	n/a	n/a	n/a	–0.33%	n/a	8.42%
¹Returns for periods less than one year are not annualized. ²Advisor Shares Inception date: 6/2/08. ³Institutional Shares inception date: 6/26/06. ⁴Performance data shown relates to the Advisor Shares from 6/2/08 forward and for Institutional Shares prior to 6/2/08. Performance of the Institutional shares does not reflect higher expenses associated with the Advisor Shares, and if reflected, would reduce the performance quoted. Institutional shares are available with limited access. ⁵MSCI Emerging Markets Index performance starts 6/26/06. Source: Artisan Partners/MSCI
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

Morningstar Rating™

as of 4/30/2013

Period	Rating	Funds in Category
3 Yr		357
5 Yr		257
10 Yr	n/a	n/a
Overall Rating		357
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Diversified Emerging Markets Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.

Lipper Ranking

as of 3/31/13

Period	Rank	Funds in Category
1 Yr	470	537
3 Yr	307	341
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 6/2/08	225	262

Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Emerging Markets Category.
*Lipper ranking inception date: 6/2/08.


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception^2,3
Emerging Markets - Advisor Shares²	–4.20%	–4.20%	–2.87%	–2.78%	n/a	n/a	–5.28%
MSCI Emerging Markets Index⁴	–1.62%	–1.62%	1.96%	3.27%	n/a	n/a	–0.84%
Emerging Markets Fund Linked Institutional and Advisor Shares³	n/a	n/a	n/a	n/a	–3.14%	n/a	5.17%
MSCI Emerging Markets Index⁴	n/a	n/a	n/a	n/a	1.09%	n/a	8.40%
¹Returns for periods less than one year are not annualized. ²Advisor Shares Inception date: 6/2/08. ³Institutional Shares inception date: 6/26/06. ⁴Performance data shown relates to the Advisor Shares from 6/2/08 forward and for Institutional Shares prior to 6/2/08. Performance of the Institutional shares does not reflect higher expenses associated with the Advisor Shares, and if reflected, would reduce the performance quoted. Institutional shares are available with limited access. ⁵MSCI Emerging Markets Index performance starts 6/26/06. Source: Artisan Partners/MSCI
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

Morningstar Rating™

as of 4/30/2013

Period	Rating	Funds in Category
3 Yr		357
5 Yr		257
10 Yr	n/a	n/a
Overall Rating		357
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Diversified Emerging Markets Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.

Lipper Ranking

as of 3/31/13

Period	Rank	Funds in Category
1 Yr	470	537
3 Yr	307	341
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 6/2/08	225	262

Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Emerging Markets Category.
*Lipper ranking inception date: 6/2/08.

PERFORMANCE as of 3/31/13


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception^2,3
Emerging Markets - Advisor Shares²	–4.20%	–4.20%	–2.87%	–2.78%	n/a	n/a	–5.28%
MSCI Emerging Markets Index⁴	–1.62%	–1.62%	1.96%	3.27%	n/a	n/a	–0.84%
Emerging Markets Fund Linked Institutional and Advisor Shares³	n/a	n/a	n/a	n/a	–3.14%	n/a	5.17%
MSCI Emerging Markets Index⁴	n/a	n/a	n/a	n/a	1.09%	n/a	8.40%
¹Returns for periods less than one year are not annualized. ²Advisor Shares Inception date: 6/2/08. ³Institutional Shares inception date: 6/26/06. ⁴Performance data shown relates to the Advisor Shares from 6/2/08 forward and for Institutional Shares prior to 6/2/08. Performance of the Institutional shares does not reflect higher expenses associated with the Advisor Shares, and if reflected, would reduce the performance quoted. Institutional shares are available with limited access. ⁵MSCI Emerging Markets Index performance starts 6/26/06. Source: Artisan Partners/MSCI
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

PERFORMANCE as of 4/30/13


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception^2,3
Emerging Markets - Advisor Shares²	–2.93%	–2.42%	1.48%	–2.71%	n/a	n/a	–4.94%
MSCI Emerging Markets Index⁴	–0.88%	–2.23%	3.97%	3.12%	n/a	n/a	–0.67%
Emerging Markets Fund Linked Institutional and Advisor Shares³	n/a	n/a	n/a	n/a	–4.18%	n/a	5.31%
MSCI Emerging Markets Index⁴	n/a	n/a	n/a	n/a	–0.33%	n/a	8.42%
¹Returns for periods less than one year are not annualized. ²Advisor Shares Inception date: 6/2/08. ³Institutional Shares inception date: 6/26/06. ⁴Performance data shown relates to the Advisor Shares from 6/2/08 forward and for Institutional Shares prior to 6/2/08. Performance of the Institutional shares does not reflect higher expenses associated with the Advisor Shares, and if reflected, would reduce the performance quoted. Institutional shares are available with limited access. ⁵MSCI Emerging Markets Index performance starts 6/26/06. Source: Artisan Partners/MSCI
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

PERFORMANCE as of 5/20/13


	NAV²	Change ($)	Change (%)	PERFORMANCE TO DATE³
				MTD	YTD
Emerging Markets - Advisor Shares¹	$13.06	n/c	n/c	1.01%	–1.95%

Historical NAVs
¹Advisor Share Inception Date: 6/2/08 ²Net Asset Value (NAV) ³Fund performance is not annualized. Source: Artisan Partners The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

Morningstar Rating™

as of 4/30/2013

Period	Rating	Funds in Category
3 Yr		357
5 Yr		257
10 Yr	n/a	n/a
Overall Rating		357
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Diversified Emerging Markets Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.

Lipper Ranking

as of 3/31/13

Period	Rank	Funds in Category
1 Yr	470	537
3 Yr	307	341
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 6/2/08	225	262

Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Emerging Markets Category.
*Lipper ranking inception date: 6/2/08.

Important Fund Risks | Index Definitions

DATA/STATISTICS as of 3/31/13

Region/Country Allocation¹

% of total portfolio equities

Developed Markets	4.6
Hong Kong	1.3
Italy	1.0
Switzerland	0.7
United States	0.6
United Kingdom	0.6
Sweden	0.5

Latin America	23.6
Brazil	14.7
Mexico	5.5
Chile	1.4
Colombia	1.3
Peru	0.7

Emerging Asia	53.8
Korea	13.8
China	11.7
Taiwan	11.5
India	6.9
Indonesia	5.3
Thailand	3.4
Philippines	0.7
Malaysia	0.6

Europe, Middle East & Africa	18.0
Russia	7.1
South Africa	5.0
Turkey	3.5
Kazakhstan	0.8
United Arab Emirates	0.7
Poland	0.6
Egypt	0.4

Sector Diversification²

% of total portfolio equities

	Fund
Consumer Discretionary	12.7
Consumer Staples	4.3
Energy	11.8
Financials	24.9
Health Care	2.4
Industrials	8.2
Information Technology	17.8
Materials	9.6
Telecommunication Services	5.3
Utilities	3.0
Total	100.0%

Characteristics

Distribution Information	Current \| Historical
Weighted Avg. Market Cap ³	$36.8 billion
Median Market Cap³	$5.2 billion
Weighted Avg. Growth Rate (3-5 YR)³	14.5%
Weighted Avg. P/E (FY1)³	10.6X
Weighted Avg. P/E (FY2)³	9.3X
Weighted Avg. ROE³	15.8%
Median Price/Book Value³	1.9X
Number of Holdings	108
Portfolio Turnover Rate⁴	38.19%
Cash (% of total porfolio)	2.5%

Top 10 Holdings

% of total portfolio

Samsung Electronics Co Ltd (South Korea)	6.9
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan)	3.6
Petroleo Brasileiro SA (Brazil)	2.4
Vale SA (Brazil)	2.3
Lukoil OAO (Russia)	2.2
Hon Hai Precision Industry Co Ltd (Taiwan)	2.0
Bangkok Bank PCL (Thailand)	1.8
Bank Negara Indonesia Persero Tbk PT (Indonesia)	1.8
America Movil SAB de CV (Mexico)	1.7
CNOOC Ltd (China)	1.7
Total	26.5%
Holdings: Current \| Historical
For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

¹ Source: Artisan Partners/FactSet(MSCI)
² Source: Artisan Partners/FactSet(GICS)
³ Source: Artisan Partners/FactSet
⁴ Audited. For the 12 months ended 9/30/12.

Region/Country Allocation¹

% of total portfolio equities

Developed Markets	4.4
Hong Kong	1.3
Italy	0.9
United Kingdom	0.6
United States	0.6
Switzerland	0.6
Sweden	0.5

Latin America	23.6
Brazil	14.4
Mexico	5.8
Chile	1.4
Colombia	1.3
Peru	0.7

Emerging Asia	53.3
Korea	14.0
China	12.5
Taiwan	11.0
India	6.0
Indonesia	5.1
Thailand	3.4
Philippines	0.7
Malaysia	0.6

Europe, Middle East & Africa	18.6
Russia	7.4
South Africa	4.6
Turkey	4.2
Kazakhstan	0.8
United Arab Emirates	0.6
Poland	0.6
Egypt	0.4

Sector Diversification²

% of total portfolio equities

	Fund
Consumer Discretionary	13.2
Consumer Staples	4.1
Energy	11.5
Financials	24.5
Health Care	2.0
Industrials	8.3
Information Technology	17.7
Materials	10.2
Telecommunication Services	5.4
Utilities	3.2
Total	100.0%

Characteristics

Distribution Information	Current \| Historical
Weighted Avg. Market Cap ³	$35.5 billion
Median Market Cap³	$5.3 billion
Weighted Avg. Growth Rate (3-5 YR)³	14.3%
Weighted Avg. P/E (FY1)³	10.4X
Weighted Avg. P/E (FY2)³	9.4X
Weighted Avg. ROE³	16.2%
Median Price/Book Value³	1.9X
Number of Holdings	108
Portfolio Turnover Rate⁴	38.19%
Cash (% of total porfolio)	3.2%

Top 10 Holdings

% of total portfolio

Samsung Electronics Co Ltd (Korea)	6.8
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan)	3.3
Vale SA (Brazil)	2.3
Lukoil OAO (Russia)	2.3
Hon Hai Precision Industry Co Ltd (Taiwan)	2.2
Petroleo Brasileiro SA (Brazil)	2.1
America Movil SAB de CV (Mexico)	1.9
Bangkok Bank PCL (Thailand)	1.8
CNOOC Ltd (China)	1.7
Astra International Tbk PT (Indonesia)	1.7
Total	26.2%
Holdings: Current \| Historical
For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

¹ Source: Artisan Partners/FactSet(MSCI)
² Source: Artisan Partners/FactSet(GICS)
³ Source: Artisan Partners/FactSet
⁴ Audited. For the 12 months ended 9/30/12.

Important Fund Risks | Index Definitions | Data/Statistics Disclosure

FUND MANAGER

Maria Negrete-Gruson, CFA
Maria Negrete-Gruson, CFA, is a managing director of Artisan Partners and a portfolio manager on the Emerging Markets team. In this role, she is the portfolio manager for the Emerging Markets strategy, including Artisan Emerging Markets Fund. Prior to joining Artisan in April 2006, Ms. Negrete-Gruson was the portfolio manager for DuPont Capital Management’s emerging markets equity portfolios. Before assuming responsibilities as portfolio manager, she was an international equity analyst at DuPont covering the developed Asia-ex Japan region. Earlier in her career, she was a foreign exchange trader for Banco Ganadero in Bogotá, Colombia. Ms. Negrete-Gruson holds a bachelor’s degree in Finance and International Relations from Universidad Externado in Colombia and a Master of Business Administration from Columbia Business School. She is fluent in Spanish and Portuguese.

Prospectus | Important Fund Risks

This material is not an offer of any mutual funds mentioned other than Artisan Funds.

Important Fund Risk Disclosure

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 changing political 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 more volatile and less liquid and may have underperformed securities of large companies during some periods. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

Expense Ratio Disclosure

The Fund's direct operating expenses are 1.48% which are reflected in the fund's "Financial Highlights" in the statutory prospectus and financial statements. The expense ratio noted above includes "Acquired Fund Fees and Expenses," which are indirect expenses the Fund may incur from investing in an investment company (acquired fund); such indirect expenses are not paid from the fund's assets but are reflected in the return realized by the fund on its investment in the acquired funds.

Important Index Disclosure

The MSCI EAFE Index is an unmanaged, market-weighted index of companies in developed markets, excluding the U.S. and Canada.

The MSCI Emerging Markets Index is an unmanaged, market-weighted index of companies in emerging markets. Index returns include net reinvested dividends but, unlike the Fund’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. There may be less countries in the MSCI Emerging Markets Index than the number of countries defined as emerging markets by Artisan.

Artisan defines emerging markets as those markets in any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index.

An investment can not be made directly into an index.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com)

Data/Statistics Disclosure

Totals may not sum due to rounding.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by Artisan Partners. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

Market Capitalization is calculated by FactSet using the price as of the most recent month-end multiplied by the number of shares outstanding as shown in the financial statements of the issuer.

The Weighted Average Market Cap is the average of the market capitalizations of the companies in the portfolio weighted by the size of each company's position within the portfolio. Market capitalization is the aggregate value of all of a company's outstanding equity securities.

The Weighted Average Growth Rate (the annual rate at which a company's earnings is expected to grow) is the average of the 3-5 year forecasted growth rates of each company in the portfolio, weighted by the size of the company's position in the portfolio.

The Median Market Cap provides a measure of the market capitalization value of the companies in a portfolio. Equal numbers of companies in the portfolio have market capitalizations higher and lower than the median.

The Weighted Harmonic Average P/E (a measure of how expensive a stock is) is the harmonic average, which measures the price/earnings ratio of the Fund’s entire portfolio, excluding negative earners, weighted by the size of the company’s position within the portfolio. The earnings figures used for FY1 and FY2 are estimates for the current unreported fiscal year and for the next unreported fiscal year, respectively.

Weighted Average Return on Equity (ROE) is a measure of a corporation's profitability. It is calculated as the last twelve months net income before extraordinary items for the ending quarter divided by the average total stockholders' equity between the ending quarter and the year prior quarter, weighted by the size of the company's position within the portfolio.

The Median Price/Book Value measures the median ratio of portfolio stock prices to each stock's book value of equity per share (book value is a company's assets minus its liabilities).

In general, the Turnover Ratio is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year, by the monthly average of the value of portfolio securities owned by the Fund during the fiscal year.

Portfolio characteristics are intended to provide a general view of the entire portfolio, or Index, at a certain point in time. Characteristics are calculated using information obtained from various data sources. Artisan Partners excludes outliers when calculating portfolio characteristics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio characteristics.

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