Emerging Markets Fund - Advisor Shares

Ticker:	ARTZX
Inception:	6/2/08
Availability:	Limited Access

Manager:	Negrete-Gruson
Expense Ratio:	Subsidized: 1.50% Unsubsidized: 3.00% Based on the fiscal year ended 9/30/09. 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

We employ a fundamental research process focused on identifying companies that are priced at a discount relative to our estimate of their sustainable earnings.

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, interest rate, 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 80-110 stocks, of companies that have a minimum market capitalization of $400 million at the time of purchase. The Fund will maintain a maximum of 25% of the Fund's net assets in any one industry and a maximum of 30% of the Fund's net assets in any one country, in each case at market value at the time of 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: As global economies continue to work their way out of the recession, we expect continued volatility and uncertainty within emerging markets. However, we believe that economic growth within emerging markets has the potential to return to normal levels sooner than in developed markets. Thus, we believe our continued focus on..."

Prospectus | Important Fund Risk Disclosure | Index Definitions

PERFORMANCE as of 12/31/09


	NAV²	Change ($)	Change (%)	PERFORMANCE TO DATE³
				MTD	YTD
Emerging Markets - Advisor Shares¹	$14.05	$0.03	0.21%	6.12%	1.44%
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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 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.

Lipper Ranking

as of 12/31/09

Period	Rank	Funds in Category
1 Yr	#92	375
3 Yr	n/a	n/a
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 6/2/08	#156	315

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	–4.40%	–0.08%	100.75%	n/a	n/a	n/a	–13.47%
MSCI Emerging Markets Index^{SM 4}	–5.24%	–1.50%	91.63%	n/a	n/a	n/a	–11.60%
Emerging Markets Fund Linked Institutional and Advisor Shares³	n/a	n/a	n/a	1.96%	n/a	n/a	10.01%
MSCI Emerging Markets Index^{SM 4}	n/a	n/a	n/a	3.82%	n/a	n/a	10.63%
¹Returns for periods less than one year are not annualized. ²Advisor Shares Inception date: 6/2/08. ³Performance 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. ⁴MSCI 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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 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.

Lipper Ranking

as of 12/31/09

Period	Rank	Funds in Category
1 Yr	#92	375
3 Yr	n/a	n/a
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 6/2/08	#156	315

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	82.99%	7.01%	82.99%	n/a	n/a	n/a	–12.28%
MSCI Emerging Markets Index^{SM 4}	78.51%	8.55%	78.51%	n/a	n/a	n/a	–9.68%
Emerging Markets Fund Linked Institutional and Advisor Shares³	n/a	n/a	n/a	4.36%	n/a	n/a	11.92%
MSCI Emerging Markets Index^{SM 4}	n/a	n/a	n/a	5.11%	n/a	n/a	12.86%
¹Returns for periods less than one year are not annualized. ²Advisor Shares Inception date: 6/2/08. ³Performance 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. ⁴MSCI 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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 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.

Lipper Ranking

as of 12/31/09

Period	Rank	Funds in Category
1 Yr	#92	375
3 Yr	n/a	n/a
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 6/2/08	#156	315

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 12/31/09


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception^2,3
Emerging Markets - Advisor Shares²	82.99%	7.01%	82.99%	n/a	n/a	n/a	–12.28%
MSCI Emerging Markets Index^{SM 4}	78.51%	8.55%	78.51%	n/a	n/a	n/a	–9.68%
Emerging Markets Fund Linked Institutional and Advisor Shares³	n/a	n/a	n/a	4.36%	n/a	n/a	11.92%
MSCI Emerging Markets Index^{SM 4}	n/a	n/a	n/a	5.11%	n/a	n/a	12.86%
¹Returns for periods less than one year are not annualized. ²Advisor Shares Inception date: 6/2/08. ³Performance 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. ⁴MSCI 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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 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 2/28/10


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception^2,3
Emerging Markets - Advisor Shares²	–4.40%	–0.08%	100.75%	n/a	n/a	n/a	–13.47%
MSCI Emerging Markets Index^{SM 4}	–5.24%	–1.50%	91.63%	n/a	n/a	n/a	–11.60%
Emerging Markets Fund Linked Institutional and Advisor Shares³	n/a	n/a	n/a	1.96%	n/a	n/a	10.01%
MSCI Emerging Markets Index^{SM 4}	n/a	n/a	n/a	3.82%	n/a	n/a	10.63%
¹Returns for periods less than one year are not annualized. ²Advisor Shares Inception date: 6/2/08. ³Performance 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. ⁴MSCI 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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 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 3/12/10


	NAV²	Change ($)	Change (%)	PERFORMANCE TO DATE³
				MTD	YTD
Emerging Markets - Advisor Shares¹	$14.05	$0.03	0.21%	6.12%	1.44%
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 investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 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.

Lipper Ranking

as of 12/31/09

Period	Rank	Funds in Category
1 Yr	#92	375
3 Yr	n/a	n/a
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 6/2/08	#156	315

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.

Prospectus | Important Fund Risk Disclosure | Index Definitions

DATA/STATISTICS as of 12/31/09

Region/Country Allocation¹

% of total portfolio equities

Developed Markets	2.6
Sweden	0.8
Netherlands	0.7
Italy	0.6
Hong Kong	0.5

Latin America	27.1
Brazil	19.5
Mexico	6.3
Chile	1.3

Emerging Asia	44.8
China	13.1
Taiwan	11.1
Korea	8.6
India	4.9
Indonesia	3.8
Thailand	3.3

Europe, Middle East & Africa	25.5
South Africa	9.1
Russia	6.3
Turkey	4.7
Egypt	1.6
Kazakhstan	1.2
Czech Republic	0.7
Hungary	0.7
Poland	0.6
United Arab Emirates	0.6

Sector Diversification²

% of total portfolio equities

	Fund
Consumer Discretionary	10.5
Consumer Staples	7.7
Energy	11.9
Financials	16.9
Health Care	2.1
Industrials	10.4
Information Technology	12.8
Materials	13.8
Telecommunication Services	11.9
Utilities	2.0
Total	100.0%

Characteristics

Distribution Information	Select Year
Weighted Avg. Market Cap ³	$32.6 billion
Median Market Cap³	$3.9 billion
Weighted Avg. Growth Rate (3-5 YR)³	16.9%
Weighted Avg. P/E (FY1)³	13.8X
Weighted Avg. P/E (FY2)³	11.2X
Weighted Avg. ROE³	18.1%
Median Price/Book Value³	2.3X
Number of Holdings	103
Portfolio Turnover Rate⁴	56.88%
Cash (% of total porfolio)	3.9%
Total Net Assets (all share classes)	$230 million

Top 10 Holdings

% of total portfolio

Samsung Electronics Co Ltd (Korea)	4.1
Petroleo Brasileiro SA (Brazil)	3.9
Vale SA (Brazil)	3.3
China Mobile Ltd (China)	2.3
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan)	2.1
Lukoil OAO (Russia)	2.0
America Movil SAB de CV (Mexico)	2.0
Itau Unibanco Holding SA (Brazil)	1.8
HON HAI Precision Industry Co Ltd (Taiwan)	1.6
MTN Group Ltd (South Africa)	1.6
Total	24.7%
Holdings: Current
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 9/30/09.

Region/Country Allocation¹

% of total portfolio equities

Developed Markets	3.7
Singapore	0.9
Netherlands	0.8
Sweden	0.8
Italy	0.6
Hong Kong	0.6

Latin America	28.2
Brazil	20.8
Mexico	6.1
Chile	1.3

Emerging Asia	43.8
China	12.9
Taiwan	11.9
Korea	8.8
India	4.3
Indonesia	3.0
Thailand	2.9

Europe, Middle East & Africa	24.3
South Africa	9.4
Russia	5.2
Turkey	4.7
Egypt	1.2
Kazakhstan	1.2
Czech Republic	0.7
Hungary	0.7
Poland	0.6
United Arab Emirates	0.6

Sector Diversification²

% of total portfolio equities

	Fund
Consumer Discretionary	10.8
Consumer Staples	8.0
Energy	12.9
Financials	16.2
Health Care	1.6
Industrials	9.4
Information Technology	12.8
Materials	13.6
Telecommunication Services	11.8
Utilities	2.9
Total	100.0%

Characteristics

Distribution Information	Select Year
Weighted Avg. Market Cap ³	$34.7 billion
Median Market Cap³	$3.9 billion
Weighted Avg. Growth Rate (3-5 YR)³	16.9%
Weighted Avg. P/E (FY1)³	14.7X
Weighted Avg. P/E (FY2)³	12.1X
Weighted Avg. ROE³	18.4%
Median Price/Book Value³	2.4X
Number of Holdings	103
Portfolio Turnover Rate⁴	56.88%
Cash (% of total porfolio)	2.9%
Total Net Assets (all share classes)	$216 million

Top 10 Holdings

% of total portfolio

Samsung Electronics Co Ltd (Korea)	4.3
Petroleo Brasileiro SA (Brazil)	4.1
Vale SA (Brazil)	3.4
China Mobile Ltd (China)	2.1
Lukoil OAO (Russia)	2.1
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan)	2.1
America Movil SAB de CV (Mexico)	1.9
HON HAI Precision Industry Co Ltd (Taiwan)	1.9
Itau Unibanco Holding SA (Brazil)	1.8
MTN Group Ltd (South Africa)	1.6
Total	25.3%
Holdings: Current
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 9/30/09.

Prospectus | Important Fund Risk Disclosure | Index Definitions | Data/Statistics Disclosure

FUND MANAGER

Maria Negrete-Gruson, CFA
Maria Negrete-Gruson, CFA is a Managing Director of Artisan and portfolio manager for Artisan Emerging Markets Fund and the firm's emerging markets separate account portfolios. 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. Prior to joining DuPont Capital Management, she was a foreign exchange trader for Banco Ganadero in Bogotá, Colombia.

Ms. Negrete-Gruson holds a BA in Finance and International Relations from Universidad Externado in Colombia and an MBA in Finance and International Business from Columbia Business School. She is fluent in Spanish and Portuguese.

Prospectus | Important Fund Risk Disclosure

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. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

Expense Ratio Disclosure

Artisan Emerging Markets Fund's gross expense ratio is 3.00%. The net expense ratio is 1.50%, which until 12/1/09 reflected Artisan Partners' voluntary undertaking to limit the Fund's expenses, which could have been terminated at any time, was in effect since the Fund's inception and has had a material impact on the Fund's performance. As of 12/1/09, The Fund entered into a contractual agreement with Artisan Partners, under which Artisan Partners agreed to limit Fund expenses to 1.50% of its average daily net assets through 2/1/2011.

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^SM
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^SM 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 to create any financial instruments or products or any indices. 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.

Data/Statistics Disclosure

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 Limited Partnership. 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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