Global Opportunities Fund

Ticker:	ARTRX
Inception:	9/22/08
Availability:	Open
Fund Assets:	$531 Mil.
(All classes as of 31-Mar-13)

Managers:	Hamel, Stephens, Kamm, White
Expense Ratio:	1.34% For the fiscal year ended 9/30/12. Expense Ratio Disclosure

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PROCESS & CURRENT INFORMATION

Process HighlightsIn-depth Philosophy & Process (PDF)

Artisan Global Opportunities Fund pursues long-term capital growth by investing primarily in U.S. and non-U.S. growth companies benefiting from an accelerating profit cycle with franchise characteristics, that are selling at attractive valuations. The Fund’s performance is typically benchmarked against the MSCI All Country World Index^SM over a full market cycle.

Artisan Global Opportunities Fund employs a fundamental investment process to construct a diversified global equity portfolio of companies across a broad capitalization range. The investment process focuses on two distinct areas — security selection and capital allocation.

Security Selection - Artisan's Growth investment team attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle. The investment team looks for companies that are well positioned for long-term growth, driven by demand for their products and services, at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle.

Capital Allocation - Based on their fundamental analysis of a company's profit cycle the team divides the portfolio into three parts. Garden^SM investments are small positions in the early part of their profit cycle that will warrant a more sizeable allocation once their profit cycle accelerates. Crop^SM investments are positions that are being increased to a full weight because they are moving through the strongest part of their profit cycle. Harvest^SM investments are positions that are being reduced as they near the team's estimate of full valuation or their profit cycle begins to decelerate. The investment team believes that adhering to this process increases the likelihood of delivering upside participation with downside protection.

Broad Knowledge - The team overlays security selection and capital allocation with the capability to invest opportunistically across the entire global equity spectrum. It is the team’s goal to have broad knowledge of the global economy to ensure that it is able to find growth wherever it occurs. This capability extends from the design of the team, which leverages the broad experience of the portfolio managers and the deep expertise of the analysts on the team.

The team will not invest more than 35% of portfolio assets at the time of purchase from any single country other than the U.S. There is no restriction on the size of the non-U.S. companies in which the Fund may invest. The team will not initiate a position in a U.S. company unless it has a market capitalization of at least $3 billion at the time of purchase.

Current Information

"MONTHLY COMMENTARY: Most of the major regional markets were up in April despite multiple disappointing economic releases. The International Monetary Fund (IMF) lowered its 2013 global growth outlook citing a deepening recession in Europe..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: Our portfolio’s modest relative underperformance this quarter came amid mixed individual stock results. Several of our high conviction Crop^SM holdings performed well, but our overall portfolio had a larger number of holdings that trailed the benchmark than finished ahead of it..."

Prospectus | Important Fund Risks | Index Definitions

PERFORMANCE as of 3/31/13


	NAV¹	Change ($)	Change (%)	PERFORMANCE TO DATE²
				MTD	YTD
Global Opportunities	$16.63	–$0.12	-0.72%	3.36%	12.90%

Historical NAVs
¹Net Asset Value (NAV) ²Returns for periods less than one year are 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 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. 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. 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		742
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Overall Rating		742
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s World Stock 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	64	529
3 Yr	24	455
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 9/22/08	76	449
Ratings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.’s Multi-Cap Growth category. *Lipper ranking inception date: 9/22/08.

Morningstar Rating™

as of 1/14/2013

The Morningstar Analyst Rating is a subjective evaluation performed by the mutual fund analysts of Morningstar. The Rating should not be used as the sole basis in evaluating a mutual fund. Morningstar Analyst Ratings are based on Morningstar’s current expectations about future events; therefore, in no way does Morningstar represent ratings as a guarantee nor should they be viewed by an investor as such. Morningstar Analyst Ratings involve unknown risks and uncertainties which may cause Morningstar’s expectations not to occur or to differ significantly from what is described.


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception²
Global Opportunities	9.23%	5.37%	16.93%	16.94%	n/a	n/a	11.38%
MSCI All Country World Index	9.55%	4.72%	15.02%	8.73%	n/a	n/a	5.81%
Lipper Global Multi-Cap Growth Index	8.12%	3.54%	11.13%	8.28%	n/a	n/a	6.98%
¹Returns for periods less than one year are not annualized. ²Fund Inception 9/22/08. ³Index performance starts 12/31/95. Source: Artisan Partners/MSCI/Lipper
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 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. 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. 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		742
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Overall Rating		742
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s World Stock 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	64	529
3 Yr	24	455
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 9/22/08	76	449
Ratings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.’s Multi-Cap Growth category. *Lipper ranking inception date: 9/22/08.

Morningstar Rating™

as of 1/14/2013


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception²
Global Opportunities	5.77%	5.77%	13.56%	16.19%	n/a	n/a	10.81%
MSCI All Country World Index	6.50%	6.50%	10.55%	7.78%	n/a	n/a	5.26%
Lipper Global Multi-Cap Growth Index	6.29%	6.29%	8.17%	7.82%	n/a	n/a	6.70%
¹Returns for periods less than one year are not annualized. ²Fund Inception 9/22/08. ³Index performance starts 12/31/95. Source: Artisan Partners/MSCI/Lipper
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 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. 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. 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		742
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Overall Rating		742
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s World Stock 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	64	529
3 Yr	24	455
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 9/22/08	76	449
Ratings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.’s Multi-Cap Growth category. *Lipper ranking inception date: 9/22/08.

Morningstar Rating™

as of 1/14/2013

PERFORMANCE as of 3/31/13


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception²
Global Opportunities	5.77%	5.77%	13.56%	16.19%	n/a	n/a	10.81%
MSCI All Country World Index	6.50%	6.50%	10.55%	7.78%	n/a	n/a	5.26%
Lipper Global Multi-Cap Growth Index	6.29%	6.29%	8.17%	7.82%	n/a	n/a	6.70%
¹Returns for periods less than one year are not annualized. ²Fund Inception 9/22/08. ³Index performance starts 12/31/95. Source: Artisan Partners/MSCI/Lipper
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 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. 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. 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 Inception²
Global Opportunities	9.23%	5.37%	16.93%	16.94%	n/a	n/a	11.38%
MSCI All Country World Index	9.55%	4.72%	15.02%	8.73%	n/a	n/a	5.81%
Lipper Global Multi-Cap Growth Index	8.12%	3.54%	11.13%	8.28%	n/a	n/a	6.98%
¹Returns for periods less than one year are not annualized. ²Fund Inception 9/22/08. ³Index performance starts 12/31/95. Source: Artisan Partners/MSCI/Lipper
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 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. 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. 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 5/23/13


	NAV¹	Change ($)	Change (%)	PERFORMANCE TO DATE²
				MTD	YTD
Global Opportunities	$16.63	–$0.12	-0.72%	3.36%	12.90%

Historical NAVs
¹Net Asset Value (NAV) ²Returns for periods less than one year are 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 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. 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. 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		742
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Overall Rating		742
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s World Stock 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	64	529
3 Yr	24	455
5 Yr	n/a	n/a
10 Yr	n/a	n/a
Since Inception 9/22/08	76	449
Ratings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.’s Multi-Cap Growth category. *Lipper ranking inception date: 9/22/08.

Morningstar Rating™

as of 1/14/2013

Important Fund Risks | Index Definitions | Morningstar Ratings Disclosure

DATA/STATISTICS as of 3/31/13

Region/Country Allocation¹

% of total portfolio equities

Americas	57.0
United States	54.9
Canada	2.2

Emerging Markets	11.5
Brazil	5.0
India	1.6
Taiwan	1.5
China	1.4
Indonesia	1.3
Mexico	0.7

Europe	25.2
United Kingdom	8.5
France	6.5
Sweden	5.5
Germany	3.2
Portugal	1.4

Pacific Basin	6.3
Japan	3.5
Hong Kong	1.4
Australia	1.2
New Zealand	0.2

Sector Diversification²

% of total portfolio equities

	Fund
Consumer Discretionary	10.3
Consumer Staples	3.5
Energy	3.6
Financials	15.2
Health Care	19.3
Industrials	10.3
Information Technology	30.1
Materials	7.7
Telecommunication Services	0.0
Utilities	0.0
Total	100.0%

Characteristics

Distribution Information	Current \| Historical
Median Market Cap³	$20.1 billion
Weighted Avg. Growth Rate (3-5 yrs)³	18.1%
Weighted Avg. P/E (FY1)³	21.0X
Weighted Avg. P/E (FY2)³	17.7X
Weighted Avg. LT Debt/Capital³	21.9%
Number of Holdings	46
Portfolio Turnover Rate⁴	43.30%
Non U.S. Equities (% of total portfolio)⁵	43.5%
Cash (% of total porfolio)	3.7%

Top 10 Holdings

% of total portfolio

Google Inc	5.9
Monsanto Co	5.3
eBay Inc	5.3
Regeneron Pharmaceuticals Inc	5.0
Hexagon AB	4.6
Biogen Idec Inc	4.3
Sanofi	4.1
Discover Financial Services	3.8
IHS Inc	3.6
Citigroup Inc	3.5
Total	45.3%
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

Americas	59.2
United States	57.0
Canada	2.2

Emerging Markets	11.0
Brazil	5.4
Indonesia	1.5
India	1.4
Taiwan	1.3
China	0.9
Mexico	0.5

Europe	23.9
United Kingdom	9.2
France	5.5
Sweden	5.3
Germany	3.2
Portugal	0.8

Pacific Basin	5.9
Japan	3.2
Hong Kong	1.5
Australia	1.2

Sector Diversification²

% of total portfolio equities

	Fund
Consumer Discretionary	8.8
Consumer Staples	2.9
Energy	3.3
Financials	15.0
Health Care	19.9
Industrials	10.4
Information Technology	31.8
Materials	7.9
Telecommunication Services	0.0
Utilities	0.0
Total	100.0%

Characteristics

Distribution Information	Current \| Historical
Median Market Cap³	$20.9 billion
Weighted Avg. Growth Rate (3-5 yrs)³	17.6%
Weighted Avg. P/E (FY1)³	20.6X
Weighted Avg. P/E (FY2)³	17.8X
Weighted Avg. LT Debt/Capital³	21.1%
Number of Holdings	45
Portfolio Turnover Rate⁴	43.30%
Non U.S. Equities (% of total portfolio)⁵	41.6%
Cash (% of total porfolio)	3.3%

Top 10 Holdings

% of total portfolio

Google Inc	5.9
eBay Inc	5.7
Monsanto Co	5.5
Regeneron Pharmaceuticals Inc	4.6
Hexagon AB	4.6
Discover Financial Services	4.0
Sanofi	4.0
Biogen Idec Inc	3.9
IHS Inc	3.9
ARM Holdings PLC	3.2
Total	45.3%
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 MANAGERS

James D. Hamel, CFA
James D. Hamel, CFA, is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is a portfolio manager for the Global Opportunities, U.S. Mid-Cap Growth and U.S. Small-Cap Growth strategies, including Artisan Global Opportunities, Artisan Mid Cap and Artisan Small Cap Funds. Prior to joining Artisan Partners in May 1997, Mr. Hamel was a financial associate, cost analyst and operations manager of Kimberly-Clark Corporation from March 1990 to May 1997. He began his career at Carlson, Posten & Associates. Mr. Hamel holds a bachelor’s degree in Finance from the University of Minnesota-Minneapolis where he was a three-time Academic All-American.

Andrew C. Stephens
Andrew C. Stephens is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is a portfolio manager for the Global Opportunities, U.S. Mid-Cap Growth and U.S. Small-Cap Growth strategies, including Artisan Global Opportunities, Artisan Mid Cap and Artisan Small Cap Funds. Prior to joining Artisan Partners in March 1997, Mr. Stephens was co-manager of the Strong Asset Allocation Fund at Strong Capital Management from February 1993 through March 1997. In addition, Mr. Stephens was a senior research analyst for the Strong Common Stock Fund and Strong Opportunity Fund. He began his career at Strong Capital Management in 1986. Mr. Stephens holds a bachelor’s degree in Economics from the University of Wisconsin-Madison.

Matthew H. Kamm, CFA
Matthew H. Kamm, CFA, is a managing director of Artisan Partners and a portfolio manager on the Growth team. In this role, he is a portfolio manager for the U.S. Mid-Cap Growth strategy, including Artisan Mid Cap Fund, and an associate portfolio manager for the Global Opportunities and U.S. Small-Cap Growth strategies, including Artisan Global Opportunities and Artisan Small Cap Funds. Prior to joining Artisan Partners in May 2003, Mr. Kamm was an associate equity research analyst at Banc of America Securities. Earlier in his career, he was a senior operations analyst for NYU Medical Center. Mr. Kamm holds a bachelor’s degree in Public Policy from Duke University and a Master of Business Administration, with a specialty in Finance and Operations Management, from New York University.

Jason L. White, CFA
Jason L. White, CFA, is an associate portfolio manager on the Growth team. In this role, he is an associate portfolio manager for the Global Opportunities, U.S. Mid-Cap Growth and U.S. Small-Cap Growth strategies, including Artisan Global Opportunities, Artisan Mid Cap and Artisan Small Cap Funds. Prior to joining Artisan Partners in June 2000, Mr. White was a Lieutenant in the U.S. Navy, serving aboard the USS LAKE ERIE as the ship’s fire control officer. Mr. White holds a bachelor’s degree in History from the United States Naval Academy, where he graduated with distinction.

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. 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. Growth securities may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

Expense Ratio Disclosure

Artisan Partners has contractually agreed to reimburse the Fund for any ordinary operating expenses in excess of 1.50% of its average daily net assets. The current contract continues through 1-Feb-14, at which time Artisan Partners will determine whether to renew, revise or discontinue it.

Important Index Disclosure

An investment can not be made directly into an index.

MSCI ACWI (All Country World Index) Index is an index designed to measure equity market performance in the global developed and emerging markets. The index is an unmanaged, market-weighted index and the returns of the index 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 index. An investment cannot be made directly in 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)

The Lipper Global Multi-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 10 of the largest global multi-cap growth funds tracked by Lipper.

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.

Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Partners. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners’ presentation thereof.

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 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 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 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.

The Weighted Average LT Debt/Capital is the average long term debt to total capital of each company within the portfolio, weighted by the size of each stock within the portfolio.

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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