Global Value Fund

Ticker: ARTGX
Inception: 12/10/07
Availability: Open
   
Manager: O'Keefe, Samra
Expense Ratio: 1.50% / 1.77%
Subsidized / Unsubsidized
For the fiscal year ended 9/30/11.
Expense Ratio Disclosure
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PROCESS & CURRENT INFORMATION
Process HighlightsIn-depth Philosophy & Process (PDF)
Artisan Global Value Fund pursues long-term capital growth by investing in undervalued, U.S. and non-U.S. companies with market capitalizations of at least $2 billion at the time of purchase. The Fund’s performance is typically benchmarked against the MSCI All Country World IndexSM.

Artisan Global Value Fund employs a bottom-up investment process to construct a diversified portfolio of securities of undervalued U.S. and non-U.S. companies. The Fund's investment process is focused on identifying what Artisan’s Global Value Team considers to be high quality, undervalued businesses that offer the potential for superior risk/reward outcomes.

The team's in-depth research process focuses on four key investment characteristics:
Undervaluation - Determining the intrinsic value of the business is the heart of the team's research process. As long-term investors, it is the team's core belief that valuation is the most crucial determinant of stock market return over the long term.

Business Quality - The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries. This criteria helps rule out businesses that are statistically cheap, but whose values are deteriorating over time.

Financial Strength - The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available.

Shareholder-Oriented Management - The team's research process attempts to identify management teams with a history of building value for shareholders.


The Fund typically holds between 30 and 50 stocks. The team may invest up to 30% of Fund’s net assets at market value at time of purchase in emerging markets. The maximum position size is 5% of the Fund’s total assets 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’s net assets at the time of purchase in a single position.
Current Information

"MONTHLY COMMENTARY: Though macroeconomic headwinds look to persist in 2012, the underlying quality of the businesses in the portfolio is high and valuations are attractive..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: Macro conditions have made the job of the equity investor more difficult than in the recent past. Company-specific characteristics and careful pricing of purchases will be the most likely driver of returns as long as this macro situation persists. Valuation (the price we pay) always has been and always will be a key driver of our returns. We continue to..."


Prospectus | Important Fund Risk Disclosure | Index Definitions
 
PERFORMANCE  as of 12/31/11
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Global Value $10.73 $0.15 1.42% 3.47% 5.82%
 
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 12/31/2011
Period Rating Funds in Category
3 Yr 697
5 Yr n/a n/a
10 Yr n/a n/a
Overall Rating 697
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 12/31/11
Period Rank Funds in Category
1 Yr #3 62
3 Yr #13 38
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 12/10/07 #10 37
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Global Multi-Cap Value Category. *Lipper ranking inception date: 12/10/07.
Morningstar data© 2012, 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.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Global Value 2.27% 2.59% 3.09% 20.98% n/a n/a 2.23%
MSCI ACWI IndexSM 5.81% 2.44% –3.47% 17.59% n/a n/a –4.30%
Lipper Global Multi-Cap Value Funds Index 6.47% 2.77% –2.94% 17.32% n/a n/a –2.19%
1Returns for periods less than one year are not annualized. 2Fund Inception 12/10/07.
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 12/31/2011
Period Rating Funds in Category
3 Yr 697
5 Yr n/a n/a
10 Yr n/a n/a
Overall Rating 697
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 12/31/11
Period Rank Funds in Category
1 Yr #3 62
3 Yr #13 38
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 12/10/07 #10 37
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Global Multi-Cap Value Category. *Lipper ranking inception date: 12/10/07.
Morningstar data© 2012, 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.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Global Value 1.50% 11.12% 1.50% 16.29% n/a n/a 1.71%
MSCI ACWI IndexSM –7.35% 7.18% –7.35% 12.01% n/a n/a –5.71%
Lipper Global Multi-Cap Value Funds Index –7.58% 5.37% –7.58% 12.18% n/a n/a –3.74%
1Returns for periods less than one year are not annualized. 2Fund Inception 12/10/07.
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 12/31/2011
Period Rating Funds in Category
3 Yr 697
5 Yr n/a n/a
10 Yr n/a n/a
Overall Rating 697
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 12/31/11
Period Rank Funds in Category
1 Yr #3 62
3 Yr #13 38
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 12/10/07 #10 37
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Global Multi-Cap Value Category. *Lipper ranking inception date: 12/10/07.
Morningstar data© 2012, 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.
PERFORMANCE  as of 12/31/11

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Global Value 1.50% 11.12% 1.50% 16.29% n/a n/a 1.71%
MSCI ACWI IndexSM –7.35% 7.18% –7.35% 12.01% n/a n/a –5.71%
Lipper Global Multi-Cap Value Funds Index –7.58% 5.37% –7.58% 12.18% n/a n/a –3.74%
1Returns for periods less than one year are not annualized. 2Fund Inception 12/10/07.
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 1/31/12

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Global Value 2.27% 2.59% 3.09% 20.98% n/a n/a 2.23%
MSCI ACWI IndexSM 5.81% 2.44% –3.47% 17.59% n/a n/a –4.30%
Lipper Global Multi-Cap Value Funds Index 6.47% 2.77% –2.94% 17.32% n/a n/a –2.19%
1Returns for periods less than one year are not annualized. 2Fund Inception 12/10/07.
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 2/3/12

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Global Value $10.73 $0.15 1.42% 3.47% 5.82%
 
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 12/31/2011
Period Rating Funds in Category
3 Yr 697
5 Yr n/a n/a
10 Yr n/a n/a
Overall Rating 697
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 12/31/11
Period Rank Funds in Category
1 Yr #3 62
3 Yr #13 38
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 12/10/07 #10 37
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Global Multi-Cap Value Category. *Lipper ranking inception date: 12/10/07.
Morningstar data© 2012, 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.
Prospectus | Important Fund Risk Disclosure | Index Definitions
 
DATA/STATISTICS  as of 12/31/11

Region/Country Allocation1
% of total portfolio equities
Americas 62.8
United States 62.8
   
Europe 31.2
United Kingdom 14.1
Switzerland 5.4
France 5.0
Netherlands 1.9
Germany 1.8
Belgium 1.7
Ireland 1.2
   
Pacific Basin 6.0
Japan 5.4
Hong Kong 0.6
   
Sector Diversification2
% of total portfolio equities
  Fund
Consumer Discretionary
19.5
Consumer Staples
13.9
Energy
2.6
Financials
26.7
Health Care
7.8
Industrials
10.2
Information Technology
17.5
Materials
1.8
Telecommunication Services
0.0
Utilities
0.0
Total 100.0%


Characteristics
Distribution Information Select Year
Weighted Avg. Market Cap 3 $54.5 billion
Median Market Cap 3 $19.9 billion
Median Price/Book Value3 1.8X
Weighted Avg. P/E (FY1)3 12.4X
Weighted Avg. P/E (FY2)3 11.5X
Number of Holdings 43
Portfolio Turnover Rate4 34.52%
Cash (% of total porfolio) 4.5%
Total Net Assets $91 million


Top 10 Holdings
% of total portfolio

Mastercard Inc (United States) 5.1
Compass Group PLC (United Kingdom) 4.4
Google Inc (United States) 4.2
Arch Capital Group Ltd (United States) 4.0
Signet Jewelers Ltd (United States) 3.9
Marsh & McLennan Cos Inc (United States) 3.7
The Chubb Corp (United States) 3.4
TE Connectivity Ltd (United States) 3.4
Diageo PLC (United Kingdom) 3.4
Johnson & Johnson (United States) 3.3
Total 39.0%
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 9/30/10.
Prospectus | Important Fund Risk Disclosure | Index Definitions | Data/Statistics Disclosure
 
FUND MANAGERS



Daniel J. O'Keefe

Daniel J. O'Keefe
Daniel J. O'Keefe is a Managing Director of Artisan Partners and lead portfolio manager for Artisan Global Value Fund and the firm's global value separate account portfolios. Mr. O'Keefe is also portfolio manager for the firm's international value portfolios. Prior to joining Artisan Partners, Mr. O'Keefe was an analyst in international equities at Harris Associates LP, from July 1997 through May 2002. Before that, he was an associate in Mergers and Acquisitions at BancAmerica Securities from February 1995 through July 1997, and was an analyst with Morningstar from June 1993 through February 1995.

Mr. O'Keefe holds a BA from Northwestern University.

David Samra

David Samra
N. David Samra is a Managing Director of Artisan Partners and portfolio manager for Artisan Global Value Fund and the firm's global value separate account portfolios. Mr. Samra is also lead portfolio manager for the firm's international value portfolios. Prior to joining Artisan Partners, Mr. Samra was a portfolio manager and a senior analyst in international equities at Harris Associates LP, from August 1997 through May 2002. Before that, he was a portfolio manager with Montgomery Asset Management, Global Equities Division from June 1993 through August 1997.

Mr. Samra holds a BS in Finance from Bentley College and an MBA from Columbia Business School.

 
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. Securities of medium-sized companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Value 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 Global Value Fund's gross expense ratio is 1.77%. 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-13, at which time Artisan Partners will determine whether to renew, revise or discontinue it.


Important Index Disclosure

MSCI ACWI (All Country World Index) IndexSM 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 Lipper Global Multi-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 10 of the largest global multi-cap value funds tracked by Lipper. An investment cannot be made directly in an 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 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 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).

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. Data believed to be inaccurate may be excluded from the price/earnings calculations.

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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Dan O'Keefe David Samra