Growth Opportunities Fund

Ticker: ARTRX
Inception: 9/22/08
Availability: Open
   
Managers: Hamel, Stephens, Kamm, White
Expense Ratio: 1.40%
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 Growth 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 IndexSM over a full market cycle.

Artisan Growth 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. GardenSM investments are small positions in the early part of their profit cycle that will warrant a more sizeable allocation once their profit cycle accelerates. CropSM investments are positions that are being increased to a full weight because they are moving through the strongest part of their profit cycle. HarvestSM 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: The global market finished down as the focus appeared to revert toward indications of weakening growth in areas throughout the world. Over the last couple of quarters promising data from the U.S. and the perception of de-risking in Europe have overshadowed some of the slowing..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: Our outperformance this quarter can be attributed to strong returns from our higher conviction holdings. The majority of our top holdings outperformed the broader Index by a healthy margin and, with only a few exceptions, our bottom contributors consisted of companies with smaller position sizes..."


FUND UPDATE: The expense ratio for the Institutional Shares of Artisan Growth Opportunities Fund was 1.15% based on the four months ended 1/31/12 (annualized) and 1.50% based on the fiscal year ended 9/30/11.

Prospectus | Important Fund Risk Disclosure | Index Definitions
 
PERFORMANCE  as of 3/31/12
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Growth Opportunities $12.98 –$0.07 -0.54% –5.67% 14.36%
 
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. 

Morningstar Rating™
as of 4/30/2012
Period Rating Funds in Category
3 Yr 1,465
5 Yr n/a n/a
10 Yr n/a n/a
Overall Rating 1,465
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Large Growth 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 3/31/12
Period Rank Funds in Category
1 Yr 229 505
3 Yr 72 430
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 9/22/08 125 470
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 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
Growth Opportunities 21.23% 10.17% 2.28% 23.87% n/a n/a 9.89%
MSCI All World Country Index 10.60% 4.52% –5.73% 15.90% n/a n/a 3.38%
Lipper Global Multi-Cap Growth Index 13.32% 17.50% –7.90% 17.50% n/a n/a 5.85%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/22/08.
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. 
Morningstar Rating™
as of 4/30/2012
Period Rating Funds in Category
3 Yr 1,465
5 Yr n/a n/a
10 Yr n/a n/a
Overall Rating 1,465
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Large Growth 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 3/31/12
Period Rank Funds in Category
1 Yr 229 505
3 Yr 72 430
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 9/22/08 125 470
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 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
Growth Opportunities 20.88% 20.88% 5.88% 28.38% n/a n/a 10.04%
MSCI All World Country Index 11.88% 11.88% –0.73% 20.75% n/a n/a 3.80%
Lipper Global Multi-Cap Growth Index 14.44% 14.44% –3.09% 22.79% n/a n/a 6.29%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/22/08.
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. 
Morningstar Rating™
as of 4/30/2012
Period Rating Funds in Category
3 Yr 1,465
5 Yr n/a n/a
10 Yr n/a n/a
Overall Rating 1,465
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Large Growth 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 3/31/12
Period Rank Funds in Category
1 Yr 229 505
3 Yr 72 430
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 9/22/08 125 470
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 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 3/31/12

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Growth Opportunities 20.88% 20.88% 5.88% 28.38% n/a n/a 10.04%
MSCI All World Country Index 11.88% 11.88% –0.73% 20.75% n/a n/a 3.80%
Lipper Global Multi-Cap Growth Index 14.44% 14.44% –3.09% 22.79% n/a n/a 6.29%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/22/08.
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. 


PERFORMANCE  as of 4/30/12

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Growth Opportunities 21.23% 10.17% 2.28% 23.87% n/a n/a 9.89%
MSCI All World Country Index 10.60% 4.52% –5.73% 15.90% n/a n/a 3.38%
Lipper Global Multi-Cap Growth Index 13.32% 17.50% –7.90% 17.50% n/a n/a 5.85%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/22/08.
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. 


PERFORMANCE  as of 5/16/12

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Growth Opportunities $12.98 –$0.07 -0.54% –5.67% 14.36%
 
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. 



Morningstar Rating™
as of 4/30/2012
Period Rating Funds in Category
3 Yr 1,465
5 Yr n/a n/a
10 Yr n/a n/a
Overall Rating 1,465
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Large Growth 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 3/31/12
Period Rank Funds in Category
1 Yr 229 505
3 Yr 72 430
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 9/22/08 125 470
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 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.
Important Fund Risk Disclosure | Index Definitions
 
DATA/STATISTICS  as of 3/31/12

Region/Country Allocation1
% of total portfolio equities
Americas 64.9
United States 63.7
Canada 1.2
   
Emerging Markets 15.8
Brazil 7.7
China 4.1
India 2.3
Turkey 1.0
Indonesia 0.6
   
Europe 14.9
United Kingdom 5.3
Sweden 4.8
Switzerland 1.6
Germany 1.3
France 1.2
Finland 0.8
   
Pacific Basin 4.4
Japan 2.1
Hong Kong 1.5
Australia 0.8
   
Sector Diversification2
% of total portfolio equities
  Fund
Consumer Discretionary
11.1
Consumer Staples
1.9
Energy
6.7
Financials
7.5
Health Care
18.6
Industrials
13.6
Information Technology
35.4
Materials
5.3
Telecommunication Services
0.0
Utilities
0.0
Total 100.0%

 
 
Characteristics
Distribution Information Select Year
Median Market Cap3 $17.9 billion
Weighted Avg. Growth Rate (3-5 yrs)3 20.2%
Weighted Avg. P/E (FY1)3 18.7X
Weighted Avg. P/E (FY2)3 16.8X
Weighted Avg. LT Debt/Capital3 15.9%
Number of Holdings 48
Portfolio Turnover Rate4 76.18%
Non U.S. Equities (% of total portfolio)5 34.8%
Cash (% of total porfolio) 4.1%
Total Net Assets (all share classes) $307 million


Top 10 Holdings
% of total portfolio

Apple Inc 6.5
Regeneron Pharmaceuticals Inc 5.7
Google Inc 4.6
Monsanto Co 4.3
EMC Corp 4.1
Starbucks Corp 3.8
IHS Inc 3.6
Hexagon AB 3.3
Discover Financial Services 3.2
Agilent Technologies Inc 3.1
Total 42.2%
Holdings: Current | Historical
For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund.




1 Source: Artisan Partners/FactSet(MSCI)
2 Source: Artisan Partners/FactSet(GICS)
3 Source: Artisan Partners/FactSet
4 Audited. For the 12 months ended 9/30/11.
Important Fund Risk Disclosure | Index Definitions | Data/Statistics Disclosure
 
FUND MANAGERS



James D. Hamel

James D. Hamel, CFA
James D. Hamel, CFA is a Managing Director of Artisan Partners and portfolio co-manager for Artisan Small Cap Fund, Artisan Mid Cap Fund, Artisan Growth Opportunities Fund and the firm's growth separate account portfolios. Prior to joining Artisan Partners, 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 in Minneapolis, Minnesota.

Mr. Hamel holds a BS in Finance from the University of Minnesota-Minneapolis where he was a three-time Academic All-American.

Andrew C. Stephens

Andrew C. Stephens
Andrew C. Stephens is a Managing Director of Artisan Partners and portfolio co-manager for Artisan Small Cap Fund, Artisan Mid Cap Fund, Artisan Growth Opportunities Fund and the firm's growth separate account portfolios. Prior to joining Artisan Partners, 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 BS in Economics from the University of Wisconsin-Madison.

Matthew H. Kamm, CFA

Matthew H. Kamm, CFA
Matthew H. Kamm, CFA is an associate portfolio manager for Artisan Small Cap Fund, Artisan Mid Cap Fund, Artisan Growth Opportunities Fund and the firm's growth separate account portfolios. Prior to joining Artisan Partners, Mr. Kamm was an associate equity research analyst at Banc of America Securities. Prior to that, he was a senior operations analyst for NYU Medical Center in New York, NY.

Mr. Kamm holds a BA in Public Policy from Duke University and an MBA in Finance and Operations Management from New York University.

Jason L. White, CFA

Jason L. White, CFA
Jason L. White, CFA is an associate portfolio manager for Artisan Small Cap Fund, Artisan Mid Cap Fund, Artisan Growth Opportunities Fund and the firm's growth separate account portfolios. Prior to joining Artisan Partners, 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 BS in History from the United States Naval Academy, where he graduated with distinction.

 
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. 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-13, 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) 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 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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