International Fund

Ticker: ARTIX
Inception: 12/28/95
Availability: Open
Fund Assets: $11.6 Bil.
(All classes as of 31-Mar-13)
   
Manager: Yockey, Hamker, Euretig
Expense Ratio: 1.19%
For the fiscal year ended 9/30/12.
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PROCESS & CURRENT INFORMATION
Process HighlightsIn-depth Philosophy & Process (PDF)
Artisan International Fund employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a portfolio of non-U.S. growth companies of all market capitalizations. The team seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential.
Themes – The team identifies long-term secular growth trends with the objective of investing in companies that have meaningful exposure to these trends. The team’s fundamental analysis focuses on those industry leaders with attractive growth and valuation characteristics that will be long-term beneficiaries of any structural change and/or trend.

Sustainable Growth – The team applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. The team seeks high-quality companies that typically have a sustainable competitive advantage, a superior business model and a high-quality management team.

Valuation – The team uses multiple valuation metrics to establish a target price range. The team assesses the relationship between its estimate of a company's sustainable growth prospects and its current valuation.

The Fund typically holds between 70-100 stocks, diversified across most major sectors and typically at least 18 countries. The team invests primarily in developed markets, but also may invest up to 35% of the Fund's net assets at market value at the time of purchase in emerging markets.
Current Information

"MONTHLY COMMENTARY: Global equities rose in April amid conflicting signals. The MSCI EAFE Index gained 4.5% in local terms. Our portfolio finished in positive territory but fell short of the Index..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: Global markets finished the first quarter of 2013 in solidly positive territory. The MSCI EAFE Index gained nearly 10% in local terms as the bullish majority of market participants looked on the bright side. Our portfolio outperformed the Index by a moderate margin..."


Prospectus | Important Fund Risks | Index Definitions
 
PERFORMANCE  as of 3/31/13
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International $27.55 $0.02 0.07% 2.49% 12.04%
 
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. 

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 707
5 Yr 600
10 Yr 321
Overall Rating 707
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Large Blend 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 3 213
3 Yr 7 199
5 Yr 26 158
10 Yr 14 116
Since Inception 12/28/95 1 41
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Large-Cap Growth Category.
*Lipper ranking inception date: 12/28/95.
 
Morningstar Rating™
as of 11/15/2011

Medal Silver

View More

 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.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International 9.31% 4.31% 18.90% 12.16% 1.33% 10.48% 10.21%
MSCI EAFE Index 10.61% 5.07% 19.39% 7.44% –0.93% 9.23% 4.84%
MSCI All Country World ex-U.S. Index4 6.96% 2.78% 14.15% 5.98% –0.84% 10.32% 5.58%
Lipper International Funds Index 7.68% 3.44% 16.49% 6.71% –0.51% 9.59% 6.18%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/28/95.
3Index performance starts 12/31/95.
4 MSCI ACWI ex U.S. Index performance represents linked performance data for the MSCI ACWI (Gross) Index from 31-Dec-95 to 31-Dec-00 and the MSCI ACWI (Net) Index from 1-Jan-01 forward.

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. 

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 707
5 Yr 600
10 Yr 321
Overall Rating 707
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Large Blend 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 3 213
3 Yr 7 199
5 Yr 26 158
10 Yr 14 116
Since Inception 12/28/95 1 41
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Large-Cap Growth Category.
*Lipper ranking inception date: 12/28/95.
 
Morningstar Rating™
as of 11/15/2011

Medal Silver

View More

 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.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International 6.02% 6.02% 15.11% 10.23% 1.77% 11.60% 10.06%
MSCI EAFE Index 5.13% 5.13% 11.25% 5.00% –0.89% 9.69% 4.56%
MSCI All Country World ex-U.S. Index4 3.17% 3.17% 8.36% 4.41% –0.39% 10.93% 5.38%
Lipper International Funds Index 3.85% 3.85% 10.44% 5.03% –0.12% 10.23% 5.99%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/28/95.
3Index performance starts 12/31/95.
4 MSCI ACWI ex U.S. Index performance represents linked performance data for the MSCI ACWI (Gross) Index from 31-Dec-95 to 31-Dec-00 and the MSCI ACWI (Net) Index from 1-Jan-01 forward.

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. 

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 707
5 Yr 600
10 Yr 321
Overall Rating 707
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Large Blend 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 3 213
3 Yr 7 199
5 Yr 26 158
10 Yr 14 116
Since Inception 12/28/95 1 41
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Large-Cap Growth Category.
*Lipper ranking inception date: 12/28/95.
 
Morningstar Rating™
as of 11/15/2011

Medal Silver

View More

 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.
PERFORMANCE  as of 3/31/13

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International 6.02% 6.02% 15.11% 10.23% 1.77% 11.60% 10.06%
MSCI EAFE Index 5.13% 5.13% 11.25% 5.00% –0.89% 9.69% 4.56%
MSCI All Country World ex-U.S. Index4 3.17% 3.17% 8.36% 4.41% –0.39% 10.93% 5.38%
Lipper International Funds Index 3.85% 3.85% 10.44% 5.03% –0.12% 10.23% 5.99%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/28/95.
3Index performance starts 12/31/95.
4 MSCI ACWI ex U.S. Index performance represents linked performance data for the MSCI ACWI (Gross) Index from 31-Dec-95 to 31-Dec-00 and the MSCI ACWI (Net) Index from 1-Jan-01 forward.

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. 

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

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International 9.31% 4.31% 18.90% 12.16% 1.33% 10.48% 10.21%
MSCI EAFE Index 10.61% 5.07% 19.39% 7.44% –0.93% 9.23% 4.84%
MSCI All Country World ex-U.S. Index4 6.96% 2.78% 14.15% 5.98% –0.84% 10.32% 5.58%
Lipper International Funds Index 7.68% 3.44% 16.49% 6.71% –0.51% 9.59% 6.18%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/28/95.
3Index performance starts 12/31/95.
4 MSCI ACWI ex U.S. Index performance represents linked performance data for the MSCI ACWI (Gross) Index from 31-Dec-95 to 31-Dec-00 and the MSCI ACWI (Net) Index from 1-Jan-01 forward.

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. 

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 5/17/13

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International $27.55 $0.02 0.07% 2.49% 12.04%
 
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. 

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 707
5 Yr 600
10 Yr 321
Overall Rating 707
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Large Blend 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 3 213
3 Yr 7 199
5 Yr 26 158
10 Yr 14 116
Since Inception 12/28/95 1 41
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Large-Cap Growth Category.
*Lipper ranking inception date: 12/28/95.
 
Morningstar Rating™
as of 11/15/2011

Medal Silver

View More

 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.
Important Fund Risks | Index Definitions | Morningstar Ratings Disclosure
 
DATA/STATISTICS  as of 3/31/13

Region/Country Allocation1
% of total portfolio equities
Americas 10.1
United States 6.3
Canada 3.9
   
Europe 65.4
Germany 21.0
United Kingdom 14.6
Switzerland 10.5
France 7.5
Belgium 4.9
Netherlands 4.8
Ireland 1.3
Spain 0.6
Italy 0.2
Denmark 0.1
   
Emerging Markets 7.5
China 5.1
Korea 0.7
Indonesia 0.5
Nigeria 0.5
India 0.4
Brazil 0.2
Malaysia 0.1
   
Pacific Basin 17.0
Japan 11.4
Hong Kong 5.3
Australia 0.2
   
Sector Diversification2
% of total portfolio equities
  Fund
Consumer Discretionary
12.2
Consumer Staples
26.4
Energy
2.0
Financials
22.3
Health Care
8.0
Industrials
14.7
Information Technology
4.6
Materials
9.3
Telecommunication Services
0.5
Utilities
0.0
Total 100.0%


Characteristics
Distribution Information Current | Historical
Weighted Avg. Market Cap 3 $59.8 billion
Weighted Avg. Growth Rate
(3-5 YR)3		 17.1%
Weighted Avg. P/E (FY1)3 15.8X
Weighted Avg. P/E (FY2)3 13.8X
Number of Holdings 73
Portfolio Turnover Rate4 55.39%
Cash (% of total porfolio) 5.2%


Top 10 Holdings
% of total portfolio

Linde AG (Germany) 4.1
Honda Motor Co Ltd (Japan) 4.0
Anheuser-Busch InBev NV (Belgium) 3.7
Japan Tobacco Inc (Japan) 3.7
Canadian Pacific Railway Ltd (Canada) 3.7
Nestle SA (Switzerland) 3.5
Unilever NV (Netherlands) 3.3
AIA Group Ltd (Hong Kong) 3.3
Muenchener Rueckversicherungs AG (Germany) 3.0
Covidien PLC (United States) 2.6
Total 34.9%
Holdings: Current | Historical
For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund.




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



Mark L. Yockey

Mark L. Yockey, CFA
Mark L. Yockey, CFA, is a managing director of Artisan Partners and a portfolio manager on the Global Equity team. In this role, he is a portfolio manager for the Non-U.S. Growth, Non-U.S. Small-Cap Growth and Global Equity strategies, including Artisan International, Artisan International Small Cap and Artisan Global Equity Funds. Prior to joining Artisan Partners in December 1995, Mr. Yockey was the portfolio manager of the United International Growth Fund and vice president of Waddell & Reed from January 1990 through December 1995. Before assuming responsibility for the United International Growth Fund, Mr. Yockey was an analyst for Waddell & Reed from 1986 through 1989, specializing in the worldwide health care industry and international special situations. Earlier in his career, he was a health care analyst for the State of Michigan Retirement Fund for five years. Mr. Yockey holds a bachelor’s degree and a master’s degree in Finance from Michigan State University. He completed one year of undergraduate work at the Université d’Aix-en-Provence in France. He also worked for the French bank, La Société Générale. He is fluent in French.

Charles-Henri Hamker

Charles-Henri Hamker
Charles-Henri Hamker is a managing director of Artisan Partners and a portfolio manager on the Global Equity team. In this role, he is a portfolio manager for the Non-U.S. Small-Cap Growth and Global Equity strategies, including Artisan International Small Cap and Artisan Global Equity Funds, and an associate portfolio manager for the Non-U.S. Growth strategy, including Artisan International Fund. He also conducts research, primarily focusing on companies within the consumer sector. Prior to joining Artisan Partners in August 2000, Mr. Hamker worked on the European Equities Desk in the New York office of Banque Nationale de Paris. Earlier in his career, he worked in the Paris and London offices of J.P. Morgan. Mr. Hamker holds a bachelor’s degree with a specialization in Finance and Economics from the European Business School in Paris. He is fluent in French and German.

Andrew J. Euretig

Andrew J. Euretig
Andrew J. Euretig is a managing director of Artisan Partners and a portfolio manager on the Global Equity team. In this role, he is a portfolio manager for the Global Equity strategy, including Artisan Global Equity Fund, and an associate portfolio manager for the Non-U.S. Growth strategy, including Artisan International Fund. He also conducts research, primarily focusing on companies within the industrials sector. Prior to joining Artisan Partners in June 2005, Mr. Euretig was a graduate student at the University of California at Berkeley. He previously served in the United States Navy as an amphibious operations officer. Mr. Euretig holds a bachelor’s and a master’s degree in Business Administration from the Haas School of Business at the University of California-Berkeley.

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 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.



Important Index Disclosure

The MSCI EAFE Index is an unmanaged, market-weighted index of companies in developed markets, excluding the U.S. and Canada. Its returns include net reinvested dividends but, unlike Fund 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.

The MSCI EAFE Index is an index of companies in developed markets, excluding the U.S. and Canada. The MSCI ACWI (All Country World) ex-U.S. Index is an index designed to measure the equity market performance of developed and emerging markets, excluding the United States. The indices are unmanaged, market-weighted indices. The returns of the indices include net reinvested dividends but, unlike the Fund's returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. Net and Gross indices reinvest dividends; Net indices take withholding taxes into consideration, whereas Gross indices do not.

The Lipper International Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest international funds tracked by Lipper including Artisan International Fund. Its returns include net reinvested dividends.

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)

An investment can not be made directly into an index.



Data/Statistics Disclosure

Totals may not sum due to rounding.

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

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

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

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

The 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.

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.



Expense Ratio Disclosure

 
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