International Small Cap Fund

Ticker:	ARTJX
Inception:	12/21/01
Availability:	Closed to most new investors
Fund Assets:	$865 Mil.
(as of 31-Mar-13)

Manager:	Yockey, Hamker
Expense Ratio:	1.50% For the fiscal year ended 9/30/12.

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PROCESS & CURRENT INFORMATION

Process HighlightsIn-depth Philosophy & Process (PDF)

Artisan International Small Cap Fund employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a portfolio of small non-U.S. growth companies. 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. The Fund primarily invests in non-U.S. small-cap growth companies in developed and emerging markets with market capitalizations less than $4 billion at the time of investment.

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 team invests primarily in developed markets, but also may invest up to 50% 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 Small Cap Index gained 3.3% in local terms. Our portfolio’s return was roughly in line with the Index..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: Global markets finished the first quarter of 2013 in solidly positive territory. The MSCI EAFE Small Cap Index gained over 13% in local terms. Our portfolio finished in strongly positive territory but fell short of the Index this quarter. As experienced investors, we recognize the volatility associated with this asset class and rely on our strong stock selection to drive our long-term results..."

Prospectus | Important Fund Risks | Index Definitions

PERFORMANCE as of 3/31/13


	NAV¹	Change ($)	Change (%)	PERFORMANCE TO DATE²
				MTD	YTD
International Small Cap	$25.13	$0.07	0.28%	1.95%	12.29%

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		122
5 Yr		100
10 Yr		59
Overall Rating		122
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid 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 3/31/13

Period	Rank	Funds in Category
1 Yr	10	161
3 Yr	15	125
5 Yr	33	103
10 Yr	10	59
Since Inception 12/21/01	8	49
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Small/Mid-Cap Growth Category. *Lipper ranking inception date: 12/21/01.

Morningstar Rating™

as of 11/15/2011

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


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception²
International Small Cap	10.14%	5.93%	25.21%	13.17%	3.51%	15.83%	14.67%
MSCI EAFE Small Cap Index	12.33%	6.75%	17.93%	9.08%	2.31%	12.55%	10.98%
MSCI EAFE Index	10.61%	5.07%	19.39%	7.44%	–0.93%	9.23%	6.74%
Lipper International Small/Mid-Cap Growth Funds Index	11.25%	7.25%	19.14%	11.60%	3.22%	14.02%	11.16%
¹Returns for periods less than one year are not annualized. ²Fund Inception 12/21/01. ³Index performance starts 12/31/95. Source: Artisan Partners/MSCI/Lipper
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. 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		122
5 Yr		100
10 Yr		59
Overall Rating		122
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid 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 3/31/13

Period	Rank	Funds in Category
1 Yr	10	161
3 Yr	15	125
5 Yr	33	103
10 Yr	10	59
Since Inception 12/21/01	8	49
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Small/Mid-Cap Growth Category. *Lipper ranking inception date: 12/21/01.

Morningstar Rating™

as of 11/15/2011


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception²
International Small Cap	6.39%	6.39%	21.80%	12.35%	3.74%	16.93%	14.43%
MSCI EAFE Small Cap Index	8.42%	8.42%	13.28%	8.41%	2.06%	13.17%	10.72%
MSCI EAFE Index	5.13%	5.13%	11.25%	5.00%	–0.89%	9.69%	6.31%
Lipper International Small/Mid-Cap Growth Funds Index	7.44%	7.44%	15.67%	10.79%	3.27%	14.60%	10.90%
¹Returns for periods less than one year are not annualized. ²Fund Inception 12/21/01. ³Index performance starts 12/31/95. Source: Artisan Partners/MSCI/Lipper
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. 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		122
5 Yr		100
10 Yr		59
Overall Rating		122
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid 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 3/31/13

Period	Rank	Funds in Category
1 Yr	10	161
3 Yr	15	125
5 Yr	33	103
10 Yr	10	59
Since Inception 12/21/01	8	49
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Small/Mid-Cap Growth Category. *Lipper ranking inception date: 12/21/01.

Morningstar Rating™

as of 11/15/2011

PERFORMANCE as of 3/31/13


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception²
International Small Cap	6.39%	6.39%	21.80%	12.35%	3.74%	16.93%	14.43%
MSCI EAFE Small Cap Index	8.42%	8.42%	13.28%	8.41%	2.06%	13.17%	10.72%
MSCI EAFE Index	5.13%	5.13%	11.25%	5.00%	–0.89%	9.69%	6.31%
Lipper International Small/Mid-Cap Growth Funds Index	7.44%	7.44%	15.67%	10.79%	3.27%	14.60%	10.90%
¹Returns for periods less than one year are not annualized. ²Fund Inception 12/21/01. ³Index performance starts 12/31/95. Source: Artisan Partners/MSCI/Lipper
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

PERFORMANCE as of 4/30/13


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception²
International Small Cap	10.14%	5.93%	25.21%	13.17%	3.51%	15.83%	14.67%
MSCI EAFE Small Cap Index	12.33%	6.75%	17.93%	9.08%	2.31%	12.55%	10.98%
MSCI EAFE Index	10.61%	5.07%	19.39%	7.44%	–0.93%	9.23%	6.74%
Lipper International Small/Mid-Cap Growth Funds Index	11.25%	7.25%	19.14%	11.60%	3.22%	14.02%	11.16%
¹Returns for periods less than one year are not annualized. ²Fund Inception 12/21/01. ³Index performance starts 12/31/95. Source: Artisan Partners/MSCI/Lipper
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. 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 5/24/13


	NAV¹	Change ($)	Change (%)	PERFORMANCE TO DATE²
				MTD	YTD
International Small Cap	$25.13	$0.07	0.28%	1.95%	12.29%

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		122
5 Yr		100
10 Yr		59
Overall Rating		122
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid 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 3/31/13

Period	Rank	Funds in Category
1 Yr	10	161
3 Yr	15	125
5 Yr	33	103
10 Yr	10	59
Since Inception 12/21/01	8	49
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Small/Mid-Cap Growth Category. *Lipper ranking inception date: 12/21/01.

Morningstar Rating™

as of 11/15/2011

Important Fund Risks | Index Definitions | Morningstar Ratings Disclosure

DATA/STATISTICS as of 3/31/13

Region/Country Allocation¹

% of total portfolio equities

Emerging Markets	30.8
China	13.4
Brazil	5.5
Indonesia	4.7
Philippines	3.3
Korea	2.1
Kenya	1.3
Malaysia	0.5

Americas	1.8
Canada	1.8

Europe	52.1
United Kingdom	17.8
Germany	12.8
France	8.0
Ireland	5.3
Switzerland	4.2
Italy	2.7
Denmark	1.3

Pacific Basin	15.3
Japan	7.9
Singapore	6.4
Hong Kong	0.9

Sector Diversification²

% of total portfolio equities

	Fund
Consumer Discretionary	14.3
Consumer Staples	30.7
Energy	0.0
Financials	6.6
Health Care	9.1
Industrials	18.1
Information Technology	11.7
Materials	2.6
Telecommunication Services	0.0
Utilities	7.0
Total	100.0%

Characteristics

Distribution Information	Current \| Historical
Weighted Avg. Market Cap³	$3.0 billion
Weighted Avg. Growth Rate (3-5 YR)³	17.3%
Weighted Avg. P/E (FY1)³	17.9X
Weighted Avg. P/E (FY2)³	15.5X
Number of Holdings	53
Portfolio Turnover Rate⁴	42.01%
Cash (% of total porfolio)	4.2%

Top 10 Holdings

% of total portfolio

Wirecard AG (Germany)	8.0
Glanbia PLC (Ireland)	5.1
Babcock International Group PLC (United Kingdom)	4.4
Eurofins Scientific (France)	4.4
Beijing Enterprises Water Group Ltd (China)	3.5
Calbee Inc (Japan)	3.0
Britvic PLC (United Kingdom)	2.8
Sugi Holdings Co Ltd (Japan)	2.7
Super Group Ltd/Singapore (Singapore)	2.5
Big Yellow Group PLC (United Kingdom)	2.5
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 9/30/12.

Region/Country Allocation¹

% of total portfolio equities

Emerging Markets	29.9
China	12.7
Brazil	5.6
Indonesia	4.5
Philippines	3.2
Korea	2.2
Kenya	1.4
Malaysia	0.3

Americas	1.2
Canada	1.2

Europe	53.6
United Kingdom	16.8
Germany	14.0
France	9.5
Ireland	5.1
Switzerland	4.4
Italy	2.7
Denmark	1.1

Pacific Basin	15.3
Japan	7.5
Singapore	6.8
Hong Kong	1.0

Sector Diversification²

% of total portfolio equities

	Fund
Consumer Discretionary	13.7
Consumer Staples	30.2
Energy	0.0
Financials	6.4
Health Care	9.6
Industrials	17.0
Information Technology	12.6
Materials	3.1
Telecommunication Services	0.0
Utilities	7.4
Total	100.0%

Characteristics

Distribution Information	Current \| Historical
Weighted Avg. Market Cap³	$2.9 billion
Weighted Avg. Growth Rate (3-5 YR)³	16.3%
Weighted Avg. P/E (FY1)³	18.0X
Weighted Avg. P/E (FY2)³	15.9X
Number of Holdings	52
Portfolio Turnover Rate⁴	42.01%
Cash (% of total porfolio)	6.8%

Top 10 Holdings

% of total portfolio

Wirecard AG (Germany)	8.6
Glanbia PLC (Ireland)	4.7
Babcock International Group PLC (United Kingdom)	4.6
Eurofins Scientific (France)	4.5
Britvic PLC (United Kingdom)	2.9
Beijing Enterprises Water Group Ltd (China)	2.9
Super Group Ltd (Singapore)	2.6
Calbee Inc (Japan)	2.6
Sugi Holdings Co Ltd (Japan)	2.5
Yingde Gases (China)	2.3
Total	38.3%
Holdings: Current \| Historical
For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

¹ Source: Artisan Partners/FactSet(MSCI)
² Source: Artisan Partners/FactSet(GICS)
³ Source: Artisan Partners/FactSet
⁴ Audited. For the 12 months ended 9/30/12.

Important Fund Risks | Index Definitions | Data/Statistics Disclosure

FUND MANAGER

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 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.

Prospectus | Important Fund Risks

This material is not an offer of any mutual funds mentioned other than Artisan Funds.

Important Fund Risk Disclosure

International investments involve special risks, including currency fluctuation, lower liquidity, different accounting methods and economic and political systems, and higher transaction costs. These risks typically are greater in emerging markets. Securities of small- and medium-sized companies tend to have a shorter history of operations, be more volatile and less liquid and may have underperformed securities of large companies during some periods. Growth securities may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

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 Small Cap Index is an unmanaged, market-weighted index of small 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 Lipper International Small/Mid-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 10 of the largest international small/mid-cap growth funds tracked by Lipper, including Artisan International Small Cap Fund. Its returns include net reinvested dividends.

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 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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