International Small Cap Fund

Ticker: ARTJX     Availability: Closed to most new investors
CUSIP: 04314H808   Expense Ratio: 1.52% (for the 12 months ended 9/30/07)
Inception: 12/21/01  
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  Data/Statistics
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PROCESS & CURRENT INFORMATION
Process Highlights
Artisan International Small Cap Fund uses a fundamental stock selection process focused on identifying long-term growth opportunities among small non-U.S. companies. The Fund defines a "small" company as one with a market capitalization less than $3 billion at the time of investment. The investment team's thematic approach identifies catalysts for change and develops investment themes with the objective of capitalizing on them globally.
Themes - Changing demographics, developing technology, privatization of economic resources and outsourcing are among the long-term catalysts for change that currently form the basis for the team's investment themes. The team incorporates these catalysts along with sector and regional fundamentals into a long-term global framework for investment analysis and decision-making.

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 are well managed, have a dominant or improving market position and competitive advantages compared to industry and regional peers.

Valuation - The team assesses the relationship between its estimate of a company's sustainable growth prospects and its stock price. The team uses multiple valuation metrics to establish price targets.

The team invests primarily in developed markets, but also may invest up to 25% of the Fund's net assets at market value at the time of purchase in emerging markets.
Current Information

"Q&A with Mark Yockey (February 1, 2008): Fundamental research is a core responsibility of all team members and we all spend a lot of time on the road visiting existing investments and looking for new investments..."

"MONTHLY COMMENTARY: We have confidence in the current portfolio and we believe the secular themes we have identified will continue to guide us to profitable opportunities amid the volatility we have seen in the markets so far in 2008..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: In the MSCI EAFE® Small Cap Index, the energy and consumer staples sectors held up best, but for the most part, there were no safe havens as all sectors declined. Regionally, returns were also broadly weak. Currency gains/losses had a huge impact on performance and left wide disparities between local and U.S. dollar returns..."


Prospectus | Important Fund Risk Disclosure | Index Definitions
 
PERFORMANCE  as of 3/31/08
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International Small Cap $21.99 $0.14 0.64% 0.32% –6.62%
Historical NAVs
  
1Net Asset Value (NAV)
2Fund performance is not annualized.

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. Artisan International Small Cap Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 
Morningstar Rating™
as of 4/30/08
Period Rating Funds in Category
3 Yr 87
5 Yr 73
10 Yr n/a n/a
Overall Rating 87
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 3/31/08
Period Rank Funds in Category
1 Yr #7 92
3 Yr #6 72
5 Yr #10 63
10 Yr n/a n/a
Since Inception 12/21/01 #9 53
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 data© 2008, 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
International Small Cap –6.92% 7.71% 8.78% 24.52% 29.60% n/a 24.28%
MSCI EAFE® Small Cap Index –4.06% 6.32% –12.38% 12.90% 23.82% n/a 18.32%
MSCI EAFE® Index –3.96% 5.81% –1.78% 16.25% 20.42% n/a 13.19%
Lipper International Small/Mid-Cap Growth Funds Index –5.30% 5.00% –2.28% 20.25% 25.95% n/a 17.83%
1Returns for periods less than one year are not annualized. 2Fund Inception date: 12/21/01.
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. Artisan International Small Cap Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 
Morningstar Rating™
as of 4/30/08
Period Rating Funds in Category
3 Yr 87
5 Yr 73
10 Yr n/a n/a
Overall Rating 87
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 3/31/08
Period Rank Funds in Category
1 Yr #7 92
3 Yr #6 72
5 Yr #10 63
10 Yr n/a n/a
Since Inception 12/21/01 #9 53
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 data© 2008, 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
International Small Cap –11.08% –11.08% 6.89% 21.89% 31.80% n/a 23.73%
MSCI EAFE® Small Cap Index –6.24% –6.24% –11.19% 11.14% 25.48% n/a 18.14%
MSCI EAFE® Index –8.91% –8.91% –2.70% 13.32% 21.40% n/a 12.42%
Lipper International Small/Mid-Cap Growth Funds Index –8.79% –8.79% –2.08% 17.68% 27.17% n/a 17.38%
1Returns for periods less than one year are not annualized. 2Fund Inception date: 12/21/01.
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. Artisan International Small Cap Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 
Morningstar Rating™
as of 4/30/08
Period Rating Funds in Category
3 Yr 87
5 Yr 73
10 Yr n/a n/a
Overall Rating 87
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 3/31/08
Period Rank Funds in Category
1 Yr #7 92
3 Yr #6 72
5 Yr #10 63
10 Yr n/a n/a
Since Inception 12/21/01 #9 53
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 data© 2008, 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 3/31/08

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Small Cap –11.08% –11.08% 6.89% 21.89% 31.80% n/a 23.73%
MSCI EAFE® Small Cap Index –6.24% –6.24% –11.19% 11.14% 25.48% n/a 18.14%
MSCI EAFE® Index –8.91% –8.91% –2.70% 13.32% 21.40% n/a 12.42%
Lipper International Small/Mid-Cap Growth Funds Index –8.79% –8.79% –2.08% 17.68% 27.17% n/a 17.38%
1Returns for periods less than one year are not annualized. 2Fund Inception date: 12/21/01.
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. Artisan International Small Cap Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 


PERFORMANCE  as of 4/30/08

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Small Cap –6.92% 7.71% 8.78% 24.52% 29.60% n/a 24.28%
MSCI EAFE® Small Cap Index –4.06% 6.32% –12.38% 12.90% 23.82% n/a 18.32%
MSCI EAFE® Index –3.96% 5.81% –1.78% 16.25% 20.42% n/a 13.19%
Lipper International Small/Mid-Cap Growth Funds Index –5.30% 5.00% –2.28% 20.25% 25.95% n/a 17.83%
1Returns for periods less than one year are not annualized. 2Fund Inception date: 12/21/01.
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. Artisan International Small Cap Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 


PERFORMANCE  as of 5/8/08

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International Small Cap $21.99 $0.14 0.64% 0.32% –6.62%
Historical NAVs
  
1Net Asset Value (NAV)
2Fund performance is not annualized.

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. Artisan International Small Cap Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. 


Morningstar Rating™
as of 4/30/08
Period Rating Funds in Category
3 Yr 87
5 Yr 73
10 Yr n/a n/a
Overall Rating 87
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 3/31/08
Period Rank Funds in Category
1 Yr #7 92
3 Yr #6 72
5 Yr #10 63
10 Yr n/a n/a
Since Inception 12/21/01 #9 53
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 data© 2008, 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 3/31/08

Region/Country Allocation1
% of total portfolio equities
Americas 1.8
Canada 1.8
   
Emerging Markets 24.3
China 6.9
Egypt 4.7
South Korea 3.2
Turkey 2.9
Mexico 2.5
Oman 1.5
Russia 1.1
South Africa 0.9
Malaysia 0.5
Philippines 0.1
   
Europe 53.7
Germany 18.1
Italy 9.5
Switzerland 7.7
Norway 4.9
United Kingdom 2.9
Austria 2.9
Netherlands 2.8
France 2.2
Denmark 1.0
Portugal 0.8
Greece 0.5
Sweden 0.4
   
Pacific Basin 20.2
Hong Kong 12.6
Singapore 4.1
Japan 3.5