International Value Fund

Ticker: ARTKX     Managers: Samra, O'Keefe
Inception: 9/23/02   Expense Ratio: 1.27% (Based on the fiscal year ended 9/30/09)
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PROCESS & CURRENT INFORMATION
Current International Value Fund News »
Process Highlights
Artisan International Value Fund employs a bottom-up investment process focused on identifying what the investment team believes are high quality, undervalued businesses that offer the potential for superior risk/reward outcomes.

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

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

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

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

The Fund typically holds between 40-60 stocks, diversified across most major sectors and typically at least 5 countries. The maximum exposure to a single country is 35% of the Fund's net assets at market value at the time of purchase. The team invests primarily in developed markets, but also may invest up to 20% of the Fund's net assets at market value at the time of purchase in emerging and less developed markets.
Current Information

"MONTHLY COMMENTARY: Earnings reports continued to be filled with cost cutting measures as at least a partial offset to revenue declines. We have seen few businesses or industries where revenue growth has returned..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: Over the long-term, we believe, our businesses will grow business value and undervaluation gaps will unwind. Our only insight into today’s market resides in the aggregate discount of our portfolio. Today, the aggregate portfolio discount is in the range of normal..."

"VALUE INVESTOR INSIGHT INTERVIEWS ARTISAN INTERNATIONAL VALUE FUND PORTFOLIO MANAGERS
Value Investor Insight interview with Artisan International Value Fund portfolio managers David Samra and Dan O’Keefe, Shifting Fortunes – It’s easier for companies to fall from the market’s grace than to earn it back. David Samra and Dan O’Keefe excel at identifying those poised to do the latter..."

"MORNINGSTARTM INTERNATIONAL MANAGER OF THE YEAR 2008: MorningstarTM has named David Samra and Daniel O’Keefe, Portfolio Co-Managers of Artisan International Value Fund (ARTKX) and Artisan Global Value Fund (ARTGX), its International-Stock Fund Manager of the Year for 2008. The duo received the award for their efforts on the Artisan International Value Fund..."


Prospectus | Important Fund Risk Disclosure | Index Definitions
 
PERFORMANCE  as of 12/31/09
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International Value $23.34 $0.09 0.39% 3.00% 1.04%
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 2/28/10
Period Rating Funds in Category
3 Yr 52
5 Yr 45
10 Yr n/a n/a
Overall Rating 52
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 Value Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #45 130
3 Yr #8 100
5 Yr #3 71
10 Yr n/a n/a
Since Inception 9/23/02 #1 61
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Multi-Cap Value Category.
*Lipper ranking inception date: 9/23/02.
Morningstar data© 2009, 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 Value –1.90% –0.08% 61.42% –2.94% 5.28% n/a 15.69%
MSCI EAFE® Index –5.06% –3.69% 54.58% –8.11% 1.98% n/a 9.85%
MSCI EAFE® Value Index –5.89% –5.05% 60.15% –9.63% 1.48% n/a 10.73%
Lipper International Multi-Cap Value Funds Index –4.48% –3.15% 59.15% –7.43% 2.51% n/a 10.65%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/23/02.
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 2/28/10
Period Rating Funds in Category
3 Yr 52
5 Yr 45
10 Yr n/a n/a
Overall Rating 52
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 Value Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #45 130
3 Yr #8 100
5 Yr #3 71
10 Yr n/a n/a
Since Inception 9/23/02 #1 61
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Multi-Cap Value Category.
*Lipper ranking inception date: 9/23/02.
Morningstar data© 2009, 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 Value 33.47% 3.07% 33.47% –2.51% 6.52% n/a 16.37%
MSCI EAFE® Index 31.78% 2.18% 31.78% –6.04% 3.54% n/a 10.87%
MSCI EAFE® Value Index 34.23% 0.28% 34.23% –7.35% 3.36% n/a 11.91%
Lipper International Multi-Cap Value Funds Index 32.84% 1.62% 32.84% –5.71% 4.10% n/a 11.60%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/23/02.
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 2/28/10
Period Rating Funds in Category
3 Yr 52
5 Yr 45
10 Yr n/a n/a
Overall Rating 52
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 Value Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #45 130
3 Yr #8 100
5 Yr #3 71
10 Yr n/a n/a
Since Inception 9/23/02 #1 61
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Multi-Cap Value Category.
*Lipper ranking inception date: 9/23/02.
Morningstar data© 2009, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
PERFORMANCE  as of 12/31/09

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Value 33.47% 3.07% 33.47% –2.51% 6.52% n/a 16.37%
MSCI EAFE® Index 31.78% 2.18% 31.78% –6.04% 3.54% n/a 10.87%
MSCI EAFE® Value Index 34.23% 0.28% 34.23% –7.35% 3.36% n/a 11.91%
Lipper International Multi-Cap Value Funds Index 32.84% 1.62% 32.84% –5.71% 4.10% n/a 11.60%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/23/02.
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 2/28/10

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Value –1.90% –0.08% 61.42% –2.94% 5.28% n/a 15.69%
MSCI EAFE® Index –5.06% –3.69% 54.58% –8.11% 1.98% n/a 9.85%
MSCI EAFE® Value Index –5.89% –5.05% 60.15% –9.63% 1.48% n/a 10.73%
Lipper International Multi-Cap Value Funds Index –4.48% –3.15% 59.15% –7.43% 2.51% n/a 10.65%
1Returns for periods less than one year are not annualized. 2Fund Inception 9/23/02.
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 3/10/10

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International Value $23.34 $0.09 0.39% 3.00% 1.04%
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 2/28/10
Period Rating Funds in Category
3 Yr 52
5 Yr 45
10 Yr n/a n/a
Overall Rating 52
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 Value Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.
Lipper Ranking
as of 12/31/09
Period Rank Funds in Category
1 Yr #45 130
3 Yr #8 100
5 Yr #3 71
10 Yr n/a n/a
Since Inception 9/23/02 #1 61
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s International Multi-Cap Value Category.
*Lipper ranking inception date: 9/23/02.
Morningstar data© 2009, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
Prospectus | Important Fund Risk Disclosure | Index Definitions
 
DATA/STATISTICS  as of 12/31/09

Region/Country Allocation1
% of total portfolio equities
Americas 15.7
United States 15.4
Canada 0.3
   
Europe 70.8
United Kingdom 31.4
Switzerland 20.6
France 13.8
Ireland 2.5
Netherlands 1.7
Belgium 0.8
   
Emerging Markets 0.7
Korea 0.7
   
Pacific Basin 12.8
Japan 9.3
Hong Kong 3.5
Singapore <0.1
   
Sector Diversification2
% of total portfolio equities
  Fund
Consumer Discretionary
24.0
Consumer Staples
12.3
Energy
5.3
Financials
22.5
Health Care
9.1
Industrials
15.9
Information Technology
7.2
Materials
3.7
Telecommunication Services
0.0
Utilities
0.0
Total 100.0%


Characteristics
Distribution Information Select Year
Weighted Avg. Market Cap 3 $28.6 billion
Median Market Cap 3 $6.3 billion
Median Price/Book Value3 1.8X
Weighted Avg. P/E (FY1)3 14.6X
Weighted Avg. P/E (FY2)3 13.4X
Number of Holdings 44
Portfolio Turnover Rate4 55.49%
Cash (% of total porfolio) 7.7%
Total Net Assets (all share classes) $2.3 billion


Top 10 Holdings
% of total portfolio
Experian PLC (United Kingdom) 5.2
Arch Capital Group Ltd (United States) 4.6
Covidien Plc (United States) 4.5
Signet Jewelers Ltd (United Kingdom) 4.3
Pargesa Holding SA (Switzerland) 3.8
Tyco Electronics Ltd (United States) 3.7
Adecco SA (Switzerland) 3.7
Unilever PLC (United Kingdom) 3.7
Novartis AG (Switzerland) 3.6
Diageo PLC (United Kingdom) 3.5
Total 40.6%
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 9/30/09.
Prospectus | Important Fund Risk Disclosure | Index Definitions | Data/Statistics Disclosure
 
FUND MANAGERS



David Samra

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

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

Daniel J. O'Keefe

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

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

 
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. Stocks of smaller companies tend to be more volatile and less liquid than those of large companies, have underperformed the stocks of larger companies during some periods and tend to have a shorter history of operations than larger companies. The Fund invests in growth stocks, which 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® Value Index is an unmanaged, market-weighted index of companies in developed markets, excluding the U.S. and Canada, that exhibit value investment style characteristics according to MSCI's methodology. Its returns include net reinvested dividends but, unlike the 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 Multi-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest international multi-cap value funds tracked by Lipper, including Artisan International Value 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 to create any financial instruments or products or any indices. 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.



Data/Statistics Disclosure

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 Limited Partnership. 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.

The Fund owns Pargesa Holding SA (Pargesa) which represents 3.5% of the Fund's total net assets, and Groupe Bruxelles Lambert SA (GBL) which represents 0.8% of the Fund's total net assets. Pargesa is the parent company of GBL. If you aggregated the Fund's holdings of both securities, the aggregated amount would represent 4.3% of the Fund’s total net assets.

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

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

The Median Market Cap provides a measure of the market capitalization value of the companies in a portfolio. Equal numbers of companies in the portfolio have market capitalizations higher and lower than the median.

The Median Price/Book Value measures the median ratio of portfolio stock prices to each stock's book value of equity per share (book value is a company's assets minus its liabilities).

The Weighted Harmonic Average P/E (a measure of how expensive a stock is) is the harmonic average, which measures the price/earnings ratio of the Fund’s entire portfolio, excluding negative earners, weighted by the size of the company’s position within the portfolio. The earnings figures used for FY1 and FY2 are estimates for the current unreported fiscal year and for the next unreported fiscal year, respectively. Data believed to be inaccurate may be excluded from the price/earnings calculations.

In general, the Turnover Ratio is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year, by the monthly average of the value of portfolio securities owned by the Fund during the fiscal year.

Portfolio characteristics are intended to provide a general view of the entire portfolio, or Index, at a certain point in time. Characteristics are calculated using information obtained from various data sources. Artisan Partners excludes outliers when calculating portfolio characteristics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio characteristics.

 
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