International Value Fund

Ticker: ARTKX
Inception: 9/23/02
Availability: Closed to most
new investors
   
Manager: Samra, O'Keefe
Expense Ratio: 1.24% / 1.18%
Indirect / Direct
For the fiscal year ended 9/30/11.
Expense Ratio Disclosure
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PROCESS & CURRENT INFORMATION
Process HighlightsIn-depth Philosophy & Process (PDF)
Artisan International Value Fund pursues long-term capital growth by investing in undervalued, non-U.S. companies of all market capitalizations. The Fund’s performance is typically benchmarked against the MSCI EAFE® Index over a full market cycle.

Artisan International Value Fund employs a fundamental 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 in-depth 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 valuation is the most crucial determinant of stock market return over the long term.

Business Quality - The team seeks to invest in companies with histories 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 markets.
Current Information

"MONTHLY COMMENTARY: While most equity markets were up in December, a rally in the U.S. dollar eroded reported dollar gains, which was a fitting end to a tough year for international equity investing. Share price increases of..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: The strong market performance during the fourth quarter reflects the main underlying positive that is to be taken away from 2011. Despite all of the very well-known problems in the euro zone and in the U.S., companies continued to report attractive earnings and..."


Prospectus | Important Fund Risk Disclosure | Index Definitions
 
PERFORMANCE  as of 12/31/11
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International Value $27.03 $0.32 1.20% 3.52% 7.73%
 
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 12/31/2011
Period Rating Funds in Category
3 Yr 737
5 Yr 563
10 Yr n/a n/a
Overall Rating 737
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 12/31/11
Period Rank Funds in Category
1 Yr #5 121
3 Yr #8 102
5 Yr #2 76
10 Yr n/a n/a
Since Inception 9/23/02 #1 50
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© 2012, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Value 4.07% 1.78% –3.96% 19.09% 1.32% n/a 14.19%
MSCI EAFE® Index 5.33% –0.73% –9.59% 13.37% –3.85% n/a 8.31%
MSCI EAFE® Value Index 5.21% –0.98% –11.59% 12.95% –5.48% n/a 8.59%
Lipper International Multi-Cap Value Funds Index 6.32% 0.67% –10.37% 14.92% –3.32% n/a 9.10%
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 12/31/2011
Period Rating Funds in Category
3 Yr 737
5 Yr 563
10 Yr n/a n/a
Overall Rating 737
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 12/31/11
Period Rank Funds in Category
1 Yr #5 121
3 Yr #8 102
5 Yr #2 76
10 Yr n/a n/a
Since Inception 9/23/02 #1 50
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© 2012, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Value –7.14% 7.40% –7.14% 13.80% 0.46% n/a 13.84%
MSCI EAFE® Index –12.14% 3.33% –12.14% 7.65% –4.72% n/a 7.79%
MSCI EAFE® Value Index –12.17% 2.74% –12.17% 6.77% –6.33% n/a 8.08%
Lipper International Multi-Cap Value Funds Index –13.37% 3.18% –13.37% 8.30% –4.32% n/a 8.47%
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 12/31/2011
Period Rating Funds in Category
3 Yr 737
5 Yr 563
10 Yr n/a n/a
Overall Rating 737
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 12/31/11
Period Rank Funds in Category
1 Yr #5 121
3 Yr #8 102
5 Yr #2 76
10 Yr n/a n/a
Since Inception 9/23/02 #1 50
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© 2012, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
PERFORMANCE  as of 12/31/11

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Value –7.14% 7.40% –7.14% 13.80% 0.46% n/a 13.84%
MSCI EAFE® Index –12.14% 3.33% –12.14% 7.65% –4.72% n/a 7.79%
MSCI EAFE® Value Index –12.17% 2.74% –12.17% 6.77% –6.33% n/a 8.08%
Lipper International Multi-Cap Value Funds Index –13.37% 3.18% –13.37% 8.30% –4.32% n/a 8.47%
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 1/31/12

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
International Value 4.07% 1.78% –3.96% 19.09% 1.32% n/a 14.19%
MSCI EAFE® Index 5.33% –0.73% –9.59% 13.37% –3.85% n/a 8.31%
MSCI EAFE® Value Index 5.21% –0.98% –11.59% 12.95% –5.48% n/a 8.59%
Lipper International Multi-Cap Value Funds Index 6.32% 0.67% –10.37% 14.92% –3.32% n/a 9.10%
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 2/3/12

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
International Value $27.03 $0.32 1.20% 3.52% 7.73%
 
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 12/31/2011
Period Rating Funds in Category
3 Yr 737
5 Yr 563
10 Yr n/a n/a
Overall Rating 737
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 12/31/11
Period Rank Funds in Category
1 Yr #5 121
3 Yr #8 102
5 Yr #2 76
10 Yr n/a n/a
Since Inception 9/23/02 #1 50
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© 2012, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
Prospectus | Important Fund Risk Disclosure | Index Definitions
 
DATA/STATISTICS  as of 12/31/11

Region/Country Allocation1
% of total portfolio equities
Americas 18.6
United States 18.6
   
Emerging Markets 0.5
Thailand 0.5
   
Europe 65.9
United Kingdom 26.5
Switzerland 11.7
France 10.1
Netherlands 7.0
Ireland 4.1
Germany 2.9
Denmark 1.8
Belgium 1.8
   
Pacific Basin 15.0
Japan 13.3
Hong Kong 1.7
   
   
   
   
Sector Diversification2
% of total portfolio equities
  Fund
Consumer Discretionary
25.6
Consumer Staples
16.1
Energy
3.0
Financials
20.8
Health Care
8.4
Industrials
16.5
Information Technology
6.6
Materials
2.9
Telecommunication Services
0.0
Utilities
0.0
Total 100.0%


Characteristics
Distribution Information Select Year
Weighted Avg. Market Cap 3 $25.8 billion
Median Market Cap 3 $8.0 billion
Median Price/Book Value3 1.7X
Weighted Avg. P/E (FY1)3 11.4X
Weighted Avg. P/E (FY2)3 10.7X
Number of Holdings 46
Portfolio Turnover Rate4 21.02%
Cash (% of total porfolio) 7.2%
Total Net Assets (all share classes) $4,580 million


Top 10 Holdings
% of total portfolio

Compass Group PLC (United Kingdom) 5.8
Arch Capital Group Ltd (United States) 4.5
TE Connectivity Ltd (United States) 4.3
Signet Jewelers Ltd (United States) 3.6
Novartis AG (Switzerland) 3.6
Reed Elsevier PLC (United Kingdom) 3.2
Publicis Groupe SA (France) 3.1
Kao Corp (Japan) 3.0
Diageo PLC (United Kingdom) 3.0
Covidien PLC (United States) 3.0
Total 37.1%
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 9/30/10.
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 Partners 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 Partners, 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 a Managing Director of Artisan Partners and 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 Partners, 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. Securities of medium-sized companies tend to be more volatile and less liquid than those of large companies, may have underperformed the stocks of large companies during some periods and tend to have a shorter history of operations than large companies. Growth securities may underperform other asset types during a given period.



Expense Ratio Disclosure

The Fund's direct operating expenses are 1.18% which is reflected in the Fund's "Financial Highlights" in the statutory prospectus and financial statements. The expense ratio noted above includes "Acquired Fund Fees and Expenses," which are indirect expenses the Fund may incur from investing in an investment company (acquired fund); such indirect expenses are not paid from the fund's assets but are reflected in the return realized by the fund on its investment in the acquired funds.

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 MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non-infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com)

The Lipper International Multi-Cap Core Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest international multi-cap core funds (growth and value) tracked by Lipper, including Artisan International Value Fund. An investment cannot be made directly in an index.

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.

The portfolio owns Pargesa Holding SA (Pargesa), which represents 1.9% of the portfolio's net assets, and Groupe Bruxelles Lambert SA (GBL), which represents 1.9% of the portfolio's net assets. Pargesa is the parent company of GBL. If you aggregated the portfolio's holdings of Pargesa and GBL, the aggregated amount would be one of the portfolio's top ten holdings.

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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Dan O'Keefe David Samra