International Value Fund

Ticker:	ARTKX
Inception:	9/23/02
Availability:	Closed to most new investors
Fund Assets:	$8.8 Bil.
(All classes as of 31-Mar-13)

Manager:	Samra, O'Keefe
Expense Ratio:	1.22% / 1.17% Indirect / Direct For the fiscal year ended 9/30/12. Expense Ratio Disclosure

Font Size:

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: Markets continue to respond to a generally beneficial environment for liquid securities. Finding new securities with a risk/reward balance that is highly favorable remains a challenge..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: The discount to intrinsic value for the portfolio is modest and historically unattractive. We expect that the portfolio’s position is largely reflective of valuations in the market as a whole (unattractive). While we never know what is going to happen in the stock market over any short period of time, what we can conclude..."

Prospectus | Important Fund Risks | Index Definitions

PERFORMANCE as of 3/31/13


	NAV¹	Change ($)	Change (%)	PERFORMANCE TO DATE²
				MTD	YTD
International Value	$33.77	–$0.39	-1.14%	1.59%	11.16%

Historical NAVs
¹Net Asset Value (NAV) ²Returns for periods less than one year are not annualized. Source: Artisan Partners The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

Morningstar Rating™

as of 4/30/2013

Period	Rating	Funds in Category
3 Yr		707
5 Yr		600
10 Yr		321
Overall Rating		707
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Large Blend Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.

Lipper Ranking

as of 3/31/13

Period	Rank	Funds in Category
1 Yr	14	318
3 Yr	2	269
5 Yr	5	239
10 Yr	1	95
Since Inception 9/23/02	1	93
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 Core category. *Lipper ranking inception date: 9/23/02.

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 Value	9.41%	4.33%	23.09%	12.38%	7.48%	14.59%	15.17%
MSCI EAFE Index	10.61%	5.07%	19.39%	7.44%	–0.93%	9.23%	9.44%
MSCI EAFE Value Index	9.98%	3.87%	21.70%	6.28%	–1.64%	9.44%	9.67%
Lipper International Multi-Cap Core Funds Index	8.72%	4.43%	17.77%	8.04%	0.89%	10.15%	10.07%
¹Returns for periods less than one year are not annualized. ²Fund Inception 9/23/02. 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		707
5 Yr		600
10 Yr		321
Overall Rating		707
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Large Blend Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.

Lipper Ranking

as of 3/31/13

Period	Rank	Funds in Category
1 Yr	14	318
3 Yr	2	269
5 Yr	5	239
10 Yr	1	95
Since Inception 9/23/02	1	93
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 Core category. *Lipper ranking inception date: 9/23/02.

Morningstar Rating™

as of 11/15/2011


Fund/Index	YTD¹	3 Mo¹	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception²
International Value	7.54%	7.54%	18.69%	11.87%	7.51%	15.71%	15.11%
MSCI EAFE Index	5.13%	5.13%	11.25%	5.00%	–0.89%	9.69%	8.99%
MSCI EAFE Value Index	3.50%	3.50%	11.02%	3.45%	–1.70%	9.90%	9.12%
Lipper International Multi-Cap Core Funds Index	4.45%	4.45%	11.35%	6.25%	1.17%	10.71%	9.74%
¹Returns for periods less than one year are not annualized. ²Fund Inception 9/23/02. 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		707
5 Yr		600
10 Yr		321
Overall Rating		707
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Large Blend Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.

Lipper Ranking

as of 3/31/13

Period	Rank	Funds in Category
1 Yr	14	318
3 Yr	2	269
5 Yr	5	239
10 Yr	1	95
Since Inception 9/23/02	1	93
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 Core category. *Lipper ranking inception date: 9/23/02.

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 Value	7.54%	7.54%	18.69%	11.87%	7.51%	15.71%	15.11%
MSCI EAFE Index	5.13%	5.13%	11.25%	5.00%	–0.89%	9.69%	8.99%
MSCI EAFE Value Index	3.50%	3.50%	11.02%	3.45%	–1.70%	9.90%	9.12%
Lipper International Multi-Cap Core Funds Index	4.45%	4.45%	11.35%	6.25%	1.17%	10.71%	9.74%
¹Returns for periods less than one year are not annualized. ²Fund Inception 9/23/02. 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 Value	9.41%	4.33%	23.09%	12.38%	7.48%	14.59%	15.17%
MSCI EAFE Index	10.61%	5.07%	19.39%	7.44%	–0.93%	9.23%	9.44%
MSCI EAFE Value Index	9.98%	3.87%	21.70%	6.28%	–1.64%	9.44%	9.67%
Lipper International Multi-Cap Core Funds Index	8.72%	4.43%	17.77%	8.04%	0.89%	10.15%	10.07%
¹Returns for periods less than one year are not annualized. ²Fund Inception 9/23/02. 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 5/23/13


	NAV¹	Change ($)	Change (%)	PERFORMANCE TO DATE²
				MTD	YTD
International Value	$33.77	–$0.39	-1.14%	1.59%	11.16%

Historical NAVs
¹Net Asset Value (NAV) ²Returns for periods less than one year are not annualized. Source: Artisan Partners The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

Morningstar Rating™

as of 4/30/2013

Period	Rating	Funds in Category
3 Yr		707
5 Yr		600
10 Yr		321
Overall Rating		707
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Large Blend Category. The Overall Morningstar Rating for a fund is derived from a weighted average of the performance figures associated with its three-year, five-year, and ten-year (if applicable) Morningstar Ratings metrics.

Lipper Ranking

as of 3/31/13

Period	Rank	Funds in Category
1 Yr	14	318
3 Yr	2	269
5 Yr	5	239
10 Yr	1	95
Since Inception 9/23/02	1	93
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 Core category. *Lipper ranking inception date: 9/23/02.

Morningstar Rating™

as of 11/15/2011

Important Fund Risks | Index Definitions | Morningstar Ratings Disclosure | SEC Yield

DATA/STATISTICS as of 3/31/13

Region/Country Allocation¹

% of total portfolio equities

Americas	23.3
United States	21.2
Canada	2.2

Emerging Markets	3.6
China	1.8
Korea	1.8

Europe	62.3
United Kingdom	33.1
Switzerland	8.7
Netherlands	5.5
Germany	4.6
France	4.5
Belgium	2.1
Denmark	1.7
Norway	1.7
Ireland	0.4

Pacific Basin	10.7
Japan	9.6
Hong Kong	1.1

Sector Diversification²

% of total portfolio equities

	Fund
Consumer Discretionary	21.8
Consumer Staples	17.2
Energy	3.3
Financials	22.3
Health Care	9.2
Industrials	11.0
Information Technology	9.8
Materials	3.6
Telecommunication Services	1.9
Utilities	0.0
Total	100.0%

Characteristics

Distribution Information	Current \| Historical
Weighted Avg. Market Cap ³	$32.7 billion
Median Market Cap ³	$11.5 billion
Median Price/Book Value³	2.1X
Weighted Avg. P/E (FY1)³	13.9X
Weighted Avg. P/E (FY2)³	12.5X
Number of Holdings	52
Portfolio Turnover Rate⁴	20.42%
Cash (% of total porfolio)	10.9%

Top 10 Holdings

% of total portfolio

Compass Group PLC (United Kingdom)	5.8
TE Connectivity Ltd (United States)	4.2
Arch Capital Group Ltd (United States)	4.0
Aon PLC (United States)	3.7
Reed Elsevier PLC (United Kingdom)	3.6
Tesco PLC (United Kingdom)	3.5
Novartis AG (Switzerland)	3.4
Kao Corp (Japan)	3.2
Covidien PLC (United States)	3.1
Unilever PLC (United Kingdom)	2.9
Total	37.3%
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.

Region/Country Allocation¹

% of total portfolio equities

Americas	24.6
United States	22.4
Canada	2.3

Emerging Markets	2.3
China	1.9
Korea	0.5

Europe	62.3
United Kingdom	32.4
Switzerland	8.5
Netherlands	5.2
France	4.8
Germany	4.8
Belgium	2.1
Denmark	1.9
Norway	1.5
Ireland	1.1

Pacific Basin	10.7
Japan	9.6
Hong Kong	1.1

Sector Diversification²

% of total portfolio equities

	Fund
Consumer Discretionary	21.7
Consumer Staples	17.9
Energy	3.4
Financials	22.0
Health Care	8.6
Industrials	11.3
Information Technology	9.6
Materials	3.8
Telecommunication Services	1.8
Utilities	0.0
Total	100.0%

Characteristics

Distribution Information	Current \| Historical
Weighted Avg. Market Cap ³	$30.8 billion
Median Market Cap ³	$10.7 billion
Median Price/Book Value³	2.1X
Weighted Avg. P/E (FY1)³	14.3X
Weighted Avg. P/E (FY2)³	12.9X
Number of Holdings	51
Portfolio Turnover Rate⁴	20.42%
Cash (% of total porfolio)	10.6%

Top 10 Holdings

% of total portfolio

Compass Group PLC (United Kingdom)	5.7
TE Connectivity Ltd (United States)	4.3
Arch Capital Group Ltd (United States)	4.1
Aon PLC (United States)	3.8
Reed Elsevier PLC (United Kingdom)	3.7
Tesco PLC (United Kingdom)	3.6
Covidien PLC (United States)	3.4
Novartis AG (Switzerland)	3.3
Kao Corp (Japan)	3.1
Unilever PLC (United Kingdom)	3.0
Total	38.0%
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.

Important Fund Risks | Index Definitions | Data/Statistics Disclosure

FUND MANAGERS

David Samra
N. David Samra is a managing director and founding partner of the Global Value team. He is lead portfolio manager of Artisan International Value Fund, which he has managed since the portfolio’s inception on 23 September 2002. In addition, he is the portfolio co-manager of Artisan Global Value Fund, which he has co-managed since its inception on 10 December 2007. Prior to joining Artisan Partners in May 2002, Mr. Samra was a portfolio manager and a senior analyst in international equities at Harris Associates LP, from August 1997 through May 2002. Earlier in his career, he was a portfolio manager with Montgomery Asset Management, Global Equities Division from June 1993 through August 1997. Mr. Samra holds a bachelor’s degree in Finance from Bentley College and a Master of Business Administration from Columbia Business School.

Daniel J. O'Keefe
Daniel J. O’Keefe is a managing director and founding partner of the Global Value team. He is lead portfolio manager of Artisan Global Value Fund, which he has managed since the portfolio’s inception on 10 December 2007. In addition, he is the portfolio co-manager of Artisan International Value Fund, which he has co-managed since October 2006. Prior to becoming portfolio manager in 2006, Mr. O’Keefe was a research analyst for the Global Value team beginning at its inception in 2002. Before joining Artisan Partners in May 2002, Mr. O'Keefe was an analyst in international equities at Harris Associates LP, from July 1997 through May 2002. Preceding his days at Harris Associates, he was an associate in mergers and acquisitions at BancAmerica Securities from February 1995 through July 1997, and was an analyst with Morningstar, Inc. from June 1993 through February 1995. Mr. O’Keefe holds a bachelor’s degree from Northwestern University.

Prospectus | Important Fund Risks

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

Important Fund Risk Disclosure

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

Expense Ratio Disclosure

The Fund's direct operating expenses are 1.17% 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.

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.

Comments | 800.344.1770