Fund Distributions

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Each shareholder in an Artisan Fund is entitled to his or her share of the Fund's net income and any gains realized on the Fund's investments. Each equity fund intends to distribute substantially all of its net income and net realized capital gains to investors at least annually. Artisan High Income Fund typically declares income distributions daily and pays income distributions on a monthly basis and net realized capital gains no less frequently than annually.

The most recent distribution information is presented below. Shareholders who purchase shares directly from the Fund will be able to view information relating to distributions paid through Artisan Account Access.

2013 Distributions
Date of Record: November 20, 2013
Payment Date & Ex-Date: November 21, 2013
Ordinary Income
Fund Net Investment
Capital Gains
Capital Gains
Emerging Markets $0.0629 None None $0.0629
Global Equity None $0.5768 $0.1731 $0.7499
Global Opportunities None None None None
Global Small Cap $0.0092 $0.0207 None $0.0299
Global Value $0.0866 $0.0998 $0.1572 $0.3436
International $0.2922 None None $0.2922
International Small Cap $0.1248 $0.0698 $1.5371 $1.7317
International Value $0.6294 $0.3053 $1.8462 $2.7809
Mid Cap None None $3.7980 $3.7980
Mid Cap Value $0.1097 $0.1183 $0.9755 $1.2035
Small Cap None None None None
Small Cap Value $0.0440 $0.1436 $0.5139 $0.7015
Value $0.0856 $0.1337 $0.5136 $0.7329

Please note:

General Tax Information
Whether reinvested in additional shares or taken in cash, mutual fund shareholders are responsible for taxes on all ordinary income and capital gains distributions. For federal income tax purposes, the Fund's distributions of net investment income and short-term capital gains are taxable to shareholders as ordinary income. The character of short-term capital gains does not pass through to shareholders. Instead, those gains are taxable to each shareholder as ordinary income. Additionally, shareholders will not be able to use any capital losses to offset those gains. Distributions of long-term capital gains generally are taxable to each shareholder as long-term capital gains. This data is for informational purposes only. Every year in January shareholders are sent a Form 1099-DIV which provides the federal tax status of dividends and distributions received during the calendar year. We recommend that Artisan shareholders consult their tax advisor for assistance with how this information will impact their specific tax situation.

These estimations and general tax information do not constitute, and should not be considered a substitute for, tax or legal advice. The rules governing the proper tax characterization of distributions by mutual funds can be complex. Each fund shareholder should consult his or her own tax advisor regarding the proper tax characterization and reporting of the fund's distributions.

Impact of Actions by Other Shareholders
Each Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. Shareholder purchase and redemption activity may affect the per share amount of a Fund's distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund's shareholders subject to income tax.

Prospectus | Important Tax Information
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