Emerging Markets Fund

Ticker: ARTZX
Inception: 6/2/08
Availability: Open
Fund Assets: $561 M
(All classes as of 31-Mar-2014)
   
Manager: Negrete-Gruson
Expense Ratio: 1.48%
For the fiscal year ended 9/30/13.
Expense Ratio Disclosure
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Artisan Emerging Markets Fund—Now more broadly available; Advisor Shares redesignated to Investor Shares on 2/14/2014

PROCESS & CURRENT INFORMATION
Investment Process Highlights In-depth Philosophy & Process (PDF)
The investment team seeks to invest in companies that are uniquely positioned to benefit from the growth potential in emerging markets and that possess a sustainable global competitive advantage.

Sustainable Earnings. The team believes that over the long term a stock's price is directly related to the company's ability to deliver sustainable earnings. The team determines a company's sustainable earnings based upon financial and business analyses. The team’s financial analysis of a company's historical balance sheets, income statements and statements of cash flows focuses on identifying historical drivers of return on equity. The team’s strategic analysis examines a company's competitive advantages and financial strength to assess sustainability.

Risk Analysis. The team believes that a disciplined risk framework allows greater focus on fundamental stock selection. The team incorporates an assessment of company-specific and macroeconomic risks into its valuation analysis to develop a risk-adjusted target price. The team’s risk-rating assessment includes a review of the currency, inflation, monetary and fiscal policy and political risks to which a company is exposed.

Valuation. The team believes that investment opportunities develop when businesses with sustainable earnings are undervalued relative to peers and historical industry, country and regional valuations. The team values a business and develops a price target based on its sustainable earnings and cash flow expectations and risk analysis.
Portfolio Construction Highlights
  • Typically 90-110 holdings
  • Maximum position size generally 5%*
  • Limit +/- 10% of any one country’s weighting in the MSCI Emerging Markets Index*
  • Minimum of $400 million market capitalization*
  • Typically less than 5% cash

*Limitations apply at the time of purchase. See prospectus for more details.

Current Information
 
PERFORMANCE  
     
  NAV1 Change
($)
Change
(%)
PERFORMANCE TO DATE2
MTD YTD
Emerging Markets $12.59 $0.11 0.88% 1.29% –0.24%
 
 
1Net Asset Value (NAV)
2Fund performance is 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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 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™
Period Rating Funds in Category
3 Yr 424
5 Yr 317
10 Yr N/A N/A
Overall Rating 424
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Diversified Emerging Markets 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
Period Rank Funds in Category
1 Yr 327 630
3 Yr 394 423
5 Yr 277 312
10 Yr N/A N/A
Since Inception 6/2/08 237 263


Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Emerging Markets Category.
*Lipper ranking inception date: 6/2/08.
Morningstar data© 2014, 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
Inception
2,3
Emerging Markets2 –1.51% –1.51% –2.10% –7.22% 11.20% n/a –4.74%
MSCI Emerging Markets Index4 –0.43% –0.43% –1.43% –2.86% 14.48% n/a –0.94%
Emerging Markets Fund
Linked Institutional and Investor Shares3
n/a n/a n/a n/a n/a n/a 4.21%
MSCI Emerging Markets Index4 n/a n/a n/a n/a n/a n/a 7.09%
1Returns for periods less than one year are not annualized.

2Fund Inception date: 6/2/08.

3Institutional Shares inception date: 6/26/06.

4Performance data shown relates to the Investor Shares from 6/2/08 forward and for Institutional Shares prior to 6/2/08. Performance of the Institutional shares does not reflect higher expenses associated with the Investor Shares, and if reflected, would reduce the performance quoted. Institutional shares are available with limited access.

5MSCI Emerging Markets Index performance starts 6/26/06.

Source: Artisan Partners/MSCI
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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 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™
Period Rating Funds in Category
3 Yr 424
5 Yr 317
10 Yr N/A N/A
Overall Rating 424
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Diversified Emerging Markets 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
Period Rank Funds in Category
1 Yr 327 630
3 Yr 394 423
5 Yr 277 312
10 Yr N/A N/A
Since Inception 6/2/08 237 263


Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Emerging Markets Category.
*Lipper ranking inception date: 6/2/08.
Morningstar data© 2014, 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
Inception
2,3
Emerging Markets2 –1.51% –1.51% –2.10% –7.22% 11.20% n/a –4.74%
MSCI Emerging Markets Index4 –0.43% –0.43% –1.43% –2.86% 14.48% n/a –0.94%
Emerging Markets Fund
Linked Institutional and Investor Shares3
n/a n/a n/a n/a n/a n/a 4.21%
MSCI Emerging Markets Index4 n/a n/a n/a n/a n/a n/a 7.09%
1Returns for periods less than one year are not annualized.

2Fund Inception date: 6/2/08.

3Institutional Shares inception date: 6/26/06.

4Performance data shown relates to the Investor Shares from 6/2/08 forward and for Institutional Shares prior to 6/2/08. Performance of the Institutional shares does not reflect higher expenses associated with the Investor Shares, and if reflected, would reduce the performance quoted. Institutional shares are available with limited access.

5MSCI Emerging Markets Index performance starts 6/26/06.

Source: Artisan Partners/MSCI
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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 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™
Period Rating Funds in Category
3 Yr 424
5 Yr 317
10 Yr N/A N/A
Overall Rating 424
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Diversified Emerging Markets 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
Period Rank Funds in Category
1 Yr 327 630
3 Yr 394 423
5 Yr 277 312
10 Yr N/A N/A
Since Inception 6/2/08 237 263


Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Emerging Markets Category.
*Lipper ranking inception date: 6/2/08.
Morningstar data© 2014, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
PERFORMANCE  as of 3/31/14

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2,3
Emerging Markets2 –1.51% –1.51% –2.10% –7.22% 11.20% n/a –4.74%
MSCI Emerging Markets Index4 –0.43% –0.43% –1.43% –2.86% 14.48% n/a –0.94%
Emerging Markets Fund
Linked Institutional and Investor Shares3
n/a n/a n/a n/a n/a n/a 4.21%
MSCI Emerging Markets Index4 n/a n/a n/a n/a n/a n/a 7.09%
1Returns for periods less than one year are not annualized.

2Fund Inception date: 6/2/08.

3Institutional Shares inception date: 6/26/06.

4Performance data shown relates to the Investor Shares from 6/2/08 forward and for Institutional Shares prior to 6/2/08. Performance of the Institutional shares does not reflect higher expenses associated with the Investor Shares, and if reflected, would reduce the performance quoted. Institutional shares are available with limited access.

5MSCI Emerging Markets Index performance starts 6/26/06.

Source: Artisan Partners/MSCI
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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 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 3/31/14

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2,3
Emerging Markets2 –1.51% –1.51% –2.10% –7.22% 11.20% n/a –4.74%
MSCI Emerging Markets Index4 –0.43% –0.43% –1.43% –2.86% 14.48% n/a –0.94%
Emerging Markets Fund
Linked Institutional and Investor Shares3
n/a n/a n/a n/a n/a n/a 4.21%
MSCI Emerging Markets Index4 n/a n/a n/a n/a n/a n/a 7.09%
1Returns for periods less than one year are not annualized.

2Fund Inception date: 6/2/08.

3Institutional Shares inception date: 6/26/06.

4Performance data shown relates to the Investor Shares from 6/2/08 forward and for Institutional Shares prior to 6/2/08. Performance of the Institutional shares does not reflect higher expenses associated with the Investor Shares, and if reflected, would reduce the performance quoted. Institutional shares are available with limited access.

5MSCI Emerging Markets Index performance starts 6/26/06.

Source: Artisan Partners/MSCI
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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 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 4/17/14

     
  NAV1 Change
($)
Change
(%)
PERFORMANCE TO DATE2
MTD YTD
Emerging Markets $12.59 $0.11 0.88% 1.29% –0.24%
 
 
1Net Asset Value (NAV)
2Fund performance is 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 reflects Artisan Partners' agreement to limit the Fund's expenses and has had a material impact on the Fund's performance, which would have been lower in its absence. 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™
Period Rating Funds in Category
3 Yr 424
5 Yr 317
10 Yr N/A N/A
Overall Rating 424
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Diversified Emerging Markets 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
Period Rank Funds in Category
1 Yr 327 630
3 Yr 394 423
5 Yr 277 312
10 Yr N/A N/A
Since Inception 6/2/08 237 263


Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Emerging Markets Category.
*Lipper ranking inception date: 6/2/08.
Morningstar data© 2014, 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.
 
DATA/STATISTICS  

Region/Country Allocation1
Developed Markets 5.0
Hong Kong 1.7
United Kingdom 1.1
Switzerland 1.1
Italy 1.1
   
Emerging Asia 60.2
China 16.6
Korea 15.4
Taiwan 11.9
India 9.0
Indonesia 3.2
Thailand 2.6
Malaysia 0.7
Philippines 0.7
   
Europe, Middle East & Africa 17.5
Russia 7.9
South Africa 5.1
Greece 1.6
Egypt 0.9
United Arab Emirates 0.8
Turkey 0.7
Kenya 0.6
   
Latin America 17.2
Brazil 10.6
Mexico 3.2
Chile 1.5
Peru 1.2
Panama 0.7
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
   
Sector Diversification2
  Fund
Consumer Discretionary
15.4
Consumer Staples
4.6
Energy
9.4
Financials
20.5
Health Care
5.2
Industrials
8.6
Information Technology
18.9
Materials
9.0
Telecommunication Services
4.7
Utilities
3.7
Total 100.0%


Characteristics
Distribution Information Current | Historical
Weighted Avg. Market Cap 3 $30.4 billion
Median Market Cap3 $6.3 billion
Weighted Avg. Growth Rate
(3-5 YR)3
15.1%
Weighted Avg. P/E (FY1)3 11.8X
Weighted Avg. P/E (FY2)3 10.3X
Weighted Avg. ROE3 15.1%
Median Price/Book Value3 1.9X
Number of Holdings 93
Portfolio Turnover Rate4 35.89%
Cash (% of total porfolio) 2.2


Top 10 Holdings

Samsung Electronics Co Ltd (South Korea) 6.7
Taiwan Semiconductor Manufacturing Co Ltd (Taiwan) 4.1
Hon Hai Precision Industry Co Ltd (Taiwan) 2.7
Naspers Ltd (South Africa) 2.2
Shinhan Financial Group Co Ltd (South Korea) 2.1
Vale SA (Brazil) 2.1
China Life Insurance Co Ltd (China) 2.0
Zhuzhou CSR Times Electric Co Ltd (China) 2.0
Kia Motors Corp (South Korea) 1.9
MediaTek Inc (Taiwan) 1.9
Total 27.7%
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 9/30/13.
 
FUND MANAGER



Maria Negrete-Gruson, CFA

Maria Negrete-Gruson, CFA
Maria Negrete-Gruson, CFA, is a managing director of Artisan Partners and a portfolio manager on the Emerging Markets team. In this role, she is the portfolio manager for the Artisan Emerging Markets strategy, including Artisan Emerging Markets Fund. Prior to joining Artisan in April 2006, Ms. Negrete-Gruson was the portfolio manager for DuPont Capital Management’s emerging markets equity portfolios. Before assuming responsibilities as portfolio manager, she was an international equity analyst at DuPont covering the developed Asia-ex Japan region. Earlier in her career, she was a foreign exchange trader for Banco Ganadero in Bogotá, Colombia. Ms. Negrete-Gruson holds a bachelor’s degree in Finance and International Relations from Universidad Externado in Colombia and a Master of Business Administration from Columbia Business School. She is fluent in Spanish and Portuguese.



 
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. Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations. Securities of small- and 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. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.



Expense Ratio Disclosure

Artisan Partners has contractually agreed to reimburse the Fund for any ordinary operating expenses in excess of 1.50% through 1-Feb-15, at which time the contract may be renewed, revised or discontinued.


Important Index Disclosure

The MSCI EAFE Index is an unmanaged, market-weighted index of companies in developed markets, excluding the U.S. and Canada.

The MSCI Emerging Markets Index is an unmanaged, market-weighted index of companies in emerging markets. Index returns include net reinvested dividends but, unlike the Fund’s returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. There may be less countries in the MSCI Emerging Markets Index than the number of countries defined as emerging markets by Artisan.

Artisan defines emerging markets as those markets in any country other than Canada, Luxembourg, the United States and the countries comprising the MSCI EAFE Index.

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 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)



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 Weighted Average Growth Rate (the annual rate at which a company's earnings is expected to grow) is the average of the 3-5 year forecasted growth rates of each company in the portfolio, weighted by the size of the company's position in the portfolio.

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 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.

Weighted Average Return on Equity (ROE) is a measure of a corporation's profitability. It is calculated as the last twelve months net income before extraordinary items for the ending quarter divided by the average total stockholders' equity between the ending quarter and the year prior quarter, weighted by the size of the company's position within the portfolio.

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).

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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