International Small Cap Fund

Ticker: ARTJX
Inception: 12/21/01
Availability: Closed to most
new investors
Fund Assets: $1.3 B
(as of 31-Mar-2014)
   
Manager: Yockey, Hamker
Expense Ratio: 1.51%
For the fiscal year ended 9/30/13.
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PROCESS & CURRENT INFORMATION
Investment Process HighlightsIn-depth Philosophy & Process (PDF)
Gold Promo The investment team seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not reflect their long-term potential.

Themes. The team identifies long-term secular growth trends with the objective of investing in companies that have meaningful exposure to these trends. The team’s fundamental analysis focuses on those industry leaders with attractive growth and valuation characteristics that will be long-term beneficiaries of any structural change and/or trend.

Sustainable Growth. The team applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. The team seeks high-quality companies that typically have a sustainable competitive advantage, a superior business model and a high-quality management team.

Valuation. The team uses multiple valuation metrics to establish a target price range. The team assesses the relationship between its estimate of a company's sustainable growth prospects and its current valuation.


Portfolio Construction Highlights

  • Maximum position size generally 5%*
  • Maximum of 50% in emerging markets*
  • Market capitalization generally less than $4 billion*
  • 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
International Small Cap $27.11 $0.22 0.82% –2.17% 0.18%
 
 
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™
Period Rating Funds in Category
3 Yr 123
5 Yr 89
10 Yr 59
Overall Rating 123
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid Growth 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 45 173
3 Yr 10 145
5 Yr 15 108
10 Yr 7 67
Since Inception 12/21/01 6 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 Small/Mid-Cap Growth Category.
*Lipper ranking inception date: 12/21/01.
 
Morningstar Rating™

Medal Gold

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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.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2
International Small Cap 2.40% 2.40% 24.29% 13.93% 24.32% 12.59% 15.20%
MSCI EAFE Small Cap Index 3.36% 3.36% 23.26% 9.40% 21.70% 8.56% 11.69%
MSCI EAFE Index3 0.66% 0.66% 17.56% 7.21% 16.02% 6.53% 7.19%
Lipper International Small/Mid-Cap Growth Funds Index 2.22% 2.22% 21.51% 10.94% 23.38% 10.62% 11.73%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/21/01.

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™
Period Rating Funds in Category
3 Yr 123
5 Yr 89
10 Yr 59
Overall Rating 123
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid Growth 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 45 173
3 Yr 10 145
5 Yr 15 108
10 Yr 7 67
Since Inception 12/21/01 6 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 Small/Mid-Cap Growth Category.
*Lipper ranking inception date: 12/21/01.
 
Morningstar Rating™

Medal Gold

View More

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.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2
International Small Cap 2.40% 2.40% 24.29% 13.93% 24.32% 12.59% 15.20%
MSCI EAFE Small Cap Index 3.36% 3.36% 23.26% 9.40% 21.70% 8.56% 11.69%
MSCI EAFE Index3 0.66% 0.66% 17.56% 7.21% 16.02% 6.53% 7.19%
Lipper International Small/Mid-Cap Growth Funds Index 2.22% 2.22% 21.51% 10.94% 23.38% 10.62% 11.73%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/21/01.

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™
Period Rating Funds in Category
3 Yr 123
5 Yr 89
10 Yr 59
Overall Rating 123
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid Growth 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 45 173
3 Yr 10 145
5 Yr 15 108
10 Yr 7 67
Since Inception 12/21/01 6 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 Small/Mid-Cap Growth Category.
*Lipper ranking inception date: 12/21/01.
 
Morningstar Rating™

Medal Gold

View More

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.
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
International Small Cap 2.40% 2.40% 24.29% 13.93% 24.32% 12.59% 15.20%
MSCI EAFE Small Cap Index 3.36% 3.36% 23.26% 9.40% 21.70% 8.56% 11.69%
MSCI EAFE Index3 0.66% 0.66% 17.56% 7.21% 16.02% 6.53% 7.19%
Lipper International Small/Mid-Cap Growth Funds Index 2.22% 2.22% 21.51% 10.94% 23.38% 10.62% 11.73%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/21/01.

Source: Artisan Partners/MSCI/Lipper
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor's shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. The Fund's performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. 

A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices.

Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.
 


PERFORMANCE  as of 3/31/14

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
2
International Small Cap 2.40% 2.40% 24.29% 13.93% 24.32% 12.59% 15.20%
MSCI EAFE Small Cap Index 3.36% 3.36% 23.26% 9.40% 21.70% 8.56% 11.69%
MSCI EAFE Index3 0.66% 0.66% 17.56% 7.21% 16.02% 6.53% 7.19%
Lipper International Small/Mid-Cap Growth Funds Index 2.22% 2.22% 21.51% 10.94% 23.38% 10.62% 11.73%
1Returns for periods less than one year are not annualized.
2Fund Inception 12/21/01.

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 4/16/14

     
  NAV1 Change
($)
Change
(%)
PERFORMANCE TO DATE2
MTD YTD
International Small Cap $27.11 $0.22 0.82% –2.17% 0.18%
 
 
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™
Period Rating Funds in Category
3 Yr 123
5 Yr 89
10 Yr 59
Overall Rating 123
Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Foreign Small/Mid Growth 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 45 173
3 Yr 10 145
5 Yr 15 108
10 Yr 7 67
Since Inception 12/21/01 6 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 Small/Mid-Cap Growth Category.
*Lipper ranking inception date: 12/21/01.
 
Morningstar Rating™

Medal Gold

View More

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.
 
DATA/STATISTICS  

Region/Country Allocation1
Emerging Markets 33.1
China 19.0
Indonesia 6.1
Brazil 2.3
Korea 2.2
Philippines 1.7
Malaysia 1.3
Kenya 0.6
   
Americas 5.0
Canada 5.0
   
Europe 50.9
United Kingdom 17.8
Germany 11.5
France 6.3
Switzerland 5.7
Ireland 3.9
Denmark 3.4
Italy 1.2
Sweden 1.1
   
Pacific Basin 11.0
Singapore 6.0
Japan 3.5
Hong Kong 1.5
   
Sector Diversification2
  Fund
Consumer Discretionary
15.7
Consumer Staples
25.2
Energy
0.0
Financials
4.4
Health Care
8.6
Industrials
24.3
Information Technology
9.4
Materials
2.4
Telecommunication Services
0.0
Utilities
9.9
Total 100.0%


Characteristics
Distribution Information Current | Historical
Weighted Avg. Market Cap3 $3.6 billion
Weighted Avg. Growth Rate
(3-5 YR)3
16.4%
Weighted Avg. P/E (FY1)3 20.6X
Weighted Avg. P/E (FY2)3 17.4X
Number of Holdings 48
Portfolio Turnover Rate4 59.47%
Cash (% of total porfolio) 8.1


Top 10 Holdings

Wirecard AG (Germany) 7.6
Beijing Enterprises Water Group Ltd (China) 6.6
CAE Inc (Canada) 4.6
Babcock International Group PLC (United Kingdom) 4.3
China Everbright International Ltd (China) 3.8
Eurofins Scientific SE (France) 3.6
Glanbia PLC (Ireland) 3.6
Sugi Holdings Co Ltd (Japan) 3.2
Tecan Group AG (Switzerland) 2.8
Deutz AG (Germany) 2.8
Total 43.0%
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 9/30/13.
 
FUND MANAGER



Mark L. Yockey

Mark L. Yockey, CFA
Mark L. Yockey, CFA is a Managing Director of Artisan Partners and a portfolio manager on the Global Equity team. In this role, he is a portfolio manager for the Artisan Non-U.S. Growth, Non-U.S. Small-Cap Growth, Global Equity and Global Small Cap Growth strategies, including Artisan International, Artisan International Small Cap, Artisan Global Equity and Artisan Global Small Cap Funds. Prior to joining Artisan Partners in December 1995, Mr. Yockey was the portfolio manager of the United International Growth Fund and vice president of Waddell & Reed from January 1990 through December 1995. Before assuming responsibility for the United International Growth Fund, Mr. Yockey was an analyst for Waddell & Reed from 1986 through 1989, specializing in the worldwide health care industry and international special situations. Earlier in his career, he was a health care analyst for the State of Michigan Retirement Fund for five years.

Mr. Yockey holds a bachelor's degree and a master's degree in Finance from Michigan State University. He completed one year of undergraduate work at the Université d'Aix-en-Provence in France. He also worked for the French bank, La Société Générale. He is fluent in French.

Charles-Henri Hamker

Charles-Henri Hamker
Charles-Henri Hamker is a Managing Director of Artisan Partners and a portfolio manager on the Global Equity team. In this role, he is a portfolio manager for the Artisan Non-U.S. Small-Cap Growth, Global Equity, and Global Small-Cap Growth strategies, including Artisan International Small Cap, Artisan Global Equity, and Artisan Global Small Cap Funds, and an associate portfolio manager for the Artisan Non-U.S. Growth strategy, including Artisan International Fund. He also conducts research, primarily focusing on the consumer sector. Prior to joining Artisan Partners in August 2000, Mr. Hamker worked on the European Equities Desk in the New York office of Banque Nationale de Paris. Earlier in his career, he worked in the Paris and London offices of J.P. Morgan.

Mr. Hamker holds a bachelor's degree with a specialization in Finance and Economics from the European Business School in Paris. He is fluent in French and German.

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 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. Growth securities may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.



Important Index Disclosure

The MSCI EAFE Index is an unmanaged, market-weighted index of companies in developed markets, excluding the U.S. and Canada. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the Index.

The MSCI EAFE Small Cap Index is an unmanaged, market-weighted index of small 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 Lipper International Small/Mid-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest international small/mid-cap growth funds tracked by Lipper, including Artisan International Small Cap Fund. Its returns include net reinvested dividends.

An investment can not be made directly into an index.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used 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 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.

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.



Expense Ratio Disclosure

 
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