Performance

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PERFORMANCE  

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  Average Annual Total Returns
YTD2 3 Mo2 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
1
Global Equity 0.00% 0.00% 17.19% 15.96% n/a n/a 16.22%
Global Opportunities –0.11% –0.11% 17.39% 12.17% 23.04% n/a 11.97%
Global Small Cap 4.73% 4.73% n/a n/a n/a n/a 24.44%3
Global Value 1.30% 1.30% 22.12% 16.08% 23.16% n/a 8.71%
International –1.84% –1.84% 15.91% 11.37% 18.61% 8.09% 10.37%
International Small Cap 2.40% 2.40% 24.29% 13.93% 24.32% 12.59% 15.20%
International Value 0.19% 0.19% 21.57% 13.28% 22.22% 11.44% 15.65%
Mid Cap 2.48% 2.48% 29.51% 15.36% 26.16% 11.16% 14.77%
Mid Cap Value 1.78% 1.78% 18.83% 14.11% 23.13% 11.52% 12.25%
Small Cap –0.14% –0.14% 27.50% 16.83% 28.30% 8.97% 9.25%
Small Cap Value –0.27% –0.27% 17.29% 6.09% 19.38% 9.09% 10.48%
Value 2.83% 2.83% 16.21% 13.08% 20.92% n/a 6.74%
High Income n/a n/a n/a n/a n/a n/a 0.10%
 
Linked Performance YTD2 3 Mo2 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception
1
Emerging Markets –1.51% –1.51% –2.10% –7.22% 11.20% n/a –4.74%
Linked Institutional and Investor Shares4 n/a n/a n/a n/a n/a n/a 4.21%

1 Fund Inception dates: Artisan Global Equity Fund - 3/29/10, Artisan Global Opportunities Fund - 9/22/08, Artisan Global Small Cap Fund - 6/25/13, Artisan Global Value Fund - 12/10/07, Artisan International Fund - 12/28/95, Artisan International Small Cap Fund - 12/21/01, Artisan International Value Fund - 9/23/02, Artisan Mid Cap Fund - 6/27/97, Artisan Mid Cap Value Fund - 3/28/01, Artisan Small Cap Fund - 3/28/95, Artisan Small Cap Value Fund - 9/29/97, Artisan Value Fund - 3/27/06 and Artisan Emerging Markets (Investor Shares 6/2/08) (Institutional Linked 6/26/06).
2Returns for periods less than one year are not annualized.
3For the period from Fund inception (6/25/13) to 12/31/13.
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.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in an Artisan Fund will fluctuate, so that an investor's shares, 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. Emerging Markets, Global Equity, Global Opportunities, Global Small Cap, Global Value, High Income, International, International Small Cap and International Value Funds' 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. Artisan Global Equity Fund and Global Small Cap Fund's investments in initial public offerings (IPOs) made a material contribution to the Funds’ performance. IPO investments are not an integral component of the Funds’ investment process and may not be available in the future. Emerging Markets, Global Equity, Global Opportunities, Global Small Cap, Global Value Fund and High Income Funds' performance information reflects Artisan Partners' agreement to limit the Funds’ expenses and has had a material impact on the Funds’ performance, which would have been lower in its absence. Global Small Cap Fund and High Income Fund’s return may vary greatly over short periods, and current performance may be materially lower or higher than the performance data 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.

 
Expense Ratio For the fiscal year ended 9/30/13.
Fund Expense Ratio Type of Ratio Additional
Disclosures
Emerging Markets Fund 1.48%   Disclosure
Global Equity Fund 1.50% / 1.77% Subsidized / Unsubsidized Disclosure
Global Opportunities 1.28%  
Global Small Cap Fund1 1.50% / 2.51% Subsidized / Unsubsidized Disclosure
Global Value Fund 1.38% / 1.37% Indirect / Direct Disclosure
High Income Fund 1.25% / 1.38% Subsidized / Unsubsidized Disclosure
International Fund 1.20%  
International Small Cap Fund 1.51%  
International Value Fund 1.18% / 1.16% Indirect / Direct Disclosure
Mid Cap Fund 1.29% / 1.22% Indirect / Direct Disclosure
Mid Cap Value Fund 1.20%  
Small Cap Fund 1.41% / 1.25% Indirect / Direct Disclosure
Small Cap Value Fund 1.24%  
Value Fund 1.04%  
 
1 Based on the estimates for the current fiscal year ended 9/30/13.


Expense Ratio Disclosure

Emerging Markets Fund

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.


Global Equity Fund

Gross expense ratio is 1.77%. 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.


Global Small Cap Fund

Gross expense ratio is 2.51%, which includes estimated expenses for the fiscal year ended 30-Sep-13. 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.


Global Value Fund

The Expense Ratio noted above includes indirect expenses the Fund may incur from investing in an investment company (Acquired Fund Fees and Expenses); such indirect expenses are not paid from the Fund’s assets but are reflected in the Fund's return realized by its investment in the acquired funds.


High Income Fund

Gross expenses of 1.38% estimated for the current fiscal year because 
the Fund is new.  Artisan Partners has contractually agreed to reimburse 
the Fund for its management fee and any other ordinary operating 
expenses in excess of 1.25% of its average daily net assets through 
1 Apr 2015, at which time the contract may be renewed, revised or 
discontinued.


International Value Fund

The Expense Ratio noted above includes indirect expenses the Fund may incur from investing in an investment company (Acquired Fund Fees and Expenses); such indirect expenses are not paid from the Fund’s assets but are reflected in the Fund's return realized by its investment in the acquired funds.


Mid Cap Fund

The Expense Ratio noted above includes indirect expenses the Fund may incur from investing in an investment company (Acquired Fund Fees and Expenses); such indirect expenses are not paid from the Fund’s assets but are reflected in the Fund's return realized by its investment in the acquired funds.


Small Cap Fund

The Expense Ratio noted above includes indirect expenses the Fund may incur from investing in an investment company (Acquired Fund Fees and Expenses); such indirect expenses are not paid from the Fund’s assets but are reflected in the Fund's return realized by its investment in the acquired funds.




Important Fund Risks

Emerging Markets Fund

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.


Global Equity Fund

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.


Global Opportunities Fund

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. 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.


Global Small Cap Fund

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.


Global Value Fund

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 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.


High Income Fund

Fixed income investments entail credit and interest rate risk. In general, 
when interest rates rise, fixed income fund values fall and investors
 may lose principal value. High income securities (junk bonds) are
 fixed income instruments rated below investment grade. High income
 securities are speculative, have a higher degree of default risk than
 higher-rated bonds and may increase the Fund’s volatility.
 Loans carry risks including the insolvency of the borrower, lending bank
 or other intermediary. Loans may be secured, unsecured, or not fully
 collateralized, and may infrequently trade, experience delayed
 settlement, and be subject to restrictions on resale. Private placement
 and restricted securities are subject to strict restrictions on resale
 and may not be able to be easily sold or accurately valued.
 International investments involve special risks, including currency
 fluctuation, lower liquidity, different accounting methods and economic
 and political systems, and higher transaction costs. The use of
 derivatives may create investment leverage and increase
 the likelihood of volatility and risk of loss in excess of the amount
 invested.
 These risks are discussed in the prospectus. Please read it
 carefully before you invest or send money.


International Fund

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.


International Small Cap Fund

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.


International Value Fund

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. Value 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.


Mid Cap Fund

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. 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.


Mid Cap Value Fund

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 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.


Small Cap Fund

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 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.


Small Cap Value Fund

Securities of small 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 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.


Value Fund

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 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.




 
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