A non-diversified portfolio may invest a larger portion of assets in securities of a smaller number of issuers and performance of a single issuer may affect overall portfolio performance greater than in a diversified portfolio.  The portfolio’s use of derivative instruments may create additional leverage and involve risks different from, or greater than, the risks associated with investing in more traditional investments.  High portfolio turnover may adversely affect returns due to increased transaction costs and creation of additional tax consequences.  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.  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.  These risks are discussed in the prospectus. Please read it carefully before you invest or send money. 

Performance Source: Artisan Partners/S&P®. Data & Statistics Sources: Artisan Partners/FactSet/Bloomberg/BICS. Sector exposure classifications are defined by the investment team and may differ substantially from the Bloomberg Industry Classification System (BICS) classifications. Artisan Partners may exclude outliers when calculating portfolio statistics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio statistics. For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund. Cash weighting includes cash and cash equivalents. 

Idiosyncratic Positions are issuers held outside of a theme. Theme categorizations are at the sole discretion of the team. Themes and constituents are as of the date indicated and subject to change. Portfolio sector classifications are defined by the investment team and may differ substantially from the Bloomberg Industry Classification System (BICS) classifications. For the portfolio’s sector breakdown according to BICS methodology, refer to the Fund’s most recent portfolio holdings filed at www.sec.gov. 

All information in this report includes all classes of shares, except performance and expense ratio information and as otherwise indicated. 

S&P 500^® Index measures the performance of 500 US companies focused on the large-cap sector of the market. The index(es) are unmanaged; include net reinvested dividends; do not reflect fees or expenses; and are not available for direct investment. 

The S&P 500 Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use.  Copyright © 2017 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

All options positions are displayed on a delta-adjusted basis. Delta adjustment is necessary to properly account for the sensitivity of options to changes in price of the underlying security, as well as for making exposure comparisons to the underlying security (measuring options exposure as premium will understate the economic exposure and risk, while measuring exposure as notional value will overstate the economic exposure). Delta-adjusted exposure is a measure for the exposure on the equity market created by the options. This estimation of the equity exposure of a portfolio is only approximate. The delta-adjusted exposure changes over time and is a function of the size and the precise composition of the options portfolio. 

Market Cap is the aggregate value of all of a company's outstanding equity securities. Return on Equity (ROE) is a profitability ratio that measures the amount of net income returned as a percentage of shareholders equity. Weighted Average is the average of values weighted to the data set's composition. The Thematic portfolio Weighted Avg. P/E is a Weighted Harmonic Average. Weighted Harmonic Average is a calculation of weighted average commonly used for rates or ratios. LT EPS Growth Rate is the average of the 3-5 year forecasted EPS growth rate of a company. Price-to-Earnings Ratio (P/E Ratio) measures how expensive a stock is. Earnings figures used for FY1 and FY2 are estimates for the current and next unreported fiscal years. Active Share is defined as the percentage of a portfolio that differs from its benchmark index. Active Share can range from 0% for an index fund that perfectly mirrors its benchmark to 100% for a portfolio with no overlap with an index. Active Share is not delta-adjusted and includes cash, cash equivalents, ETFs and ETF options.