For federal income tax purposes, a Fund's distributions of net investment income (interest and dividend income from portfolio securities) and short-term capital gains (a result from sales of portfolio securities held for less than a year) 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. Shareholders will not be able to use any capital losses to offset those gains. Distributions of long-term capital gains (a result from sales of portfolio securities held for more than a year) are generally taxable to each shareholder at the investor’s capital gains tax rate.

When a fund's net income or net realized gains are distributed to shareholders, the NAV is reduced by the amount of the distribution.

In general, fund distributions are taxable for most non-retirement accounts and are not taxable for retirement accounts (IRAs, etc.). Reinvested dividends and dividends paid in cash are treated similarly. Consult your tax advisor or accountant to determine if your distributions are taxable.

In general, cost basis is the price you paid for your fund shares. Cost basis can be used to help shareholders calculate the taxable gain or loss of their investment if they redeem their shares.

As part of the Emergency Economic Stabilization Act of 2008, mutual fund companies will be required to report cost basis information to shareholders and to the Internal Revenue Service (IRS) on mutual fund shares acquired after January 1, 2012.

Consult your tax advisor to determine which method best suits your individual tax situation. Your elected cost basis method will be applied to future accounts opened in the Funds with the same account type and registration. For more information regarding cost basis reporting, please call 800.344.1770.

As an Artisan Partners Fund shareholder, you can change your distribution payment options by using the Shareholder Account Options Form, calling us at 800 344 1770 or online through your Account Access. The Funds offer four distribution options:

Note: For IRA accounts, all distributions are automatically reinvested because cash payments would likely be subject to income tax and penalties. At age 59 ½, you may request payment of distributions in cash. Distributions taken after age 59 ½ may be taxable. Consult your tax advisor for more information.

In general, Artisan Partners Funds mails 1099-DIV forms in January. Some accounts (including non-taxable accounts like IRAs) do not receive 1099-DIV forms.

Generally, none of the Artisan Partners Funds report income from Direct US Government Obligations.

The Funds likely will take deductions at the Fund level for foreign taxes paid rather than pass through the gross dividend and accompanying foreign tax credit to shareholders.