Artisan international funds purchase Participation certificates, equity-linked securities that allow investors to gain economic exposure to a security of a non-U.S. company without a direct
investment in that security. Participation certificates typically are issued by a bank or broker-dealer. The bank or broker-dealer has an obligation to pay a Fund an amount based on the change in value of the underlying security at the time the participation certificate is redeemed. I believe this is a major reason why they have such disproportionate dividend distributions compared to other international funds.