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PROCESS & CURRENT INFORMATION
Process Highlights
Artisan Mid Cap Fund employs a bottom-up investment process to construct
a diversified portfolio of U.S. mid-cap growth companies. The
investment team looks for opportunities across the entire economy so
that it can find sustainable growth regardless of the sector or
industry.
The Fund's investment process focuses on two distinct areas:
The investment team believes that adhering to this process increases the likelihood of delivering upside participation with downside protection.
The Fund generally maintains a weighted average market capitalization of not more than 1.5 times the weighted average market capitalization of the companies included in the Russell Midcap® Index.
The Fund's investment process focuses on two distinct areas:
Security Selection - The team's investment process begins by
identifying companies that possess franchise characteristics (strong
competitive positions), selling at attractive valuations and
benefiting from an accelerating profit cycle. The investment team looks for
companies that are well positioned for long-term growth, driven by
demand for their products and services, at an early enough stage in
their profit cycle to benefit from the increased cash flows produced
by the profit cycle.
Capital Allocation - Based on the investment team's fundamental analysis of a company's profit cycle, portfolio holdings develop through three stages. GardenSM investments are small positions in the early part of their profit cycle that will warrant a more sizeable allocation once their profit cycle accelerates. CropSM investments are positions that are being increased to a full weight because they are moving through the strongest part of their profit cycle. HarvestSM investments are positions that are being reduced as they near the team's estimate of full valuation or their profit cycle begins to decelerate.
Capital Allocation - Based on the investment team's fundamental analysis of a company's profit cycle, portfolio holdings develop through three stages. GardenSM investments are small positions in the early part of their profit cycle that will warrant a more sizeable allocation once their profit cycle accelerates. CropSM investments are positions that are being increased to a full weight because they are moving through the strongest part of their profit cycle. HarvestSM investments are positions that are being reduced as they near the team's estimate of full valuation or their profit cycle begins to decelerate.
The investment team believes that adhering to this process increases the likelihood of delivering upside participation with downside protection.
The Fund generally maintains a weighted average market capitalization of not more than 1.5 times the weighted average market capitalization of the companies included in the Russell Midcap® Index.
Current Information
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Mid Cap |
|
|
–9.63% | –29.67% | |
| 1Net Asset Value (NAV) 2Fund performance is 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. |
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Morningstar Rating™
as of 8/31/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
831 |
| 5 Yr |
|
687 |
| 10 Yr |
|
333 |
| Overall Rating |
|
831 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap 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
as of 6/30/08
| Period | Rank | Funds in Category |
| 1 Yr | #241 | 493 |
| 3 Yr | #100 | 374 |
| 5 Yr | #61 | 314 |
| 10 Yr | #5 | 135 |
| Since Inception 6/27/97 | #3 | 109 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category. *Lipper Rankings Inception Date: 6/27/97. |
||
Morningstar data© 2008, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
 |
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| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Mid Cap | –22.17% | –11.92% | –22.47% | 2.64% | 7.61% | 12.66% | 13.84% |
| Russell Midcap® Index | –19.50% | –12.91% | –22.36% | 0.09% | 8.62% | 8.34% | 7.94% |
| Russell Midcap® Growth Index | –23.35% | –17.75% | –24.65% | –0.75% | 6.53% | 5.51% | 5.17% |
| Lipper Multi-Cap Growth Funds Index | –24.21% | –15.95% | –24.95% | –1.03% | 4.76% | 2.67% | 3.15% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 6/27/97.
Source: Artisan Partners/Russell/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.
|
|||||||
Morningstar Rating™
as of 8/31/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
831 |
| 5 Yr |
|
687 |
| 10 Yr |
|
333 |
| Overall Rating |
|
831 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap 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
as of 6/30/08
| Period | Rank | Funds in Category |
| 1 Yr | #241 | 493 |
| 3 Yr | #100 | 374 |
| 5 Yr | #61 | 314 |
| 10 Yr | #5 | 135 |
| Since Inception 6/27/97 | #3 | 109 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category. *Lipper Rankings Inception Date: 6/27/97. |
||
Morningstar data© 2008, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
|
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| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Mid Cap | –22.17% | –11.92% | –22.47% | 2.64% | 7.61% | 12.66% | 13.84% |
| Russell Midcap® Index | –19.50% | –12.91% | –22.36% | 0.09% | 8.62% | 8.34% | 7.94% |
| Russell Midcap® Growth Index | –23.35% | –17.75% | –24.65% | –0.75% | 6.53% | 5.51% | 5.17% |
| Lipper Multi-Cap Growth Funds Index | –24.21% | –15.95% | –24.95% | –1.03% | 4.76% | 2.67% | 3.15% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 6/27/97.
Source: Artisan Partners/Russell/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.
|
|||||||
Morningstar Rating™
as of 8/31/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
831 |
| 5 Yr |
|
687 |
| 10 Yr |
|
333 |
| Overall Rating |
|
831 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap 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
as of 6/30/08
| Period | Rank | Funds in Category |
| 1 Yr | #241 | 493 |
| 3 Yr | #100 | 374 |
| 5 Yr | #61 | 314 |
| 10 Yr | #5 | 135 |
| Since Inception 6/27/97 | #3 | 109 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category. *Lipper Rankings Inception Date: 6/27/97. |
||
Morningstar data© 2008, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
PERFORMANCE as of 9/30/08
PERFORMANCE as of 9/30/08
PERFORMANCE as of 10/3/08
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Mid Cap | –22.17% | –11.92% | –22.47% | 2.64% | 7.61% | 12.66% | 13.84% |
| Russell Midcap® Index | –19.50% | –12.91% | –22.36% | 0.09% | 8.62% | 8.34% | 7.94% |
| Russell Midcap® Growth Index | –23.35% | –17.75% | –24.65% | –0.75% | 6.53% | 5.51% | 5.17% |
| Lipper Multi-Cap Growth Funds Index | –24.21% | –15.95% | –24.95% | –1.03% | 4.76% | 2.67% | 3.15% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 6/27/97.
Source: Artisan Partners/Russell/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.
|
|||||||
PERFORMANCE as of 9/30/08
|
|||||||
| Fund/Index | YTD1 | 3 Mo1 | 1 Yr | 3 Yr | 5 Yr | 10 Yr | Since Inception2 |
| Mid Cap | –22.17% | –11.92% | –22.47% | 2.64% | 7.61% | 12.66% | 13.84% |
| Russell Midcap® Index | –19.50% | –12.91% | –22.36% | 0.09% | 8.62% | 8.34% | 7.94% |
| Russell Midcap® Growth Index | –23.35% | –17.75% | –24.65% | –0.75% | 6.53% | 5.51% | 5.17% |
| Lipper Multi-Cap Growth Funds Index | –24.21% | –15.95% | –24.95% | –1.03% | 4.76% | 2.67% | 3.15% |
1Returns for periods less than one year are not annualized. 2Fund Inception date: 6/27/97.
Source: Artisan Partners/Russell/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.
|
|||||||
PERFORMANCE as of 10/3/08
| NAV1 | Change ($) |
Change (%) |
PERFORMANCE TO DATE2 | ||
| MTD | YTD | ||||
| Mid Cap |
|
|
–9.63% | –29.67% | |
| 1Net Asset Value (NAV) 2Fund performance is 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. |
|||||
Morningstar Rating™
as of 8/31/08
| Period | Rating | Funds in Category |
| 3 Yr |
|
831 |
| 5 Yr |
|
687 |
| 10 Yr |
|
333 |
| Overall Rating |
|
831 |
| Ratings are based on risk-adjusted returns and are historical and do not represent future results. The Fund is rated within Morningstar’s Mid-Cap 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
as of 6/30/08
| Period | Rank | Funds in Category |
| 1 Yr | #241 | 493 |
| 3 Yr | #100 | 374 |
| 5 Yr | #61 | 314 |
| 10 Yr | #5 | 135 |
| Since Inception 6/27/97 | #3 | 109 |
| Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Growth category. *Lipper Rankings Inception Date: 6/27/97. |
||
Morningstar data© 2008, Morningstar, Inc. All Rights Reserved. Morningstar data contained herein: (1) is proprietary to Morningstar and/or its content providers; (2) may not be copied or distributed; and (3) is not warranted to be accurate, complete or timely. Neither Morningstar nor its content providers are responsible for any damages or losses arising from any use of this information. For each fund with at least a three-year history, Morningstar calculates a Morningstar Rating™ which is based on a Morningstar Risk-Adjusted Return measure that accounts for variation in a fund's monthly performance, including the effects of sales charges, loads, and redemption fees, placing more emphasis on downward variations and rewarding consistent performance. The top 10% of funds in each category receive 5 stars, the next 22.5% receive 4 stars, the next 35% receive 3 stars, the next 22.5% receive 2 stars and the bottom 10% receive 1 star.
Market Cap Distribution1
% of total portfolio equities
| $ in billions | Fund | RMCG2 |
| 15.0 + | 23.0 | 5.9 |
| 10.0 – 15.0 | 16.6 | 17.5 |
| 7.0 – 10.0 | 16.4 | 17.9 |
| 4.0 – 7.0 | 16.2 | 30.4 |
| 0.0 – 4.0 | 27.8 | 28.3 |
| Total | 100.0% | 100.0% |
Top 10 Holdings
% of total portfolio
| Thermo Fisher Scientific Inc | 5.0 |
| Electronic Arts Inc | 4.7 |
| Allergan Inc/United States | 4.7 |
| Cerner Corp | 4.1 |
| The Western Union Co | 3.8 |
| CR Bard Inc | 3.4 |
| Juniper Networks Inc | 2.7 |
| Avon Products Inc | 2.5 |
| Cooper Industries Ltd | 2.2 |
| Analog Devices Inc | 2.1 |
| Total | 35.2% |
| 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. | |
Characteristics
| Distribution Information | Select Year |
| Median Market Cap 1 | $6.3 billion |
| Weighted Avg. Growth Rate (3-5 yrs) 1 | 18.6% |
| Weighted Avg. P/E (FY1)1 | 17.0X |
| Weighted Avg. P/E (FY2)1 | 14.3X |
| Number of Holdings | 91 |
| Portfolio Turnover Rate3 | 71.04% |
| Cash (% of total porfolio) | 2.8% |
| Total Net Assets (all share classes) | $4.3 billion |
Sector Diversification4
% of total portfolio equities
| Fund | |
| Consumer Discretionary |
7.8
|
| Consumer Staples |
5.0
|
| Energy |
4.1
|
| Financials |
8.2
|
| Healthcare |
26.1
|
| Industrials |
15.4
|
| Information Technology |
29.2
|
| Materials |
1.6
|
| Telecommunication Services |
0.5
|
| Utilities |
2.1
|
| Total | 100.0% |
|
1 Source: Artisan Partners/FactSet/Russell 2 Russell Midcap® Growth Index 3 Audited. For the 12 months ended 9/30/07. 4 Source: Artisan Partners/FactSet(GICS)/Russell |
Andrew C. Stephens
Mr. Stephens is a Managing Director of Artisan Partners and Portfolio Co-Manager of Artisan Mid Cap Fund and Artisan Opportunistic Growth Fund. Prior to joining Artisan Partners, Mr. Stephens was Co-Manager of the Strong Asset Allocation Fund at Strong Capital Management from February, 1993 through March, 1997. In addition, Mr. Stephens was a senior research analyst for the Strong Common Stock Fund and Strong Opportunity Fund. He began his career at Strong Capital Management and joined the investment department there in 1990.
Mr. Stephens holds a BS in Economics from the University of Wisconsin - Madison.
James D. Hamel, CFA
Mr. Hamel is a Managing Director of Artisan Partners and Portfolio Co-Manager of Artisan Mid Cap Fund and Artisan Opportunistic Growth Fund. Mr. Hamel had been the Associate Portfolio Manager of Artisan Mid Cap Fund since October 2001 and was named Portfolio Co-Manager July 2006. He joined Artisan Partners in May 1997 as an analyst working on Artisan Partners' mid-cap growth equity strategy, including the Fund. Before joining Artisan, Mr. Hamel spent 7 years at Kimberly-Clark Corporation in various financial, operations and project management positions. Prior to that he was an accountant for Carlson, Posten & Associates in Minneapolis, MN.
Mr. Hamel holds a BS from the University of Minnesota-Minneapolis in Finance where he was a three-time Academic All-American.
Shayne M. John, CMA, CFM
Mr. John is an Associate Portfolio Manager of Artisan Mid Cap Fund and Artisan Opportunistic Growth Fund. Prior to joining Artisan Partners, Mr. John was a Portfolio Manager for NCM Capital Management Group, Inc.'s mid-cap growth separate account portfolios from January 1999 to May 2007. Prior to that, he was a senior equity analyst for NCM covering the consumer cyclicals, industrials and transportation sectors from August 1997 to December 1999, and the director of research at INNOVA Securities, Inc. from May 1995 to May 1997.
Mr. John holds a BBA from Coe College in Business Administration and Economics, and a MSc from the University of London.
This material is not an offer of any mutual funds mentioned other than Artisan Funds.
Important Fund Risk Disclosure
The Fund may invest a portion of its assets in international investments, which 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. Stocks of medium-sized companies tend to be more volatile than those of large companies and may have underperformed the stocks of small and large companies during some periods. Growth stocks 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
An investment can not be made directly into an index.
The Lipper Mid-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest mid-cap growth funds tracked by Lipper, including Artisan Mid Cap Fund. Its returns include net reinvested dividends.
The Lipper Multi-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest multi-cap growth funds tracked by Lipper. Its returns include net reinvested dividends.
The Russell Midcap® Growth Index is an unmanaged, market-weighted index of those companies included in the Russell Midcap® Index, an index of about 800 medium-sized U.S. companies, with higher price-to-book and higher forecasted growth values. 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 Russell Midcap® Index is an unmanaged, market-weighted index of about 800 medium-sized U.S. companies. 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.
Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Distributors LLC. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Distributors’ presentation thereof.
Data/Statistics Disclosure
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 Limited Partnership. 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.
The Fund may invest a portion of its assets in international investments, which 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. Stocks of medium-sized companies tend to be more volatile than those of large companies and may have underperformed the stocks of small and large companies during some periods. Growth stocks 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
An investment can not be made directly into an index.
The Lipper Mid-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest mid-cap growth funds tracked by Lipper, including Artisan Mid Cap Fund. Its returns include net reinvested dividends.
The Lipper Multi-Cap Growth Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest multi-cap growth funds tracked by Lipper. Its returns include net reinvested dividends.
The Russell Midcap® Growth Index is an unmanaged, market-weighted index of those companies included in the Russell Midcap® Index, an index of about 800 medium-sized U.S. companies, with higher price-to-book and higher forecasted growth values. 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 Russell Midcap® Index is an unmanaged, market-weighted index of about 800 medium-sized U.S. companies. 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.
Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Distributors LLC. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Distributors’ presentation thereof.
Data/Statistics Disclosure
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 Limited Partnership. 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.