Current Distributions - Artisan Funds

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DISTRIBUTION INFORMATION

Each shareholder in an Artisan Fund is entitled to his or her share of the Fund's net income and any gains realized on the fund's investments. Each Fund intends to distribute substantially all of its net income and net realized capital gains to investors at least annually.

Please Note:

None of the Artisan Funds reported income from Direct U.S. Government Obligations in 2007.
For fiscal year 2007, Artisan International, Artisan International Small Cap and Artisan International Value Funds have taken deductions at the Fund level for foreign taxes paid rather than pass through the gross dividend and accompanying foreign tax credit to shareholders.

The most recent distribution information is presented below. Shareholders who purchase shares directly from the Fund will be able to view information relating to distributions paid through Artisan Account Access.

2007 Distributions

Date of Record: December 18, 2007
Payment Date & Ex-Date: December 19, 2007


Fund	Net Investment Income	Short-Term Capital Gains	Long-Term Capital Gains	Total Distribution
Global Value	None	None	None	None
International	$0.2033	$0.4679	$4.0021	$4.6733
International Small Cap	$0.2045	$0.5106	$2.9229	$3.6380
International Value	$0.5086	$0.7365	$0.9334	$2.1785
Mid Cap	None	$0.8638	$5.0357	$5.8995
Mid Cap Value	$0.0805	$0.8075	$1.5220	$2.4100
Opportunistic Value	$0.1352	$0.6935	$0.1841	$1.0128
Small Cap	None	$0.5489	$1.3031	$1.8520
Small Cap Value	None	$0.9288	$2.1642	$3.0930

Click here for Expanded Distribution Information (includes qualified dividend information)

Payment Options | Tax Information

General Tax Information
Whether reinvested in additional shares or taken in cash, mutual fund shareholders are responsible for taxes on all ordinary income and capital gains distributions. For federal income tax purposes, the Fund's distributions of net investment income and short-term capital gains 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. Additionally, shareholders will not be able to use any capital losses to offset those gains. Distributions of long-term capital gains generally are taxable to each shareholder as long-term capital gains. This data is for information only. Every year in January shareholders are sent a Form 1099-DIV which provides the Federal tax status of dividends and distributions received during the calendar year. We recommend that Artisan shareholders consult their tax advisor for assistance with how this information will impact their specific tax situation.

Important Information Regarding Dividends, Capital Gains & Taxes
Artisan Funds attempts to identify investors who redeem shares prior to the record date in order to avoid receiving distributions. If Artisan Funds believes an investor or a third party who has authority to act on behalf of an investor has engaged in such trading activity, Artisan Funds may reject future purchases of Fund shares in that investor's account or accounts associated with the third party, with or without prior notice, or refuse to open a new account for that investor or third party. If the trading activity is identified in an omnibus account registered in the name of a financial intermediary, Artisan Funds may request that the intermediary take action to prevent the particular investor or investors from engaging in that trading. In some cases, it may not be possible to block future transactions through an omnibus account for a particular investor. In such instances, Artisan Funds may reject future purchases on behalf of all clients of a financial advisor or broker-dealer through which the identified trading was conducted. The Fund's ability to impose restrictions on trading activity with respect to accounts traded through an intermediary may vary depending on the system capabilities, applicable contractual and legal restrictions and cooperation of that intermediary. The identification of such trading activity involves judgments that are inherently subjective and the above actions, alone or taken together with the other means by which Artisan Funds seeks to discourage certain types of trading activity, can not eliminate the possibility that the trading activity will occur. Trading activity, appropriate or inappropriate, may affect each Fund and its other shareholders.

Impact of Actions by Other Shareholders
Each Fund, like all mutual funds, pools the investments of many investors. Actions by one investor or multiple investors may have an impact on the Fund and on other investors. Shareholder purchase and redemption activity may affect the per share amount of a Fund's distributions of its net income and net realized gains, if any, thereby increasing or reducing the tax burden on the Fund's shareholders subject to income tax.

Please select a year below to view and/or print a specific year:

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Here are some commonly asked questions concerning Artisan Funds distributions. However, the list is not exhaustive. You should consult your tax advisor or legal counsel for advice and information concerning your particular situation. Neither Artisan Funds nor any of its representatives may give tax or legal advice.

Question & Answer

Click on a question to go directly to its answer.

Why may the price of a share decline when a distribution is made?

Does this decline in the net asset value mean my account is worth less?

Are fund distributions taxable?

When will I receive my IRS Form 1099-DIV?

When are distributions paid?

How do Artisan's international funds deal with foreign taxes?

What help can I receive from the IRS?

Do any Artisan Funds report income from Direct U.S. Government Obligations?

Why may the price of a share decline when a distribution is made?

Throughout the year the net asset value of Fund shares (NAV) includes the Fund's net income and realized (and unrealized) gains and losses. When the Fund's net income or net realized gains are distributed to shareholders, the NAV is reduced by the amount of the distribution.

Does this decline in the net asset value mean my account is worth less?

A distribution does not decrease the value of your account if distributions are reinvested. By reinvesting your distributions you buy additional shares on the day of the distribution. Because the total number of shares in your account increases in proportion to the value of the distribution, the additional shares compensate for the share price decline. If you elected to have distributions paid to you in cash, you have the same total value; however it's now in two places, the account and the cash you received.

Here's an example: Fund ABC has an NAV of $10. The Fund has realized a profit of $0.50 a share during the year from the sale of securities. When the $0.50 profit is paid to shareholders as a distribution, the NAV will decline to $9.50.

You either have more shares that were purchased with the $0.50 distribution, at $9.50 a share, or $0.50 per share paid out directly to you if you did not elect reinvestment of distributions. Look at the two tables that follow showing the before and after value of an account that reinvests distributions and one that has them paid out.

Example: "Reinvested Distributions"

	Before Distribution	After Distribution
NAV	$10.00	$9.50
Shares	100.000	105.263
Account Value	$1,000.00	$1,000.00

Example: "Distributions Paid Out"

	Before Distribution	After Distribution
NAV	$10.00	$9.50
Shares	100.000	100.000
Account Value	$1,000.00	$950.00
Cash Received	–	$50.00
Total Value	$1,000.00	$1,000.00

Note: Distributions occur independently of price fluctuations in a fund. On the day the distribution is made, the value of the securities in the fund may go up or down and this price movement may affect the NAV of the fund.

Are fund distributions taxable?

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.

When will I receive my IRS Form 1099-DIV?

In general, Artisan Funds mails 1099-DIV forms in January.

Some accounts (including nontaxable accounts like IRAs) do not receive 1099-DIV forms.

When are distributions paid?

In general, dividends and capital gains are declared and distributed at least annually.
Click here for specific information.

How do Artisan's international funds deal with foreign taxes?

The Funds currently do not expect to pass through foreign tax credits. Instead, each Fund expects to take the deduction, such that the income distributed to shareholders (and reported on Form 1099-DIV) will be reduced by the amount of the foreign taxes paid.

What help can I receive from the IRS?

Many of your tax questions can be answered by a visit to the Internal Revenue Service website or a phone call. To download forms, instructions and publications, you can access the IRS website at www.irs.gov. To receive recorded tax information, 24 hours a day, on a variety of federal tax topics, you can call 800.829.4477.

Do any Artisan Funds report income from Direct U.S. Government Obligations?

None of the Artisan Funds report income from Direct U.S. Government Obligations.

Prospectus

Comments | 800.344.1770

Tax Information

Each shareholder of an Artisan Fund is entitled to his or her share of the Fund's net income and any gains realized on the Fund's investments. Each Fund intends to distribute substantially all of its net income and net realized capital gains to investors at least annually.

As you should with any investment, consider how the return on your investment in a Fund will be taxed. If your investment is a tax-deferred account like an IRA, for example, the following tax discussion does not apply.

When you sign your account application, you must certify that your Social Security or taxpayer identification number is correct, that you are a U.S. person and that you are not subject to backup withholding for failing to report income to the IRS. If you fail to comply with this procedure, the IRS can require the Fund to withhold a percentage of your taxable distributions and redemptions.

Taxes on Transactions. When you redeem shares, you will experience a capital gain or loss if there is a difference between the basis of your shares (generally, their cost) and the price you receive when you sell them. You may be subject to tax.

Whenever you redeem shares of a Fund, you will receive a confirmation statement showing how many shares you sold and at what price. Shareholders of taxable accounts also may receive a year-end statement every January that reports, among other things, the average cost basis of the shares sold, if that information is available to the Funds. This will allow you or your tax preparer to determine the tax consequences of each redemption. However, be sure to keep your regular account statements and tax forms; that information will be essential in verifying the amount of your capital gains or losses.

Taxes on Distributions. Distributions are subject to federal income tax, and may be subject to state or local taxes. If you are a U.S. citizen residing outside the United States, your distributions also may be taxed by the country in which you reside.

Your distributions are taxable in the year they are paid, whether you take them in cash or reinvest them in additional shares. However, distributions declared in October, November or December and paid in January of the following year are taxable as if you received them on December 31 of the year declared.

For federal tax purposes, the Fund's income and short-term capital gain distributions are taxed as ordinary income dividends, except as described below with respect to "qualified dividend income." Long-term capital gain distributions are taxed as long-term capital gains. The character of a capital gain depends on the length of time that the Fund held the asset it sold.

The Jobs and Growth Tax Relief Reconciliation Act of 2003 (the "Act") reduced the maximum tax rate on long-term capital gains of noncorporate investors from 20% to 15%. The Act also reduced to 15% the maximum tax rate on "qualified dividend income" received by noncorporate shareholders who satisfy certain holding period requirements. In the case of a Fund that qualifies as a regulated investment company for tax purposes (which each Fund expects to do), the amount of dividends that may be eligible for the reduced rate may not exceed the amount of aggregate qualifying dividends received by that Fund. To the extent a Fund distributes amounts of dividends, including capital gain dividends, that the Fund determines are eligible for the reduced rates, it will identify the relevant amounts in its annual tax information reports to its shareholders. Without further legislative change, the rate reductions enacted by the Act will lapse, and the previous rates will be reinstated, for taxable years beginning on or after January 1, 2011.

Every January, each of your Funds will send you and the IRS a Form 1099 showing the amount of taxable distributions you received (including those reinvested in additional shares) in the previous calendar year.

A Fund's dividends and distributions are distributed to (and are taxable to) those persons who are shareholders of the Fund at the record date set by the board of directors. As a result, although a Fund's total net income and net realized gain are the results of its operations, the per share amount distributed to shareholders is affected by the number of Fund shares outstanding at the record date.

The Funds generally publish estimates of their dividends and distributions in advance of the planned record and payment dates. There is no assurance that the Funds will publish such estimates in the future. Those estimates, if published, are for planning purposes and are subject to change. Artisan Funds attempts to identify investors who redeem shares prior to the record date in order to avoid receiving distributions. If Artisan Funds believes an investor or a third party who has authority to act on behalf of an investor has engaged in such trading activity, Artisan Funds may reject future purchases of Fund shares in that investor's account or accounts associated with the third party, with or without prior notice, or refuse to open a new account for that investor or third party. If the trading activity is identified in an omnibus account registered in the name of a financial intermediary, Artisan Funds may request that the intermediary take action to prevent the particular investor or investors from engaging in that trading. In some cases, it may not be possible to block future transactions through an omnibus account for a particular investor. In such instances, Artisan Funds may reject future purchases on behalf of all clients of a financial advisor or broker-dealer through which the identified trading was conducted. The Fund's ability to impose restrictions on trading activity with respect to accounts traded through an intermediary may vary depending on the system capabilities, applicable contractual and legal restrictions and cooperation of that intermediary. The identification of such trading activity involves judgments that are inherently subjective and the above actions, alone or taken together with the other means by which Artisan Funds seeks to discourage certain types of trading activity, cannot eliminate the possibility that the trading activity will occur. Trading activity, appropriate or inappropriate, may affect each Fund and its other shareholders. See "Principal Risks You Should Consider."

Non-U.S. Investors. The Funds generally do not sell shares to investors residing outside the U.S. and certain of the Funds' investment strategies and policies may cause adverse tax consequences for shareholders residing outside the U.S. Shareholders residing outside the U.S. should consult their tax advisors as to the tax consequences of owning Fund shares.


Fund	Short-Term	Long-Term (28% Tax Rate)	Ordinary Income	Total Distribution	Reinvest NAV
International	$0.0961	None	$0.0184	$0.1145	$13.01
Small Cap	$1.0369	$0.0343	None	$1.0712	$13.25


Fund	Short-Term	Long-Term (20% Tax Rate)	Long-Term (28% Tax Rate)	Ordinary Income	Total Distribution	Reinvest NAV
International	$0.9201	$0.0313	$0.1776	$0.1975	$1.3265	$12.51
Mid Cap	$0.7870	None	None	None	$0.7870	$11.75
Small Cap	$0.7569	$0.7331	$1.0886	None	$2.5786	$14.13
Small Cap Value	None	None	None	None	None	None


Fund	Short-Term	Long-Term (20% Tax Rate)	Long-Term (28% Tax Rate)	Ordinary Income	Total Distribution	Reinvest NAV
International	$0.0628	$0.1815	None	$0.0355	$0.2798	$12.91
Mid Cap	$1.2673	None	None	None	$1.2673	$10.98
Small Cap	$0.4584	$0.5019	None	None	$0.9603	$9.89
Small Cap Value	$0.5307	None	$0.0080	None	$0.5387	$8.54


Fund	Short-Term	Long-Term (20% Tax Rate)	Ordinary Income	Total Distribution	Reinvest NAV
International	$0.2751	$0.2643	$0.0235	$0.5629	$22.16
Mid Cap	$0.7991	$0.0265	None	$0.8256	$18.22
Small Cap	None	None	None	None	None
Small Cap Value	$0.3439	$0.0047	$0.0271	$0.3757	$9.81


Fund	Short-Term	Long-Term	Ordinary Income	Total Distribution	Reinvest NAV
International	$2.4455	$1.1049	$0.0000	$3.5504	$21.70
Mid Cap	$0.8861	$0.1432	$0.0000	$1.0293	$27.94
Small Cap	$0.2620	$0.4005	$0.0000	$0.6625	$13.05
Small Cap Value	$0.4145	$0.0716	$0.0527	$0.5388	$10.94