Artisan Funds

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Important Fund Risk Disclosure

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. Stocks of medium-sized companies tend to be more volatile than those of large companies, and have underperformed the stocks of small and large companies during some periods. Value 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.

The Fund may invest in debt securities that may be unrated or lower-rated and tend to have speculative characteristics, including risk of default and bankruptcy. These securities are likely to be less marketable and more adversely affected by economic downturns than higher quality debt securities.

The Fund may hold convertible securities, the value of which will vary based on the perceived value of the equity security underlying the convertible security. Convertible securities are frequently issued with a call feature that could result in the Fund being forced to redeem, convert, or sell the convertible security under circumstances unfavorable to the Fund. In addition, if the value of the underlying security declines enough in value, the convertible security is more likely to be valued as a debt security, subject to the debt security risks described above.



Expense Ratio Disclosure

Artisan Global Value Fund's gross expense ratio is 1.93%. The net expense ratio is 1.48%, which reflects Artisan Partners' voluntary undertaking to limit the Fund's expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance. In addition, the outside directors of Artisan Funds have voluntarily waived that portion of their fees allocable to Artisan Global Value Fund for the first six months of the fiscal year ending September 30, 2008. Because the Fund is new, the amounts shown are estimated based on the fiscal year ending 9/30/08.


Important Index Disclosure

MSCI ACWI (All Country World Index) Index^SM is an index designed to measure equity market performance in the global developed and emerging markets. The index is an unmanaged, market-weighted index and the returns of the index include net reinvested dividends but, unlike the Fund's 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. An investment cannot be made directly in an index.

The Lipper Global Multi-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 10 of the largest global multi-cap value funds tracked by Lipper. An investment cannot be made directly in an index.



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.

Market Capitalization is calculated by FactSet using the price as of the most recent month-end multiplied by the number of shares outstanding as shown in the financial statements of the issuer.

The Weighted Average Market Cap is the average of the market capitalizations of the companies in the portfolio weighted by the size of each company's position within the portfolio. Market capitalization is the aggregate value of all of a company's outstanding equity securities.

The Median Market Cap provides a measure of the market capitalization value of the companies in a portfolio. Equal numbers of companies in the portfolio have market capitalizations higher and lower than the median.

The Median Price/Book Value measures the median ratio of portfolio stock prices to each stock's book value of equity per share (book value is a company's assets minus its liabilities).

The Weighted Harmonic Average P/E (a measure of how expensive a stock is) is the harmonic average, which measures the price/earnings ratio of the Fund’s entire portfolio, excluding negative earners, weighted by the size of the company’s position within the portfolio. The earnings figures used for FY1 and FY2 are estimates for the current unreported fiscal year and for the next unreported fiscal year, respectively.