Mid Cap Fund

Ticker: ARTMX     Managers: Stephens, Hamel, Kamm
Inception: 6/27/97   Expense Ratio: 1.23% (Based on the fiscal year ended 9/30/09)
Availability: Closed to most new investors  
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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:
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.

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

"MONTHLY COMMENTARY: Mid-cap stocks closed with solid gains in February with the Russell Midcap® and Russell Midcap® Growth indices each gaining 5%. Mid-cap stocks outpaced large- and small-caps, extending into 2010 the relative outperformance displayed in 2009..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: The portfolio generated a solid return in the fourth quarter, but trailed the Russell Midcap® and Russell Midcap® Growth indices. Strong participation during the rally that began in March and preservation of capital on the downside early in 2009 helped the portfolio to outperform the benchmarks over the full year..."


Prospectus | Important Fund Risk Disclosure | Index Definitions
 
PERFORMANCE  as of 12/31/09
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Mid Cap $27.31 $0.14 0.52% 6.72% 6.85%
Historical NAVs
  
1Net Asset Value (NAV)
2Returns for periods less than one year are 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 2/28/10
Period Rating Funds in Category
3 Yr 725
5 Yr 623
10 Yr 338
Overall Rating 725
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 12/31/09
Period Rank Funds in Category
1 Yr #66 455
3 Yr #69 374
5 Yr #49 307
10 Yr #5 170
Since Inception 6/27/97 #1 108
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© 2009, 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.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Mid Cap 0.12% 6.67% 66.17% 0.26% 4.29% 3.76% 12.89%
Russell Midcap® Index 1.49% 7.27% 70.98% –5.23% 2.62% 4.71% 7.33%
Russell Midcap® Growth Index 0.78% 7.01% 67.09% –4.01% 2.60% –2.32% 5.15%
Lipper Multi-Cap Growth Funds Index –0.64% 3.50% 59.40% –3.74% 1.88% –4.24% 3.19%
1Returns for periods less than one year are not annualized. 2Fund Inception 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 2/28/10
Period Rating Funds in Category
3 Yr 725
5 Yr 623
10 Yr 338
Overall Rating 725
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 12/31/09
Period Rank Funds in Category
1 Yr #66 455
3 Yr #69 374
5 Yr #49 307
10 Yr #5 170
Since Inception 6/27/97 #1 108
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© 2009, 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.
  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Mid Cap 50.26% 5.27% 50.26% 0.58% 4.01% 5.57% 13.05%
Russell Midcap® Index 40.48% 5.92% 40.48% –4.59% 2.43% 4.98% 7.30%
Russell Midcap® Growth Index 46.29% 6.69% 46.29% –3.18% 2.40% –0.52% 5.15%
Lipper Multi-Cap Growth Funds Index 39.17% 6.11% 39.17% –3.32% 1.49% –2.85% 3.29%
1Returns for periods less than one year are not annualized. 2Fund Inception 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 2/28/10
Period Rating Funds in Category
3 Yr 725
5 Yr 623
10 Yr 338
Overall Rating 725
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 12/31/09
Period Rank Funds in Category
1 Yr #66 455
3 Yr #69 374
5 Yr #49 307
10 Yr #5 170
Since Inception 6/27/97 #1 108
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© 2009, 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 12/31/09

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Mid Cap 50.26% 5.27% 50.26% 0.58% 4.01% 5.57% 13.05%
Russell Midcap® Index 40.48% 5.92% 40.48% –4.59% 2.43% 4.98% 7.30%
Russell Midcap® Growth Index 46.29% 6.69% 46.29% –3.18% 2.40% –0.52% 5.15%
Lipper Multi-Cap Growth Funds Index 39.17% 6.11% 39.17% –3.32% 1.49% –2.85% 3.29%
1Returns for periods less than one year are not annualized. 2Fund Inception 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 2/28/10

  Average Annual Total Returns
Fund/Index YTD1 3 Mo1 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception2
Mid Cap 0.12% 6.67% 66.17% 0.26% 4.29% 3.76% 12.89%
Russell Midcap® Index 1.49% 7.27% 70.98% –5.23% 2.62% 4.71% 7.33%
Russell Midcap® Growth Index 0.78% 7.01% 67.09% –4.01% 2.60% –2.32% 5.15%
Lipper Multi-Cap Growth Funds Index –0.64% 3.50% 59.40% –3.74% 1.88% –4.24% 3.19%
1Returns for periods less than one year are not annualized. 2Fund Inception 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 3/17/10

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Mid Cap $27.31 $0.14 0.52% 6.72% 6.85%
Historical NAVs
  
1Net Asset Value (NAV)
2Returns for periods less than one year are 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 2/28/10
Period Rating Funds in Category
3 Yr 725
5 Yr 623
10 Yr 338
Overall Rating 725
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 12/31/09
Period Rank Funds in Category
1 Yr #66 455
3 Yr #69 374
5 Yr #49 307
10 Yr #5 170
Since Inception 6/27/97 #1 108
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© 2009, 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.
Prospectus | Important Fund Risk Disclosure | Index Definitions
 
DATA/STATISTICS  as of 12/31/09
Market Cap Distribution1
% of total portfolio equities
$ in billions Fund RMCG2
10.0 + 33.3 18.0
7.0 – 10.0 15.9 24.3
5.0 – 7.0 15.8 15.5
3.0 – 5.0 18.7 25.7
0.0 – 3.0 16.3 16.5
Total 100.0% 100.0%


Top 10 Holdings
% of total portfolio
Cerner Corp 4.9
Allergan Inc 4.4
Kohl's Corp 3.5
Precision Castparts Corp 2.7
Agilent Technologies Inc 2.6
Citrix Systems Inc 2.3
Analog Devices Inc 2.2
Agrium Inc 1.9
Hansen Natural Corp 1.9
The Western Union Co 1.8
Total 28.2%
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 Cap3 $5.8 billion
Weighted Avg. Growth Rate (3-5 yrs)3 16.4%
Weighted Avg. P/E (FY1)3 24.7X
Weighted Avg. P/E (FY2)3 20.3X
Weighted Avg. LT Debt/Capital3 21.0%
Number of Holdings 86
Portfolio Turnover Rate4 68.39%
Cash (% of total porfolio) 4.3%
Total Net Assets (all share classes) $4.4 billion


Sector Diversification5
% of total portfolio equities
  Fund
Consumer Discretionary
18.6
Consumer Staples
2.0
Energy
3.3
Financials
5.2
Health Care
17.2
Industrials
14.5
Information Technology
36.4
Materials
2.8
Telecommunication Services
0.0
Utilities
0.0
Total 100.0%


1 Source: Artisan Partners/FactSet/Russell
2 Russell Midcap® Growth Index
3 Source: Artisan Partners/FactSet
4 Audited. For the 12 months ended 9/30/09.
5 Source: Artisan Partners/FactSet(GICS)
Prospectus | Important Fund Risk Disclosure | Index Definitions | Data/Statistics Disclosure
 
FUND MANAGERS



Andrew C. Stephens

Andrew C. Stephens
Andrew C. Stephens is a Managing Director of Artisan and portfolio co-manager for Artisan's U.S. growth Funds and separate account portfolios. Prior to joining Artisan, 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

James D. Hamel, CFA
James D. Hamel, CFA is a Managing Director of Artisan and portfolio co-manager for Artisan's U.S. growth Funds and separate account portfolios. Prior to joining Artisan, Mr. Hamel was a financial associate, cost analyst and operations manager of Kimberly-Clark Corporation from March 1990 to May 1997. He began his career at Carlson, Posten & Associates in Minneapolis, Minnesota.

Mr. Hamel holds a BS in Finance from the University of Minnesota-Minneapolis where he was a three-time Academic All-American.

Matthew H. Kamm, CFA

Matthew H. Kamm, CFA
Matthew H. Kamm, CFA is an associate portfolio manager for Artisan's U.S. growth Funds and separate account portfolios. Prior to joining Artisan, Mr. Kamm was an associate equity research analyst at Banc of America Securities. Prior to that, he was a senior operations analyst for NYU Medical Center in New York, NY.

Mr. Kamm holds a BA in Public Policy from Duke University and an MBA in Finance and Operations Management from New York University.

 
Prospectus | Important Fund Risk Disclosure
This material is not an offer of any mutual funds mentioned other than Artisan Funds.
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. The Fund may invest a significant portion of its assets in the stocks of small and medium-sized companies, which tend to be more volatile and less liquid than those of large companies, have underperformed the stocks of larger companies during some periods and tend to have a shorter history of operations than larger companies. The Fund also invests in value stocks, which 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. 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, including Artisan Mid Cap Fund. 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 Partners Limited Partnership or Artisan Distributors LLC. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners’ or 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.

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.

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 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 Weighted Average Growth Rate (the annual rate at which a company's earnings is expected to grow) is the average of the 3-5 year forecasted growth rates of each company in the portfolio, weighted by the size of the company's position in the portfolio.

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.

The Weighted Average LT Debt/Capital is the average long term debt to total capital of each company within the portfolio, weighted by the size of each stock within the portfolio.

In general, the Turnover Ratio is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year, by the monthly average of the value of portfolio securities owned by the Fund during the fiscal year.

Portfolio characteristics are intended to provide a general view of the entire portfolio, or Index, at a certain point in time. Characteristics are calculated using information obtained from various data sources. Artisan Partners excludes outliers when calculating portfolio characteristics. If information is unavailable for a particular security Artisan may use data from a related security to calculate portfolio characteristics.

 
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