Artisan Mid Cap Value Fund pursues long-term capital growth by investing in undervalued, medium-sized U.S. companies. The Fund's performance is typically benchmarked against the Russell Midcap® Value Index over a full market cycle.
Artisan Mid Cap Value Fund employs a bottom-up investment process to construct a diversified portfolio of U.S. mid-cap value companies that the investment team believes are undervalued, in sound financial condition and have attractive business economics. The team believes companies with these characteristics are less likely to experience eroding values over the long-term.
Attractive Valuation - We value businesses using what we believe are reasonable expectations for long-term earnings power and capitalization rates. This results in a range of what we believe are reasonable values for the company. We generally will purchase a security if its price falls at or below the lower end of that range.
Sound Financial Condition - The team favors companies with an acceptable level of debt and positive cash flow, which it believes represents financial flexibility and strength. At a minimum, the team tries to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interest of the companies' shareholders.
Attractive Business Economics - The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company's business cycle. Attractive business economics are an important business characteristic and the team believes they are helpful in avoiding classic "value traps."
The Fund typically holds between 40 and 60 stocks. The team will generally not initiate a position in a company unless it has a market capitalization between $2.0 billion and $15 billion.
| Period |
Rating |
Funds in Category |
| 3 Yr |
|
355 |
| 5 Yr |
|
259 |
| 10 Yr |
n/a
|
n/a |
| Overall Rating |
|
355 |
| 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 Value 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. |
| Period |
Rank |
Funds in Category |
| 1 Yr |
#80 |
251 |
| 3 Yr |
#8 |
210 |
| 5 Yr |
#1 |
161 |
| 10 Yr |
n/a |
n/a |
| Since Inception 3/28/01 |
#8 |
76 |
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Mid-Cap Value category.
*Lipper Rankings inception date: 3/28/2001. |
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.
| Period |
Rating |
Funds in Category |
| 3 Yr |
|
355 |
| 5 Yr |
|
259 |
| 10 Yr |
n/a
|
n/a |
| Overall Rating |
|
355 |
| 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 Value 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. |
| Period |
Rank |
Funds in Category |
| 1 Yr |
#80 |
251 |
| 3 Yr |
#8 |
210 |
| 5 Yr |
#1 |
161 |
| 10 Yr |
n/a |
n/a |
| Since Inception 3/28/01 |
#8 |
76 |
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Mid-Cap Value category.
*Lipper Rankings inception date: 3/28/2001. |
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.
| Period |
Rating |
Funds in Category |
| 3 Yr |
|
355 |
| 5 Yr |
|
259 |
| 10 Yr |
n/a
|
n/a |
| Overall Rating |
|
355 |
| 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 Value 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. |
| Period |
Rank |
Funds in Category |
| 1 Yr |
#80 |
251 |
| 3 Yr |
#8 |
210 |
| 5 Yr |
#1 |
161 |
| 10 Yr |
n/a |
n/a |
| Since Inception 3/28/01 |
#8 |
76 |
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Mid-Cap Value category.
*Lipper Rankings inception date: 3/28/2001. |
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
PERFORMANCE as of 2/28/10
PERFORMANCE as of 3/17/10
| Period |
Rating |
Funds in Category |
| 3 Yr |
|
355 |
| 5 Yr |
|
259 |
| 10 Yr |
n/a
|
n/a |
| Overall Rating |
|
355 |
| 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 Value 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. |
| Period |
Rank |
Funds in Category |
| 1 Yr |
#80 |
251 |
| 3 Yr |
#8 |
210 |
| 5 Yr |
#1 |
161 |
| 10 Yr |
n/a |
n/a |
| Since Inception 3/28/01 |
#8 |
76 |
Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Mid-Cap Value category.
*Lipper Rankings inception date: 3/28/2001. |
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.
| $ in billions |
Fund |
RMCV2 |
|
10.0 +
|
25.0
|
16.5
|
|
7.0 – 10.0
|
9.8
|
22.6
|
|
5.0 – 7.0
|
4.5
|
14.8
|
|
3.0 – 5.0
|
40.8
|
24.6
|
|
0.0 – 3.0
|
19.9
|
21.5
|
| Total |
100.0% |
100.0% |
| Cimarex Energy Co |
3.4 |
| Ingram Micro Inc |
2.6 |
| Alleghany Corp |
2.6 |
| Fidelity National Financial Inc |
2.6 |
| Nabors Industries Ltd |
2.4 |
| L-3 Communications Holdings Inc |
2.3 |
| The Kroger Co |
2.3 |
| Equifax Inc |
2.2 |
| Arch Capital Group Ltd |
2.2 |
| The Allstate Corp |
2.1 |
| Total |
24.7% |
|
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.
|
| Distribution Information |
Select Year
|
| Median Market Cap3 |
$4.2 billion |
| Weighted Avg. Market Cap3 |
$6.7 billion |
| Median Price/Book Value3 |
1.8X |
| Weighted Avg. P/E (FY1)3 |
12.9X |
| Weighted Avg. P/E (FY2)3 |
11.5X |
| Number of Holdings |
56 |
| Portfolio Turnover Rate4 |
53.84%
|
| Cash (% of total porfolio) |
5.9% |
| Total Net Assets |
$5.5 billion
|
| |
Fund |
|
Consumer Discretionary
|
11.4
|
|
Consumer Staples
|
8.1
|
|
Energy
|
7.6
|
|
Financials
|
18.4
|
|
Health Care
|
3.8
|
|
Industrials
|
22.8
|
|
Information Technology
|
20.3
|
|
Materials
|
0.0
|
|
Telecommunication Services
|
0.0
|
|
Utilities
|
7.6
|
| Total |
100.0% |
1 Source: Artisan Partners/FactSet/Russell
2 Russell Midcap® Value Index
3 Source: Artisan Partners/FactSet
4 Audited. For the 12 months ended 9/30/09.
5 Source: Artisan Partners/FactSet(GICS)
|
| $ in billions |
Fund |
RMCV2 |
|
10.0 +
|
22.3
|
14.7
|
|
7.0 – 10.0
|
14.3
|
21.2
|
|
5.0 – 7.0
|
3.3
|
16.3
|
|
3.0 – 5.0
|
41.8
|
25.0
|
|
0.0 – 3.0
|
18.3
|
22.8
|
| Total |
100.0% |
100.0% |
| Cimarex Energy Co |
3.0 |
| Alleghany Corp |
2.6 |
| Nabors Industries Ltd |
2.6 |
| Ingram Micro Inc |
2.3 |
| Avnet Inc |
2.3 |
| Hewitt Associates Inc |
2.2 |
| L-3 Communications Holdings Inc |
2.2 |
| Arch Capital Group Ltd |
2.1 |
| Omnicom Group Inc |
2.1 |
| Equifax Inc |
2.1 |
| Total |
23.5% |
|
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.
|
| Distribution Information |
Select Year
|
| Median Market Cap3 |
$4.3 billion |
| Weighted Avg. Market Cap3 |
$6.7 billion |
| Median Price/Book Value3 |
1.9X |
| Weighted Avg. P/E (FY1)3 |
14.8X |
| Weighted Avg. P/E (FY2)3 |
12.9X |
| Number of Holdings |
59 |
| Portfolio Turnover Rate4 |
53.84%
|
| Cash (% of total porfolio) |
5.5% |
| Total Net Assets |
$5.3 billion
|
| |
Fund |
|
Consumer Discretionary
|
13.5
|
|
Consumer Staples
|
7.3
|
|
Energy
|
7.7
|
|
Financials
|
17.7
|
|
Health Care
|
6.6
|
|
Industrials
|
22.8
|
|
Information Technology
|
18.4
|
|
Materials
|
0.0
|
|
Telecommunication Services
|
0.0
|
|
Utilities
|
6.0
|
| Total |
100.0% |
1 Source: Artisan Partners/FactSet/Russell
2 Russell Midcap® Value Index
3 Source: Artisan Partners/FactSet
4 Audited. For the 12 months ended 9/30/09.
5 Source: Artisan Partners/FactSet(GICS)
|
James C. Kieffer, CFA
James C. Kieffer, CFA is a Managing Director of Artisan and portfolio co-manager for Artisan's domestic value Funds and separate account portfolios. Prior to joining Artisan, Mr. Kieffer was a research analyst at the investment firm McColl Partners. Mr. Kieffer began his investment career at Wachovia Corporation working with Scott Satterwhite from 1989 to 1996, initially as a personal trust portfolio manager and later as a general equities and small-cap value research analyst in the institutional portfolio group.
Mr. Kieffer holds a BA in Economics from Emory University.
Scott C. Satterwhite, CFA
Scott C. Satterwhite, CFA is a Managing Director of Artisan and portfolio co-manager for Artisan's domestic value Funds and separate account portfolios. Prior to joining Artisan, Mr. Satterwhite was senior vice president and portfolio manager at Wachovia Corporation responsible for management of assets of over $1.5 billion. Mr. Satterwhite managed the Biltmore Special Values Fund from August 1993 through May 1997 in addition to being a personal trust portfolio manager since 1984 and managing the Georgia Personal Trust Portfolio Group at Wachovia since 1991.
Mr. Satterwhite holds a BA in Economics from The University of the South and an MBA from Tulane University.
George O. Sertl, Jr., CFA
George O. Sertl, Jr., CFA is a portfolio co-manager for Artisan's domestic value Funds and separate account portfolios. Prior to joining Artisan, Mr. Sertl was a research analyst at Schwartz Investment Counsel. Mr. Sertl began his investment career at Pauli & Company working as a research analyst in 1992.
Mr. Sertl holds a BA in Economics and History from the University of Richmond and an MA in Economics from St. Louis University.
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 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.
The Russell Midcap® Value Index is an unmanaged, market-weighted index of those medium-sized companies included in the Russell Midcap® Index with lower- price-to-book and lower 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.
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.
The Lipper Mid-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest mid-cap value funds tracked by Lipper, including Artisan Mid Cap Value Fund. Its returns include net reinvested dividends.
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 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 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.
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.
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.
Artisan Mid Cap Value Fund
Select one of the links below to view or download a specific Portfolio Holding.
2009
2008
2007
2006
2005
2004
|
|
CLOSE
|
Important Index Disclosure
An investment can not be made directly into an 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.
The
Russell Midcap® Value Index is an unmanaged, market-weighted index of those medium-sized companies included in the Russell Midcap
® Index with lower- price-to-book and lower 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.
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.
The
Lipper Mid-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest mid-cap value funds tracked by Lipper, including Artisan Mid Cap Value Fund. Its returns include net reinvested dividends.
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 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 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.
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.
Historical Distributions (all funds)
Select one of the links below to view and/or print a specific year.
Online Application ConsentBy clicking
I Accept, you consent to receive the Artisan Funds' prospectus, privacy policy and account application electronically. You also agree to read and agree to the terms of these documents before investing. Your consent applies only to this request. If you request additional information you may be required to consent again.
To access the requested materials, you need Adobe Acrobat PDF Reader. If you do not currently have this program on your system, you can
download it for free or call 800.344.1770.
Online Application ConsentBy clicking
I Accept, you consent to receive the Artisan Funds' prospectus, privacy policy and account application electronically. You also agree to read and agree to the terms of these documents before investing. Your consent applies only to this request. If you request additional information you may be required to consent again.
To access the requested materials, you need Adobe Acrobat PDF Reader. If you do not currently have this program on your system, you can
download it for free or call 800.344.1770.
Online Application ConsentBy clicking
I Accept, you consent to receive the Artisan Funds' prospectus, privacy policy and account application electronically. You also agree to read and agree to the terms of these documents before investing. Your consent applies only to this request. If you request additional information you may be required to consent again.
To access the requested materials, you need Adobe Acrobat PDF Reader. If you do not currently have this program on your system, you can
download it for free or call 800.344.1770.
Artisan Mid Cap Value Fund closed to most new investors on July 10, 2009. The Fund will accept new accounts from employee benefit plans (including 401(k) and other types of defined contribution plans) and other investors who satisfy new account eligibility requirements. Eligibility requirements are described in the Fund's prospectus under the heading
"Who is Eligible to Invest in a Closed Artisan Fund?"
Please contact a customer service representative at 800.344.1770 if you have any questions. Representatives are available from 8:00 a.m. to 6:00 p.m. Eastern Time, Monday through Friday.
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