Month-end/Quarter-end - Artisan Funds

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PERFORMANCE as of 3/31/08

For index comparison information, please click on the respective Fund name.

Fund/Index	YTD²	3 Mo²	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception¹
Global Value	–3.22%	–0.53%	n/a	n/a	n/a	n/a	-6.80%²
International	–6.59%	4.73%	4.25%	18.96%	20.46%	11.20%	14.02%
International Small Cap	–6.92%	7.71%	8.78%	24.52%	29.60%	n/a	24.28%
International Value	–3.49%	1.27%	–8.61%	13.30%	22.16%	n/a	22.50%
Mid Cap	–7.30%	2.50%	2.43%	12.84%	14.54%	13.02%	16.27%
Mid Cap Value	1.88%	2.96%	–5.74%	10.61%	17.58%	n/a	13.30%
Opportunistic Value	–1.83%	0.69%	–7.48%	n/a	n/a	n/a	6.12%
Small Cap	–12.77%	–5.81%	–13.08%	4.66%	11.28%	3.10%	7.82%
Small Cap Value	3.25%	5.07%	–8.59%	10.76%	16.16%	10.85%	11.80%
¹Fund Inception dates: Artisan Global Value Fund 12/10/07, Artisan International Fund - 12/28/95, Artisan International Small Cap Fund - 12/21/01, Artisan International Value Fund - 9/23/02, Artisan Mid Cap Fund - 6/27/97, Artisan Mid Cap Value Fund - 3/28/01, Artisan Opportunistic Value Fund - 3/27/06, Artisan Small Cap Fund - 3/28/95 and Artisan Small Cap Value Fund - 9/29/97. ²Returns for periods less than one year are not annualized.
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in an Artisan Fund will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Artisan Global Value Fund’s return may vary greatly over short periods, and current performance may be materially lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. Global Value, International, International Small Cap and International Value Funds' performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. Artisan International Small Cap Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. Global Value and Opportunistic Value Funds’ performance information reflects Artisan Partners' undertaking to limit the Funds' expenses, which may be terminated at any time, has been in effect since the Funds' inception and has had a material impact on the Funds' performance, which would have been lower in its absence.

Expense Ratio for the 12 months ended 9/30/07
Global Value	1.48% / 1.93%³	International Value	1.23%	Opportunistic Value	1.24%
International	1.21%	Mid Cap	1.22%	Small Cap	1.18%
International Small Cap	1.52%	Mid Cap Value	1.20%	Small Cap Value	1.19%
³Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Global Value Fund from inception to 9/30/08, will be subject to the subsidized expense ratio. Artisan Global Value Fund's unsubsidized expense ratio is 1.93%. The subsidized 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 until September 30, 2008. Because the Fund is new, the amounts shown are estimated based on the fiscal year ending 9/30/08.

For index comparison information, please click on the respective Fund name.

Fund/Index	YTD²	3 Mo²	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception¹
Global Value	–6.75%	-6.75%	n/a	n/a	n/a	n/a	-10.20%²
International	–11.35%	–11.35%	1.36%	15.93%	22.37%	11.10%	13.63%
International Small Cap	–11.08%	–11.08%	6.89%	21.89%	31.80%	n/a	23.73%
International Value	–5.29%	–5.29%	–7.96%	11.22%	24.53%	n/a	22.45%
Mid Cap	–12.99%	–12.99%	2.36%	9.19%	14.52%	12.58%	15.72%
Mid Cap Value	–2.98%	–2.98%	–5.95%	7.32%	18.00%	n/a	12.68%
Opportunistic Value	–4.62%	–4.62%	–6.64%	n/a	n/a	n/a	4.87%
Small Cap	–14.48%	–14.48%	–12.04%	1.93%	12.73%	2.99%	7.71%
Small Cap Value	–1.08%	–1.08%	–10.18%	6.37%	16.88%	10.77%	11.45%
¹Fund Inception dates: Artisan Global Value Fund 12/10/07, Artisan International Fund - 12/28/95, Artisan International Small Cap Fund - 12/21/01, Artisan International Value Fund - 9/23/02, Artisan Mid Cap Fund - 6/27/97, Artisan Mid Cap Value Fund - 3/28/01, Artisan Opportunistic Value Fund - 3/27/06, Artisan Small Cap Fund - 3/28/95 and Artisan Small Cap Value Fund - 9/29/97. ²Returns for periods less than one year are not annualized.
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in an Artisan Fund will fluctuate, so that an investor's shares, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Artisan Global Value Fund’s return may vary greatly over short periods, and current performance may be materially lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. Global Value, International, International Small Cap and International Value Funds' performance information shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. Artisan International Small Cap Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. Global Value and Opportunistic Value Funds’ performance information reflects Artisan Partners' undertaking to limit the Funds' expenses, which may be terminated at any time, has been in effect since the Funds' inception and has had a material impact on the Funds' performance, which would have been lower in its absence.

Expense Ratio for the 12 months ended 9/30/07
Global Value	1.48% / 1.93%³	International Value	1.23%	Opportunistic Value	1.24%
International	1.21%	Mid Cap	1.22%	Small Cap	1.18%
International Small Cap	1.52%	Mid Cap Value	1.20%	Small Cap Value	1.19%
³Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Global Value Fund from inception to 9/30/08, will be subject to the subsidized expense ratio. Artisan Global Value Fund's unsubsidized expense ratio is 1.93%. The subsidized 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 until September 30, 2008. Because the Fund is new, the amounts shown are estimated based on the fiscal year ending 9/30/08.

Prospectus | Important Fund Risk Disclosure

Important Fund Risk Disclosure

Global Value Fund

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.

International Fund

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 invests in growth 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.

International Small Cap Fund

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 smaller companies 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 invests in growth 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.

International Value Fund

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.

Mid Cap Fund

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.

Mid Cap Value Fund

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.

Opportunistic Value Fund

Value stocks may underperform other asset types during a given period. The Fund may invest a significant 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. The Fund may also invest a significant portion of its assets in the stocks of 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. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

Small Cap Fund

Stocks of smaller companies 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. 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.

Small Cap Value Fund

Stocks of smaller companies 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 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.

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