Month-end/Quarter-end - Artisan Funds

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PERFORMANCE as of 6/30/10

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

Artisan Funds Investor Share Class	YTD²	3 Mo²	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception¹
Global Equity	n/a	–4.46%	n/a	n/a	n/a	n/a	–5.70%
Global Value	1.25%	–5.01%	14.39%	n/a	n/a	n/a	–3.11%
International	–6.82%	–2.33%	5.54%	–8.74%	3.45%	1.16%	9.45%
International Small Cap	–2.93%	–2.20%	15.22%	–7.16%	7.40%	n/a	14.44%
International Value	1.56%	–2.86%	13.31%	–2.71%	6.89%	n/a	15.30%
Mid Cap	5.83%	–3.32%	21.14%	–1.92%	4.42%	3.51%	12.93%
Mid Cap Value	0.33%	–5.50%	16.52%	–1.05%	3.50%	n/a	9.86%
Opportunistic Growth	3.31%	–2.73%	17.12%	n/a	n/a	n/a	–0.05%
Opportunistic Value	–1.39%	–6.47%	12.85%	–6.94%	n/a	n/a	–0.85%
Small Cap	–1.76%	–6.68%	14.91%	–7.84%	–2.54%	2.16%	5.98%
Small Cap Value	2.09%	–7.41%	18.60%	0.54%	4.23%	11.33%	10.10%

Artisan Funds Advisor Share Class	YTD²	3 Mo²	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception¹
Emerging Markets
Advisor Shares	2.74%	–1.39%	22.24%	n/a	n/a	n/a	–7.99%
Linked Institutional and Advisor Shares³	n/a	n/a	n/a	–2.12%	n/a	n/a	10.88%
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 Growth Fund - 9/22/08, Artisan Opportunistic Value Fund - 3/27/06, Artisan Small Cap Fund - 3/28/95, Artisan Small Cap Value Fund - 9/29/97 and Artisan Emerging Markets (Advisor Shares 6/2/08) (Institutional Linked 6/26/06). ²Returns for periods less than one year are not annualized. ³Performance data shown relates to the Advisor Shares from 6/2/08 forward and for Institutional Shares prior to 6/2/08. Performance of the Institutional shares does not reflect higher expenses associated with the Advisor Shares, and if reflected, would reduce the performance quoted.

Expense Ratio for the 12 months ended 9/30/09
Emerging Markets - Advisor Shares	1.50%/3.00%⁴	Global Equity	1.50/3.33%⁵	Global Value	1.51%/2.17%⁶
International	1.22%	International Small Cap	1.50%	International Value	1.27%
Mid Cap	1.23%	Mid Cap Value	1.21%	Opportunistic Growth	1.50%/2.24%⁷
Opportunistic Value	1.32%	Small Cap	1.38%	Small Cap Value	1.22%
⁴Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Emerging Markets Fund - Advisor Shares from inception to 9/30/08, will be subject to the subsidized expense ratio. Artisan Emerging Markets Fund's gross expense ratio is 3.00%. The net expense ratio is 1.50%, which until 12/1/09 reflected Artisan Partners' voluntary undertaking to limit the Fund's expenses, which could have been terminated at any time, was in effect since the Fund's inception and has had a material impact on the Fund's performance. As of 12/1/09, The Fund entered into a contractual agreement with Artisan Partners, under which Artisan Partners agreed to limit Fund expenses to 1.50% of its average daily net assets through 2/1/2011. ⁵Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Global Equity Fund will be subject to the subsidized expense ratio. Artisan Global Equity Fund's gross expense ratio is 3.33%. The net expense ratio is 1.50%, which reflects Artisan Partners' contractual agreement to limit the Fund's expenses, which expires April 1, 2011. ⁶Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Global Value Fund will be subject to the subsidized expense ratio. Artisan Global Value Fund's gross expense ratio is 2.17%. The net expense ratio is 1.51%, which until 12/1/09 reflected Artisan Partners' voluntary undertaking to limit the Fund's expenses, which could have been terminated at any time, was in effect since the Fund's inception and has had a material impact on the Fund's performance. As of 12/1/09, The Fund entered into a contractual agreement with Artisan Partners, under which Artisan Partners agreed to limit Fund expenses to 1.50% of its average daily net assets through 2/1/2011. ⁷Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Opportunistic Growth Fund will be subject to the subsidized expense ratio. Artisan Opportunistic Growth Fund's gross expense ratio is 2.24%. The net expense ratio is 1.50%, which until 12/1/09 reflected Artisan Partners' voluntary undertaking to limit the Fund's expenses, which could have been terminated at any time, was in effect since the Fund's inception and has had a material impact on the Fund's performance. As of 12/1/09, The Fund entered into a contractual agreement with Artisan Partners, under which Artisan Partners agreed to limit Fund expenses to 1.50% of its average daily net assets through 2/1/2011.

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

Artisan Funds Investor Share Class	YTD²	3 Mo²	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception¹
Global Equity	n/a	–11.84%	n/a	n/a	n/a	n/a	–12.10%
Global Value	–5.79%	–10.27%	16.83%	n/a	n/a	n/a	–5.90%
International	–14.57%	–12.36%	7.74%	–11.80%	2.46%	–0.30%	8.85%
International Small Cap	–11.61%	–9.79%	13.12%	–9.10%	6.81%	n/a	13.34%
International Value	–6.54%	–10.27%	14.19%	–6.41%	5.71%	n/a	14.25%
Mid Cap	–2.39%	–8.31%	19.66%	–4.80%	3.59%	2.82%	12.32%
Mid Cap Value	–5.51%	–8.41%	18.34%	–4.86%	2.88%	n/a	9.25%
Opportunistic Growth	–4.65%	–9.07%	16.71%	n/a	n/a	n/a	–4.48%
Opportunistic Value	–5.90%	–10.45%	14.80%	–10.02%	n/a	n/a	–1.95%
Small Cap	–5.20%	–7.77%	19.81%	–10.00%	–2.12%	1.26%	5.77%
Small Cap Value	–4.33%	–9.56%	23.65%	–3.96%	4.07%	10.64%	9.62%

Artisan Funds Advisor Share Class	YTD²	3 Mo²	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception¹
Emerging Markets
Advisor Shares	–6.43%	–9.18%	24.15%	–4.14%	n/a	n/a	–12.34%
Linked Institutional and Advisor Shares³	n/a	n/a	n/a	–2.12%	n/a	n/a	10.88%
¹Fund Inception dates: Artisan Global Equity Fund 03/29/10, 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 Growth Fund - 9/22/08, Artisan Opportunistic Value Fund - 3/27/06, Artisan Small Cap Fund - 3/28/95, Artisan Small Cap Value Fund - 9/29/97 and Artisan Emerging Markets (Advisor Shares 6/2/08) (Institutional Linked 6/26/06). ²Returns for periods less than one year are not annualized. ³Performance data shown relates to the Advisor Shares from 6/2/08 forward and for Institutional Shares prior to 6/2/08. Performance of the Institutional shares does not reflect higher expenses associated with the Advisor Shares, and if reflected, would reduce the performance quoted.

Expense Ratio for the 12 months ended 9/30/09
Emerging Markets - Advisor Shares	1.50%/3.00%⁴	Global Equity	1.50/3.33%⁵	Global Value	1.51%/2.17%⁶
International	1.22%	International Small Cap	1.50%	International Value	1.27%
Mid Cap	1.23%	Mid Cap Value	1.21%	Opportunistic Growth	1.50%/2.24%⁷
Opportunistic Value	1.32%	Small Cap	1.38%	Small Cap Value	1.22%
⁴Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Emerging Markets Fund - Advisor Shares will be subject to the subsidized expense ratio. Artisan Emerging Markets Fund's gross expense ratio is 3.00%. The net expense ratio is 1.50%, which until 12/1/09 reflected Artisan Partners' voluntary undertaking to limit the Fund's expenses, which could have been terminated at any time, was in effect since the Fund's inception and has had a material impact on the Fund's performance. As of 12/1/09, The Fund entered into a contractual agreement with Artisan Partners, under which Artisan Partners agreed to limit Fund expenses to 1.50% of its average daily net assets through 2/1/2011. ⁵Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Global Equity Fund will be subject to the subsidized expense ratio. Artisan Global Equity Fund's gross expense ratio is 3.33%. The net expense ratio is 1.50%, which reflects Artisan Partners' contractual agreement to limit the Fund's expenses, which expires April 1, 2011. ⁶Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Global Value Fund will be subject to the subsidized expense ratio. Artisan Global Value Fund's gross expense ratio is 2.17%. The net expense ratio is 1.51%, which until 12/1/09 reflected Artisan Partners' voluntary undertaking to limit the Fund's expenses, which could have been terminated at any time, was in effect since the Fund's inception and has had a material impact on the Fund's performance. As of 12/1/09, The Fund entered into a contractual agreement with Artisan Partners, under which Artisan Partners agreed to limit Fund expenses to 1.50% of its average daily net assets through 2/1/2011. ⁷Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Opportunistic Growth Fund will be subject to the subsidized expense ratio. Artisan Opportunistic Growth Fund's gross expense ratio is 2.24%. The net expense ratio is 1.50%, which until 12/1/09 reflected Artisan Partners' voluntary undertaking to limit the Fund's expenses, which could have been terminated at any time, was in effect since the Fund's inception and has had a material impact on the Fund's performance. As of 12/1/09, The Fund entered into a contractual agreement with Artisan Partners, under which Artisan Partners agreed to limit Fund expenses to 1.50% of its average daily net assets through 2/1/2011.

Prospectus | Important Fund Risk Disclosure

Important Fund Risk Disclosure

Emerging Markets 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. Such risks include new and rapidly changing political and economic structures, which may cause instability; underdeveloped securities markets; and higher likelihood of high levels of inflation, deflation or currency devaluations. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

Global Equity 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 portfolio may invest in small and medium-sized companies, which tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Growth securities 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.

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. Securities of medium-sized companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Value securities 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 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. Securities of medium-sized companies tend to be more volatile and less liquid than those of large companies, may have underperformed the stocks of large companies during some periods and tend to have a shorter history of operations than large companies. Growth securities 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. Securities of smaller companies tend to be more volatile and less liquid than those of large companies, may have underperformed the stocks of large companies during some periods and tend to have a shorter history of operations than large companies. Growth securities 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. Securities of small and medium-sized companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Value securities 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

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. Securities of medium-sized companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Growth securities 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

Securities of medium-sized companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Value securities 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 Growth 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. Securities of medium-sized companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Growth securities 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

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. Securities of medium-sized companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Value securities 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 Fund

Securities of smaller companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Growth securities 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

Securities of smaller companies tend to be more volatile and less liquid than those of large companies, may have underperformed the securities of large companies during some periods and tend to have a shorter history of operations than large companies. Value securities 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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