Month-end/Quarter-end - Artisan Funds

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PERFORMANCE as of 12/31/09

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 Value	–1.02%	0.72%	64.34%	n/a	n/a	n/a	–4.67%
International	–8.42%	–6.91%	55.18%	–6.91%	3.20%	–0.75%	9.61%
International Small Cap	–5.57%	–1.93%	74.51%	–3.75%	7.67%	n/a	14.84%
International Value	–1.90%	–0.08%	61.42%	–2.94%	5.28%	n/a	15.69%
Mid Cap	0.12%	6.67%	66.17%	0.26%	4.29%	3.76%	12.89%
Mid Cap Value	–0.95%	3.69%	62.96%	–0.93%	5.02%	n/a	10.19%
Opportunistic Growth	–2.07%	2.16%	59.97%	n/a	n/a	n/a	–3.72%
Opportunistic Value	1.16%	4.11%	65.47%	–5.45%	n/a	n/a	–0.29%
Small Cap	–3.52%	4.69%	69.94%	–7.11%	–1.16%	1.37%	6.03%
Small Cap Value	0.21%	7.05%	74.47%	0.03%	5.32%	12.08%	10.30%

Artisan Funds Advisor Share Class	YTD²	3 Mo²	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception¹
Emerging Markets
Advisor Shares	–4.40%	–0.08%	100.75%	n/a	n/a	n/a	–13.47%
Linked Institutional and Advisor Shares³	n/a	n/a	n/a	1.96%	n/a	n/a	10.01%
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.
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. Returns for periods less than one year are not annualized. Emerging Markets, 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 Emerging Markets and International Small Cap Funds’ investments in initial public offerings (IPOs) made a material contribution to the Funds’ performance. IPO investments are not an integral component of the Funds’ investment process and may not be available in the future. Emerging Markets, Global Value and Opportunistic Growth Funds’ performance information reflects Artisan Partners' agreement to limit the Funds’ expenses and has had a material impact on the Funds’ performance, which would have been lower in its absence. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

Expense Ratio for the 12 months ended 9/30/09
Emerging Markets - Advisor Shares	1.50%/3.00%⁴	International Value	1.27%	Opportunistic Value	1.32%
Global Value	1.51%/2.17%⁵	Mid Cap	1.23%	Small Cap	1.38%
International	1.22%	Mid Cap Value	1.21%	Small Cap Value	1.22%
International Small Cap	1.50%	Opportunistic Growth	1.50%/ 2.24%⁷
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 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 Value	33.37%	4.35%	33.37%	n/a	n/a	n/a	–4.55%
International	39.77%	3.72%	39.77%	–3.89%	5.32%	1.86%	10.41%
International Small Cap	58.13%	5.17%	58.13%	–1.21%	10.05%	n/a	15.99%
International Value	33.47%	3.07%	33.47%	–2.51%	6.52%	n/a	16.37%
Mid Cap	50.26%	5.27%	50.26%	0.58%	4.01%	5.57%	13.05%
Mid Cap Value	39.25%	7.10%	39.25%	0.84%	6.22%	n/a	10.51%
Opportunistic Growth	47.86%	5.80%	47.86%	n/a	n/a	n/a	–2.60%
Opportunistic Value	35.51%	6.97%	35.51%	–4.67%	n/a	n/a	–0.61%
Small Cap	44.14%	5.98%	44.14%	–5.84%	–0.92%	2.82%	6.35%
Small Cap Value	40.24%	5.80%	40.24%	0.14%	5.85%	11.63%	10.42%

Artisan Funds Advisor Share Class	YTD²	3 Mo²	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception¹
Emerging Markets
Advisor Shares	82.99%	7.01%	82.99%	n/a	n/a	n/a	–12.28%
Linked Institutional and Advisor Shares³	n/a	n/a	n/a	1.96%	n/a	n/a	10.01%
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.
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. Returns for periods less than one year are not annualized. Emerging Markets, 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 Emerging Markets and International Small Cap Funds’ investments in initial public offerings (IPOs) made a material contribution to the Funds’ performance. IPO investments are not an integral component of the Funds’ investment process and may not be available in the future. Emerging Markets, Global Value and Opportunistic Growth Funds’ performance information reflects Artisan Partners' agreement to limit the Funds’ expenses and has had a material impact on the Funds’ performance, which would have been lower in its absence. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

Expense Ratio for the 12 months ended 9/30/09
Emerging Markets - Advisor Shares	1.50%/3.00%⁴	International Value	1.27%	Opportunistic Value	1.32%
Global Value	1.51%/2.17%⁵	Mid Cap	1.23%	Small Cap	1.38%
International	1.22%	Mid Cap Value	1.21%	Small Cap Value	1.22%
International Small Cap	1.50%	Opportunistic Growth	1.50%/ 2.24%⁷
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 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 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.

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 Growth Fund

Growth 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. 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.

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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