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Bloomberg

Google Big Over Facebook in Value Play

This video represents the views of the portfolio manager as of 16-Feb-12.The portfolio manager’s views and portfolio holdings are subject to change and the Fund disclaims any obligation to advise investors of such changes. Artisan Partners is not responsible for and cannot guarantee the accuracy or completeness of any statement in the discussion.

Clarifications: Daniel J. O’Keefe is lead portfolio manager for Artisan Global Value Fund (ARTGX) and the firm’s Global Value separate account portfolios. Mr. O’Keefe is also portfolio manager for Artisan International Value Fund (ARTKX) and the firm’s Non-U.S. Value portfolios. As of 31-Jan-12 Artisan Global Value team manages $13.1 billion in total assets across multiple investment vehicles to accommodate a broad range of client mandates.

For important fund performance and disclosures, see below.
Average annual total returns for the fund and benchmark as of 31-Jan-12:



Artisan Global Value Fund – ARTGX (Inception 10-Dec-07): 3.09% (1YR), 20.98% (3YR), 2.23% (Since Inception).
MSCI All Country World Index: -3.47% (1YR), 17.59% (3YR), -4.30% (Since Inception).


Artisan International Value Fund – ARTKX (Inception 23-Sep-02): -3.96% (1YR), 19.09% (3YR), 1.32% (5YR), 14.19% (Since Inception). MSCI EAFE Index: -9.59% (1YR), 13.37% (3YR), -3.85% (5YR), 8.31% (Since Inception). MSCI EAFE Value Index: -11.59% (1YR), 12.95% (3YR), -5.48% (5YR), 8.59% (Since Inception).


Average annual total returns for the fund and benchmark as of 31-Dec-11:


Artisan Global Value Fund – ARTGX (Inception 10-Dec-07): 1.50% (1YR), 16.29% (3YR), 1.71% (Since Inception).
MSCI All Country World Index: -7.35% (1YR), 12.01% (3YR), -5.71% (Since Inception).


Artisan International Value Fund – ARTKX (Inception 23-Sep-02): -7.04% (1YR), 13.80% (3YR), 0.46% (5YR), 13.84% (Since Inception). MSCI EAFE Index: -12.14% (1YR), 7.65% (3YR), -4.72% (5YR), 7.79% (Since Inception). MSCI EAFE Value Index: -12.17% (1YR), 6.77% (3YR), -6.33% (5YR), 8.08% (Since Inception).


Expense Ratios are for the fiscal year ended 30-Sep-11.

Artisan Global Value Fund’s gross expense ratio is 1.77%.Artisan Partners has contractually agreed to reimburse the Fund for any ordinary operating expenses in excess of 1.50% of its average daily net assets. The current contract continues through 1-Feb-13, at which time Artisan Partners will determine whether to renew, revise or discontinue it.

Artisan International Value Fund’s expense ratio is 1.24%. The Fund’s direct operating expenses are 1.18%, which is reflected in the Fund’s "Financial Highlights" in the statutory prospectus and financial statements. The expense ratio noted above includes "Acquired Fund Fees and Expenses," which are indirect expenses the Fund may incur from investing in an investment company (acquired fund); such indirect expenses are not paid from the Fund’s assets but are reflected in the return realized by the Fund on its investment in the acquired funds.


Source: Artisan Partners/MSCI.

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, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information, call 800.344.1770 or visit www.artisanfunds.com.

Investors should consider carefully before investing the Fund’s investment objective, risks and charges and expenses. For a prospectus or summary prospectus, which contains that information and other information about the Fund, please call us at 800.344.1770. Please read the prospectus or summary prospectus carefully before you invest or send money.

Artisan Global Value Fund & Artisan 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 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. Artisan International Value Fund: Securities of small-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.


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 may be impacted by fair value pricing.

MSCI ACWI (All Country World) Index is an index designed to measure equity market performance in the global developed and emerging markets. The MSCI EAFE Index is an index of companies in developed markets, excluding the U.S. and Canada. The MSCI EAFE Value Index is an index of companies in developed markets, excluding the U.S. and Canada that exhibit value investment style characteristics according to MSCI’s methodology. The indices are unmanaged and its returns include net reinvested dividends but, unlike the Fund’s returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the indices. An investment cannot be made directly into an index.

The MSCI information may only be used for your internal use, may not be reproduced or redisseminated in any form and may not be used as a basis for or a component of any financial instruments or products or indices. None of the MSCI information is intended to constitute investment advice or a recommendation to make (or refrain from making) any kind of investment decision and may not be relied on as such. Historical data and analysis should not be taken as an indication or guarantee of any future performance analysis, forecast or prediction. The MSCI information is provided on an “as is” basis and the user of this information assumes the entire risk of any use made of this information. MSCI, each of its affiliates and each other person involved in or related to compiling, computing or creating any MSCI information (collectively, the “MSCI Parties”) expressly disclaims all warranties (including, without limitation, any warranties of originality, accuracy, completeness, timeliness, non infringement, merchantability and fitness for a particular purpose) with respect to this information. Without limiting any of the foregoing, in no event shall any MSCI Party have any liability for any direct, indirect, special, incidental, punitive, consequential (including, without limitation, lost profits) or any other damages. (www.mscibarra.com)

Portfolio holdings are subject to change without notice. Discussion of holdings is not intended to be a recommendation of any individual security. For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. These holdings comprise the following percentages of Artisan Global Value Fund’s total net assets as of 31-Dec-11: Mastercard Inc 5.1%; Google Inc 4.2%; Compass Group PLC 4.4%; Total SA 2.5%. These holdings comprise the following percentages of Artisan International Value Fund’s total net assets as of 31-Dec-11: Compass Group PLC 5.8%; Total SA 2.8%.

Initial Public Offering (IPO) is the first sale of stock by a private company to the public. Free Cash Flow is a measure of financial performance calculated as operating cash flow minus capital expenditures. Price-to-Earnings (P/E) is a valuation ratio of a company’s current share price compared to its per-share earnings. Also sometimes known as "price multiple" or "earnings multiple". Dividend Yield is a financial ratio that shows how much a company pays out in dividends each year relative to its share price. Return on Capital is a measure of how effectively a company uses the money (borrowed or owned) invested in its operations. Return on Equity (ROE) measures a corporation’s profitability by revealing how much profit a company generates with the money shareholders have invested.

Artisan Funds offered through Artisan Partners Distributors LLC (APDLLC), member FINRA. APDLLC is a wholly owned broker/dealer subsidiary of Artisan Partners Holdings LP. Artisan Partners Limited Partnership, an investment advisory firm and adviser to Artisan Funds, is wholly owned by Artisan Partners Holdings LP.

© 1999–2011 Artisan Partners Distributors LLC. All rights reserved. 2/24/12 – A12539L


Prospectus