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MorningstarTM

A Lot to Like in the Tech Sector

For important fund performance and disclosures, see below.

Average annual total returns for the fund and benchmark as of 3/31/11:

Artisan Small Cap Fund – ARTSX (Inception 3/28/95): 32.22% (1YR), 8.70% (3YR), 1.48% (5YR), 6.63% (10YR), 7.89% (Since Inception). Russell 2000® Growth Index: 31.04% (1YR), 10.16% (3YR), 4.34% (5YR), 6.44% (10YR), 6.56% (Since Inception). Russell 2000® Index: 25.79% (1 YR), 8.57% (3YR), 3.35% (5YR), 7.87% (10YR), 9.06% (Since Inception).

Artisan Mid Cap Fund – ARTMX (Inception 6/27/97): 32.64% (1YR), 10.86% (3YR), 7.96% (5YR), 7.99% (10YR), 14.64% (Since Inception). Russell Midcap® Growth Index: 26.60% (1YR), 7.63% (3YR), 4.93% (5YR), 6.94% (10YR), 7.06% (Since Inception). Russell Midcap® Index: 24.27% (1 YR), 7.25% (3YR), 4.67% (5YR), 8.52% (10YR), 8.98% (Since Inception). The fund is closed to most new investors.

Artisan Growth Opportunities Fund – ARTRX (Inception 9/22/08): 30.46% (1YR), 11.74% (Since Inception). MSCI All Country World IndexSM: 14.08% (1YR), 5.66% (Since Inception).

Expense Ratio (for the fiscal year ended 9/30/10): Artisan Small Cap Fund 1.66%. The Fund’s direct operating expenses are 1.31%. Artisan Mid Cap Fund 1.29%. The Fund’s direct operating expenses are 1.23%. This 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. Artisan Growth Opportunities Fund’s gross expense ratio is 1.54%. The Fund’s net expense ratio is 1.50%. From the Fund’s inception until 1-Dec-09, Artisan Partners voluntarily limited the Fund’s expenses, which could have been terminated at any time. As of 1-Dec-09, Artisan Partners has been contractually agreeing on an annual basis 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-12, at which time Artisan Partners will determine whether to renew, revise or discontinue it.

Source: Artisan Partners/Russell/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. The Fund’s performance information reflects Artisan Partners’ agreement to limit the Fund’s expenses and has had a material impact on the Fund’s performance, which would have been lower in its absence. The Fund’s 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.

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.

Growth securities may underperform other asset types during a given period. Artisan 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. Artisan Mid Cap Fund & Artisan Growth Opportunities 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.


The Russell 2000® Index is an index of about 2,000 small U.S. companies and the Russell 2000® Growth Index is an index of those small companies included in the Russell 2000® Index with higher price-to-book ratios and higher forecasted growth values. The Russell Midcap® Index is an index of about 800 medium-sized U.S. companies. The Russell Midcap® Growth Index is an index of those medium-sized companies included in the Russell Midcap® Index with higher price-to-book ratios and higher forecasted growth values. MSCI ACWI (All Country World) IndexSM is an index designed to measure equity market performance in the global developed and emerging markets. All indices are unmanaged, market-weighted indices whose 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.

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 Small Cap Fund’s total net assets as of March 31, 2011: Atheros Communications Inc 1.9%; Cepheid Inc 3.2%; GSI Commerce Inc 2.5%; Informatica Corp 3.0%; Varian Semiconductor Equipment Associates Inc 1.9%. These holdings comprise the following percentages of Artisan Mid Cap Fund’s total net assets as of March 31, 2011: GSI Commerce Inc 1.1%; Varian Semiconductor Equipment Associates Inc 1.2%. Securities named in the material, but not listed here are not held in the Funds as of the date of this report. The security examples do not constitute recommendations to buy or sell investments

This article represents the views of the portfolio managers as of 11-May-11.The portfolio managers’ views and portfolio holdings are subject to change and the Fund disclaims any obligation to advise investors of such changes. All information in this material is as of 11-May-11 unless otherwise indicated.

eBay’s purchase of GSI and Applied Materials’ purchase of Varian Semiconductor were announced 28-Mar-11 and 4-May-11, respectively, and are pending completion as of the date of this interview.

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 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)

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. 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 suchstandard 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.

Price-Earnings Ratio or the P/E Ratio is a valuation ratio of a company’s current share price compared to its per- share earnings Calculated by dividing the market value per share by the earnings per share.

Artisan Funds offered through Artisan Distributors LLC (ADLLC), member FINRA. ADLLC 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.

Copyright 2011 Artisan Distributors. All rights reserved. This material is for the intended recipient’ use only and may not be reproduced or disseminated, delivered or distributed to anyone other than the intended recipient in whole or in part without Artisan Distributors’ permission.

6/9/11 – A11571L


Prospectus