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The Street

Attractive Stocks in Today’s Market

This video represents the views of the portfolio manager as of 10-Nov-11.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. The discussion of specific holdings is for informational purposes only and is not intended to represent or predict portfolio investment performance or as a recommendation of any individual security.

Clarifications: The statement that Apple has “the best balance sheet in the world” is the opinion of George Sertl as of the date of the interview. Microsoft’s stock traded around 80X earnings in 1987 and traded around 30X earnings a decade ago.

For fund performance and important disclosures, see below.

Average annual total returns for the fund and benchmark as of 30-Sep-11:

Artisan Value Fund – ARTLX (Inception 27-Mar-06): 3.10% (1YR), 2.90% (3YR), -0.06% (5YR), 0.68% (Since Inception). Russell 1000® Value Index: -1.89% (1YR), -1.52% (3YR), -3.53% (5YR), -2.14% (Since Inception). Russell 1000® Index: 0.91% (1YR), 1.61% (3YR), -0.91% (5YR), -0.29% (Since Inception).

Expense Ratio (for the fiscal year ended 30-Sep-10): 1.18%. The Fund’s operating expenses have been restated to reflect a reduction in management fees, effective as of 1-Dec-10, as if such reduction had been in effect during the fiscal year ended 30-Sep-10. The information has been restated to better reflect anticipated expenses of the Fund.

Source: Artisan Partners/Russell.

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

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.

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.

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 Value Fund’s total net assets as of 30-Sep-11: Apple Inc 6.8%; Berkshire Hathaway Inc 5.3%; The Goldman Sachs Group Inc 2.4%; Microsoft Corp 5.2%. Securities named in the video, but not listed here were not held in the Fund as of the date of this report.

The Russell 1000® Value Index is an unmanaged, market-weighted index of those large companies included in the Russell 1000® Index, an index of about 1,000 large U.S. companies, with lower price-to-book ratios and lower forecasted growth values. Russell Index 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.

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. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners’ presentation thereof.

Price-to-Earnings (P/E) is a valuation ratio of a company’s current share price compared to its per-share earnings. Dividend yield is an indication of the income generated by a share of stock, calculated by dividing a company’s annual dividends per share by the price per share. AAA is the highest possible rating that can be assigned to the bonds of an issuer by credit rating agencies.

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 such standard 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.

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.

12/8/11 – A11659L