For Important Information, See Below

Jim Hamel, Portfolio Manager for Artisan Global Opportunities, Artisan Mid Cap and Artisan Small Cap Funds, discusses why he believes it’s a good time to invest in growth stocks.

This material represents the views of the manager as of 13-Nov-12. The views and opinions expressed are based on current market conditions, which will fluctuate and those views are subject to change without notice. While the information contained herein is believed to be reliable, there no guarantee to the accuracy or completeness of any statement in the discussion. This material is for informational purposes only and should not be considered as investment advice or a recommendation of any investment service, product or individual security. Any forecasts contained herein are for illustrative purposes only and are not to be relied upon as advice or interpreted as a recommendation.

Clarification: Growth stocks have generally traded at a valuation premium (higher price-to-earnings multiples) compared to value stocks over the last few decades, which can be attributed to the general fact that investors are typically willing to pay higher prices for higher rates of expected growth. Over the last few decades, the average valuation premium (as measured by subtracting the price-to-earnings ratio of the Russell 3000® Value Index from the Russell 3000® Growth Index) to own growth was 7.2X. The valuation premium to own growth today has compressed to levels not seen since the early 1990s. At the end of March 2012 it was as low as 3.1X and as of October 31, 2012, it was at 4.3X. A very small premium compared to history.

Past performance does not guarantee future results. For further information regarding the funds managed by the Artisan Growth team, including current to most recent month-end performance, please click on the fund below.

Artisan Global Opportunities Fund
Artisan Mid Cap Fund
Artisan Small Cap Fund

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 Global Opportunities Fund & Artisan 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. 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.

For the purpose of determining the Fund’s holdings, securities of the same issuer are aggregated to determine the weight in the Fund. The discussion of portfolio holdings does not constitute a recommendation of any individual security. These holdings comprise the following percentages of the Artisan Global Opportunities Fund total net assets as of 30-Sep-12: Google Inc 5.9%, Apple Inc 4.8%.

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.

Top line refers to the top line of an income statement, which shows the gross sales or revenue of a company.

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.

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