For Important Information, See Below

This material represents the views of the manager as of 21-Jun-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.

Clarifications: As of 31-Mar-12 - Property and casualty insurance ("P&C insurance") was the largest area of exposure within the financials sector for Artisan Value and Mid Cap Value Funds. P&C insurance holdings were not a significant exposure in Artisan Small Cap Value Fund. Artisan Value, Mid Cap Value and Small Cap Value Funds’ REIT exposure was less than 5%, respectively.

For important fund performance and disclosures, see below. Average annual total returns for the fund and benchmark as of 30-Jun-12:

Artisan Value Fund – ARTLX (Inception 27-Mar-06): 4.07% (1YR), 15.16% (3YR), -0.62% (5YR), 3.28% (Since Inception). Russell 1000® Value Index: 3.01% (1YR), 15.80% (3YR), -2.19% (5YR), 1.40% (Since Inception). Russell 1000® Index: 4.37% (1YR), 16.64% (3YR), 0.39% (5YR), 3.01% (Since Inception).

Artisan Mid Cap Value Fund – ARTQX (Inception 28-Mar-01): -0.53% (1YR), 16.28% (3YR), 2.73% (5YR), 10.69% (10YR), 10.29% (Since Inception). Russell Midcap® Value Index: -0.37% (1YR), 19.92% (3YR), -0.13% (5YR), 8.17% (10YR), 8.20% (Since Inception). Russell Midcap® Index: -1.65% (1YR), 19.44% (3YR), 1.06% (5YR), 8.45% (10YR), 7.51% (Since Inception).

Artisan Small Cap Value Fund – ARTVX (Inception 29-Sep-97): -7.43% (1YR), 14.69% (3YR), 1.56% (5YR), 9.03% (10YR), 9.73% (Since Inception). Russell 2000® Value Index: -1.44% (1YR), 17.43% (3YR), -1.05% (5YR), 6.50% (10YR), 6.84% (Since Inception). Russell 2000® Index: -2.08% (1YR), 17.80% (3YR), 0.54% (5YR), 7.00% (10YR), 5.30% (Since Inception).

Expense Ratios are for the fiscal year ended 30-Sep-11. Artisan Value Fund’s expense ratio is 1.10%. Artisan Mid Cap Value Fund’s expense ratio is 1.20%. Artisan Small Cap Value Fund’s expense ratio is 1.20%. 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 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 Value, Mid Cap Value and Small Cap Value Funds: Value securities may underperform other asset types during a given period. Artisan 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. Artisan Value and Mid Cap Value Funds: 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 Value 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.

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. The Russell Midcap® Index is an index of about 800 medium-sized U.S. companies. The Russell Midcap® Value Index is an index of those companies included in the Russell Midcap® Index with lower price-to-book ratios and lower forecasted growth values. The Russell 2000® Index is an index of about 2,000 small U.S. companies. The Russell 2000® Value Index is an index of those small companies included in the Russell 2000® Index with lower price-to-book ratios and lower forecasted growth values. 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.

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 Value Fund’s total net assets as of 31-Mar-12: Arch Capital Group Ltd 2.5%; The Chubb Corp 2.6% and Berkshire Hathaway Inc 4.6%. These holdings comprise the following percentages of Artisan Mid Cap Value Fund’s total net assets as of 31-Mar-12: Arch Capital Group Ltd 1.8%.

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.

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.

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