Opportunistic Value Fund

Ticker: ARTLX     Managers: Sertl, Satterwhite, Kieffer
Inception: 3/27/06   Expense Ratio: 1.24% (for the 12 months ended 9/30/07)
Availability: Open  
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PROCESS & CURRENT INFORMATION
Process Highlights
Artisan Opportunistic Value Fund uses a bottom-up investment process to construct a flexible portfolio of value-oriented companies that we believe are undervalued, in solid financial condition and have attractive business economics. The team believes companies with these characteristics are less likely to experience eroding values over the long-term.
Attractive Valuation - The team values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that the team believes would be reasonable. The team generally will purchase a security if the stock price falls below or toward the lower end of that range.

Sound Financial Condition - The team favors companies with an acceptable level of debt and positive cash flow. At a minimum, the team tries to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interests of the company's shareholders.

Attractive Business Economics - The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company's business cycle.

Additional characteristics of the Fund include:
  • The Fund typically holds between 30 and 40 stocks.
  • The Fund primarily invests in securities with market capitalizations of at least $2.0 billion at the time of purchase.
  • The Fund can invest up to 25% of its assets in non-U.S. securities.
  • The Fund tries to maintain a cash position of no more than 15% of its net assets, although cash flows from shareholder investments and redemptions and purchases and sales of portfolio securities may cause the Fund's cash position to be larger or smaller.
  • The Fund's maximum position size is 5% at the time of purchase in 75% of the portfolio, but in the remaining 25% of the portfolio the team can invest up to 10% of Fund assets at the time of purchase in a single position.
Current Information

"MONTHLY COMMENTARY: The third quarter was highlighted by extreme volatility driven by the financial crisis on Wall Street, and few areas of the market came out of the turmoil unscathed. With volatility comes opportunity, however. We continue to find attractive investment ideas and we believe that the valuations of our holdings are compelling..."

"QUARTERLY PORTFOLIO MANAGER COMMENTARY: One positive outcome of the weak environment is the emergence of new investment opportunities. We found several new ideas this quarter and were able to put capital to work by initiating positions at what we believe were attractive valuation levels..."


Prospectus | Important Fund Risk Disclosure | Index Definitions
 
PERFORMANCE  as of 9/30/08
 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Opportunistic Value $8.02 –$0.08 -0.99% –6.53% –22.81%
Historical NAVs
  
1Net Asset Value (NAV)
2Fund performance is not annualized.
Source: Artisan Partners

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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 

Lipper Ranking
as of 6/30/08
Period Rank Funds in Category
1 Yr #137 431
3 Yr n/a n/a
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 3/27/06 #36 358


Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Value category.
*Lipper ranking inception date: 3/27/06.
  Average Annual Total Returns
Fund/Index YTD2 3 Mo2 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception1
Opportunistic Value –17.42% –11.18% –22.88% n/a n/a n/a –1.91%
Russell 1000® Index –19.50% –9.35% –22.10% n/a n/a n/a –2.51%
Russell 1000® Value Index –18.85% –6.11% –23.56% n/a n/a n/a –2.88%
Lipper Large-Cap Value Funds Index –20.16% –8.64% –23.89% n/a n/a n/a –3.21%
Lipper Multi-Cap Value Funds Index –20.72% –9.25% –25.26% n/a n/a n/a –5.36%
1Fund Inception date: 3/27/06. 2Returns for periods less than one year are not annualized.
Source: Artisan Partners/Russell/Lipper
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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 
Lipper Ranking
as of 6/30/08
Period Rank Funds in Category
1 Yr #137 431
3 Yr n/a n/a
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 3/27/06 #36 358


Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Value category.
*Lipper ranking inception date: 3/27/06.
  Average Annual Total Returns
Fund/Index YTD2 3 Mo2 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception1
Opportunistic Value –17.42% –11.18% –22.88% n/a n/a n/a –1.91%
Russell 1000® Index –19.50% –9.35% –22.10% n/a n/a n/a –2.51%
Russell 1000® Value Index –18.85% –6.11% –23.56% n/a n/a n/a –2.88%
Lipper Large-Cap Value Funds Index –20.16% –8.64% –23.89% n/a n/a n/a –3.21%
Lipper Multi-Cap Value Funds Index –20.72% –9.25% –25.26% n/a n/a n/a –5.36%
1Fund Inception date: 3/27/06. 2Returns for periods less than one year are not annualized.
Source: Artisan Partners/Russell/Lipper
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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 
Lipper Ranking
as of 6/30/08
Period Rank Funds in Category
1 Yr #137 431
3 Yr n/a n/a
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 3/27/06 #36 358


Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Value category.
*Lipper ranking inception date: 3/27/06.
PERFORMANCE  as of 9/30/08

  Average Annual Total Returns
Fund/Index YTD2 3 Mo2 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception1
Opportunistic Value –17.42% –11.18% –22.88% n/a n/a n/a –1.91%
Russell 1000® Index –19.50% –9.35% –22.10% n/a n/a n/a –2.51%
Russell 1000® Value Index –18.85% –6.11% –23.56% n/a n/a n/a –2.88%
Lipper Large-Cap Value Funds Index –20.16% –8.64% –23.89% n/a n/a n/a –3.21%
Lipper Multi-Cap Value Funds Index –20.72% –9.25% –25.26% n/a n/a n/a –5.36%
1Fund Inception date: 3/27/06. 2Returns for periods less than one year are not annualized.
Source: Artisan Partners/Russell/Lipper
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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 


PERFORMANCE  as of 9/30/08

  Average Annual Total Returns
Fund/Index YTD2 3 Mo2 1 Yr 3 Yr 5 Yr 10 Yr Since
Inception1
Opportunistic Value –17.42% –11.18% –22.88% n/a n/a n/a –1.91%
Russell 1000® Index –19.50% –9.35% –22.10% n/a n/a n/a –2.51%
Russell 1000® Value Index –18.85% –6.11% –23.56% n/a n/a n/a –2.88%
Lipper Large-Cap Value Funds Index –20.16% –8.64% –23.89% n/a n/a n/a –3.21%
Lipper Multi-Cap Value Funds Index –20.72% –9.25% –25.26% n/a n/a n/a –5.36%
1Fund Inception date: 3/27/06. 2Returns for periods less than one year are not annualized.
Source: Artisan Partners/Russell/Lipper
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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 


PERFORMANCE  as of 10/3/08

 
  NAV1 Change
($)		 Change
(%)		 PERFORMANCE TO DATE2
MTD YTD
Opportunistic Value $8.02 –$0.08 -0.99% –6.53% –22.81%
Historical NAVs
  
1Net Asset Value (NAV)
2Fund performance is not annualized.
Source: Artisan Partners

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 in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. 



Lipper Ranking
as of 6/30/08
Period Rank Funds in Category
1 Yr #137 431
3 Yr n/a n/a
5 Yr n/a n/a
10 Yr n/a n/a
Since Inception 3/27/06 #36 358


Rankings are based on total return and are historical and do not represent future results. The Fund is ranked within Lipper Inc.'s Multi-Cap Value category.
*Lipper ranking inception date: 3/27/06.


Prospectus | Important Fund Risk Disclosure | Index Definitions
 
DATA/STATISTICS  as of 9/30/08
Market Cap Distribution1
% of total portfolio equities
$ in billions Fund R1000V2
175.0 + 4.3 15.5
75.0 – 175.0 4.0 22.2
25.0 – 75.0 33.3 20.8
12.0 – 25.0 16.3 15.6
0.0 – 12.0 42.1 25.9
Total 100.0% 100.0%


Top 10 Holdings
% of total portfolio
Accenture Ltd 4.8
Nokia OYJ 4.4
The Allstate Corp 4.4
Avnet Inc 4.3
Ingram Micro Inc 4.2
Microsoft Corp 4.1
Rockwell Collins Inc 4.1
Boeing Co 4.0
Mohawk Industries Inc 3.7
Corning Inc 3.6
Total 41.6%
Holdings: Current | Historical
For the purpose of determining the Fund's holdings, securities of the same issuer are aggregated to determine the weight in the Fund.
Characteristics
Distribution Information Select Year
Median Market Cap 1 $14.1 billion
Weighted Avg. Market Cap 1 $35.0 billion
Median Price/Book Value1 1.8X
Weighted Avg. P/E (FY1)1 10.0X
Weighted Avg. P/E (FY2)1 9.1X
Number of Holdings 32
Portfolio Turnover Rate3 50.79%
Non U.S. Equities (% of total portfolio) 7.3%
Cash (% of total porfolio) 4.2%
Total Net Assets $230.4 million


Sector Diversification4
% of total portfolio equities
  Fund
Consumer Discretionary
12.4
Consumer Staples
0.9
Energy
4.8
Financials
18.8
Healthcare
2.6
Industrials
14.5
Information Technology
46.0
Materials
0.0
Telecommunication Services
0.0
Utilities
0.0
Total 100.0%


1 Source: Artisan Partners/FactSet/Russell
2 Russell 1000® Value Index
3 Audited. For the 12 months ended 9/30/07.
4 Source: Artisan Partners/FactSet(GICS)/Russell
Prospectus | Important Fund Risk Disclosure | Index Definitions | Data/Statistics Disclosure
 
FUND MANAGERS



George O. Sertl

George O. Sertl, CFA
Mr. Sertl has been Portfolio Co-Manager of Artisan Opportunistic Value Fund since inception. He has co-managed Artisan Mid Cap Value Fund and Artisan Small Cap Value Fund since May 2006. Prior to that he was an analyst working with Mr. Satterwhite and Mr. Kieffer.

Prior to joining Artisan Partners, Mr. Sertl was a research analyst at Schwartz Investment Counsel. Mr. Sertl began his investment career at Pauli & Company working as a research analyst in 1992.

Mr. Sertl holds a B.A. in Economics and History from the University of Richmond and an M.A. in Economics from St. Louis University.

Scott C. Satterwhite

Scott C. Satterwhite, CFA
Mr. Satterwhite is a Managing Director of Artisan Partners Limited Partnership. He has co-managed Artisan Opportunistic Value Fund since inception and Artisan Mid Cap Value Fund since November 2001 and has managed Artisan Small Cap Value Fund since inception.

Prior to joining Artisan Partners in 1997, Mr. Satterwhite was Senior Vice President and Portfolio Manager at Wachovia Corporation. From 1993 to 1997, Mr. Satterwhite was Portfolio Manager of the Biltmore Special Values Fund, in addition to being a Personal Trust Portfolio Manager and Manager of the Georgia Personal Trust Portfolio Group.

Mr. Satterwhite earned his B.A. degree in Economics from the University of the South and M.B.A. from Tulane University.

James Kieffer

James C. Kieffer, CFA
Mr. Kieffer is a Managing Director of Artisan Partners Limited Partnership. He has co-managed Artisan Opportunistic Value Fund since inception and has been Portfolio Co-Manager of Artisan Small Cap Value Fund since July 2000 and Artisan Mid Cap Value Fund since November 2001. Mr. Kieffer was an analyst working with Mr. Satterwhite on Artisan Small Cap Value Fund, from inception through June 2000.

Prior to joining Artisan Partners, Mr. Kieffer was a Research Analyst from 1996 to 1997 at the investment firm McColl Partners. Mr. Kieffer began his investment career at Wachovia Corporation, working with Mr. Satterwhite from 1989 to 1996, initially as a Personal Trust Portfolio manager and later as a General Equities and Small-Cap Value Research Analyst in the institutional portfolio group.

Mr. Kieffer holds a B.A. degree in Economics from Emory University.

 
Prospectus | Important Fund Risk Disclosure
This material is not an offer of any mutual funds mentioned other than Artisan Funds.
Important Fund Risk Disclosure

Value stocks may underperform other asset types during a given period. The Fund may invest a significant portion of its assets in international investments, which 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. The Fund may also invest a significant portion of its assets in the stocks of medium-sized companies, which tend to be more volatile and less liquid than those of large companies, have underperformed the stocks of larger companies during some periods and tend to have a shorter history of operations than larger companies. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.



Important Index Disclosure

An investment can not be made directly into an index.

The Russell 1000® Index is an unmanaged, market-weighted index of about 1,000 large U.S. companies. Its returns include net reinvested dividends but, unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the index.

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. Its returns include net reinvested dividends but unlike Fund returns, do not reflect the payment of sales commissions or other expenses incurred in the purchase or sale of the securities included in the 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 Distributors LLC. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Distributors’ presentation thereof.

The Lipper Large-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest large-cap value funds tracked by Lipper. Its returns include net reinvested dividends.

The Lipper Multi-Cap Value Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest multi-cap value funds tracked by Lipper. Its returns include net reinvested dividends.

The Lipper Large-Cap Core Funds Index is an unmanaged index that reflects the net asset value weighted return of 30 of the largest large-cap core funds tracked by Lipper. Its returns include net reinvested dividends.



Data/Statistics Disclosure

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 Limited Partnership. 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.

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

Market Capitalization is calculated by FactSet using the price as of the most recent month-end multiplied by the number of shares outstanding as shown in the financial statements of the issuer.

The Median Market Cap provides a measure of the market capitalization value of the companies in a portfolio. Equal numbers of companies in the portfolio have market capitalizations higher and lower than the median.

The Weighted Average Market Cap is the average of the market capitalizations of the companies in the portfolio weighted by the size of each company's position within the portfolio. Market capitalization is the aggregate value of all of a company's outstanding equity securities.

The Median Price/Book Value measures the median ratio of portfolio stock prices to each stock's book value of equity per share (book value is a company's assets minus its liabilities).

The Weighted Harmonic Average P/E (a measure of how expensive a stock is) is the harmonic average, which measures the price/earnings ratio of the Fund’s entire portfolio, excluding negative earners, weighted by the size of the company’s position within the portfolio. The earnings figures used for FY1 and FY2 are estimates for the current unreported fiscal year and for the next unreported fiscal year, respectively.

In general, the Turnover Ratio is calculated by dividing the lesser of purchases or sales of portfolio securities for the fiscal year, by the monthly average of the value of portfolio securities owned by the Fund during the fiscal year.

Characteristics are calculated using information obtained from various data sources.