Month-end/Quarter-end - Artisan Funds

Font Size:

PERFORMANCE as of 9/30/08

For index comparison information, please click on the respective Fund name.

Fund/Index	YTD²	3 Mo²	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception¹
Global Value	–13.60%	–3.37%	n/a	n/a	n/a	n/a	-16.80%²
International	–31.93%	–22.13%	–29.99%	2.59%	10.10%	9.59%	10.75%
International Small Cap	–39.36%	–27.18%	–38.44%	2.33%	13.31%	n/a	15.10%
International Value	–16.93%	–7.14%	–19.10%	4.74%	13.37%	n/a	17.81%
Mid Cap	–22.17%	–11.92%	–22.47%	2.64%	7.61%	12.66%	13.84%
Mid Cap Value	–6.02%	–6.28%	–11.16%	2.91%	12.65%	n/a	11.31%
Opportunistic Growth	n/a	n/a	n/a	n/a	n/a	n/a	–6.80%
Opportunistic Value	–17.42%	–11.18%	–22.88%	n/a	n/a	n/a	–1.91%
Small Cap	–22.40%	–4.79%	–26.64%	–5.05%	4.85%	5.48%	6.64%
Small Cap Value	0.51%	–0.78%	–5.77%	4.10%	12.55%	13.32%	11.06%
¹Fund Inception dates: Artisan Global Value Fund 12/10/07, Artisan International Fund - 12/28/95, Artisan International Small Cap Fund - 12/21/01, Artisan International Value Fund - 9/23/02, Artisan Mid Cap Fund - 6/27/97, Artisan Mid Cap Value Fund - 3/28/01, Artisan Opportunistic Growth Fund - 9/22/08, Artisan Opportunistic Value Fund - 3/27/06, Artisan Small Cap Fund - 3/28/95 and Artisan Small Cap Value Fund - 9/29/97. ²Returns for periods less than one year are not annualized.
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in an Artisan 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. Artisan Global Value and Opportunistic Growth Funds' returns may vary greatly over short periods, and current performance may be materially lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. Global Value, International, International Small Cap and International Value Funds' 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. Artisan International Small Cap Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. Global Value and Opportunistic Growth Funds' performance information reflects Artisan Partners' undertaking to limit the Funds' expenses, which may be terminated at any time, has been in effect since the Funds' inception and has had a material impact on the Funds' performance, which would have been lower in its absence. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

Expense Ratio for the 12 months ended 9/30/07
Global Value	1.48% / 1.93%³	Mid Cap	1.22%	Opportunistic Value	1.24%
International	1.21%	Mid Cap Value	1.20%	Small Cap	1.18%
International Small Cap	1.52%	Opportunistic Growth	1.49%/1.66%⁴	Small Cap Value	1.19%
International Value	1.23%
³Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Global Value Fund from inception to 9/30/08, will be subject to the subsidized expense ratio. Artisan Global Value Fund's unsubsidized expense ratio is 1.93%. The subsidized expense ratio is 1.48%, which reflects Artisan Partners' voluntary undertaking to limit the Fund's expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance. In addition, the outside directors of Artisan Funds have voluntarily waived that portion of their fees allocable to Artisan Global Value Fund until September 30, 2008. Because the Fund is new, the amounts shown are estimated based on the fiscal year ending 9/30/08. ⁴Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Opportunistic Growth Fund from inception to 9/30/08, will be subject to the subsidized expense ratio. Artisan Opportunistic Growth Fund's unsubsidized expense ratio is 1.66%. The subsidized expense ratio is 1.49%, which reflects Artisan Partners' voluntary undertaking to limit the Fund's ordinary operating expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance. In addition, the outside directors of Artisan Funds have voluntarily waived that portion of their fees allocable to Artisan Opportunistic Growth Fund until September 30, 2009. Because the Fund is new, the amounts shown are estimated based on the fiscal year ending 9/30/08.

For index comparison information, please click on the respective Fund name.

Fund/Index	YTD²	3 Mo²	1 Yr	3 Yr	5 Yr	10 Yr	Since Inception¹
Global Value	–13.60%	–3.37%	n/a	n/a	n/a	n/a	-16.80%²
International	–31.93%	–22.13%	–29.99%	2.59%	10.10%	9.59%	10.75%
International Small Cap	–39.36%	–27.18%	–38.44%	2.33%	13.31%	n/a	15.10%
International Value	–16.93%	–7.14%	–19.10%	4.74%	13.37%	n/a	17.81%
Mid Cap	–22.17%	–11.92%	–22.47%	2.64%	7.61%	12.66%	13.84%
Mid Cap Value	–6.02%	–6.28%	–11.16%	2.91%	12.65%	n/a	11.31%
Opportunistic Growth	n/a	n/a	n/a	n/a	n/a	n/a	–6.80%
Opportunistic Value	–17.42%	–11.18%	–22.88%	n/a	n/a	n/a	–1.91%
Small Cap	–22.40%	–4.79%	–26.64%	–5.05%	4.85%	5.48%	6.64%
Small Cap Value	0.51%	–0.78%	–5.77%	4.10%	12.55%	13.32%	11.06%
¹Fund Inception dates: Artisan Global Value Fund 12/10/07, Artisan International Fund - 12/28/95, Artisan International Small Cap Fund - 12/21/01, Artisan International Value Fund - 9/23/02, Artisan Mid Cap Fund - 6/27/97, Artisan Mid Cap Value Fund - 3/28/01, Artisan Opportunistic Growth Fund - 9/22/08, Artisan Opportunistic Value Fund - 3/27/06, Artisan Small Cap Fund - 3/28/95 and Artisan Small Cap Value Fund - 9/29/97. ²Returns for periods less than one year are not annualized.
The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in an Artisan 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. Artisan Global Value and Opportunistic Growth Funds' returns may vary greatly over short periods, and current performance may be materially lower or higher than the performance data quoted. Returns for periods less than one year are not annualized. Global Value, International, International Small Cap and International Value Funds' 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. Artisan International Small Cap Fund's investments in initial public offerings (IPOs) made a material contribution to the Fund's performance. IPO investments are not an integral component of the Fund's investment process and may not be available in the future. Global Value and Opportunistic Growth Funds' performance information reflects Artisan Partners' undertaking to limit the Funds' expenses, which may be terminated at any time, has been in effect since the Funds' inception and has had a material impact on the Funds' performance, which would have been lower in its absence. A mutual fund’s NAV is the value of a single share and is computed daily using closing prices as of the NYSE closing time – usually 4:00 p.m. Eastern Time, but sometimes earlier. Securities for which prices are not readily available (such as when there are significant changes in one or more U.S. market indices) are valued at a fair value under the Funds’ Valuation Procedures as described in the Funds’ prospectus. When fair value pricing is employed, the value of a portfolio security used by the Fund to calculate its NAV may differ from (and consequently be higher or lower than) quoted or published prices for the same security. Fair value pricing is not employed by market indices. Quotations of mutual fund performance are calculated using NAV and are therefore impacted by fair value pricing.

Expense Ratio for the 12 months ended 9/30/07
Global Value	1.48% / 1.93%³	Mid Cap	1.22%	Opportunistic Value	1.24%
International	1.21%	Mid Cap Value	1.20%	Small Cap	1.18%
International Small Cap	1.52%	Opportunistic Growth	1.49%/1.66%⁴	Small Cap Value	1.19%
International Value	1.23%
³Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Global Value Fund from inception to 9/30/08, will be subject to the subsidized expense ratio. Artisan Global Value Fund's unsubsidized expense ratio is 1.93%. The subsidized expense ratio is 1.48%, which reflects Artisan Partners' voluntary undertaking to limit the Fund's expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance. In addition, the outside directors of Artisan Funds have voluntarily waived that portion of their fees allocable to Artisan Global Value Fund until September 30, 2008. Because the Fund is new, the amounts shown are estimated based on the fiscal year ending 9/30/08. ⁴Subsidized/Unsubsidized. It is anticipated that shareholders of Artisan Opportunistic Growth Fund from inception to 9/30/08, will be subject to the subsidized expense ratio. Artisan Opportunistic Growth Fund's unsubsidized expense ratio is 1.66%. The subsidized expense ratio is 1.49%, which reflects Artisan Partners' voluntary undertaking to limit the Fund's ordinary operating expenses, which may be terminated at any time, has been in effect since the Fund's inception and has had a material impact on the Fund's performance. In addition, the outside directors of Artisan Funds have voluntarily waived that portion of their fees allocable to Artisan Opportunistic Growth Fund until September 30, 2009. Because the Fund is new, the amounts shown are estimated based on the fiscal year ending 9/30/08.

Prospectus | Important Fund Risk Disclosure

Important Fund Risk Disclosure

Global 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. Stocks of medium-sized companies tend to be more volatile than those of large companies, and have underperformed the stocks of small and large companies during some periods. Value stocks may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

International 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. The Fund invests in growth stocks, which may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

International Small 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. Stocks of smaller companies 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. The Fund invests in growth stocks, which may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

International 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. The Fund may invest a significant portion of its assets in the stocks of small and 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. The Fund also invests in value stocks, which may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

Mid Cap Fund

The Fund may invest a 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. Stocks of medium-sized companies tend to be more volatile than those of large companies and may have underperformed the stocks of small and large companies during some periods. Growth stocks may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

Mid Cap Value Fund

Medium-sized companies tend to be more volatile than those of large companies, and have underperformed the stocks of small and large companies during some periods. Value stocks may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

Opportunistic Growth Fund

Growth 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. 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.

Opportunistic Value Fund

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.

Small Cap Fund

Stocks of smaller companies 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. Growth stocks may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

Small Cap Value Fund

Stocks of smaller companies 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. The Fund invests in value stocks, which may underperform other asset types during a given period. These risks are discussed in the prospectus. Please read it carefully before you invest or send money.

Comments | 800.344.1770