This article represents the views of the portfolio manager as of 14-Jan-12. 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.

Clarification: At the height of the internet boom in 2000, the portfolio traded near book value, with a median price to book of 1.3X.

Artisan Value Fund – ARTLX (Inception 27-Mar-06): 5.49% (1YR), 16.75 % (3YR), 0.35% (5YR), 2.42 % (Since Inception). Russell 1000® Value Index: 0.39% (1YR), 11.55% (3YR), -2.64% (5YR), 0.07% (Since Inception). Russell 1000® Index: 1.50% (1YR), 14.81% (3YR), -0.02% (5YR), 1.68% (Since Inception).

Artisan Mid Cap Value Fund – ARTQX (Inception 28-Mar-01): 6.42% (1YR), 19.23% (3YR), 4.53% (5YR), 10.57% (10YR), 10.47% (Since Inception). Russell Midcap® Value Index: -1.38% (1YR), 18.19% (3YR), 0.04% (5YR), 7.67% (10YR), 7.85% (Since Inception). Russell Midcap® Index: -1.55% (1YR), 20.17% (3YR), 1.41% (5YR), 6.99% (10YR), 7.10% (Since Inception).

Artisan Small Cap Value Fund – ARTVX (Inception 29-Sep-97): -3.17% (1YR), 16.92% (3YR), 2.74% (5YR), 9.43% (10YR), 9.90% (Since Inception). Russell 2000® Value Index: -5.50% (1YR), 12.36% (3YR), -1.87% (5YR), 6.40% (10YR), 6.50% (Since Inception). Russell 2000® Index: -4.18% (1YR), 15.63% (3YR), 0.15% (5YR), 5.62% (10YR), 4.88% (Since Inception).

Expense Ratios are for the fiscal year ended 30-Sep-10.

Artisan Value Fund’s expense ratio is 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.

Artisan Mid Cap Value Fund’s expense ratio is 1.21%.

Artisan Small Cap Value Fund’s expense ratio is 1.22%.

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 click here.

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.

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-Dec-11: TESCO PLC 3.0%; Apple Inc 7.1%; Cisco Systems Inc 4.0%; Microsoft Corp 5.6%; Oracle Corp 3.1%; The Chubb Corp 3.0%; The Progressive Corp 3.3%; Cigna Corp 2.7%; Becton Dickinson and Co 2.0%; Target Corp 2.8%; Wal-Mart Stores Inc 2.4%. These holdings comprise the following percentages of Artisan Mid Cap Value Fund’s total net assets as of 31-Dec-11: The Progressive Corp 2.5%; Cigna Corp 2.3%. Securities named in the material, but not listed here are not held in the Fund as of the date of this report.

The S&P 500® Index is an index of 500 of the largest U.S. 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 2000® Index is an index of about 2,000 small U.S. companies and 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. 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. Russell Index returns include net reinvested dividends but, unlike the Funds’ 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.

Established in 1988, the Morningstar Fund Manager of the Year award recognizes portfolio managers who demonstrate excellent investment skill and the courage to differ from the consensus to benefit investors. To qualify for the award, managers’ funds must have not only posted impressive returns for the year, but the managers also must have a record of delivering outstanding long-term risk-adjusted performance and of aligning their interests with shareholders’. The Fund Manager of the Year award winners are chosen based on Morningstar’s proprietary research and in-depth qualitative evaluation by its fund analysts.

Price-to-Earnings (P/E) is a valuation ratio of a company’s current share price compared to its per-share earnings. Book Value is the value at which an asset is carried on a balance sheet. To calculate, take the cost of an asset minus the accumulated depreciation. Price to Book Ratio is a ratio used to compare a stock’s market value to its book value. It is calculated by dividing the current closing price of the stock by the latest quarter’s book value per share.

A12519L – DOFU 1-Feb-12.