For important fund performance and disclosures, see below.
The average annual returns for the funds and benchmarks as of 12/31/09 are as follows:

Artisan Value Fund – ARTLX (Inception 3/27/06): 35.51% (1YR), -4.67% (3YR), -0.61% (Since Inception). Russell 1000^® Value Index: 19.69% (1YR), -8.96% (3YR), -3.76% (Since Inception). Russell 1000^® Index: 28.43% (1YR), -5.36% (3YR), -1.80% (Since Inception).

Artisan Mid Cap Value Fund – ARTQX (Inception 3/28/01): 39.25% (1YR), 0.84% (3YR), 6.22% (5YR), 10.51% (Since Inception). Russell Midcap^® Value Index: 34.21% (1YR), -6.62% (3YR), 1.98% (5YR), 7.16% (Since Inception). Russell Midcap^® Index: 40.48% (1YR), -4.59% (3YR), 2.43% (5YR), 6.20% (Since Inception).

Artisan Small Cap Value Fund – ARTVX (Inception 9/29/97): 40.24% (1YR), 0.14% (3YR), 5.85% (5YR), 11.63% (10YR), 10.42% (Since Inception). Russell 2000^® Value Index: 20.58% (1YR), -8.22% (3YR), -0.01% (5YR), 8.27% (10YR), 6.18% (Since Inception). Russell 2000^® Index: 27.17% (1YR), -6.07% (3YR), 0.51% (5YR), 3.51% (10YR), 4.03% (Since Inception).

Expense ratios (For the 12 months ended 9/30/08): Artisan Value Fund 1.23%; Artisan Mid Cap Value Fund 1.21% and Artisan Small Cap Value Fund 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 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. For current to most recent performance, click here.

Investors should consider carefully before investing the Fund’s investment objective, risks and charges and expenses. For a prospectus, which contains that information and other information about the Fund, click here. Please read the prospectus carefully before you invest or send money.

Value stocks may underperform other asset types during a given period. Artisan Value 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. Artisan Mid Cap Value Fund: 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. Artisan Small Cap Value Fund: Stocks of smaller companies tend to be more volatile and less liquid than those of large companies, may 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.

This summary represents the views of the portfolio manager as of 12/7/09. This view may change, and the Fund disclaims any obligation to advise investors of such changes. For the purpose of determining the Funds’ holdings, securities of the same issuer are aggregated to determine the weight in the Funds. The holdings mentioned above comprise the following percentages of the Funds’ total net assets (including all classes of shares) as of 9/30/09. Artisan Value Fund: Nestle SA 2.9%; The Kroger Co 3.3%; Hewlett-Packard Co 4.6%; Stryker Corp 2.6%; Philip Morris International Inc 2.0%; Johnson & Johnson 3.0% and Pfizer Inc 3.4%. Artisan Mid Cap Value Fund: HJ Heinz Co 1.5%; Campbell Soup Co 1.6%; Sysco Corp 1.6%; The Kroger Co 2.3%; Hewitt Associates Inc 2.0%; Stryker Corp 2.3% and Cardinal Health Inc 1.1%. Securities named in the discussion above, but not listed here are not held in the Funds as of the date of this report. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities.

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.

All indices are unmanaged, market-weighted indices, and their returns include net reinvested dividends. Unlike the Funds’ returns, the returns of all of the indices 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. The Russell 1000^® Index is an index of about 1,000 large U.S. companies. The Russell 1000^® Value Index is an index of those companies included in the Russell 1000^® 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 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 companies included in the Russell 2000^® Index with lower price-to-book ratios and lower forecasted growth values.

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

P/E (price-to-earnings) is valuation ratio of a company’s current share price compared to its per-share earnings.

A9635L. First use: 1/7/10.