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 International Value 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, may have underperformed the stocks of larger companies during some periods and tend to have a shorter history of operations than larger companies. For Artisan Global 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. Value stocks may underperform other asset types during a given period.

For the purposes 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 International Value Fund’s total net assets as of June 30, 2009, Experian PLC 4.5%, Diageo PLC 3.6%, Unilever PLC 3.3% and Cadbury PLC 2.0%. These holdings comprise the following percentages of Artisan Global Value Fund’s total net assets as of June 30, 2009, Experian PLC 4.4%, Diageo PLC 3.4%, Unilever PLC 3.0% and Cadbury PLC 1.9%. Portfolio holdings are subject to change without notice and are not intended as recommendations of individual securities. The Price-Earnings Ratio (P/E Ratio) is a valuation ratio of a company’s current share price compared to its per-share earnings and is calculated by dividing the market value per share by the earnings per share.