Q. Daniel, during this period of global economic crisis have you been a steady buyer of equities in Artisan Global Value Fund (ARTGX)? If so, why and what have you been purchasing?

A. As almost all our stocks are falling further from their fair value targets, the hurdle for new investments keeps moving up. So, a good portion of our buying has been in existing holdings. For example, Bank of New York (NYSE: BK), a holding in Artisan Global Value Fund, has been extremely volatile. Not a traditional bank, BK makes most of its revenues and profits from capital markets, related fee income, and a significant money market business. BK has not been immune to the credit concerns of the markets, but its exposure to low quality commercial paper has thus far been manageable. We have taken advantage of these concerns to add to our position.

Purchases we made in the third quarter include Tyco Electronics (NYSE: TEL), a leading [Bermuda-based] manufacturer of electronic connectors used in everything from cell phones and computers to automobiles. This is an attractively valued business with high margins, attractive returns on capital, and good cash flow generation.