(PUB) Investing 2015

June 2015

Morningstar FundInvestor

23

Data through May 31, 2015 Artisan Global Opportunities Inv

Ticker

Status Yield Total Assets

Mstar Category

ARTRX Open

0.3% $1,386 mil

World Stock

Morningstar Analyst Rating 10-16-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating High Above Avg Above Avg

96% 92% 95% 94% 94% 94% 93% 92%

„

Manager Change Partial Manager Change

13.0 16.6 20.8

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Negative

Investment Values of Fund Investment Values of MSCI WexUS

10.0

People Parent Price

6.0

§

Performance Quartile (within Category) History

2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 05-15

Morningstar Analyst Rating Morningstar evaluates mutual funds based on five key pillars, which its analysts believe lead to funds that are more likely to outperform over the long term on a risk-adjusted basis. Analyst Rating Spectrum Œ „ ´ˇ ¨

12.27 9.67 6.54 . . . .

11.35 -6.56 7.15 0.79 0.00 -6.56 0.00 0.11 1.40 -0.73

14.73 29.78 12.95 13.65

18.31 24.30

18.26 2.35 6.22 -1.81 0.31 2.04

20.24 10.84

NAV

28.23 47.86 . . . . . 17.08 6.41 . . . . . 15.56 13.23 . . . . . 0.00 0.00 . . . . . 28.23 47.86 . . . . . 1 10 . . . . . 0.00 29.78 1 85

Total Return % +/-MSCI WexUS

9.01 1.50 0.00

3.82 5.70 0.00

+/-MSCI Ac Wrld ND

Income Return % Capital Return %

24.30

10.84

57

53

5

Total Rtn % Rank Cat

Pillar Spectrum Positive

0.00 0.00 0.00 . . . . 0.00 0.00 . . . . 1.47 1.50 . . . . -0.59 -0.69 . . . . 101 3 . . . . 56 7 . . . . 0.13 1.50 -0.91 80 103

0.00 0.00 1.34 -0.46

0.00 0.00 1.28 -0.29

0.06 0.43 1.20 0.07

0.00 0.00 . . . 700

Income $

§ Negative

¶ Neutral

Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil

Performance 05-31-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

76

43

42

45

2011 2012 2013 2014 2015

6.68 1.76 -18.24 5.28 -6.56 20.88 -4.81 9.26 3.22 29.78 5.77 0.64 10.27 5.90 24.30 -0.11 4.37 -0.89 -0.95 2.35 5.20 . . . .

125

267

613

695

Portfolio Analysis 03-31-15 Share change since 12-14 Total Stocks:45 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

Applied Materials Inc

Technology United States Technology Sweden Hlth care United States Hlth care United States Finan Svs United States Technology United States Technology United States Technology United States Industrl United States

4.97 4.74 4.71 4.05 3.42 3.30 3.26 3.20 3.07 2.95 2.82 2.81 2.70 2.65 2.56 2.37 2.33 2.30 2.08 1.94

1 Yr 3 Yr 5 Yr

12.17 17.39 17.30

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Hexagon AB B IHS Inc Class A

Return% WexUS Ac Wrld ND

Cat

$10,000

+Avg High

+Avg +Avg

3 Mo 6 Mo 1 Yr

5.09 3.35 8.70 5.54 12.17 13.07 17.39 4.78 17.30 9.21

3.92 5.59 7.09 1.63 5.54

5 10,509 7 10,870 7 11,217 28 16,177

Regeneron Pharmaceutical

10 Yr Incept

. . . .

Biogen Inc

11.90

Visa Inc Class A Facebook Inc Class A Google Inc Class A Tencent Holdings Ltd Workday Inc Class A Apple Inc

3 Yr Avg 5 Yr Avg 10 Yr Avg 15 Yr Avg

Other Measures

Standard Index Best Fit Index MSCI WexUS BofAML Convert Bd

3 22,207 . . . . . . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

Alpha

7.1

-3.9 1.26

Technology China

Beta

0.77

Technology United States

R-Squared

57

71

Fanuc Corp

Industrl

Japan

3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated)

17.13 17.04

17

0.22 0.22

15

Direct Line Insurance Gr

Finan Svs U.K.

Standard Deviation

10.74 17.39

2 17 . . . .

Illumina Inc Starbucks Corp Markit Ltd Genmab A/S

Hlth care United States Cnsmr Cyc United States

Mean

Sharpe Ratio

1.55

Industrl

United States

Potential Capital Gain Exposure: 26% of assets

Hlth care Denmark Hlth care United States Cnsmr Cyc United States Technology United States

Morningstar’s Take by Greg Carlson 10-16-14 The founder of Artisan Global Opportunities’ team has reduced his role, but the fund remains on solid ground. On Sept. 30, 2014, comanager Andy Stephens, the sole manager of this team’s largest charge (Artisan Mid Cap ARTMX, which is closed to new investors) since its 1997 inception, relinquished his portfolio manager title on all of the team’s funds (which also includes the closed Artisan Small Cap ARTSX). He will focus on research and mentoring newer analysts. Fund performance issues or conflicts did not influence Stephens’ decision; he wanted to take a step back, according to Artisan. Furthermore, he’s expected to stick around: Artisan portfolio managers must give three years’ notice before retiring, and Stephens (who is still bound by the rule) hasn’t given such notice. Despite the loss of Stephens as a manager, the team--which has generated fine results at all three funds--still inspires a great deal of confidence. The fund retains its Silver Morningstar Analyst Rating. Jim Hamel, this fund s lead manager since its 2008 inception (and comanager of Artisan Mid Cap since

Abbott Laboratories Walt Disney Co Google Inc Class C

2006), joined the team at its 1997 founding as an analyst and has gradually taken over the team as Stephens has stepped back. Matt Kamm, now the lead on Artisan Mid Cap, joined the team in 2003. Craigh Cepukenas, the lead on Artisan Small Cap, joined Artisan in 1995 when Artisan Small Cap was launched and this team in 2009 when that fund was added to this fund’s responsibilities. The team includes associate manager Jason White and eight analysts. The fund’s performance has been strong and consistent; from its September 2008 inception through Oct. 10, 2014, it has surpassed 94% of its world-stock peers, as well as its MSCI ACWI benchmark. The fund started out as a large-growth vehicle but moved to world stock in 2012 because of a steadily increasing stake in foreign stocks as the team grew more comfortable with a hefty non-U.S. stake (which is expected to remain above 30% of assets), in part by hiring more analysts with experience in such equities. The team’s thoughtful approach to this transition bolsters our confidence in the fund.

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

WexUS High

Market Cap % Giant 36.9 Large 34.3 Mid 28.9 Small 0.0 Micro 0.0 Avg $mil: 29,651

Value Blnd Growth

Cyclical 23.91 BasicMat 2.87 CnsmrCyc12.61 FinanSvs 8.43 Real Est 0.00 Sensitive 50.91 CommSrvs 0.00 Energy 2.07 Industrl 14.27 Technlgy 34.57 Defensive25.18 CnsmrDef 5.45 Hlthcare 17.76 Utilities 1.97

. .

h r t y u j i o p a k s d f

Large Mid Small

8 3

. 15 9 . 15 8

1 1

. .

. . .

7 2

Growth Measures Long-Term Erngs Book Value Sales Cash Flow Historical Erngs Price/Cash Flow Dividend Yield % Value Measures Price/Earnings Price/Book Price/Sales

Rel Category

.

17.09 9.85 6.39 21.63 14.83 27.70 4.42 4.11 12.99 0.86

1.87 2.29 3.16 1.83 0.35

. 15 10 . 35 28

. .

7 1

. 20 16

2 1

.

% Rel Category

1.51 4.76

24.58 27.73 0.31

Country Exposure United States 61 U.K. 9 China 6 UK/W. Europe 20 Japan 3 Asia X Japan 12 Regional Exposure

% Stock

N. America 61 Latn America 3 Other 1

Address:

Artisan Funds Inc Milwaukee, WI 53202 800-344-1770 www.artisanfunds.com

Minimum Purchase: Min Auto Inv Plan:

$1000 $1000

Add: $0 IRA: $0

Add: $50

Sales Fees:

No-load, 2.00%R 0.90% mx./0.80% mn. Mgt:0.90% Dist: .

Composition - Net

Web Address: Inception: Advisor: Subadvisor: NTF Plans:

Management Fee:

% Stock

Cash

6.2

Bonds Other

0.0 1.9

09-22-08

Actual Fees:

Sweden

6 3

Artisan Partners Limited Partnership

Expense Projections: Income Distribution:

3Yr:$381 Annually

5Yr:$660 10Yr:$1455

Stocks

91.9

None

Japan

Foreign

38.8

(% of Stock)

N/A

Mutual Funds ß ®

© 2015Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted to be accurate, correct, complete or timely. Pastperformance isnoguarantee of future results.Access updated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

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