(PUB) Investing 2016

4

Data through May 31, 2016 FINRA members: For internal or institutional use only. Artisan International Value Investor

Ticker ARTKX

Yield 0.8%

Total Assets $11,384 mil

Mstar Category Foreign Large Blend

Benchmark 1: MSCI ACWI Ex USA NR USD Benchmark 2: MSCI ACWI Ex USA NR USD Morningstar Analyst Rating 05-13-16 Œ

Investment Style Equity

Historical Profile Return Risk Rating High Low QQQQQ Highest

4 4 4 4 4 4 1 4

20.0

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

15.0

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive § Negative

10.0

Performance

People Parent

Performance Quartile (within Category)

& ( & ) ( & & & & ( & 2006 2007 2008 2009 2010 2011 2012 2013 2014 2015 05-16 27.93 25.52 17.63 23.10 27.11 25.09 30.38 36.77 34.21 31.71 32.55 34.46 -0.67 -30.11 33.47 18.90 -7.14 22.82 30.49 -0.59 -1.75 2.65 7.81 -17.32 15.42 -7.98 7.75 6.57 5.99 15.20 3.27 3.92 2.13 7.81 -17.32 15.42 -7.98 7.75 6.57 5.99 15.20 3.27 3.92 2.13 2.01 1.82 0.83 2.41 1.53 0.05 1.17 2.07 1.49 0.81 0.00 32.45 -2.49 -30.93 31.06 17.37 -7.19 21.65 28.42 -2.08 -2.55 2.65 0.44 0.51 0.21 0.42 0.35 0.01 0.29 0.63 0.55 0.28 0.00 1.28 1.67 0.00 0.00 0.00 0.07 0.14 2.15 1.81 1.68 0.00 1.25 1.23 1.23 1.25 1.21 1.18 1.17 1.16 1.16 1.17 1.17 2.18 1.34 1.83 0.95 1.34 1.10 1.08 0.85 0.86 0.60 -0.04 5 74 5 81 71 3 7 1 10 60 9

Price

History

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 „ ´ ‰ Á

NAV

Total Return % +/- Bmark 1 +/- Bmark 2 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $

Pillar Spectrum ∞ Positive

§ Negative

¶ Neutral

Performance 05-31-16 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2012 2013 2014 2015 2016

11.28 -5.19 8.50 7.29 22.82 7.54 1.16 11.98 7.11 30.49 0.19 6.22 -6.57 -0.02 -0.59 3.65 0.65 -8.60 3.04 -1.75

. .

43

46

45

55

21

31

20

33

20

24

1,654 1,404

875 1,947 3,083 3,454 5,651 8,854 8,603 4,992

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 03-31-16 Total Stocks: 43 Share change since 12-31-15

0.79

— — — —

Morningstar Rtn vs Cat

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Sector

Country

% Assets

Trailing

Total Return%

+/- Bmark 1

+/- Bmark 2

%Rank Cat

Growth of $10,000

T Compass Group PLC

Cnsmr Cyc United Kingdom 5.11

1 Yr 3 Yr 5 Yr

-4.90 6.06 6.97 6.70 13.02

3 Mo 6 Mo

9.12 0.02 0.01 0.56 1.93 1.93 -4.90 6.49 6.50 6.06 5.87 5.87 6.97 6.85 6.85 6.70 4.69 4.68

23 10,912 8 10,056 7 9,510 3 11,932 3 14,007 1 19,123

T Samsung Electronics Co Lt

Technology South Korea Finan Svcs Switzerland Finan Svcs United States

4.68 4.40 3.98 3.94 3.58

Low QQQQQ Low QQQQQ Low QQQQQ

High High High

T UBS Group AG

1 Yr

T Arch Capital Group Ltd

10 Yr Incept

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

T ABB Ltd

Industrl

Switzerland

T Baidu Inc ADR

Technology China

Y RELX PLC

Cnsmr Cyc United Kingdom 3.58

Other Measures

Standard Index

Best Fit Index

— — — — —

T ING Groep NV

Finan Svcs Netherlands

3.37

Alpha

5.7

0.0

T Royal Bank of Scotland Gr

Finan Svcs United Kingdom 3.27

Beta

0.78

1.04

Tax Analysis

Tax Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

T Medtronic PLC

Hlth Care United States

3.19 3.16 2.72 2.72 2.37 2.36 2.30

R-Squared

85

91

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

4.04 5.64 5.48

5 3 1

1.91 1.25 1.14

91 84 74

T ISS A/S T Tesco PLC

Industrl

Denmark

Standard Deviation

11.47

Cnsmr Def

United Kingdom 3.07

Mean

6.06 0.56

T TE Connectivity Ltd

Technology United States

Sharpe Ratio

T Telefonica Brasil SA ADR T Groupe Bruxelles Lambert

Comm Svcs Brazil Finan Svcs Belgium

Potential Capital Gain Exposure: 13% of assets

Morningstar's Take by Greg Carlson 05-13-16 Artisan International Value’s veteran managers and prudent strategy continue to earn a Morningstar Analyst Rating of Gold. This closed fund in the foreign large blend Morningstar Category has, as expected, held up relatively well in the market’s recent turbulence. While it lost 7.4% for the 12 months ended May 11, 2016, that showing was better than 90% of its category peers and beat the MSCI ACWI ex USA Index by 6.2 percentage points. The fund tends to be more buoyant than most in declining markets, because managers David Samra and Dan O’Keefe typically seek companies that, while undervalued relative to the managers’ estimate of value, still have viable business models and often have sturdy balance sheets as well. Indeed, holdings that have helped minimizethe fund’s lossoverthepastyear includesteady- Eddie firms such as U.K.-based global food-service provider Compass Group CPG, Bermuda-based reinsurer Arch Capital ACGL, and U.K. business-information publisher RELX REL. The managers have generated excellent returns since the fund’s November 2002 inception. From then through April 2016, the fund surpassed all of its foreign

T Carlsberg A/S B T Tokyo Electron Ltd

Cnsmr Def

Denmark

Technology Japan

large-blend peers and the MSCI EAFE and MSCI ACWI ex USA indexes, as well as all of the funds in its previous Morningstar Category, foreign small/mid-value. The managers run a compact portfolio of 40-50 stocks and ply more of an all-cap approach than their typical peer and the benchmarks, but the fund has been less volatile due to its higher-quality tilt. Thus, its risk-adjusted returns are also superb. Samra and O’Keefe have also posted strong results at Silver-rated Artisan Global Value ARTGX since that fund’s late 2007 inception. (That fund reopened to new investors in late2015.)The funddoesn’tappearquite as focused on sturdy fare now as it was several years ago. Finding such firms at attractive valuations isn’t as easy now since the market is at much higher levels than it was in early 2009’s bottom, so the portfolio has a slightly largerstake incheapcyclical firms than itdid then. Volatility could increase relative to the fund’s peers, but it should remain a solid long-term holding.

T Lloyds Banking Group PLC T Panalpina Welttransport (

Finan Svcs United Kingdom 2.16

Industrl Energy

Switzerland

2.14 1.96

T Imperial Oil Ltd

Canada

Current Investment Style

Sector Weightings h Cyclical r BasicMat t CnsmrCyc y FinanSvcs u Real Est j Sensitive i CommSrvs o Energy p Industrl a Technlgy k Defensive s CnsmrDef d Hlthcare f Utilities

% of Stocks

Rel Bmark 1

Market Cap % Giant 49.8 Large 30.2 Mid 18.1 Small 1.9 Micro 0.0 Avg $mil: 24,513

Value Blend Growth

Large Mid Small

42.52 0.96 1.32 0.17 16.63 1.51 24.57 1.12 0.00 0.00 39.92 1.25 3.03 0.54 3.78 0.59 16.44 1.53 16.67 1.82 17.56 0.74 11.88 1.05 5.68 0.63 0.00 0.00

Value Measures

Rel Category

Price/Earnings 15.79

1.06 0.95 0.96 1.31 0.98 0.98 -0.35 1.78 -1.22 1.94

Price/Book Price/Sales

1.52 1.07

Price/Cash Flow 7.40 Dividend Yield % 3.17

Growth Measures

% Rel Category

Long-Term Erngs 9.38

Regional Exposure % Stock UK/W. Europe 62 N. America 17 Japan 5 Latn America 3 Asia X Japan 13 Other 0

Book Value

-1.26 -2.23 -6.60

Sales

Address:

Artisan Funds Inc

Minimum Purchase: Min Auto Inv Plan:

$1000 Add: — IRA: —

Cash Flow

Milwaukee, WI 53202

— Add: $50

Historical Erngs 1.74

800-344-1770

Sales Fees:

No-load

Country Exposure 25 Switzerland 18 United States 15 UK

% Stock

Web Address:

www.artisanfunds.com

Management Fee:

1.00% mx./0.93% mn. Mgt:0.93% Dist:—

Composition - Net Cash

South Korea 7 Netherlands 6

Inception:

09-23-02

Actual Fees:

10.1 Bonds

0.0 0.0

Advisor:

Artisan Partners Limited Partnership

Expense Projections: 3Yr:$384 5Yr:$665 10Yr:$1466

Stocks 89.9 Other

Subadvisor:

None

Income Distribution:

Annually

Foreign (% of Stock)

85.5

A

ß ® Mutual Funds

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