(PUB) Morningstar FundInvestor

June 2 014

Morningstar FundInvestor

5

Data through May 31, 2014 Artisan Small Cap Value Investor

Ticker

Status Yield Total Assets

Mstar Category

ARTVX Limited 0.2% $2,426 mil

Small Blend

Morningstar Analyst Rating 05-23-14

Investment Style Equity Stock %

Historical Profile Return Risk Rating Below Avg Below Avg Below Avg

96% 99% 96% 94% 93% 94% 97% 91%

„

Manager Change Partial Manager Change

15.0 20.0 25.0 30.0

Morningstar Pillars Process Performance

Growth of $10,000

¶ ∞ ∞ ∞ ∞

Positive Positive Positive Positive Neutral

Investment Values of Fund Investment Values of S&P 500

People Parent Price

10.0

NAV Total Return % +/-S&P 500 +/-Russ 2000 Income Return % Capital Return % Capital Gains $ Expense Ratio % Income Ratio % Turnover Rate % Net Assets $mil Total Rtn % Rank Cat Income $ Performance Quartile (within Category) History

2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 2013 05-14

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 ¨

16.08 40.54 11.86 -6.71

17.61 21.15 10.27

17.25 11.06

18.08 19.11

13.86

10.23

14.33 40.24 13.78 13.07

16.85 17.69 2.63 -9.16 0.11 17.58

14.92 -3.17 -5.28 0.04 -3.21 0.01 1.35 1.20 0.06 48

15.35 6.12 -9.88

18.85 27.49 -4.90

18.53 -1.70 -6.67 0.32 0.00 -1.70

-23.83 -5.98

6.15 6.51 0.00

-11.47 3.32

13.17

2.82 0.00

0.74 0.00

-4.41 0.00

9.96 0.00

-11.33 -10.23 1.01

0.00

0.15

0.84 5.28 0.13 0.36 1.22 0.31 98

0.29

40.54

21.15

11.06

19.11

-23.83 -5.98

40.09

27.20

51

52

8

28

47

4

18

96

94

68

Pillar Spectrum Positive ∞

0.00 0.20 1.21 -0.21

0.00 1.78 1.18 -0.17

0.00 2.32 1.18 -0.16

0.00 2.47 1.17 -0.09

0.00 3.09 1.19 -0.03

0.00 0.32 1.20 -0.16

0.02 0.00 1.22 0.20

0.02 0.00 1.22 0.11

0.04 0.66 1.24 0.46

0.00 0.00

§ Negative

¶ Neutral

. . .

Performance 05-31-14 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

12

41

56

59

72

75

63

37

47

28

27

2010 2011 2012 2013 2014

5.79 -9.56 8.32 13.57 17.69 9.44 -2.12 -20.78 14.10 -3.17 9.99 -6.89 -0.26 3.89 6.12 8.40 2.70 5.68 8.36 27.49 -0.28 . . . .

991

1,400

1,728

2,173

1,796

1,390

2,373

3,077

2,775

2,227

2,527

2,105

Portfolio Analysis 03-31-14 Share change since 12-13 Total Stocks:94 Sector

Rating and Risk Time Load-Adj

PE Tot Ret% % Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

EMCOR Group, Inc. World Fuel Services Corp H.B. Fuller Company Ryder System Inc Tech Data Corporation Unit Corporation Arrow Electronics Inc Ultratech, Inc. FTI Consulting, Inc. Rent-A-Center, Inc. GulfMark Offshore, Inc. MicroStrategy, Inc. Cloud Peak Energy Inc Adtran, Inc.

Industrl Energy

22.5 16.2

3.76 3.02 2.97 2.85 2.10 2.08 2.04 1.98 1.96 1.76 1.75 1.67 1.62 1.60 1.46 1.45 1.40 1.34

. . . . . . . . . . . .

1 Yr 3 Yr 5 Yr

11.71

Trailing

Total

+/-

+/- Russ %Rank Growth of

Return% S&P 500 -0.48 -4.45 -0.22 -7.84 11.71 -8.74 5.65 -9.50 14.23 -4.17 9.00 1.23 11.02 6.44

2000 3.29 -0.12 -5.08 -6.08 -5.09 0.41 3.07

Cat

$10,000

5.65

Low Low Avg

-Avg -Avg Avg

Basic Mat 27.4

3 Mo 6 Mo 1 Yr

30 9,952 78 9,978 96 11,171 97 11,793 97 19,449 43 23,674 18 47,975

14.23

Industrl

18.1

10 Yr Incept

9.00

Technology 12.6 15.33 2.14

10.28

Technology 27.6

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

Energy

15.3

Other Measures

Standard Index

Best Fit Index S&P 500 Mstar Small Core

Technology 13.7

Technology

. . . .

Alpha

-11.2 1.20

-4.9 0.91

Industrl

Beta

Cnsmr Cyc 13.6

R-Squared

84

93

Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat 3 Yr (estimated) 5 Yr (estimated) 10 Yr (estimated) 4.42 96 1.17 63 13.41 94 0.72 60 7.38 53 1.49 89 Potential Capital Gain Exposure: 27% of assets Morningstar’s Take by Greg Carlson 05-23-14 Artisan Small Cap Value has slipped a notch, but it s still a fine long-term holding. The news at this closed fund hasn’t been good lately. Bottom-decile showings in 2010, 2012, and 2013 have dented the fund s previously excellent record; its annualized five-year return of 14.1% through May 20, 2014 (while solid on an absolute basis) lands in the basement of the Morningstar Category of small-blend as well as its previous category, small-value. Meanwhile, lead manager Scott Satterwhite announced in 2013 that he would retire in September 2016. Poor recent relative performance isn t troubling on its face. The managers typically hold sturdier fare than most value investors, so the fund has historically lagged in rallies like the one that has marked the past five years. But two missteps by the team are concerning. First, it failed to keep up with the changing landscape in energy, leading to poor stock selection in exploration and production firms, particularly in 2012. Second, as the team found few compelling new ideas

Energy

14.4

Standard Deviation

16.22

Technology 63.3 Basic Mat 53.8

Mean

5.65 0.42

Tidewater, Inc. Cubic Corporation Tetra Tech, Inc.

Energy Industrl Industrl Industrl

18.4

Sharpe Ratio

-7.39 1.47

.

. . . . . .

Schnitzer Steel Industri

Dreamworks Animation SKG Cnsmr Cyc

due to rising valuations and was unwilling to hold a big cash stake, it held on to a few pricey winners that subsequently blew up, such as semiconductor firm Ultratech UTEK. Thus, the fund s Morningstar Analyst Rating has been lowered from Gold. However, it still earns a very impressive Silver. Satterwhite s 2016 retirement represents a significant eventual loss; he founded the team in 1997 and owns a strong record both since the fund s inception that year and in a previous five-year stint running a small-value fund for Wachovia. But the team is up to the task of carrying on without him. Comanager James Kieffer (the lead on Gold-rated Artisan Mid Cap Value ARTQX) has worked with Satterwhite for 25 years, and George Sertl (the lead on Silver-rated Artisan Value ARTLX) will have 16 years tenure on the team when Satterwhite leaves. Dan Kane, who joined the team in 2008, was named a comanager in 2013 and will succeed Satterwhite in the lead role. And analysts Tyler Hardt and Craig Inman possess skills that mirror Satterwhite s

Progress Software Corpor

Technology 28.4

.

Current Investment Style

Sector Weightings

% of Stocks

Rel S&P 500 High

3 Year Low

Market Cap % Giant 0.0 Large 0.0 Mid 8.5 Small 62.1 Micro 29.4 Avg $mil: 1,436

Value Blnd Growth

Large Mid Small

Cyclical 21.32 0.74 BasicMat 8.33 2.72 . . CnsmrCyc 5.92 0.69 . . FinanSvs 3.94 0.25 . . Real Est 3.13 2.14 . . Sensitive 73.66 1.69 CommSrvs 2.18 0.54 . . Energy 18.24 1.71 . . Industrl 30.30 2.66 . . Technlgy 22.94 1.31 . . Defensive 5.02 0.18 CnsmrDef 2.33 0.19 . . Hlthcare 2.59 0.22 . . Utilities 0.10 0.03 . .

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

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

Rel Category

17.73 1.43 0.50 8.13 1.44 14.62 3.65 7.30 -7.63 -5.21

1.09 0.85 0.54 1.26 1.02 1.18 2.19 4.10 NMF NMF

% Rel Category

Composition - Net

Cash 12.8 Stocks 87.2 Bonds 0.0 Other 0.0 Foreign 2.6

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

Profitability

% Rel Category

Sales Fees:

No-load

Return on Equity Return on Assets Net Margin

7.45 3.08 5.95

0.64 0.66 0.70

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

Management Fee:

1.00% mx./0.93% mn. Mgt:0.95% Dist: .

(% of Stock)

09-29-97

Actual Fees:

Artisan Partners Limited Partnership

Expense Projections: Income Distribution:

3Yr:$393 Annually

5Yr:$681 10Yr:$1500

None

Fidelity Retail-NTF, CommonWealth NTF

Mutual Funds ß ®

© 2014Morningstar, Inc.All rights reserved. The information herein isnot representedorwarranted tobe accurate, correct, completeor timely.Pastperformance isnoguaranteeof future results.Accessupdated reports at To order reprints, call 312-696-6100. mfb.morningstar.com.

EQ