(PUB) Morningstar FundInvestor

4

Data through September 30, 2013 Artisan Global Value Investor

Ticker

Status Yield Total Assets

Mstar Category

ARTGX Open

0.4% $782 mil

World Stock

Morningstar Analyst Rating 09-16-13

Investment Style Equity Stock %

Historical Profile Return Risk Rating High Below Avg Highest

94% 93% 92% 94% 88% 87%

„

Manager Change Partial Manager Change

10.0 12.8 14.8

Morningstar Pillars Process Performance

Growth of $10,000

Positive Positive Positive Positive Negative

Investment Values of Fund Investment Values of MSCI EAFE

6.0

People Parent Price

4.0

§

NAV Total Return % +/-MSCI EAFE +/-MSCI World 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

2002 2003 2004 2005 2006 2007 2008 2009 2010 2011 2012 09-13

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 ¨

10.16 6.76 9.63 . . . . . 8.81

10.14

11.97 18.98

14.44 20.63

1.50 33.37 -29.26 . . . . . . 1.59 14.12 . . . . . . 3.38 11.45 . . . . . . 3.01 0.55 . . . . . . 30.36 -29.81 . . . . . . 46 6 . . . . . . 16.18 1.66 3.15 0.61 13.64 8.43 4.42 0.85 7.04 0.00 1.50 18.37 15.33 27 9 26 1.50 1.44 . . . . . . 1.11 1.39 . . . . . . 57 42 . . . . . . 31 17 . . . . . . 22 32 91 35 43 239 0.06 0.03 1.50 0.50 0.00 0.17 1.50 0.56 0.00 1.50 0.71

4.49 3.34 0.00

20.63

20

Pillar Spectrum Positive

0.08 0.05 0.00 . . . . . 0.00 0.00 . . . . . 0.20 0.00

0.00 0.00 . . . 571

§ Negative

¶ Neutral

Performance 09-30-13 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2009 2010 2011 2012 2013

-12.28 22.60 18.84 4.35 33.37 4.99 -10.27 12.89 9.23 16.18 2.56 2.98 -13.51 11.12 1.50 9.17 -2.80 7.62 4.18 18.98 8.77 3.46 7.20 . .

Portfolio Analysis 06-30-13 Share change since 03-13 Total Stocks:44 Sector

Rating and Risk Time Load-Adj

Country

% Assets

Morningstar

Morningstar Risk vs Cat

Morningstar Risk-Adj Rating

Period Return % Rtn vs Cat

TE Connectivity Ltd

Technology Switzerland

4.06 3.63 3.48 3.39 3.38 3.38 3.27 3.22 3.21 3.14 2.92 2.90 2.76 2.75 2.61 2.50 2.14 2.14 2.00 1.95

1 Yr 3 Yr 5 Yr

25.68 16.75 13.07

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Aon plc

Finan Svs U.K.

Return% EAFE 7.20 -4.36 10.91 0.44 25.68 1.91 16.75 8.28 13.07 6.72

World -0.98

Cat

$10,000

High High

-Avg -Avg

Google, Inc. Class A Oracle Corporation Microsoft Corporation Compass Group PLC Bank of New York Mellon Johnson & Johnson Arch Capital Group Ltd MasterCard Incorporated Marsh & McLennan Compani

Technology United States Technology United States Technology United States Finan Svs United States Hlth care United States Finan Svs United States Finan Svs United States Finan Svs United States Hlth care United States Hlth care Switzerland Finan Svs United States Cnsmr Cyc U.K. Industrl United States

3 Mo 6 Mo 1 Yr

67 10,720 25 11,091 21 12,568 2 15,914

2.04 5.47 4.93 5.23

10 Yr Incept

. . . .

7.69

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

Other Measures

Standard Index

Best Fit Index MSCI World

5 18,481 . . . . . . . . . . Tax Analysis Tax-Adj Rtn% %Rank Cat Tax-Cost Rat %Rank Cat

MSCI EAFE

Alpha

10.1 0.64

6.3

Beta

0.82

R-Squared

85

94

3M Co

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

16.45 12.65

2 5

0.26 0.37

32

Medtronic, Inc. Novartis AG

Standard Deviation

12.07 16.75

37 . . . .

Mean

American Express Co Unilever PLC ADR

Sharpe Ratio

1.34

Cnsmr Def Cnsmr Def Cnsmr Def Cnsmr Def

U.K. U.K.

Potential Capital Gain Exposure: 19% of assets

Tesco PLC Target Corp

Morningstar’s Take by Greg Carlson 09-16-13 Artisan Global Value has lived up to its potential, but it’s best to keep expectations from running wild. Since its November 2007 inception, this world-stock fund has delivered the excellent returns expected of an offering run by David Samra and Dan O’Keefe of Gold-rated Artisan International Value ARTKX. From its launch through Sept. 9, 2013, this fund has beaten 98% of its category peers on both total-return and risk-adjusted bases and trounced its MSCI All Country World benchmark. The fund also lands in the category’s top 5% in the trailing three and five years through Sept. 9. Samra and O’Keefe have steered the fund to its superb results using the same approach that’s generated excellent returns at foreign large-blend offering Artisan International Value: They choose firms with relatively modest debt loads, solid management, and business models that trade at a discount to their estimates of the companies’ private market value. They’ve deviated significantly from the category norm by running a rather concentrated portfolio of 40-50

United States

Kao Corporation

Japan

stocks, but their other bets have been made in the name of capital preservation: They’ve avoided entire sectors and countries when they can’t find attractive stocks within them. Treading lightly in emerging markets and cyclical fare helped the fund hold up far better than its typical peer in 2008’s sharp decline and during 2011’s rough seas. The fund’s recent strong absolute returns, however, may prove difficult to maintain over the short term. The broad stock market’s runup since the start of 2012 has left the managers with a dearth of stocks that meet their valuation criteria. The fund’s cash stake rose to an all-time high of 12.1% as of June 30, 2013, and the managers report that the portfolio’s collective discount to fair value is substantially narrower than normal. Shareholders here are still a fortunate bunch, but the fund now appears to offer more downside risk than usual, so they may want to ensure it hasn’t exceeded its target allocation.

Lloyds Banking Group PLC

Finan Svs U.K.

Current Investment Style

Sector Weightings

% of Stocks

Rel MSCI

3 Year Low

EAFE High

Market Cap % Giant 49.5 Large 43.5 Mid 7.1 Small 0.0 Micro 0.0 Avg $mil: 42,533

Value Blnd Growth

Cyclical 41.72 BasicMat 0.91 CnsmrCyc 8.32 FinanSvs 32.49 Real Est 0.00 Sensitive 33.37 CommSrvs 2.03 Energy 3.43 Technlgy 20.70 Defensive24.91 CnsmrDef13.32 Hlthcare 11.59 Utilities 0.00 Industrl 7.21

. .

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

Large Mid Small

2 1

. 13 7 . 34 29 . . .

. . .

2 2 3 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

10.58 5.12 3.52 -0.27 1.59 14.04 1.99 1.31 10.69 2.03

0.95 1.03 1.01 1.50 0.83

. 27 7 . 21 2

.

. 18 13 . 12 8 . . .

% Rel Category

0.94 2.47 13.54 NMF 0.03

Country Exposure United States 53 U.K. 22 Switzerland 10 UK/W. Europe 39 Japan 3 Asia X Japan 3 Regional Exposure

% Stock

N. America 55 Latn America 0 Other 0

Address:

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

Minimum Purchase: Min Auto Inv Plan:

$1000 $1000

Add: $50 IRA: $0

Add: $50

Sales Fees:

No-load, 2.00%R 1.00% mx./0.90% mn. Mgt:1.00% Dist: .

Composition - Net

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

Management Fee:

% Stock

Cash

12.1 87.3

Bonds Other

0.0 0.6

12-10-07

Actual Fees:

Japan Canada

3 2

Artisan Partners Limited Partnership

Expense Projections: Income Distribution:

3Yr:$482 Annually

5Yr:$833 10Yr:$1823

Stocks

None

Foreign

47.1

(% of Stock)

Fidelity Retail-NTF, Schwab OneSource

Mutual Funds ß ®

© 2013Morningstar, Inc.All rights reserved. The information herein is not representedorwarranted to be accurate, correct, complete or timely. Past performance isnoguaranteeof future results.Accessupdated reportsat Toorder reprints, call312-696-6100. mfb.morningstar.com.

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