(PUB) Investing 2015

Morningstar FundInvestor

June 2015

Morningstar Analyst Rating

10-16-14

„

Morningstar Pillars

Process

Performance

People

Parent

Price

Positive

Negative

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 ¨

Pillar Spectrum

Positive

Negative

Neutral

NAV

20.24

18.26

18.31

14.73

11.35

12.27

9.67

6.54

. . . .

Total Return %

10.84

2.35

24.30

29.78

-6.56

28.23

47.86

. . . . .

+/-MSCI WexUS

3.82

6.22

9.01

12.95

7.15

17.08

6.41

. . . . .

+/-MSCI Ac Wrld ND

5.70

-1.81

1.50

13.65

0.79

15.56

13.23

. . . . .

Income Return %

0.00

0.31

0.00

. . . . .

Capital Return %

10.84

2.04

24.30

29.78

-6.56

28.23

47.86

. . . . .

Total Rtn % Rank Cat

. . . . .

Income $

0.00

0.06

0.00

. . . .

Capital Gains $

0.00

0.43

0.00

0.11

0.13

0.00

. . . .

Expense Ratio %

1.20

1.28

1.34

1.40

1.50

1.47

1.50

. . . .

Income Ratio %

0.07

-0.29

-0.46

-0.73

-0.91

-0.59

-0.69

. . . .

Turnover Rate %

101

. . . .

Net Assets $mil

700

695

613

267

125

103

. . . .

Performance

05-31-15

1st Qtr

2nd Qtr

3rd Qtr

4th Qtr

Total

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

. . . .

Trailing

Total +/- MSCI

+/- MSCI

%Rank Growth of

Return% WexUS Ac Wrld ND

Cat

$10,000

3 Mo

6 Mo

1 Yr

3 Yr Avg

5 Yr Avg

10 Yr Avg

15 Yr Avg

5.09 3.35

3.92

5 10,509

8.70 5.54

5.59

7 10,870

12.17 13.07

7.09

7 11,217

17.39 4.78

1.63

28 16,177

17.30 9.21

5.54

3 22,207

. . . . .

Tax Analysis

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

3 Yr (estimated)

5 Yr (estimated)

10 Yr (estimated)

17.13

0.22

17.04

0.22

. . . .

Potential Capital Gain Exposure: 26% of assets

Rating and Risk

Time Load-Adj

Morningstar

Period Return % Rtn vs Cat

Risk vs Cat

Risk-Adj Rating

1 Yr

12.17

3 Yr

17.39

+Avg

5 Yr

17.30

High

+Avg

10 Yr

. . . .

Incept

11.90

Other Measures

Standard Index

Best Fit Index

MSCI WexUS BofAML Convert Bd

Alpha

7.1

-3.9

Beta

0.77

1.26

R-Squared

Standard Deviation

10.74

Mean

17.39

Sharpe Ratio

1.55

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

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.

Address:

Artisan Funds Inc

Milwaukee, WI 53202

800-344-1770

Web Address:

www.artisanfunds.com

Inception:

09-22-08

Advisor:

Artisan Partners Limited Partnership

Subadvisor:

None

NTF Plans:

N/A

Minimum Purchase:

$1000

Add: $0 IRA: $0

Min Auto Inv Plan:

$1000

Add: $50

Sales Fees:

No-load, 2.00%R

Management Fee:

0.90% mx./0.80% mn.

Actual Fees:

Mgt:0.90% Dist:

Expense Projections:

3Yr:$381

5Yr:$660 10Yr:$1455

Income Distribution:

Annually

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

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

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

Historical Profile

Return

Risk

Rating

High

Above Avg

Investment Style

Equity

Stock %

Manager Change

Partial Manager Change

Growth of $10,000

Investment Values of

Fund

Investment Values of

MSCI WexUS

Performance Quartile

(within Category)

History

10.0

6.0

13.0

16.6

20.8

Portfolio Analysis

03-31-15

Share change since 12-14 Total Stocks:45 Sector

Country

% Assets

Applied Materials Inc

Technology United States

4.97

Hexagon AB B

Technology Sweden

4.74

IHS Inc Class A

Industrl

United States

4.71

Regeneron Pharmaceutical

Hlth care United States

4.05

Biogen Inc

Hlth care United States

3.42

Visa Inc Class A

Finan Svs United States

3.30

Facebook Inc Class A

Technology United States

3.26

Apple Inc

Technology United States

3.20

Google Inc Class A

Technology United States

3.07

Tencent Holdings Ltd

Technology China

2.95

Workday Inc Class A

Technology United States

2.82

Fanuc Corp

Industrl

Japan

2.81

Direct Line Insurance Gr

Finan Svs U.K.

2.70

Illumina Inc

Hlth care United States

2.65

Starbucks Corp

Cnsmr Cyc United States

2.56

Markit Ltd

Industrl

United States

2.37

Genmab A/S

Hlth care Denmark

2.33

Abbott Laboratories

Hlth care United States

2.30

Walt Disney Co

Cnsmr Cyc United States

2.08

Google Inc Class C

Technology United States

1.94

Current Investment Style

Market Cap %

Giant

36.9

Large

34.3

Mid

28.9

Small

0.0

Micro

0.0

Avg $mil:

29,651

Value Blnd Growth

Large Mid Small

Country Exposure

% Stock

United States 61

U.K.

China

Sweden

Japan

Regional Exposure

% Stock

UK/W. Europe 20

Japan

Asia X Japan 12

N. America 61

Latn America 3

Other

Sector

Weightings

% of

Stocks

Rel MSCI

WexUS High

3 Year

Low

Cyclical 23.91

BasicMat 2.87

8 3

CnsmrCyc12.61

15 9

FinanSvs 8.43

15 8

Real Est 0.00

1 1

Sensitive 50.91

CommSrvs 0.00

. . .

Energy 2.07

7 2

Industrl 14.27

15 10

Technlgy 34.57

35 28

Defensive25.18

CnsmrDef 5.45

7 1

Hlthcare 17.76

20 16

Utilities 1.97

2 1

Composition - Net

(% of Stock)

Cash

6.2

Stocks

91.9

Bonds

0.0

Other

1.9

Foreign

38.8

Growth Measures

% Rel Category

Long-Term Erngs

Book Value

Sales

Cash Flow

Historical Erngs

17.09

9.85

6.39

21.63

14.83

1.51

4.76

24.58

27.73

0.31

Value Measures

Rel Category

Price/Earnings

Price/Book

Price/Sales

Price/Cash Flow

Dividend Yield %

27.70

4.42

4.11

12.99

0.86

1.87

2.29

3.16

1.83

0.35

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