(PUB) Investing 2016

5

January 2016

Morningstar FundInvestor

Data through December 31, 2015 FINRA members: For internal or institutional use only. Artisan Global Value Investor

Ticker ARTGX

Yield 0.3%

Total Assets $1,576 mil

Mstar Category World Stock

Benchmark 1: MSCI ACWI NR USD Benchmark 2: MSCI ACWI Ex USA NR USD Morningstar Analyst Rating 01-05-16 „

Investment Style Equity

Historical Profile Return Risk Rating High Below Avg QQQQQ Highest

4 4 4 7 4 7 4 1

10.0 12.5 15.0 17.5

Growth of $10,000

Investment Values of Fund Investment Values of Benchmark 1

Morningstar Pillars Process

∞ Positive ∞ Positive ∞ Positive ∞ Positive § Negative

7.5

Performance

People Parent

5.0

Performance Quartile (within Category)

& * * & * & * (

Price

History

2005 2006 2007 2008 2009 2010 2011 2012 2013 2014 12-15

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 „ ´ ‰ Á

. .

9.63 6.76 8.81 10.16 10.14 11.97 15.34 15.51 14.24 -29.26 33.37 16.18 1.50 18.98 31.12 4.50 -2.87 12.94 -1.26 3.51 8.84 2.85 8.32 0.34 -0.51 16.27 -8.08 5.02 15.20 2.15 15.83 8.37 2.79 0.55 3.01 0.85 0.00 0.61 0.72 0.51 0.33 -29.81 30.36 15.33 1.50 18.36 30.40 3.99 -3.20 0.05 0.20 0.08 0.00 0.06 0.09 0.08 0.05 0.00 0.00 0.00 0.17 0.03 0.26 0.44 0.80 3.53 1.50 1.96 1.72 1.51 1.37 1.30 1.28 1.39 1.11 0.71 0.56 0.50 0.45 0.59 0.46 6 46 26 9 27 16 29 68

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 12-31-15 1st Qtr 2nd Qtr

3rd Qtr

4th Qtr

Total

2011 2012 2013 2014 2015

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 8.69 31.12 1.30 4.31 -3.58 2.56 4.50 0.52 0.45 -7.60 4.11 -2.87

42 17

57 31

35 43

32 91

22

31

25

19 .

239 1,064 1,303

Rating and Risk Time Period Load-Adj Return %

Portfolio Analysis 09-30-15 Total Stocks: 47 Share change since 06-30-15 Y Bank of New York Mellon C Y Royal Bank of Scotland Gr Y Arch Capital Group Ltd Y Oracle Corporation

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

Technology United States Finan Svcs United States

4.83 4.22

1 Yr 3 Yr 5 Yr

-2.87 10.00

3 Mo 6 Mo

4.11 -0.92 0.86 -3.80 1.10 5.52 -2.87 -0.51 2.79 10.00 2.31 8.50 9.95 3.86 8.89

53 10,411 33 9,620 68 9,713 24 13,309 5 16,071

-Avg QQQQ -Avg QQQQQ

+Avg

Finan Svcs United Kingdom 4.01

9.95

High

1 Yr

Finan Svcs United States Finan Svcs United States Technology United States Hlth Care United States Hlth Care United States Technology South Korea Finan Svcs United States Technology United States Technology United States Cnsmr Def

3.99 3.62 3.49 3.30 3.15 3.09 3.03 3.02 2.96 2.82 2.71 2.61 2.54 2.16 2.12 1.97

10 Yr Incept

— — — —

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

Y Citigroup Inc Y Microsoft Corp

6.78

— — — — — — — — — —

T Johnson & Johnson

Other Measures

Standard Index

Best Fit Index

Y Medtronic PLC

Alpha

8.4

-4.0 0.96

T Samsung Electronics Co Lt

Beta

0.75

Tax Analysis

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

T Tesco PLC Y Chubb Corp

United Kingdom 3.09

R-Squared

77

94

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

8.75 9.09

21

1.14 0.78

45 41

4

Standard Deviation

10.54 10.00

Y Cisco Systems Inc Y Qualcomm Inc

— — — —

Mean

Sharpe Ratio

0.95

Y Marsh & McLennan Companie Finan Svcs United States

Potential Capital Gain Exposure: 6% of assets

T ABB Ltd

Industrl

Switzerland

Morningstar's Take by Greg Carlson 01-05-16 The recently reopened Artisan Global Value finally had an off year, but its substantial virtues remain intact. Thus, it continues to earn a Morningstar Analyst Rating of Silver. The fund finished 2015 in the world stock Morningstar Category’s 68th percentile and 2.9% behind its MSCI ACWI benchmark as picks such as U.S. software maker Oracle ORCL, Royal Bank of Scotland RBS, U.K. grocer Tesco TSCO, and telecom chipmaker Qualcomm QCOM all posted double-digit losses for the year. It’s not surprising that the fund’s returns cooled off; it had never trailed its typical peer in a calendar year since its 2007 inception, a period that encompassed years with strong gains, modest losses, and a more substantial downturn. The managers had trouble finding attractively valued companies in recent years, thus cash had risen to double digits. That changed in 2015’s third-quarter downturn, when they began to find more compelling ideas and cash dipped below 8% of assets. This shift, coupled with modest net redemptions, prompted the managers to reopen the fund in October 2015 to new investors for the first time since 2013. (That move didn’t result in net inflows to the fund in either October or November.) The

T UBS Group AG

Finan Svcs Switzerland

Y ISS A/S

Industrl

Denmark

managers runatotalof$14.5billion inthisstrategy.While their other charge, Artisan International Value ARTKX, remains closed, that strategy has a larger asset base and the portfolio includes fewer large, very liquid stocks than this one. The fund typically shines brightest in tough times and in up-and-down markets due to the managers’ emphasis on firms with steadier revenues and relatively solid balance sheets. However, as economically sensitive fare has latelyunderperformed, it'sbegun tomake itsway into the portfolio. Thus, financial firms such as Citigroup C and Royal Bank of Scotland are now among the fund’s largest holdings. The nature of these recent additions may cause volatility--which has been low relative to peers--to rise a bit in the future. But the fund's virtues remain. Samra and O'Keefe are accomplished, disciplined investors who invest substantially in the fund. It’s an excellent long-term holding.

Y American Express Co

Finan Svcs United States Finan Svcs Netherlands Finan Svcs United States

Y ING Groep N.V. Y Progressive Corp

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 58.8 Large 28.9 Mid 11.7 Small 0.7 Micro 0.0 Avg $mil: 44,637

Value Blend Growth

Large Mid Small

43.67 1.14 0.00 0.00 3.21 0.27 40.46 2.15 0.00 0.00 38.89 1.09 2.07 0.42 3.07 0.50 8.39 0.82 25.36 1.78 17.45 0.67 8.79 0.86 8.66 0.68 0.00 0.00

Value Measures

Rel Category

Price/Earnings 14.25

0.80 0.64 0.88 0.88 0.88 0.99 0.83 0.12 -4.64 0.68

Price/Book Price/Sales

1.46 1.36

Price/Cash Flow 7.70 Dividend Yield % 2.33

Growth Measures

% Rel Category

Long-Term Erngs 10.78

Regional Exposure % Stock UK/W. Europe 32 N. America 59 Japan 0 Latn America 2 Asia X Japan 7 Other 0

Book Value

3.22 0.08 -6.60

Sales

Address:

Artisan Funds Inc

Minimum Purchase: Min Auto Inv Plan:

$1000 $1000

Add: — IRA: —

Cash Flow

Milwaukee, WI 53202

Add: $50

Historical Erngs 2.23

800-344-1770

Sales Fees:

No-load, 2.00%R

Country Exposure United States 57 UK 14 Switzerland 8

% Stock

Web Address:

www.artisanfunds.com

Management Fee:

1.00% mx./0.90% mn. Mgt:0.99% Dist:—

Composition - Net Cash

South Korea 5 Denmark 5

Inception:

12-10-07

Actual Fees:

8.0 Bonds

0.0 0.0

Advisor:

Artisan Partners Limited Partnership

Expense Projections: Income Distribution:

3Yr:$418 5Yr:$724 10Yr:$1591

Stocks 92.0 Other

Subadvisor:

None

Annually

Foreign (% of Stock)

42.6

A

ß ® Mutual Funds

©2016Morningstar, Inc.All rights reserved. The information herein is not represented orwarranted to be accurate, complete or timely. Past performance is no guarantee of future results.Access updated reports at www.morningstar.com . To order reprints, call 312-696-6100.