Artisan Value Fund Inv Shs NCSR Certified annual shareholder report (management investment company)

UNITED STATES

SECURITIES AND EXCHANGE COMMISSION

Washington, D.C. 20549

FORM N-CSR

CERTIFIED SHAREHOLDER REPORT OF REGISTERED

MANAGEMENT INVESTMENT COMPANIES

Investment Company Act file number 811-08932

Artisan Partners Funds, Inc.

(Exact name of registrant as specified in charter)

875 East Wisconsin Avenue, Suite 800

Milwaukee, Wisconsin 53202

(Address of principal executive offices) (Zip Code)


Sarah A. Johnson		John M. Loder
Artisan Partners Funds, Inc.		Ropes & Gray LLP
875 East Wisconsin Avenue, Suite 800		Prudential Tower, 800 Boylston Street
Milwaukee, Wisconsin 53202		Boston, Massachusetts 02199

(Name and address of agents for service)

Registrant’s telephone number, including area code: (414) 390-6100

Date of fiscal year end: 9/30

Date of reporting period: 9/30/15

Form N-CSR is to be used by management investment companies to file reports with the Commission not later than 10 days after the transmission to stockholders of any report that is required to be transmitted to stockholders under Rule 30e-1 under the Investment Company Act of 1940 (17 CFR 270.30e-1). The Commission may use the information provided on Form N-CSR in its regulatory, disclosure review, inspection, and policymaking roles.

A registrant is required to disclose the information specified by Form N-CSR, and the Commission will make this information public. A registrant is not required to respond to the collection of information contained in Form N-CSR unless the Form displays a currently valid Office of Management and Budget (“OMB”) control number. Please direct comments concerning the accuracy of the information collection burden estimate and any suggestions for reducing the burden to Secretary, Securities and Exchange Commission, 100 F Street, NE, Washington, DC 20549. The OMB has reviewed this collection of information under the clearance requirements of 44 U.S.C. § 3507.

Item 1. Reports to Shareholders.

LOGO

ARTISAN PARTNERS FUNDS


	Share Class
	Investor	Institutional	Advisor
Artisan Developing World Fund	ARTYX	APHYX	APDYX
Artisan Emerging Markets Fund	ARTZX	APHEX	N/A
Artisan Global Equity Fund	ARTHX	N/A	N/A
Artisan Global Small Cap Fund	ARTWX	N/A	N/A
Artisan Global Opportunities Fund	ARTRX	APHRX	APDRX
Artisan Global Value Fund	ARTGX	APHGX	APDGX
Artisan High Income Fund	ARTFX	N/A	APDFX
Artisan International Fund	ARTIX	APHIX	APDIX
Artisan International Small Cap Fund	ARTJX	N/A	N/A
Artisan International Value Fund	ARTKX	APHKX	APDKX
Artisan Mid Cap Fund	ARTMX	APHMX	APDMX
Artisan Mid Cap Value Fund	ARTQX	APHQX	APDQX
Artisan Small Cap Fund	ARTSX	APHSX	N/A
Artisan Small Cap Value Fund	ARTVX	APHVX	N/A
Artisan Value Fund	ARTLX	APHLX	APDLX

TABLE OF CONTENTS


		MANAGEMENT’S DISCUSSIONS ON FUND PERFORMANCE
2		Artisan Developing World Fund
4		Artisan Emerging Markets Fund
6		Artisan Global Equity Fund
8		Artisan Global Opportunities Fund
10		Artisan Global Small Cap Fund
12		Artisan Global Value Fund
14		Artisan High Income Fund
16		Artisan International Fund
18		Artisan International Small Cap Fund
20		Artisan International Value Fund
22		Artisan Mid Cap Fund
24		Artisan Mid Cap Value Fund
26		Artisan Small Cap Fund
28		Artisan Small Cap Value Fund
30		Artisan Value Fund

		SCHEDULES OF INVESTMENTS
32		Artisan Developing World Fund
35		Artisan Emerging Markets Fund
38		Artisan Global Equity Fund
40		Artisan Global Opportunities Fund
42		Artisan Global Small Cap Fund
44		Artisan Global Value Fund
46		Artisan High Income Fund
52		Artisan International Fund
55		Artisan International Small Cap Fund
57		Artisan International Value Fund
60		Artisan Mid Cap Fund
63		Artisan Mid Cap Value Fund
66		Artisan Small Cap Fund
68		Artisan Small Cap Value Fund
71		Artisan Value Fund

73		STATEMENTS OF ASSETS AND LIABILITIES

77		STATEMENTS OF OPERATIONS

82		STATEMENTS OF CHANGES IN NET ASSETS

90		FINANCIAL HIGHLIGHTS

102		NOTES TO FINANCIAL STATEMENTS

136		REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

138		SHAREHOLDER EXPENSE EXAMPLE

143		FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

149		NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

152		PROXY VOTING POLICIES AND PROCEDURES

152		INFORMATION ABOUT PORTFOLIO SECURITIES

153		DIRECTORS AND OFFICERS

ARTISAN PARTNERS FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

This report and the audited financial statements contained herein are provided for the general information of the shareholders of Artisan Partners Funds. Before investing, investors should consider carefully each Fund’s investment objective, risks and charges and expenses. For a prospectus or summary prospectus, which contain that information and more information about each Fund, please call 800.344.1770 or visit our website at www.artisanpartners.com. Read it carefully before you invest or send money.

Company discussions are for illustration only and are not intended as recommendations of individual stocks. The discussions present information about the companies believed to be accurate, and the views of the portfolio managers, as of September 30, 2015. That information and those views may change, and the Funds disclaim any obligation to advise shareholders of any such changes.

Artisan Partners Funds offered through Artisan Partners Distributors LLC, member FINRA.

ARTISAN DEVELOPING WORLD FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Developing World Fund employs a fundamental investment process to construct a diversified portfolio of securities that offer exposure to developing world economies. In pursuit of this goal, the investment team generally invests substantially in companies domiciled in or economically tied to countries that it considers to have characteristics typical of the developing world. The team seeks to emphasize self-funding companies (as described below) that are exposed to the growth potential of developing world economies with limited dependence on foreign capital. The team believes that a portfolio of companies with these characteristics will be well positioned to deliver attractive risk-adjusted returns over the long-term.

Fundamental Stock Selection. The team seeks to focus its analysis on businesses that are economically tied to the developing world irrespective of domicile. The team believes that a focus on a company’s underlying economic exposure should result in investments that over time position the portfolio to benefit from the true drivers of the opportunity set in developing world economies. The team believes those drivers include increasing domestic demand, low penetration of basic goods and low levels of household debt, among other factors.

The team seeks to emphasize financially sound, self-funding companies in its stock selection process. The team generally considers self-funding companies to include those that exhibit low absolute or relative debt levels, limited capital intensity or visibility into free cash flow or capital generation. The team believes that these businesses are less likely to impair capital during periods of duress and may compound earnings per share and book value per share at above average rates. The team believes this approach has the potential to create a compelling risk-adjusted return.

Risk Management. The team believes that investments exposed to the developing world have unique risks that leave them vulnerable to capital flight during periods of market duress, and in turn capital impairment or constrained fundamental development. In an effort to mitigate these risks, the team seeks to emphasize investments in markets with limited dependence on foreign capital. The team believes this macro-economic framework benefits stock selection because capital flight can be inflationary and lead to tighter monetary policy which can impact economic growth and earnings growth.

PERFORMANCE HISTORY

TOTAL RETURNS (as of 9/30/2015)


Fund / Index	Since Inception⁽¹⁾
Artisan Developing World Fund – Investor Shares (6/29/2015)		-16.10	%
Artisan Developing World Fund – Institutional Shares (6/29/2015)		-16.10
Artisan Developing World Fund – Advisor Shares (6/29/2015)		-16.10
MSCI Emerging Markets Index		-16.77	*

⁽¹⁾	For the period from commencement of operations 6/29/2015 through 9/30/2015; not annualized.

*	As of Investor, Institutional and Advisor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance reflects Artisan Partners Limited Partnership’s (the “Adviser” or “Artisan Partners”) contractual agreement to limit the Fund’s expenses to no more than 1.50%, of the average daily net assets of Investor Shares, 1.40% of the average daily net assets of Advisor Shares and 1.40% of the average daily net assets of Institutional Shares, which has been in effect since the Fund’s inception and has had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index. The growth of $10,000 chart has been omitted due to the Fund’s short performance history.


2		Artisan Partners Funds

INVESTING ENVIRONMENT

During the period June 29, 2015 through September 30, 2015, emerging markets equities sold off. While emerging markets headwinds, including Chinese deleveraging and dollar strength, were visible for some time, a key trigger for the selloff seems to have been the Chinese central bank’s decision to devalue its currency, which caused investors to reconsider the depth of the Chinese economic slowdown and potential for competitive devaluations across Asia and emerging markets.

SECTOR DIVERSIFICATION


Sector	9/30/2015
Consumer Discretionary		15.2	%
Consumer Staples		13.7
Financials		23.9
Health Care		3.6
Industrials		4.3
Information Technology		25.5
Materials		1.0
Telecommunication Services		1.8
Other assets less liabilities		11.0
		100.0	%

PERFORMANCE DISCUSSION

During the period June 29, 2015 through September 30, 2015, Artisan Developing World Fund – Investor Shares declined 16.10%, Artisan Developing World Fund – Advisor Shares declined 16.10% and Artisan Developing World Fund – Institutional Shares declined 16.10%, outperforming the MSCI Emerging Markets Index, which declined 16.77% over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: Mexican dairy products company Grupo Lala, S.A.B. de C.V.; Taiwanese auto components supplier Tung Thih Electronic Co., Ltd.; US global payments network operator Visa, Inc.; Indian decorative paints company Asian Paints Ltd.; and Indian banking and financial services provider HDFC Bank Ltd.

Notable detractors included: Brazilian education company Kroton Educacional S.A.; Mexican media company Grupo Televisa, S.A.B.; Brazilian insurance broker BB Seguridade Participacoes S.A.; Chinese Internet company Baidu, Inc.; and Hong Kong life insurance company AIA Group Ltd.

REGION ALLOCATION


Region	9/30/2015
Emerging Asia		39.5	%
Developed Markets		24.3
Europe, Middle East and Africa		13.9
Latin America		11.3

PORTFOLIO CHANGES

Notable additions to the portfolio since the Fund’s launch on June 29, 2015 included the following: Taiwanese integrated circuit manufacturer Taiwan Semiconductor Manufacturing Co., Ltd., Brazilian electronic payment solutions company Cielo S.A., Russian Internet search engine operator Yandex N.V. and Panamanian airline Copa Holdings S.A. We funded these purchases in part by selling our positions in Hengan International Group Co. Ltd., Hermes Microvision, Inc. and Smiles SA.


Artisan Partners Funds		3

ARTISAN EMERGING MARKETS FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Emerging Markets Fund employs a fundamental research process to construct a diversified portfolio of emerging market companies. The investment team seeks to invest in companies that it believes are uniquely positioned to benefit from the growth potential in emerging markets and possess a sustainable global competitive advantage.

Sustainable Earnings. The team believes that over the long term a stock’s price is directly related to the company’s ability to deliver sustainable earnings. The team determines a company’s sustainable earnings based upon financial and strategic analyses. The financial analysis of a company’s balance sheet, income statement, and statement of cash flows focuses on identifying historical drivers of return on equity. The strategic analysis examines a company’s competitive advantages and financial strength to assess sustainability.

Valuation. The team believes that investment opportunities develop when businesses with sustainable earnings are undervalued relative to peers and historical industry, country and regional valuations. The team values a business and develops a price target based on their assessment of the business’s sustainable earnings and cash flow expectations and the team’s risk analysis.

Risk Analysis. The team believes that a disciplined risk framework allows greater focus on fundamental stock selection. The team incorporates its assessment of company-specific and macroeconomic risks into its valuation analysis to develop a risk-adjusted target price. The risk-rating assessment includes a review of the currency, inflation, monetary and fiscal policy and political risks to which a company is exposed.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (6/26/2006 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Emerging Markets Fund – Institutional Shares (6/26/2006)		-20.43	%		-7.12	%		-7.29	%		1.23	%
Artisan Emerging Markets Fund – Investor Shares (6/2/2008)¹		-20.44			-7.34			-7.53			-6.63
MSCI Emerging Markets Index		-19.28			-5.27			-3.58			3.80	*

¹	Effective February 14, 2014, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

*	As of Institutional Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50%, which has been in effect since the Fund’s inception and has had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


4		Artisan Partners Funds

INVESTING ENVIRONMENT

Emerging markets faced serious structural headwinds over the past twelve months, contributing to a decline in emerging markets stocks of nearly 20% in USD terms. Concerns about the slowing pace of growth in China and a host of macroeconomic and political headwinds in Brazil caused investors to seek the safety of other asset classes. China’s surprise devaluation of the yuan in August 2015 only added to investors’ worry and contributed to the heightened volatility in equity markets. Commodity prices fell, dragged down by China’s outlook, and hurt large players in Russia and Brazil. Currency headwinds persisted throughout the period as the US dollar appreciated relative to most major EM currencies, leaving USD-based investors with magnified losses.

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		14.3	%		14.8	%
Consumer Staples		4.8			4.9
Energy		9.0			6.4
Financials		22.4			24.4
Health Care		5.3			7.9
Industrials		8.5			7.0
Information Technology		20.4			21.5
Materials		8.3			5.9
Telecommunication Services		4.1			2.6
Utilities		1.1			1.1
Other assets less liabilities		1.8			3.5
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan Emerging Markets Fund – Investor Shares declined 20.44% and Artisan Emerging Markets Fund – Institutional Shares declined 20.43%, underperforming the MSCI Emerging Markets Index, which declined 19.28% over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: Chinese train-borne electrical systems provider ZhuZhou CSR Times Electric Co., Ltd.; Indian antibiotic manufacturer and marketer Aurobindo Pharma Ltd.; Chinese insurance provider China Life Insurance Co., Ltd.; Chinese wealth management product distributor Noah Holdings Ltd.; and South African media company Naspers Ltd.

Notable detractors included: Brazilian oil and gas company Petroleo Brasileiro S.A.; Argentinian integrated oil and gas exploration and production company YPF S.A.; Chinese flavors and fragrance company Huabao International Holdings Ltd.; Taiwanese integrated chipset supplier MediaTek, Inc.; and Brazilian iron ore producer Vale S.A.

REGION ALLOCATION


Sector	9/30/2014			9/30/2015
Emerging Asia		59.1	%		60.0	%
Europe, Middle East and Africa		16.2			17.0
Latin America		17.9			14.9
Developed Markets		5.0			4.6

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including UK mining services company Randgold Resources Ltd.; Chinese Internet company Baidu, Inc.; Korean chemical company LG Chem Ltd.; Russian discount supermarket chain operator Magnit PJSC; and Turkey-based commercial vehicle manufacturer, importer and distributor Ford Otomotiv Sanayi AS. We funded these purchases in part by selling our positions in Mahindra & Mahindra Ltd., Tenaris S.A., Raia Drogasil S.A., OHL Mexico S.A.B. de C.V. and Hindalco Industries Ltd.


Artisan Partners Funds		5

ARTISAN GLOBAL EQUITY FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Global Equity Fund employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a global (i.e., U.S. and non-U.S.) portfolio of companies of all market capitalizations. The investment team seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential.

Themes. The team identifies long-term secular growth trends with the objective of investing in companies that have meaningful exposure to these trends. The team’s fundamental analysis focuses on those industry leaders with attractive growth and valuation characteristics that will be long-term beneficiaries of any structural change and/or trend.

Sustainable Growth. The team applies a fundamental approach to identifying the long-term, sustainable growth characteristics of potential investments. The team seeks high-quality companies that typically have a sustainable competitive advantage, a superior business model and a high-quality management team.

Valuation. The team uses multiple valuation metrics to establish a target price range. The team assesses the relationship between its estimate of a company’s sustainable growth prospects and its current valuation.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/29/2010 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Equity Fund – Investor Shares (3/29/2010)		0.20	%		10.72	%		12.34	%		11.61	%
MSCI ACWI Index		-6.66			6.95			6.82			6.29	*

*	As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to the Fund’s performance. IPO investments are not an integral component of the Fund’s investment process and may not be available in the future. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50%, which has been in effect since the Fund’s inception and has had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


6		Artisan Partners Funds

INVESTING ENVIRONMENT

For the twelve-month period ended September 30, 2015, the MSCI All Country World Index was down 1.47% in local currency terms, but down 6.66% in USD terms as an appreciating USD served as a headwind for USD-based investors. Volatility increased in the later part of the period, partly on fears over slowing growth in China and the Federal Reserve’s decision to maintain historically low interest rates.

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		27.1	%		24.4	%
Consumer Staples		6.6			1.4
Energy		1.5			—
Financials		12.7			13.9
Health Care		23.8			28.2
Industrials		2.7			6.6
Information Technology		10.6			14.5
Materials		4.6			4.0
Telecommunication Services		2.7			1.9
Utilities		4.9			2.2
Other assets less liabilities		2.8			2.9
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan Global Equity Fund – Investor Shares gained 0.20%, outperforming the MSCI All Country World Index, which declined 6.66% over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: US biopharmaceutical firm Incyte Corp.; UK hospital outsourcing company Synergy Health Plc; US auto parts and accessories retailer Advance Auto Parts, Inc.; US biopharmaceutical firm Celgene Corp.; and US payment solutions company MasterCard, Inc.

Notable detractors included: US biopharmaceutical firm PTC Therapeutics, Inc.; Chinese gas utility company China Oil & Gas Group Ltd.; Chinese Internet company Baidu, Inc.; German car manufacturer Porsche Automobil Holding SE; and Taiwanese contact lens manufacturer Ginko International Co., Ltd.

REGION ALLOCATION


Region	9/30/2014			9/30/2015
Americas		49.0	%		57.9	%
Europe		22.4			24.3
Emerging Markets		19.6			12.3
Pacific Basin		6.2			2.6

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including US scientific instruments, consumables and chemicals manufacturer Thermo Fisher Scientific, Inc.; US medical holding company Envision Healthcare Holdings, Inc.; German mobile and fixed-line service provider Telefonica Deutschland Holding AG; US mattress and pillow manufacturer Tempur Sealy International, Inc.; and US vehicle components manufacturer Delphi Automotive plc. We funded these purchases in part by selling our positions in Marsh & McLennan Cos., Inc., Michael Kors Holdings Ltd., TJX Cos., Inc., Synergy Health plc and Church & Dwight Co., Inc.


Artisan Partners Funds		7

ARTISAN GLOBAL OPPORTUNITIES FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Global Opportunities Fund employs a fundamental investment process to construct a diversified portfolio of U.S. and non-U.S. growth companies across a broad capitalization range. The Fund’s investment team seeks to invest in companies that it believes possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The Fund’s investment process focuses on two distinct elements – security selection and capital allocation. The team overlays its investment process with broad knowledge of the global economy.

Security Selection. The team seeks to identify companies that have franchise characteristics (e.g. low cost production capability, possession of a proprietary asset, dominant market share or a defensible brand name), are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The team looks for companies that are well positioned for long-term growth, which is driven by demand for their products and services at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle.

Capital Allocation. Based on the investment team’s fundamental analysis of a company’s profit cycle, it divides the portfolio into three parts. Garden^SM investments are small positions in the early part of their profit cycle that will warrant more sizeable allocations as their profit cycle accelerates. Crop^SM investments are positions that are being increased to a full weight because the team believes they are moving through the strongest part of their profit cycles. Harvest^SM investments are positions that are being reduced as they near the team’s estimates of full valuation or their profit cycles begin to decelerate.

Broad Knowledge. The team overlays the security selection and capital allocation elements of its investment process with a desire to invest opportunistically across the entire global economy. The team seeks broad knowledge of the global economy in order to position it to find growth wherever it occurs.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/22/2008 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Opportunities Fund – Investor Shares (9/22/2008)		-0.46	%		9.69	%		11.83	%		9.76	%
Artisan Global Opportunities Fund – Institutional Shares (7/26/2011)		-0.23			9.96			n/a			9.01
Artisan Global Opportunities Fund – Advisor Shares (4/1/2015)		n/a			n/a			n/a			-4.12	⁽¹⁾
MSCI ACWI Index		-6.66			6.95			6.82			4.99	*

⁽¹⁾	For the period from commencement of operations 4/1/2015 through 9/30/2015; not annualized.

*	As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement, in effect from the inception of the Investor Shares through January 31, 2014, to limit the Investor Shares’ expenses to no more than 1.50%, which has had a material impact on performance, which would have been lower in its absence. The Advisor Shares performance reflects Artisan Partners’ contractual agreement to limit the expenses of the Advisor Shares to no more than 1.10%, of the average daily net assets of Advisor Shares, which has been in effect since the inception of the Advisor Shares and has had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


8		Artisan Partners Funds

INVESTING ENVIRONMENT

For the twelve-month period ended September 30, 2015, the MSCI All Country World Index (ACWI) returned -6.66% (all returns in USD). The US dollar strengthened through the year, serving as a headwind for USD-based investors. The MSCI USA Index outperformed developed world stocks (as measured by the MSCI World Index), on signs the US economy was reaccelerating. The MSCI Emerging Markets Index trailed ACWI, returning -19.28% on concerns of decelerating growth in emerging markets, particularly in China. US small-cap stocks outpaced mid-caps, which outpaced large-caps during the period.

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		8.8	%		16.5	%
Consumer Staples		4.5			5.0
Energy		5.3			1.5
Financials		9.9			6.9
Health Care		16.9			16.6
Industrials		12.9			10.1
Information Technology		30.7			31.9
Materials		3.7			2.1
Utilities		1.5			1.5
Other assets less liabilities		5.8			7.9
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan Global Opportunities Fund – Investor Shares declined 0.46% and Artisan Global Opportunities Fund – Institutional Shares declined 0.23%, outperforming the MSCI All Country World Index, which declined 6.66% over the same period. During the period April 1, 2015 through September 30, 2015, Artisan Global Opportunities Fund – Advisor Shares declined 4.12%, outperforming the MSCI All Country World Index, which declined 9.10% over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: US biopharmaceutical firm Regeneron Pharmaceuticals, Inc.; Denmark biotechnology firm Genmab AS; US roaster and retailer of specialty coffee Starbucks Corp.; US global payments network operator Visa, Inc.; and Korean cosmetics retailer Amorepacific Corp.

Notable detractors included: UK engineered pump and valve manufacturer Weir Group plc; US energy exploration and production company Anadarko Petroleum Corp.; Chinese e-commerce company Alibaba Group Holding Ltd.; US specialty coffee and coffee-brewer provider Keurig Green Mountain, Inc.; and Mexican natural gas pipeline operator Infraestructura Energetica Nova S.A.B. de C.V.

REGION ALLOCATION


Region	9/30/2014			9/30/2015
Americas		56.0	%		52.9	%
Europe		17.2			21.1
Pacific Basin		8.2			10.3
Emerging Markets		12.8			7.8

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including Denmark biotechnology firm Genmab AS; US video game publisher Electronic Arts, Inc.; US financial information and analytics company McGraw Hill Financial, Inc.; US computer software company Adobe Systems, Inc.; and Japanese video game developer Nintendo Co., Ltd. We funded these purchases in part by selling our positions in Applied Materials, Inc., Discover Financial Services, Sanofi, Rotork plc and Baidu, Inc.


Artisan Partners Funds		9

ARTISAN GLOBAL SMALL CAP FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Global Small Cap Fund employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a global portfolio of small-cap growth companies. The investment team seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/25/2013 to 9/30/2015)

LOGO

Average annual TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			Since Inception
Artisan Global Small Cap Fund – Investor Shares (6/25/2013)		-2.56	%		3.52	%
MSCI AWCI Index		-6.66			6.12
MSCI ACWI Small Cap Index		-3.28			7.13	*

*	As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to the Fund’s performance. IPO investments are not an integral component of the Fund’s investment process and may not be available in the future. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50%, which has been in effect since the Fund’s inception and has had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


10		Artisan Partners Funds

INVESTING ENVIRONMENT

For the twelve-month period ended September 30, 2015, the MSCI All Country World Small Cap Index was up 1.64% in local currency terms, but down 3.28% in USD terms as an appreciating USD served as a headwind for USD-based investors. Volatility increased in the later part of the period, partly on fears over slowing growth in China and the Federal Reserve’s decision to maintain historically low interest rates. Overall, small-cap stocks outpaced large-cap stocks. Within the small-cap universe, emerging markets significantly trailed developed markets.

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		18.6	%		18.6	%
Consumer Staples		12.5			4.0
Energy		1.3			—
Financials		5.3			9.5
Health Care		14.9			20.0
Industrials		13.4			7.6
Information Technology		3.4			8.5
Materials		10.4			6.3
Telecommunication Services		—			6.3
Utilities		10.1			10.5
Other assets less liabilities		10.1			8.7
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan Global Small Cap Fund – Investor Shares declined 2.56%, outperforming the MSCI All Country World Small Cap Index, which declined 3.28% over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: German advertising company Stroeer Media AG; UK hospital outsourcing company Synergy Health Plc; Chinese pediatric nutrition company Biostime International Holdings Ltd.; French biopharmaceutical firm Innate Pharma S.A.; and Finland-based packaging products manufacturer Huhtamaki Oyj.

Notable detractors included: US nutritional supplement company MusclePharm Corp.; Chinese gas utility company China Oil & Gas Group Ltd.; US biopharmaceutical firm PTC Therapeutics, Inc.; Taiwanese contact lens manufacturer Ginko International Co., Ltd.; and US hotel company La Quinta Holdings, Inc.

REGION ALLOCATION


Region	9/30/2014			9/30/2015
Europe		37.9	%		50.7	%
Emerging Markets		25.7			21.6
Americas		13.7			13.6
Pacific Basin		9.6			5.4
Middle East		3.0			—

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including Italian broadcast tower operator RAI Way S.p.A.; German cable service provider Tele Columbus AG; Italian electronic communications infrastructure company Infrastrutture Wireless Italiane S.p.A.; French linen and uniform rental company Elis SA; and Italian broadcast tower operator Ei Towers S.p.A. We funded these purchases in part by selling our positions in Stroeer Media AG, Victrex plc, Overseas Education Ltd., Sarine Technologies Ltd. and Naturex.


Artisan Partners Funds		11

ARTISAN GLOBAL VALUE FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Global Value Fund employs a fundamental investment process to construct a diversified portfolio of securities of undervalued U.S. and non-U.S. companies. The investment team seeks to invest in what it considers to be high-quality, undervalued companies with strong balance sheets and shareholder-oriented management teams. The team’s investment research process focuses on four key characteristics:

Undervaluation. Determining the intrinsic value of a business is the heart of the team’s research process. The team believes that intrinsic value represents the amount that a buyer would pay to own a company’s future cash flows. The team seeks to invest at a significant discount to the team’s estimate of the intrinsic value of a business.

Business Quality. The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries.

Financial Strength. The team believes that investing in companies with strong balance sheets helps to reduce the potential for capital risk and provides company management the ability to build value when attractive opportunities are available.

Shareholder-Oriented Management. The team’s research process attempts to identify management teams with a history of building value for shareholders.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Value Fund – Investor Shares (12/10/2007)		-4.32	%		10.02	%		11.02	%		6.45	%
Artisan Global Value Fund – Institutional Shares (7/17/2012)		-4.16			10.27			n/a			12.15
Artisan Global Value Fund – Advisor Shares (4/1/2015)		n/a			n/a			n/a			-7.18	⁽¹⁾
MSCI ACWI Index		-6.66			6.95			6.82			1.08	*

⁽¹⁾	For the period from commencement of operations 4/1/2015 through 9/30/2015; not annualized.

*	As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information, visit www.artisanpartners.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Investor Shares’ performance reflects Artisan Partners’ contractual agreement, in effect from the inception of the Investor Shares through January 31, 2014, to limit the expenses to no more than 1.50%, which has had a material impact on performance, which would have been lower in its absence. The Advisor Shares performance reflects Artisan Partners’ contractual agreement to limit the expenses of the Advisor Shares to no more than 1.20%, of the average daily net assets of Advisor Shares, which has been in effect since the inception of the Advisor Shares and has had a material impact on performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


12		Artisan Partners Funds

INVESTING ENVIRONMENT

Global equity markets declined during the third quarter of 2015, dragging returns into negative territory for the twelve-month period ended September 30, 2015. Numerous factors contributed to the decline including negative sentiment around the slowing global economy, particularly slowing growth in China. Amid these concerns, commodities prices and emerging markets currencies fell. Meanwhile, the US dollar strengthened throughout the year, which was a headwind for US dollar-based investors.

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		3.9	%		3.9	%
Consumer Staples		8.5			7.1
Energy		4.0			2.8
Financials		32.1			37.1
Health Care		9.1			7.9
Industrials		4.4			7.7
Information Technology		26.5			23.3
Materials		0.4			—
Telecommunication Services		1.0			1.9
Other assets less liabilities		10.1			8.3
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan Global Value Fund – Investor Shares declined 4.32% and Artisan Global Value Fund – Institutional Shares declined 4.16%, outperforming the MSCI All Country World Index, which declined 6.66% over the same period. During the period April 1, 2015 through September 30, 2015, Artisan Global Value Fund – Advisor Shares declined 7.18%, outperforming the MSCI All Country World Index, which declined 9.10% over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: US insurance and re-insurance company Arch Capital Group Ltd.; US property and casualty insurance provider Chubb Corp.; US payment solutions company MasterCard, Inc.; US electronic components provider TE Connectivity Ltd.; and Denmark-based facility services provider ISS AS.

Notable detractors included: US wireless communications equipment manufacturer QUALCOMM, Inc.; UK-based retail and commercial banking franchise Royal Bank of Scotland Group plc; US mining equipment manufacturer Joy Global, Inc.; Canadian energy company Imperial Oil Ltd.; and Brazilian telecommunications company Telefonica Brasil S.A.

REGION ALLOCATION


Region	9/30/2014			9/30/2015
Americas		55.0	%		55.2	%
Europe		29.4			28.9
Emerging Markets		4.4			7.5
Pacific Basin		1.1			0.1

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including Swiss financial services provider UBS Group AG; Brazilian telecommunications company Telefonica Brasil S.A.; US technology product and support provider United Technologies Corp.; UK consulting and engineering company Amec Foster Wheeler plc; and Chinese education services provider New Oriental Education & Technology Group, Inc. We funded these purchases in part by selling our positions in MasterCard Inc., Unilever plc, Kao Corp., Vivendi S.A. and Tianhe Chemicals Group Ltd.


Artisan Partners Funds		13

ARTISAN HIGH INCOME FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan High Income Fund employs a fundamental investment process to construct a diversified portfolio of attractively valued high yield corporate bonds (often referred to as “junk bonds”) and secured and unsecured loans, including, without limitation, bridge financing, senior and subordinated loans, delayed funding loans and revolving credit facilities, and loan participations and assignments. The Fund’s investment team’s research process has four primary pillars:

Business Quality. The team analyzes the general health of the industry in which an issuer operates, the issuer’s competitive position, the dynamics of industry participants, and the decision-making history of the issuer’s management.

Financial Strength and Flexibility. The team believes that analyzing the history and trend of free cash flow generation is critical to understanding an issuer’s financial health.

Downside Analysis. The team believes that credit instruments by their nature have an asymmetric risk profile. The risk of loss is often greater than the potential for gain, particularly when looking at below investment grade issuers. The team seeks to manage this risk with what it believes to be conservative financial projections that account for industry position, competitive dynamics and positioning within the capital structure.

Value Identification. The team looks for credit improvement potential, relative value within an issuer’s capital structure, catalysts for business improvement and potential value stemming from market or industry dislocations.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/19/2014 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			Since Inception
Artisan High Income Fund – Investor Shares (3/19/2014)		1.73	%		2.49	%
Artisan High Income Fund – Advisor Shares (3/19/2014)		1.88			2.61
BofA Merrill Lynch U.S. High Yield Master II Total Return		-3.57			-1.80	*

*	As of Investor and Advisor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.25%, which has been in effect since the Fund’s inception and has had a material impact on performance, which would have been lower in its absence. Unlike the Index, the Fund may hold loans and other security types. At times, this can cause material differences in relative performance. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


14		Artisan Partners Funds

INVESTING ENVIRONMENT

During the twelve-month period ended September 30, 2015, the non-investment grade credit market experienced choppy market conditions. Risk aversion increased late in the period on signs of economic slowing in China, the world’s largest consumer of commodities. Driven in part by the declines in commodity prices, much of the pain was felt in the energy and metals/mining sectors.

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan High Income Fund – Investor Shares advanced 1.73% and Artisan High Income Fund – Advisor Shares advanced 1.88%, outperforming the BofA Merrill Lynch U.S. High Yield Master II Index, which declined 3.57% over the same period.

Performance of the following holdings had a positive impact on the portfolio during the period: Renaissance Learning, Inc.; Roofing Supply Group LLC/Roofing Supply Finance, Inc.; WP Mustang Holdings LLC; Zebra Technologies Corp.; and Ascend Learning LLC.

Performance of the following holdings had a negative impact on the portfolio during the period: RGL Reservoir Operations, Inc.; Midstates Petroleum Co., Inc./Midstates Petroleum Co. LLC; Warren Resources, Inc.; Paramount Resources Ltd.; and York Risk Services Holding Corp.

PORTFOLIO COMPOSITION


Type	9/30/2014		9/30/2015
Corporate Bonds		67.4		73.2
Bank Loans		28.3		21.0
Cash and Equivalents		4.3		5.8

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including VEREIT, Inc., Charter Communications, Inc., Callon Petroleum Co., Range Resources Corp. and National Financial Partners Corp. We funded these purchases in part by selling our positions in CCO Holdings LLC/CCO Holdings Capital Corp., Anna Merger Sub, Inc., Zebra Technologies Corp., Rayonier AM Products, Inc. and Play Topco S.A.


Artisan Partners Funds		15

ARTISAN INTERNATIONAL FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan International Fund employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a portfolio of non-U.S. growth companies of all market capitalizations. The investment team seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Fund – Investor Shares (12/28/1995)		-9.55	%		5.64	%		6.66	%		4.92	%		9.02	%
Artisan International Fund – Institutional Shares (7/1/1997)		-9.34			5.87			6.90			5.16			7.78
Artisan International Fund – Advisor Shares (4/1/2015)		n/a			n/a			n/a			n/a			-13.60	⁽¹⁾
MSCI EAFE Index		-8.66			5.63			3.98			2.97			4.24	*
MSCI ACWI ex USA Index^†		-12.16			2.34			1.82			3.03			4.59	*

⁽¹⁾	For the period from commencement of operations 4/1/2015 through 9/30/2015; not annualized.

*	As of Investor Shares inception date.

^†	The performance of the Index represents linked performance data for the MSCI ACWI ex USA (Gross) Index from inception to 12/31/2000 and the MSCI ACWI ex USA (Net) Index from 1/1/2001 forward.


16		Artisan Partners Funds

INVESTING ENVIRONMENT

For the twelve-month period ended September 30, 2015, the MSCI EAFE Index was up 0.80% in local currency terms, but down 8.66% in USD terms as an appreciating USD served as a headwind for USD-based investors. Volatility increased in the later part of the period, partly on fears over slowing growth in China and the Federal Reserve’s decision to maintain historically low interest rates.

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		15.6	%		21.2	%
Consumer Staples		12.0			10.0
Energy		1.9			—
Financials		5.7			12.3
Health Care		16.5			19.3
Industrials		17.4			9.9
Information Technology		11.8			12.5
Materials		7.9			8.0
Telecommunication Services		7.1			3.1
Utilities		—			0.1
Other assets less liabilities		4.1			3.6
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan International Fund – Investor Shares declined 9.55% and Artisan International Fund – Institutional Shares declined 9.34%, underperforming the MSCI EAFE Index and outperforming the MSCI All Country World ex USA Index, which declined 8.66% and 12.16%, respectively over the same period. During the period April 1, 2015 through September 30, 2015, Artisan International Fund – Advisor Shares declined 13.60%, underperforming the MSCI EAFE Index and the MSCI All Country World ex USA Index, which declined 9.81% and 11.98%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: US health care products developer Covidien plc; US IT service provider Cognizant Technology Solutions Corp.; Ireland-based discount airline Ryanair Holdings plc; UK chemical manufacturer Croda International plc; and Chinese telecom services provider China Mobile Ltd.

Notable detractors included: Chinese Internet company Baidu, Inc.; Japanese heavy machinery manufacturer IHI Corp.; Mexican media company Grupo Televisa S.A.B.; German car manufacturer Porsche Automobil Holding SE; and US medical products company Medtronic plc.

REGION ALLOCATION


Region	9/30/2014			9/30/2015
Europe		51.7	%		56.4	%
Americas		7.9			16.2
Emerging Markets		16.3			12.8
Pacific Basin		20.0			11.0

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including US vehicle components manufacturer Delphi Automotive plc; UK transportation service provider International Consolidated Airlines Group S.A.; UK financial services provider Lloyds Banking Group plc; UK cruise ship company Carnival plc; Swiss pharmaceutical and consumer healthcare products manufacturer Novartis AG. We funded these purchases in part by selling our positions in Rolls-Royce Holdings plc, China Mobile Ltd., SABMiller plc, SoftBank Group Corp. and Sands China Ltd.


Artisan Partners Funds		17

ARTISAN INTERNATIONAL SMALL CAP FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan International Small Cap Fund employs a fundamental stock selection process focused on identifying long-term growth opportunities to build a portfolio of small non-U.S. growth companies. The investment team seeks to invest in companies within its preferred themes with sustainable growth characteristics at attractive valuations that do not fully reflect their long-term potential.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/2001 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Small Cap Fund – Investor Shares (12/21/2001)		2.02	%		8.83	%		7.61	%		7.70	%		12.53	%
MSCI EAFE Index		-8.66			5.63			3.98			2.97			5.52	*
MSCI EAFE Small Cap Index		0.30			10.17			7.30			4.65			9.89	*

*	As of Investor Shares inception date.


18		Artisan Partners Funds

INVESTING ENVIRONMENT

For the twelve-month period ended September 30, 2015, the MSCI EAFE Small Cap Index was up 10.91% in local currency terms, but up just 0.30% in USD terms as an appreciating USD served as a headwind for USD-based investors. Volatility increased in the later part of the period, partly on fears over slowing growth in China and the Federal Reserve’s decision to maintain historically low interest rates. Overall, small-cap stocks outpaced large-cap stocks. Within the small-cap universe, emerging markets significantly trailed developed markets.

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		9.2	%		7.4	%
Consumer Staples		15.7			12.6
Financials		4.7			2.1
Health Care		10.9			12.8
Industrials		20.6			17.0
Information Technology		12.9			18.5
Materials		5.7			4.3
Telecommunication Services		—			7.6
Utilities		11.0			8.9
Other assets less liabilities		9.3			8.8
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan International Small Cap Fund – Investor Shares gained 2.02%, outperforming the MSCI EAFE Small Cap and MSCI EAFE Indices, which gained 0.30% and declined 8.66%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: German Internet payment company Wirecard AG; Chinese pediatric nutrition company Biostime International Holdings Ltd.; Irish nutritional products company Glanbia plc; UK hospital outsourcing company Synergy Health plc; and Swiss laboratory equipment provider Tecan Group AG.

Notable detractors included: Chinese gas utility company China Oil & Gas Group Ltd.; Taiwanese contact lens manufacturer Ginko International Co., Ltd.; Singapore-based confectionary products producer Petra Foods Ltd.; UK engineering outsourcing company Babcock International Group plc; and Brazilian fast food restaurant operator International Meal Co. Holdings S.A.

REGION ALLOCATION


Region	9/30/2014			9/30/2015
Europe		45.1	%		64.7	%
Emerging Markets		37.2			23.2
Pacific Basin		4.3			2.1
Americas		4.1			1.2

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including Italian electronic communications infrastructure company Infrastrutture Wireless Italiane S.p.A.; Italian broadcast tower operator Ei Towers S.p.A.; French linen and uniform rental company Elis S.A.; Spanish pharmaceutical company Almirall S.A.; and Spanish wireless telecommunications infrastructure provider Cellnex Telecom SAU. We funded these purchases in part by selling our positions in Cembra Money Bank AG, Eurofins Scientific SE, S-1 Corp., Yingde Gases Group Co., Ltd. and Barratt Developments plc.


Artisan Partners Funds		19

ARTISAN INTERNATIONAL VALUE FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan International Value Fund employs a fundamental investment process to construct a diversified portfolio of securities of undervalued non-U.S. companies of all sizes. The investment team seeks to invest in what it considers to be high-quality, undervalued companies with strong balance sheets and shareholder-oriented management teams. The team’s investment process focuses on four key characteristics:

Business Quality. The team seeks to invest in companies with histories of generating strong free cash flow, improving returns on capital and strong competitive positions in their industries.

Shareholder-Oriented Management. The team’s research process attempts to identify management teams with a history of building value for shareholders.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Value Fund – Investor Shares (9/23/2002)		-4.67	%		9.89	%		9.39	%		8.03	%		13.25	%
Artisan International Value Fund – Institutional Shares (10/1/2006)		-4.44			10.12			9.60			n/a			6.47
Artisan International Value Fund – Advisor Shares (4/1/2015)		n/a			n/a			n/a			n/a			-8.10	⁽¹⁾
MSCI EAFE Index		-8.66			5.63			3.98			2.97			7.62	*
MSCI EAFE Value Index		-12.60			4.69			3.06			2.07			7.56	*

⁽¹⁾	For the period from commencement of operations 4/1/2015 through 9/30/2015, not annualized.

*	As of Investor Shares inception date.


20		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		15.6	%		15.0	%
Consumer Staples		10.8			8.8
Energy		5.6			3.5
Financials		20.9			24.4
Health Care		7.2			5.4
Industrials		9.3			13.2
Information Technology		15.4			14.2
Materials		1.2			—
Telecommunication Services		1.0			1.8
Other assets less liabilities		13.0			13.7
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan International Value Fund – Investor Shares declined 4.67% and Artisan International Value Fund – Institutional Shares declined 4.44%, outperforming the MSCI EAFE and MSCI EAFE Value Indices, which declined 8.66% and 12.60%, respectively, over the same period. During the period April 1, 2015 through September 30, 2015, Artisan International Value Fund – Advisor Shares declined 8.10%, outperforming the MSCI EAFE and MSCI EAFE Value Indices, which declined 9.81% and 11.75%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: US insurance and re-insurance company Arch Capital Group Ltd.; US health care products developer Covidien plc; US electronic components provider TE Connectivity Ltd.; Denmark-based facility services provider ISS AS; and French television channel operator Societe Television Francaise 1.

Notable detractors included: Chinese Internet company Baidu, Inc.; Norwegian oil and gas services and equipment company Aker Solutions ASA; UK-based retail and commercial banking franchise Royal Bank of Scotland Group plc; Canadian energy company Imperial Oil Ltd.; and Brazilian telecommunications company Telefonica Brasil S.A.

REGION ALLOCATION


Region	9/30/2014			9/30/2015
Europe		52.2	%		55.7	%
Americas		20.3			14.9
Emerging Markets		8.0			10.8
Pacific Basin		6.5			4.9

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including Swiss financial services provider UBS Group AG; Brazilian telecommunications company Telefonica Brasil S.A.; UK consulting and engineering company Amec Foster Wheeler plc; and Chinese education services provider New Oriental Education & Technology Group, Inc. We funded these purchases in part by selling our positions in Applied Materials, Inc., Aon plc, Societe Television Francaise 1, Alent plc and Nifco, Inc.


Artisan Partners Funds		21

ARTISAN MID CAP FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Mid Cap Fund employs a fundamental investment process to construct a diversified portfolio of U.S. mid-cap growth companies. The Fund’s investment team seeks to invest in companies that it believes possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The Fund’s investment process focuses on two distinct elements – security selection and capital allocation. The team overlays its investment process with broad knowledge of the global economy.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/1997 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Fund – Investor Shares (6/27/1997)		3.20	%		12.91	%		13.58	%		9.81	%		13.53	%
Artisan Mid Cap Fund – Institutional Shares (7/1/2000)		3.45			13.20			13.88			10.10			7.64
Artisan Mid Cap Fund – Advisor Shares (4/1/2015)		n/a			n/a			n/a			n/a			-5.16	⁽¹⁾
Russell Midcap^® Index		-0.25			13.91			13.40			7.87			9.25	*
Russell Midcap^® Growth Index		1.45			13.98			13.58			8.09			7.78	*

⁽¹⁾	For the period from commencement of operations 4/1/2015 through 9/30/2015; not annualized.

*	As of Investor Shares inception date.


22		Artisan Partners Funds

INVESTING ENVIRONMENT

During the twelve-month period ended September 30, 2015, equity markets in the US were relatively flat in spite of heightened volatility that resulted from economic growth concerns in China and uncertainty around when the US Federal Reserve would raise interest rates from their record lows. Growth-oriented stocks advanced across all market capitalizations, though mid-caps trailed their small- and large-cap counterparts.

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		19.3	%		20.8	%
Consumer Staples		2.4			2.4
Energy		3.7			1.7
Financials		6.1			6.4
Health Care		21.4			23.7
Industrials		18.5			16.8
Information Technology		23.8			20.8
Materials		—			1.3
Telecommunication Services		0.8			1.0
Other assets less liabilities		4.0			5.1
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan Mid Cap Fund – Investor Shares gained 3.20% and Artisan Mid Cap Fund – Institutional Shares gained 3.45%, outperforming the Russell Midcap^® Growth and Russell Midcap^® Indices, which gained 1.45% and declined 0.25%, respectively, over the same period. During the period April 1, 2015 through September 30, 2015, Artisan Mid Cap Fund – Advisor Shares declined 5.16%, outperforming the Russell Midcap^® Growth and Russell Midcap^® Indices, which declined 8.61% and 9.09%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: video game publisher Electronic Arts, Inc.; biopharmaceutical firm Regeneron Pharmaceuticals, Inc.; biopharmaceutical firm Incyte Corp.; health insurance provider Cigna Corp.; and biopharmaceutical firm Isis Pharmaceuticals, Inc.

Notable detractors included: onshore oil and natural gas exploration and production company Noble Energy, Inc.; US specialty coffee and coffee-brewer provider Keurig Green Mountain, Inc.; multimedia messaging service Twitter, Inc.; US semiconductor equipment provider Applied Materials, Inc.; and retail grocery store operator Sprouts Farmers Markets, Inc.

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including electronic transaction processing provider Global Payments, Inc.; multi-industry company Textron, Inc.; medical device manufacturer Boston Scientific Corp.; global medical technology company Becton Dickinson & Co.; and US network security company Palo Alto Networks, Inc. We funded these purchases in part by selling our positions in Discover Financial Services, Concur Technologies, Inc., Noble Energy, Inc., Keurig Green Mountain, Inc. and Cabela’s, Inc.


Artisan Partners Funds		23

ARTISAN MID CAP VALUE FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Mid Cap Value Fund employs a fundamental investment process to construct a diversified portfolio of medium-sized U.S. companies. The investment team seeks to invest in companies that are undervalued, in solid financial condition and have attractive business economics. The team believes that companies with these characteristics are less likely to experience eroding values over the long term.

Attractive Valuation. The team values a business using what it believes are reasonable expectations for the long-term earnings power and capitalization rates of that business. This results in a range of values for the company that the team believes would be reasonable. The team generally will purchase a security if the stock price falls below or toward the lower end of that range.

Sound Financial Condition. The team prefers companies with an acceptable level of debt and positive cash flow. At a minimum, the team seeks to avoid companies that have so much debt that management may be unable to make decisions that would be in the best interests of the companies’ shareholders.

Attractive Business Economics. The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Value Fund – Investor Shares (3/28/2001)		-8.45	%		8.91	%		9.95	%		7.02	%		10.11	%
Artisan Mid Cap Value Fund – Institutional Shares (2/1/2012)		-8.25			9.16			n/a			n/a			7.75
Artisan Mid Cap Value Fund – Advisor Shares (4/1/2015)		n/a			n/a			n/a			n/a			-11.50	⁽¹⁾
Russell Midcap^® Index		-0.25			13.91			13.40			7.87			9.07	*
Russell Midcap^® Value Index		-2.07			13.69			13.15			7.42			9.59	*

⁽¹⁾	For the period from commencement of operations 4/1/2015 through 9/30/2015; not annualized.

*	As of Investor Shares inception date.


24		Artisan Partners Funds

INVESTING ENVIRONMENT

During the twelve-month period ended September 30, 2015, stocks in the US traded sideways for the most part. Concerns surrounding slowing growth in China, the world’s second-largest economy, weighed on markets around the globe. Investors also continued to wait for clarity on when the US Federal Reserve would eventually raise interest rates. Growth stocks in the US ended the period in positive territory. Value stocks not only trailed but traded downward – small-cap stocks fared best during the period with mid-caps and large-caps trailing.

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		13.5	%		17.6	%
Consumer Staples		3.2			1.5
Energy		10.5			6.2
Financials		21.8			24.6
Healthcare		3.2			—
Industrials		12.7			14.7
Information Technology		21.6			17.0
Materials		1.0			7.5
Utilities		4.9			5.1
Other assets less liabilities		7.6			5.8
		100.0	%		100.00	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan Mid Cap Value Fund – Investor Shares declined 8.45% and Artisan Mid Cap Value Fund – Institutional Shares declined 8.25%, underperforming the Russell Midcap^® and Russell Midcap^® Value Indices, which declined 0.25% and 2.07%, respectively, over the same period. During the period April 1, 2015 through September 30, 2015, Artisan Mid Cap Value Fund – Advisor Shares declined 11.50%, underperforming the Russell Midcap^® and Russell Midcap^® Value Indices, which declined 9.09% and 9.61%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: health insurance provider Cigna Corp.; food retailer Kroger Co.; insurance and re-insurance company Arch Capital Group Ltd.; semiconductor company Analog Devices, Inc.; and tax preparation company H&R Block, Inc.

Notable detractors included: oil and gas producer Denbury Resources, Inc.; mining equipment manufacturer Joy Global, Inc.; oil and gas exploration and production company SM Energy Co.; natural gas exploration and production company Southwestern Energy Co.; and offshore driller Ensco plc.

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including chemicals producer Celanese Corp.; motorcycle manufacturer and marketer Harley-Davidson, Inc.; specialty contracting service provider Quanta Services, Inc.; video and Internet commerce business Liberty Interactive Corp.; and network and cable television broadcaster Liberty Ventures. We funded these purchases in part by selling our positions in Cigna Corp., Lam Research Corp., Ensco plc, Xcel Energy, Inc. and Patterson-UTI Energy, Inc.


Artisan Partners Funds		25

ARTISAN SMALL CAP FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Small Cap Fund employs a fundamental investment process to construct a diversified portfolio of U.S. small-cap growth companies. The Fund’s investment team seeks to invest in companies that it believes possess franchise characteristics, are benefiting from an accelerating profit cycle and are trading at a discount to its estimate of private market value. The Fund’s investment process focuses on two distinct elements – security selection and capital allocation. The team overlays its investment process with broad knowledge of the global economy.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/1995 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Small Cap Fund – Investor Shares (3/28/1995)		6.69	%		10.96	%		14.67	%		6.43	%		8.36	%
Artisan Small Cap Fund – Institutional Shares (5/7/2012)		6.96			11.19			n/a			n/a			11.86
Russell 2000^® Index		1.25			11.02			11.73			6.55			8.73	*
Russell 2000^® Growth Index		4.04			12.85			13.26			7.67			7.03	*

*	As of Investor Shares inception date.


26		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		17.2	%		14.9	%
Consumer Staples		1.1			1.0
Energy		3.5			1.4
Health Care		21.0			22.6
Industrials		16.5			16.9
Information Technology		35.8			38.1
Other assets less liabilities		4.9			5.1
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan Small Cap Fund – Investor Shares gained 6.69% and Artisan Small Cap Fund – Institutional Shares gained 6.96%, outperforming the Russell 2000^® Growth and Russell 2000^® Indices, which gained 4.04% and 1.25%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: medical device firm DexCom, Inc.; lighting fixture supplier Acuity Brands, Inc.; biopharmaceutical firm Incyte Corp.; biopharmaceutical firm Isis Pharmaceuticals, Inc.; information management solutions and services provider Tyler Technologies, Inc.

Notable detractors included: exploratory oil and gas company Oasis Petroleum, Inc.; branded footwear and accessories marketer Deckers Outdoor Corp.; energy exploration and production firm Rosetta Resources, Inc.; identity theft protection services provider LifeLock, Inc.; and Internet radio company Pandora Media, Inc.

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including child-care and early-education center provider Bright Horizons Family Solutions, Inc.; software solutions provider to the non-profit industry Blackbaud, Inc.; technology solutions provider John Bean Technologies Corp.; health care outsourcing provider Team Health Holdings, Inc.; and cloud based virtual banking provider Q2 Holdings, Inc. We funded these purchases in part by selling our positions in Concur Technologies, Inc., Bruker Corp., Beacon Roofing Supply, Inc., Advisory Board Co. and Rosetta Resources, Inc.


Artisan Partners Funds		27

ARTISAN SMALL CAP VALUE FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Small Cap Value Fund employs a fundamental investment process to construct a diversified portfolio of small-cap U.S. companies. The team seeks to invest in companies that are undervalued, in solid financial condition and have attractive business economics. The team believes that companies with these characteristics are less likely to experience eroding values over the long term.

Attractive Business Economics. The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/29/1997 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			10-Year		Since Inception
Artisan Small Cap Value Fund – Investor Shares (9/29/1997)		-11.76	%		1.75	%		3.43	%		3.93		8.20	%
Artisan Small Cap Value Fund – Institutional Shares (2/1/2012)		-11.59			1.98			n/a			n/a		0.04
Russell 2000^® Index		1.25			11.02			11.73			6.55		6.46	*
Russell 2000^® Value Index		-1.60			9.18			10.17			5.35		7.46	*

*	As of Investor Shares inception date.


28		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		6.5	%		7.5	%
Consumer Staples		3.2			3.1
Energy		17.1			7.8
Financials		9.9			16.8
Health Care		3.0			2.1
Industrials		24.3			32.9
Information Technology		18.4			16.4
Materials		8.4			6.4
Telecommunication Services		1.2			1.2
Utilities		0.1			1.2
Other assets less liabilities		7.9			4.6
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan Small Cap Value Fund – Investor Shares declined 11.76% and Artisan Small Cap Value Fund – Institutional Shares declined 11.59%, underperforming the Russell 2000^® and Russell 2000^® Value Indices, which gained 1.25% and declined 1.60%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: network and communications provider EarthLink Holdings Corp.; business intelligence software provider MicroStrategy, Inc.; heating, ventilation and air conditioning provider Comfort Systems USA, Inc.; mechanical and electrical construction and facilities firm EMCOR Group, Inc.; and telecommunications services provider Atlantic Tele-Network, Inc.

Notable detractors included: oil and gas producer Unit Corp.; specialty cellulose fibers producer Rayonier Advanced Materials, Inc.; coal producer Cloud Peak Energy Inc.; offshore energy services company Gulfmark Offshore, Inc.; and environmental service provider Newpark Resources, Inc.

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including aircraft leasing company Air Lease Corp.; bearings manufacturer Timken Co.; metal products manufacturer Valmont Industries, Inc.; tank barge operator Kirby Corp.; and business development company Capital Southwest Corp. We funded these purchases in part by selling our positions in Tidewater, Inc., Gulfmark Offshore, Inc., Progress Software Corp., Schnitzer Steel Industries, Inc. and Approach Resources, Inc.


Artisan Partners Funds		29

ARTISAN VALUE FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Value Fund employs a fundamental investment process to construct a diversified portfolio of equity securities across a broad capitalization range. The team seeks to invest in companies that are undervalued, in solid financial condition and have attractive business economics. The team believes that companies with these characteristics are less likely to experience eroding values over the long term.

Attractive Business Economics. The team favors cash-producing businesses that it believes are capable of earning acceptable returns on capital over the company’s business cycle.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/2006 to 9/30/2015)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2015)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Value Fund – Investor Shares (3/27/2006)		-11.90	%		5.34	%		8.61	%		4.51	%
Artisan Value Fund – Institutional Shares (7/26/2011)		-11.69			5.64			n/a			5.97
Artisan Value Fund – Advisor Shares (4/1/2015)		n/a			n/a			n/a			-13.72	⁽¹⁾
Russell 1000^® Index		-0.61			12.66			13.42			6.56	*
Russell 1000^® Value Index		-4.42			11.59			12.29			5.17	*

⁽¹⁾	For the period from commencement of operations 4/1/2015 through 9/30/2015; not annualized.

*	As of Investor Shares inception date.


30		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2014			9/30/2015
Consumer Discretionary		4.9	%		5.5	%
Consumer Staples		4.7			—
Energy		16.1			13.4
Financials		20.3			24.2
Health Care		6.1			1.3
Industrials		2.3			12.4
Information Technology		27.9			26.6
Materials		9.3			12.4
Telecommunication Services		—			2.0
Other assets less liabilities		8.4			2.2
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2015, Artisan Value Fund – Investor Shares declined 11.90% and Artisan Value Fund – Institutional Shares declined 11.69%, underperforming the Russell 1000^® and Russell 1000^® Value Indices, which declined 0.61% and 4.42%, respectively, over the same period. During the period April 1, 2015 through September 30, 2015, Artisan Value Fund – Advisor Shares declined 13.72%, underperforming the Russell 1000^® and Russell 1000^® Value, which declined 6.36% and 7.96%, respectively, over the same period.

Performance of the following stocks had a positive impact on the portfolio during the period: health insurance provider Cigna Corp.; US property and casualty insurance provider Chubb Corp.; consumer electronics company Apple, Inc.; global technology company Google, Inc.; and insurance and re-insurance company Arch Capital Group Ltd.

Notable detractors included: oil and gas producer Denbury Resources, Inc.; mining equipment manufacturer Joy Global, Inc.; oil and gas exploration and production company Apache Corp.; oil and gas exploration and production company Devon Energy Corp.; and gold producer Goldcorp, Inc.

REGION ALLOCATION


Region	9/30/2014			9/30/2015
Americas		81.4	%		87.7	%
Emerging Markets		4.6			5.6
Europe		5.6			2.5
Pacific Basin		—			2.0

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including construction services provider Jacobs Engineering Group, Inc.; multimedia company CBS Corp.; diversified financial services provider Citigroup, Inc.; mining equipment manufacturer Joy Global, Inc.; and metal products manufacturer Precision Castparts Corp. We funded these purchases in part by selling our positions in Cigna Corp., Noble Corp. plc, National Oilwell Varco, Inc., Kroger Co. and Wal-Mart Stores, Inc.


Artisan Partners Funds		31

ARTISAN DEVELOPING WORLD FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 89.0%

BRAZIL - 4.3%
BB Seguridade Participacoes S.A.		354,100	$	2,216
Cielo S.A.		188,231		1,740
Kroton Educacional S.A.		613,900		1,194

				5,150
CHINA - 14.7%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		37,560		2,215
Baidu, Inc. (DR)⁽¹⁾		19,551		2,686
China Life Insurance Co., Ltd., Class H⁽²⁾		803,000		2,803
Kweichow Moutai Co., Ltd., Class A⁽²⁾		71,793		2,160
Sinopharm Group Co., Ltd., Class H⁽²⁾		735,200		2,591
Tencent Holdings Ltd.⁽²⁾		297,700		5,015

				17,470
EGYPT - 1.5%
Commercial International Bank Egypt S.A.E.⁽²⁾		264,517		1,779

HONG KONG - 5.9%
AIA Group Ltd.⁽²⁾		960,400		5,000
Sands China Ltd.⁽²⁾		666,400		2,023

				7,023
INDIA - 11.6%
Asian Paints Ltd.⁽²⁾		89,847		1,154
Bharti Infratel Ltd.⁽²⁾		403,336		2,189
Dish TV India Ltd.⁽¹⁾⁽²⁾		1,550,798		2,522
Eicher Motors Ltd.⁽²⁾		3,925		1,067
HDFC Bank Ltd. (DR)		85,209		5,205
Sun Pharmaceutical Industries Ltd.⁽²⁾		122,109		1,625

				13,762
INDONESIA - 2.7%
Bank Mandiri Persero Tbk PT⁽²⁾		3,855,000		2,092
Matahari Department Store Tbk PT⁽²⁾		949,700		1,046

				3,138
KOREA - 2.0%
SK Hynix, Inc.⁽²⁾		83,015		2,372

MALAYSIA - 0.5%
My EG Services Bhd⁽²⁾		909,100		583

MEXICO - 3.8%
Alsea S.A.B. de C.V.		205,700		607
Grupo Lala S.A.B. de C.V.		484,100		1,145
Grupo Televisa S.A.B. (DR)		106,418		2,769

				4,521
NETHERLANDS - 3.1%
Unilever N.V. (DR)⁽²⁾		92,407		3,719

PANAMA - 0.5%
Copa Holdings S.A., Class A⁽³⁾		14,118		592

PERU - 2.6%
Credicorp Ltd.		29,161		3,102

PHILIPPINES - 1.0%
Universal Robina Corp.⁽²⁾		271,440		1,117

RUSSIA - 4.6%
Magnit PJSC (DR)⁽²⁾		77,147		3,693
QIWI plc (DR)		74,972		1,209
Yandex N.V., Class A⁽¹⁾		55,432		595

				5,497
SAUDI ARABIA - 1.7%
Al Tayyar Travel Group, Equity-Linked Security^(2)(4)(5)		99,191		2,025

SOUTH AFRICA - 2.7%
Clicks Group Ltd.⁽²⁾		183,772		1,192
Mr Price Group Ltd.⁽²⁾		143,737		2,006

				3,198
SWEDEN - 2.0%
Hexagon AB, Class B⁽²⁾		75,851		2,321

TAIWAN - 4.4%
Eclat Textile Co., Ltd.⁽²⁾		35,000		554
Largan Precision Co., Ltd.⁽²⁾		20,000		1,570
Taiwan Semiconductor Manufacturing Co., Ltd. (DR)		121,560		2,522
Tung Thih Electronic Co., Ltd.⁽²⁾		91,000		630

				5,276
THAILAND - 2.7%
Airports of Thailand PCL⁽²⁾		141,400		1,095
Siam Commercial Bank PCL⁽²⁾		561,700		2,081

				3,176
UNITED ARAB EMIRATES - 3.4%
Emaar Properties PJSC⁽²⁾		1,165,756		2,053
First Gulf Bank PJSC⁽²⁾		530,083		2,015

				4,068
UNITED KINGDOM - 2.8%
Diageo plc⁽²⁾		121,907		3,281


32		Artisan Partners Funds


	Shares Held		Value
UNITED STATES - 10.5%
Delphi Automotive plc		34,841	$	2,649
EPAM Systems, Inc.⁽¹⁾		8,684		647
Facebook, Inc., Class A⁽¹⁾		26,890		2,418
Kansas City Southern		26,475	��	2,406
MercadoLibre, Inc.		13,747		1,252
Visa, Inc., Class A		45,219		3,150

				12,522

Total common stocks and equity-linked securities (Cost $114,460)				105,692
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 11.0%
Repurchase agreement with State Street Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $13,083 (Cost $13,083)⁽⁶⁾	$	13,083	$	13,083


Total investments - 100.0% (Cost $127,543)				118,775

Other assets less liabilities - 0.0%^†				56


Total net assets - 100.0%⁽⁷⁾			$	118,831

^†	Amount rounds to less than 0.1%.

⁽¹⁾	Non-income producing security.

⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $65,373, or 55.0% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Security is restricted. The security was acquired in a transaction pursuant to Rule 144A of the Securities Act of 1933 on the date or during the period noted below. The shares of the security may be resold in transactions exempt from registration to qualified institutional buyers.


Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Al Tayyar Travel Group		7/9/2015- 9/30/2015	$	2,307	$	2,025		1.7	%

⁽⁵⁾	Security is an equity-linked participation certificate issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.500	%		8/15/2023	$	13,345

⁽⁷⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	18,025		15.2	%
Consumer Staples		16,307		13.7
Financials		28,346		23.9
Health Care		4,216		3.6
Industrials		5,160		4.3
Information Technology		30,295		25.5
Materials		1,154		1.0
Telecommunication Services		2,189		1.8
Short-term investments		13,083		11.0

Total investments	$	118,775		100.0	%


CURRENCY EXPOSURE - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	5,150		4.3	%
British pound		3,281		2.8
Chinese Yuan renminbi		2,160		1.8
Egyptian pound		1,779		1.5
Euro		3,719		3.1
Hong Kong dollar		17,432		14.7
Indian rupee		8,557		7.2
Indonesian rupiah		3,138		2.6
Korean won		2,372		2.0
Malaysian ringgit		583		0.5
Mexican peso		1,752		1.5
Philippine peso		1,117		0.9
South African rand		3,198		2.7
Swedish krona		2,321		2.0
Taiwan dollar		2,754		2.3
Thai baht		3,176		2.7
U.S. dollar		52,218		44.0
UAE dirham		4,068		3.4

Total investments	$	118,775		100.0	%


Artisan Partners Funds		33


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
HDFC Bank Ltd.	India		4.4	%
Tencent Holdings Ltd.	China		4.2
AIA Group Ltd.	Hong Kong		4.2
Unilever N.V.	Netherlands		3.1
Magnit PJSC	Russia		3.1
Diageo plc	United Kingdom		2.8
Visa, Inc.	United States		2.7
Credicorp Ltd.	Peru		2.6
China Life Insurance Co., Ltd.	China		2.3
Grupo Televisa S.A.B.	Mexico		2.3

Total			31.7	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


34		Artisan Partners Funds

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 89.3%

ARGENTINA - 2.8%
Grupo Financiero Galicia S.A. (DR)		38,208	$	681
Pampa Energia S.A. (DR)⁽¹⁾		17,891		273
YPF S.A. (DR)		32,005		488

				1,442
BRAZIL - 4.0%
BR Properties S.A.		80,520		217
Cosan S.A. Industria e Comercio		26,600		135
GAEC Educacao S.A.⁽²⁾		65,800		161
Hypermarcas S.A.⁽¹⁾		95,538		368
Linx S.A.		29,100		323
Petroleo Brasileiro S.A.⁽¹⁾		191,789		413
Vale S.A.		92,913		389

				2,006
CHILE - 1.9%
Empresa Nacional de Telecomunicaciones S.A.		32,938		310
SACI Falabella		105,657		655

				965
CHINA - 19.7%
Ajisen China Holdings Ltd.⁽³⁾		798,913		358
Alibaba Group Holding Ltd. (DR)⁽¹⁾		13,299		784
Baidu, Inc. (DR)⁽¹⁾		4,106		564
China High Precision Automation Group Ltd.^(1)(3)(4)		9,066,000		73
China Life Insurance Co., Ltd., Class H⁽³⁾		196,800		687
China Petroleum & Chemical Corp., Class H⁽³⁾		1,155,453		714
China Unicom Hong Kong Ltd.⁽³⁾		407,500		517
Digital China Holdings Ltd.⁽³⁾		737,460		689
GOME Electrical Appliances Holding Ltd.⁽³⁾		2,670,288		418
Huabao International Holdings Ltd.⁽³⁾		1,238,322		391
Mindray Medical International Ltd. (DR)		9,298		203
Noah Holdings Ltd. (DR)⁽¹⁾		35,874		843
PW Medtech Group Ltd.⁽¹⁾⁽³⁾		1,005,000		212
Sino Biopharmaceutical Ltd.⁽³⁾		560,000		696
Sinopharm Group Co., Ltd., Class H⁽³⁾		218,900		771
Zhuzhou CSR Times Electric Co., Ltd., Class H⁽³⁾		282,515		2,108

				10,028
EGYPT - 0.8%
Integrated Diagnostics Holdings plc⁽¹⁾⁽³⁾		64,457		402

GREECE - 0.8%
JUMBO S.A.⁽³⁾		48,287		425

HONG KONG - 1.5%
AIA Group Ltd.⁽³⁾		143,265		746

INDIA - 10.4%
Aurobindo Pharma Ltd.⁽³⁾		98,894		1,164
Godrej Consumer Products Ltd.⁽³⁾		23,344		434
Havells India Ltd.⁽³⁾		65,967		254
ICICI Bank Ltd.⁽³⁾		315,305		1,300
Kajaria Ceramics Ltd.⁽³⁾		25,709		313
Reliance Industries Ltd.⁽³⁾		67,349		886
Tata Motors Ltd.⁽¹⁾⁽³⁾		77,859		355
Tech Mahindra Ltd.⁽³⁾		66,085		565

				5,271
INDONESIA - 2.7%
Astra International Tbk PT⁽³⁾		1,071,470		384
Bank Negara Indonesia Persero Tbk PT⁽³⁾		1,782,718		505
Indofood CBP Sukses Makmur Tbk PT⁽³⁾		588,900		500

				1,389
KAZAKHSTAN - 0.4%
KCell JSC (DR)⁽³⁾		36,739		192

KENYA - 0.6%
Safaricom Ltd.⁽³⁾		2,192,400		317

KOREA - 7.6%
E-Mart Co., Ltd.⁽³⁾		1,818		354
KB Financial Group, Inc.⁽³⁾		29,524		876
Kia Motors Corp.⁽³⁾		22,652		1,028
LG Chem Ltd.⁽³⁾		2,117		514
Shinhan Financial Group Co., Ltd.⁽³⁾		31,102		1,087

				3,859
MALAYSIA - 0.5%
AirAsia BHD⁽³⁾		803,400		235

MEXICO - 3.4%
Alsea S.A.B. de C.V.		184,752		545
Cemex S.A.B. de C.V., UNIT⁽¹⁾		544,919		380
Grupo Televisa S.A.B., Series CPO		95,374		497
Infraestructura Energetica Nova S.A.B. de C.V.		73,980		303

				1,725
PAKISTAN - 0.8%
Habib Bank Ltd., Equity-Linked Security^{(1)(3)(5)(6)(7)}		211,800		400

PANAMA - 0.6%
Copa Holdings S.A., Class A⁽⁷⁾		6,868		288


Artisan Partners Funds		35


	Shares Held		Value
PERU - 1.1%
Credicorp Ltd.		4,158	$	442
Grana y Montero S.A. (DR)		31,946		127

				569
POLAND - 0.8%
Eurocash S.A.⁽³⁾		33,004		389

RUSSIA - 5.8%
Lukoil PJSC (DR)⁽³⁾		18,341		624
Magnit PJSC⁽¹⁾⁽³⁾		2,586		460
MMC Norilsk Nickel PJSC (DR)⁽³⁾		36,486		524
Moscow Exchange MICEX-RTS PJSC⁽³⁾		319,630		392
Sberbank of Russia⁽³⁾		663,443		767
Yandex N.V., Class A⁽¹⁾		18,764		201

				2,968
SOUTH AFRICA - 5.0%
FirstRand Ltd.⁽³⁾		152,591		542
Mota-Engil Africa N.V.⁽³⁾		63,338		252
Naspers Ltd., Class N⁽³⁾		10,407		1,306
Woolworths Holdings Ltd.⁽³⁾		60,904		426

				2,526
SWITZERLAND - 0.9%
Dufry AG⁽¹⁾⁽³⁾		4,075		478

TAIWAN - 11.2%
CTBC Financial Holding Co., Ltd.⁽³⁾		1,653,370		853
E Ink Holdings, Inc.⁽¹⁾⁽³⁾		490,000		231
Hon Hai Precision Industry Co., Ltd.⁽³⁾		417,099		1,091
MediaTek, Inc.⁽³⁾		95,794		715
Taiwan Fertilizer Co., Ltd.⁽³⁾		192,000		240
Taiwan Semiconductor Manufacturing Co., Ltd.⁽³⁾		642,647		2,564

				5,694
THAILAND - 1.0%
Bangkok Bank PCL (DR)⁽³⁾		115,700		511

TURKEY - 1.7%
Ford Otomotiv Sanayi AS⁽³⁾		42,945		459
Turkiye Sinai Kalkinma Bankasi AS⁽³⁾		883,725		412

				871
UNITED ARAB EMIRATES - 1.1%
Emaar Malls Group PJSC⁽¹⁾⁽³⁾		650,879		548

UNITED KINGDOM - 2.2%
Al Noor Hospitals Group plc⁽³⁾		45,134		571
Randgold Resources Ltd.⁽³⁾		9,632		567

				1,138

Total common stocks and equity-linked securities (Cost $50,315)				45,382

PREFERRED STOCKS - 7.2%

BRAZIL - 1.1%
Itau Unibanco Holding S.A.⁽⁷⁾		84,205		563

KOREA - 6.1%
Samsung Electronics Co., Ltd.⁽³⁾⁽⁷⁾		3,976		3,098

Total preferred stocks (Cost $4,515)				3,661
	Principal Amount
CONVERTIBLE DEBENTURES - 0.0%^†

BRAZIL - 0.0%^†
PDG Realty S.A. Empreendimentos e Participacoes (0.0%, 9/19/16)^(1)(3)(4)	$	372	$	1

Total convertible debentures (Cost $127)				1

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $1,392 (Cost $1,392)⁽⁸⁾		1,392		1,392

Total investments - 99.3% (Cost $56,349)				50,436

Other assets less liabilities - 0.7%				367


Total net assets - 100.0%⁽⁹⁾			$	50,803

^†	Amount rounds to less than 0.1%.

⁽¹⁾	Non-income producing security.

⁽²⁾	Security was acquired in a private placement. The shares are freely tradable outside the United States where the Fund expects to trade them.


Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
GAEC Educacao S.A.		10/25/2013- 8/6/2015	$	478	$	161		0.3	%

⁽³⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $38,891, or 76.6% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁴⁾	Security has been deemed illiquid under procedures established by the board of directors of Artisan Partners Funds. In total, the value of securities deemed illiquid was $74, or 0.1% of total net assets.


36		Artisan Partners Funds

⁽⁵⁾	Security is restricted. The security was acquired in a transaction pursuant to Rule 144A of the Securities Act of 1933 on the date or during the period noted below. The shares of the security may be resold in transactions exempt from registration to qualified institutional buyers.


Security	Acquisition Date(s)			Cost		Value		Percentage of Total Net Assets
Habib Bank Ltd.		4/13/2015 8/6/2015	-	$	358	$	400		0.8	%

⁽⁶⁾	Security is an equity-linked participation certificate issued by Deutsche Bank AG London. As described in 2(h) in Notes to Financial Statements, equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁷⁾	Non-voting shares.

⁽⁸⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.500	%		8/15/2023	$	1,423

⁽⁹⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	7,496		14.9	%
Consumer Staples		2,505		5.0
Energy		3,260		6.5
Financials		12,372		24.5
Health Care		4,019		8.0
Industrials		3,577		7.1
Information Technology		10,898		21.6
Materials		3,005		5.9
Telecommunication Services		1,336		2.6
Utilities		576		1.1
Short-term investments		1,392		2.8

Total investments	$	50,436		100.0	%


CURRENCY EXPOSURE - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	2,570		5.1	%
British pound		1,138		2.3
Chilean peso		965		1.9
Euro		677		1.3
Hong Kong dollar		8,380		16.6
Indian rupee		5,271		10.5
Indonesian rupiah		1,389		2.8
Kenyan shilling		317		0.6
Korean won		6,957		13.8
Malaysian ringgit		235		0.5
Mexican peso		1,725		3.4
Polish zloty		389		0.8
South African rand		2,274		4.5
Swiss franc		478		0.9
Taiwan dollar		5,694		11.3
Thai baht		511		1.0
Turkish lira		871		1.7
U.S. dollar		10,047		19.9
UAE dirham		548		1.1

Total investments	$	50,436		100.0	%


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		6.1	%
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		5.0
Zhuzhou CSR Times Electric Co., Ltd.	China		4.1
Naspers Ltd.	South Africa		2.6
ICICI Bank Ltd.	India		2.6
Aurobindo Pharma Ltd.	India		2.3
Hon Hai Precision Industry Co., Ltd.	Taiwan		2.2
Shinhan Financial Group Co., Ltd.	Korea		2.1
Kia Motors Corp.	Korea		2.0
Reliance Industries Ltd.	India		1.7

Total			30.7	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		37

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 96.6%

CHINA - 5.9%
Baidu, Inc. (DR)⁽¹⁾		47,369	$	6,509
Beijing Enterprises Water Group Ltd.⁽¹⁾⁽²⁾		7,134,000		5,044
China Everbright International Ltd.⁽²⁾		3,187,000		4,517
China Oil & Gas Group Ltd.⁽¹⁾⁽²⁾		23,840,000		1,492

				17,562
FINLAND - 3.0%
Huhtamaki Oyj⁽²⁾		291,227		8,907

FRANCE - 1.7%
Elis S.A.⁽²⁾		313,716		4,891

GERMANY - 8.0%
Bayer AG⁽²⁾		26,446		3,380
CTS Eventim AG & Co., KGaA⁽²⁾		150,847		5,584
Telefonica Deutschland Holding AG⁽²⁾		904,408		5,520
Vonovia SE⁽²⁾		137,693		4,426
Wirecard AG⁽²⁾		98,055		4,688

				23,598
HONG KONG - 1.9%
AIA Group Ltd.⁽²⁾		1,082,795		5,638

INDIA - 2.0%
Adani Ports & Special Economic Zone Ltd.⁽²⁾		631,535		2,887
Housing Development Finance Corp. Ltd.⁽²⁾		169,036		3,130

				6,017
ITALY - 0.9%
Mediaset S.p.A.⁽²⁾		563,585		2,598

JAPAN - 0.7%
Nitori Holdings Co., Ltd.⁽²⁾		9,778		770
Sumitomo Mitsui Financial Group, Inc.⁽²⁾		33,000		1,256

				2,026
MEXICO - 1.6%
Grupo Televisa S.A.B. (DR)		185,424		4,825

NETHERLANDS - 1.8%
ASML Holding N.V.⁽²⁾		61,707		5,410

SWITZERLAND - 4.7%
Adecco S.A.⁽¹⁾⁽²⁾		51,592		3,783
Credit Suisse Group AG⁽¹⁾⁽²⁾		100,843		2,426
Nestle S.A.⁽²⁾		31,239		2,352
Novartis AG⁽²⁾		38,595		3,555
SWITZERLAND (CONTINUED)
Roche Holding AG⁽²⁾⁽³⁾		6,861		1,814

				13,930
TAIWAN - 2.7%
Ginko International Co., Ltd.⁽²⁾⁽⁴⁾		791,000		8,008

UNITED KINGDOM - 3.8%
Barclays plc⁽²⁾		504,500		1,865
Carnival plc⁽²⁾		68,557		3,539
Johnson Matthey plc⁽²⁾		60,657		2,253
Lloyds Banking Group plc⁽²⁾		3,268,110		3,726

				11,383
UNITED STATES - 57.9%
Advance Auto Parts, Inc.		49,730		9,425
American Express Co.		110,032		8,157
Celgene Corp.⁽¹⁾		51,607		5,582
Charter Communications, Inc., Class A⁽¹⁾		19,833		3,488
Cigna Corp.		33,656		4,544
Citigroup, Inc.		63,955		3,173
Cognizant Technology Solutions Corp., Class A⁽¹⁾		71,205		4,458
Comcast Corp., Class A		171,159		9,736
Community Health Systems, Inc.⁽¹⁾		105,609		4,517
comScore, Inc.⁽¹⁾		31,610		1,459
CSX Corp.		122,845		3,305
Delphi Automotive plc		71,383		5,428
Dollar General Corp.		41,857		3,032
Envision Healthcare Holdings, Inc.⁽¹⁾		161,820		5,953
Gilead Sciences, Inc.		77,857		7,645
Google, Inc., Class A⁽¹⁾		5,898		3,765
Google, Inc., Class C⁽¹⁾⁽³⁾		11,395		6,933
Incyte Corp.⁽¹⁾		41,682		4,599
JPMorgan Chase & Co.		121,802		7,426
Liberty Global plc LiLAC, Class A⁽¹⁾		1,677		57
Liberty Global plc LiLAC, Class C⁽¹⁾⁽³⁾		2,634		90
Liberty Global plc, Class A⁽¹⁾		79,524		3,415
Liberty Global plc, Series C⁽¹⁾⁽³⁾		97,657		4,006
MasterCard, Inc., Class A		108,819		9,807
Medivation, Inc.⁽¹⁾		92,446		3,929
Medtronic plc		155,018		10,377
Monster Beverage Corp.⁽¹⁾		13,537		1,829
Nektar Therapeutics⁽¹⁾		195,172		2,139
NewMarket Corp.		1,878		670
Portola Pharmaceuticals, Inc.⁽¹⁾		64,547		2,751
Priceline Group, Inc.⁽¹⁾		3,434		4,247
PTC Therapeutics, Inc.⁽¹⁾		125,546		3,352
Royal Caribbean Cruises Ltd.		27,764		2,474
Seattle Genetics, Inc.⁽¹⁾		73,339		2,828


38		Artisan Partners Funds


	Shares Held		Value
UNITED STATES (CONTINUED)
Tempur Sealy International, Inc.⁽¹⁾		77,005	$	5,500
Thermo Fisher Scientific, Inc.		49,930		6,105
Vertex Pharmaceuticals, Inc.⁽¹⁾		24,729		2,575
VF Corp.		40,952		2,793

				171,569

Total common stocks (Cost $285,709)				286,362

PREFERRED STOCKS - 0.5%

GERMANY - 0.5%
Porsche Automobil Holding SE⁽²⁾⁽³⁾		30,474		1,297

Total preferred stocks (Cost $2,586)				1,297
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $9,555 (Cost $9,555)⁽⁵⁾	$	9,555	$	9,555


Total investments - 100.3% (Cost $297,850)				297,214

Other assets less liabilities - (0.3)%				(834	)


Total net assets - 100.0%⁽⁶⁾			$	296,380

⁽¹⁾	Non-income producing security.

⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $104,756, or 35.3% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.500	%		8/15/2023	$	9,751

⁽⁶⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	72,304		24.3	%
Consumer Staples		4,181		1.4
Financials		41,223		13.9
Health Care		83,653		28.1
Industrials		19,383		6.5
Information Technology		43,029		14.5
Materials		11,830		4.0
Telecommunication Services		5,520		1.9
Utilities		6,536		2.2
Short-term investments		9,555		3.2

Total investments	$	297,214		100.0	%


CURRENCY EXPOSURE - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	11,383		3.8	%
Euro		46,701		15.7
Hong Kong dollar		16,691		5.6
Indian rupee		6,017		2.0
Japanese yen		2,026		0.7
Swiss franc		13,930		4.7
Taiwan dollar		8,008		2.7
U.S. dollar		192,458		64.8

Total investments	$	297,214		100.0	%


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
Google, Inc.	United States		3.6	%
Medtronic plc	United States		3.5
MasterCard, Inc.	United States		3.3
Comcast Corp.	United States		3.3
Advance Auto Parts, Inc.	United States		3.2
Huhtamaki Oyj	Finland		3.0
American Express Co.	United States		2.8
Ginko International Co., Ltd.	Taiwan		2.7
Gilead Sciences, Inc.	United States		2.6
Liberty Global plc	United States		2.6

Total			30.6	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		39

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 92.1%

AUSTRALIA - 2.0%
James Hardie Industries plc (DR)⁽¹⁾		2,293,243	$	27,678

BRAZIL - 1.3%
Raia Drogasil S.A.		1,771,200		17,469

CHINA - 3.3%
Tencent Holdings Ltd.⁽¹⁾		2,654,300		44,711

DENMARK - 2.9%
Genmab AS⁽¹⁾⁽²⁾		435,555		40,039

FRANCE - 1.8%
Eurofins Scientific SE⁽¹⁾		80,978		24,911

GERMANY - 3.4%
Brenntag AG⁽¹⁾		442,264		23,801
Zalando SE⁽¹⁾⁽²⁾		657,339		21,772

				45,573
HONG KONG - 0.9%
Hong Kong Exchanges and Clearing Ltd.⁽¹⁾		551,177		12,675

ITALY - 1.3%
Moncler S.p.A.⁽¹⁾		948,674		17,011

JAPAN - 7.4%
FANUC Corp.⁽¹⁾		180,702		27,859
Harmonic Drive Systems, Inc.⁽¹⁾		637,182		9,158
Nintendo Co., Ltd.⁽¹⁾		153,042		25,855
Shiseido Co., Ltd.⁽¹⁾		1,080,122		23,673
Stanley Electric Co., Ltd.⁽¹⁾⁽³⁾		686,400		13,750

				100,295
KOREA - 0.9%
Amorepacific Corp.⁽¹⁾		36,672		11,969

MEXICO - 1.5%
Infraestructura Energetica Nova S.A.B. de C.V.		4,962,135		20,312

SWEDEN - 2.1%
Electrolux AB, Class B⁽¹⁾		265,722		7,518
Hexagon AB, Class B⁽¹⁾		669,310		20,484

				28,002
TAIWAN - 0.8%
Hermes Microvision, Inc.⁽¹⁾		293,000		11,205
UNITED KINGDOM - 9.6%
ASOS plc⁽¹⁾⁽²⁾		444,744		18,644
Associated British Foods plc⁽¹⁾		296,675		15,036
Direct Line Insurance Group plc⁽¹⁾		7,668,630		43,583
Markit Ltd.⁽²⁾		1,528,638		44,331
Weir Group plc⁽¹⁾		502,999		8,922

				130,516
UNITED STATES - 52.9%
Abbott Laboratories		934,972		37,605
Adobe Systems, Inc.⁽²⁾		336,902		27,700
Anadarko Petroleum Corp.		131,989		7,971
Anthem, Inc.		99,836		13,977
Apple, Inc.		245,763		27,108
Biogen, Inc.⁽²⁾		46,443		13,552
Chipotle Mexican Grill, Inc.⁽²⁾		38,466		27,705
Electronic Arts, Inc.⁽²⁾		590,478		40,005
EQT Corp.		195,567		12,667
Facebook, Inc., Class A⁽²⁾		619,599		55,702
Google, Inc., Class A⁽²⁾		77,869		49,709
Google, Inc., Class C⁽²⁾⁽⁴⁾		49,936		30,382
IHS, Inc., Class A⁽²⁾⁽³⁾		581,487		67,452
Illumina, Inc.⁽²⁾		208,364		36,635
LKQ Corp.⁽²⁾		580,283		16,457
McGraw Hill Financial, Inc.		433,047		37,459
Regeneron Pharmaceuticals, Inc.⁽²⁾		126,161		58,682
Salesforce.com, Inc.⁽²⁾		287,508		19,962
Starbucks Corp.		500,719		28,461
Visa, Inc., Class A		901,973		62,831
Walt Disney Co.		273,307		27,932
Workday, Inc., Class A⁽²⁾		251,241		17,300

				717,254

Total common stocks (Cost $1,085,434)				1,249,620
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 8.0%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $108,124 (Cost $108,124)⁽⁵⁾	$	108,124	$	108,124


Total investments - 100.1% (Cost $1,193,558)				1,357,744

Other assets less liabilities - (0.1)%				(1,822	)


Total net assets - 100.0%⁽⁶⁾			$	1,355,922


40		Artisan Partners Funds

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $450,254, or 33.2% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.125	%		12/31/2021	$	110,287

⁽⁶⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	223,581		16.5	%
Consumer Staples		68,147		5.0
Energy		20,638		1.5
Financials		93,717		6.9
Health Care		225,401		16.6
Industrials		137,192		10.1
Information Technology		432,954		31.9
Materials		27,678		2.0
Utilities		20,312		1.5
Short-term investments		108,124		8.0

Total investments	$	1,357,744		100.0	%


CURRENCY EXPOSURE - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	27,678		2.0	%
Brazilian real		17,469		1.3
British pound		86,185		6.3
Danish krone		40,039		3.0
Euro		87,495		6.4
Hong Kong dollar		57,386		4.2
Japanese yen^*		100,295		7.4
Korean won		11,969		0.9
Mexican peso		20,312		1.5
Swedish krona		28,002		2.1
Taiwan dollar		11,205		0.8
U.S. dollar		869,709		64.1

Total investments	$	1,357,744		100.0	%

*	Currency exposure is offset by foreign currency forward contracts noted in the table below (in thousands):

Counterparty

Contract
Settlement
Date

Contract Amount

Unrealized
Depreciation

Deliver

Receive

State Street Bank and Trust Company

2/10/2016

JPY

4,514,481

USD

36,276

(1,460

)

JPY - Japanese yen

USD - U.S. dollar


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
Google, Inc.	United States		5.9	%
IHS, Inc.	United States		5.0
Visa, Inc.	United States		4.6
Regeneron Pharmaceuticals, Inc.	United States		4.3
Facebook, Inc.	United States		4.1
Tencent Holdings Ltd.	China		3.3
Markit Ltd.	United Kingdom		3.3
Direct Line Insurance Group plc	United��Kingdom		3.2
Genmab AS	Denmark		2.9
Electronic Arts, Inc.	United States		2.9

Total			39.5	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		41

ARTISAN GLOBAL SMALL CAP FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 91.3%

CANADA - 2.6%
Cogeco Cable, Inc.		70,971	$	3,430

CHINA - 13.1%
21Vianet Group, Inc. (DR)⁽¹⁾		306,429		5,602
Beijing Enterprises Water Group Ltd.⁽¹⁾⁽²⁾		2,636,000		1,864
China Aircraft Leasing Group Holdings Ltd.⁽²⁾		1,698,000		1,706
China Everbright Water Ltd.⁽¹⁾⁽²⁾		2,163,600		921
China Oil & Gas Group Ltd.⁽¹⁾⁽²⁾		17,020,000		1,065
CT Environmental Group Ltd.⁽²⁾		10,170,520		3,177
iKang Healthcare Group, Inc. (DR)⁽¹⁾		49,754		736
Kangda International Environmental Co., Ltd.⁽¹⁾⁽²⁾		2,824,207		750
Wasion Group Holdings Ltd.⁽²⁾		1,220,000		1,267

				17,088
FINLAND - 4.1%
Huhtamaki Oyj⁽²⁾		175,080		5,355

FRANCE - 4.7%
Elis S.A.⁽²⁾		250,793		3,910
Innate Pharma S.A.⁽¹⁾⁽²⁾		145,956		2,195

				6,105
GERMANY - 3.2%
Tele Columbus AG⁽¹⁾⁽²⁾		328,779		4,118

GREECE - 1.2%
JUMBO S.A.⁽²⁾		169,364		1,489

HONG KONG - 0.9%
CITIC Telecom International Holdings Ltd.⁽²⁾		3,524,811		1,209

INDIA - 3.8%
Cera Sanitaryware Ltd.⁽²⁾		89,848		2,769
Credit Analysis & Research Ltd.⁽²⁾		51,272		874
Vinati Organics Ltd.⁽²⁾		132,874		925
Voltas Ltd.⁽²⁾		98,182		402

				4,970
ITALY - 11.1%
Banca Sistema S.p.A.⁽¹⁾⁽²⁾		473,500		2,129
Ei Towers S.p.A.⁽²⁾		57,129		3,518
Infrastrutture Wireless Italiane S.p.A.⁽¹⁾⁽²⁾		816,827		4,005
RAI Way S.p.A.⁽²⁾		897,954		4,298
RCS MediaGroup S.p.A.⁽¹⁾⁽²⁾		541,391		542

				14,492
SINGAPORE - 4.5%
SIIC Environment Holdings, Ltd.⁽¹⁾⁽²⁾		9,940,760		5,873

SPAIN - 8.2%
Cellnex Telecom SAU⁽¹⁾⁽²⁾		177,961		3,028
Ebro Foods S.A.⁽²⁾		104,301		2,051
Inmobiliaria Colonial S.A.⁽¹⁾⁽²⁾		5,038,378		3,506
Melia Hotels International S.A.⁽²⁾		149,296		2,079

				10,664
SWEDEN - 4.5%
Cloetta AB, Class B⁽¹⁾⁽²⁾		1,070,669		3,061
Haldex AB⁽²⁾		102,433		1,081
Meda AB, Class A⁽²⁾		118,473		1,696

				5,838
TAIWAN - 3.5%
Ginko International Co., Ltd.⁽²⁾⁽³⁾		444,000		4,495

THAILAND - 0.1%
Big C Supercenter PCL (DR)⁽²⁾		22,500		125

UNITED KINGDOM - 14.9%
Cambian Group plc⁽²⁾		1,124,204		4,790
Essentra plc⁽²⁾		166,037		1,979
GW Pharmaceuticals plc (DR)⁽¹⁾		12,729		1,163
Mitchells & Butlers plc⁽¹⁾⁽²⁾		242,029		1,157
Rathbone Brothers plc⁽²⁾		77,880		2,430
Shawbrook Group plc⁽¹⁾⁽²⁾		239,821		1,151
Spire Healthcare Group plc⁽²⁾		182,724		997
Synergy Health plc⁽¹⁾⁽²⁾		127,252		4,183
Virgin Money Holdings UK plc⁽²⁾		254,377		1,490

				19,340
UNITED STATES - 10.9%
Cable One, Inc.⁽¹⁾		855		359
comScore, Inc.⁽¹⁾		13,606		628
Interpublic Group of Cos., Inc.		115,215		2,204
La Quinta Holdings, Inc.⁽¹⁾		139,662		2,204
Nektar Therapeutics⁽¹⁾		145,924		1,599
Otonomy, Inc.⁽¹⁾		55,879		995
Penumbra, Inc.⁽¹⁾		5,000		200
Portola Pharmaceuticals, Inc.⁽¹⁾		43,291		1,845
PTC Therapeutics, Inc.⁽¹⁾		42,214		1,127
SLM Corp.⁽¹⁾		104,751		775
Tempur Sealy International, Inc.⁽¹⁾		32,151		2,297

				14,233

Total common stocks (Cost $126,632)				118,824


42		Artisan Partners Funds


	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $10,148 (Cost $10,148)⁽⁴⁾	$	10,148	$	10,148


Total investments - 99.1% (Cost $136,780)				128,972

Other assets less liabilities - 0.9%				1,123


Total net assets - 100.0%⁽⁵⁾			$	130,095

⁽¹⁾	Non-income producing security.

⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $93,660, or 72.0% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.500	%		8/15/2023	$	10,353

⁽⁵⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	24,177		18.7	%
Consumer Staples		5,237		4.1
Financials		12,355		9.6
Health Care		26,021		20.2
Industrials		9,868		7.6
Information Technology		11,015		8.5
Materials		8,259		6.4
Telecommunication Services		8,242		6.4
Utilities		13,650		10.6
Short-term investments		10,148		7.9

Total investments	$	128,972		100.0	%


CURRENCY EXPOSURE - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	18,177		14.1	%
Canadian dollar		3,430		2.7
Euro		42,223		32.7
Hong Kong dollar		11,038		8.6
Indian rupee		4,970		3.8
Singapore dollar		6,794		5.3
Swedish krona		5,838		4.5
Taiwan dollar		4,495		3.5
Thai baht		125		0.1
U.S. dollar		31,882		24.7

Total investments	$	128,972		100.0	%


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
SIIC Environment Holdings, Ltd.	Singapore		4.5	%
21Vianet Group, Inc.	China		4.3
Huhtamaki Oyj	Finland		4.1
Cambian Group plc	United Kingdom		3.7
Ginko International Co., Ltd.	Taiwan		3.5
RAI Way S.p.A.	Italy		3.3
Synergy Health plc	United Kingdom		3.2
Tele Columbus AG	Germany		3.2
Infrastrutture Wireless Italiane S.p.A.	Italy		3.1
Elis S.A.	France		3.0

Total			35.9	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		43

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 91.5%

BELGIUM - 1.7%
Groupe Bruxelles Lambert S.A.⁽¹⁾		334,352	$	25,254

BRAZIL - 1.7%
Telefonica Brasil S.A. (DR)		2,873,880		26,238

CANADA - 1.8%
Imperial Oil Ltd.		849,913		26,927

CHINA - 0.9%
New Oriental Education & Technology Group, Inc. (DR)		698,384		14,114

DENMARK - 4.3%
Carlsberg AS, Class B⁽¹⁾		349,181		26,872
ISS AS⁽¹⁾⁽²⁾		1,159,246		38,560

				65,432
JAPAN - 0.1%
Tokyo Electron Ltd.⁽¹⁾		30,800		1,456

KOREA - 4.6%
Kia Motors Corp.⁽¹⁾		529,150		24,002
Samsung Electronics Co., Ltd.⁽¹⁾		48,751		46,884

				70,886
NETHERLANDS - 2.1%
ING Groep N.V. (DR)⁽¹⁾		2,263,567		32,133

NORWAY - 1.1%
Orkla ASA⁽¹⁾		2,243,261		16,664

SWITZERLAND - 7.0%
ABB Ltd.⁽¹⁾⁽³⁾		2,325,888		41,190
Adecco S.A.⁽¹⁾⁽³⁾		20,964		1,537
Novartis AG⁽¹⁾		251,880		23,202
Pargesa Holding S.A.⁽¹⁾		7,516		442
UBS Group AG⁽¹⁾		2,140,434		39,665

				106,036
UNITED KINGDOM - 12.8%
Amec Foster Wheeler plc⁽¹⁾		1,465,421		15,923
Compass Group plc⁽¹⁾		1,304,675		20,829
Diageo plc⁽¹⁾		679,451		18,284
Lloyds Banking Group plc⁽¹⁾		25,594,312		29,177
Royal Bank of Scotland Group plc⁽¹⁾⁽³⁾		12,749,196		60,923
Serco Group plc⁽¹⁾⁽³⁾		1,751,230		2,705
UNITED KINGDOM (CONTINUED)
TESCO plc⁽¹⁾		16,867,474		46,870

				194,711
UNITED STATES - 53.4%
Accenture plc, Class A		19,120		1,879
American Express Co.		443,527		32,879
Aon plc		226,484		20,069
Applied Materials, Inc.		1,661,940		24,414
Arch Capital Group Ltd.⁽²⁾⁽³⁾		824,053		60,543
Bank of New York Mellon Corp.		1,637,319		64,101
Chubb Corp.		375,830		46,096
Cisco Systems, Inc.		1,750,218		45,943
Citigroup, Inc.		1,107,645		54,950
Citizens Financial Group, Inc.		1,131,031		26,986
Flextronics International Ltd.⁽³⁾		1,186,015		12,501
Google, Inc., Class A⁽³⁾		25,949		16,565
Google, Inc., Class C⁽³⁾⁽⁴⁾		18,931		11,518
Johnson & Johnson		536,851		50,115
Joy Global, Inc.⁽²⁾		603,577		9,011
Marsh & McLennan Cos., Inc.		820,456		42,844
Medtronic plc		713,704		47,775
Microsoft Corp.		1,197,132		52,985
Oracle Corp.		2,029,483		73,305
Progressive Corp.		974,586		29,861
QUALCOMM, Inc.		837,017		44,973
TE Connectivity Ltd.		369,019		22,101
United Technologies Corp.		268,285		23,875

				815,289

Total common stocks (Cost $1,346,097)				1,395,140

PREFERRED STOCKS - 0.2%

BRAZIL - 0.2%
Telefonica Brasil S.A.⁽⁴⁾		285,379		2,640

Total preferred stocks (Cost $3,801)				2,640


44		Artisan Partners Funds


	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $120,798 (Cost $120,798)⁽⁵⁾	$	120,798	$	120,798


Total investments - 99.6% (Cost $1,470,696)				1,518,578

Other assets less liabilities - 0.4%				6,728


Total net assets - 100.0%⁽⁶⁾			$	1,525,306

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $512,572, or 33.6% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽²⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾	Non-income producing security.

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.125	%		12/31/2021	$	123,219

⁽⁶⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	58,945		3.9	%
Consumer Staples		108,690		7.2
Energy		42,850		2.8
Financials		565,923		37.3
Health Care		121,092		8.0
Industrials		116,878		7.7
Information Technology		354,524		23.3
Telecommunication Services		28,878		1.9
Short-term investments		120,798		7.9

Total investments	$	1,518,578		100.0	%


CURRENCY EXPOSURE - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	2,640		0.2	%
British pound		194,711		12.8
Canadian dollar		26,927		1.8
Danish krone		65,432		4.3
Euro		57,387		3.8
Japanese yen		1,456		0.1
Korean won		70,886		4.6
Norwegian krone		16,664		1.1
Swiss franc		106,036		7.0
U.S. dollar		976,439		64.3

Total investments	$	1,518,578		100.0	%


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
Oracle Corp.	United States		4.8	%
Bank of New York Mellon Corp.	United States		4.2
Royal Bank of Scotland Group plc	United Kingdom		4.0
Arch Capital Group Ltd.	United States		4.0
Citigroup, Inc.	United States		3.6
Microsoft Corp.	United States		3.5
Johnson & Johnson	United States		3.3
Medtronic plc	United States		3.1
Samsung Electronics Co., Ltd.	Korea		3.1
TESCO plc	United Kingdom		3.1

Total			36.7	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		45

ARTISAN HIGH INCOME FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Principal Amount (000s)		Value
CORPORATE BONDS - 70.3%

AGRICULTURE - 1.9%
Pinnacle Operating Corp., 9.00%, 11/15/2020⁽¹⁾	$	17,859	$	17,323

AUTO PARTS & EQUIPMENT - 1.5%
Schaeffler Finance BV, 4.75%, 5/15/2023⁽¹⁾⁽²⁾		3,500		3,378
Schaeffler Holding Finance BV, PIK 6.25%, 11/15/2019⁽¹⁾⁽²⁾		5,000		5,300
6.75%, 11/15/2022⁽¹⁾⁽²⁾		4,500		4,837

				13,515
BEVERAGES - 0.4%
Constellation Brands, Inc., 6.00%, 5/1/2022		3,000		3,278

BUILDING MATERIALS - 1.2%
Ply Gem Industries, Inc., 6.50%, 2/1/2022		4,000		3,760
Roofing Supply Group LLC / Roofing Supply Finance, Inc., 10.00%, 6/1/2020⁽¹⁾		6,845		7,358

				11,118
CHEMICALS - 2.6%
A Schulman, Inc., 6.88%, 6/1/2023⁽¹⁾		8,000		7,540
Momentive Performance Materials, Inc., escrow, 10.00%, 10/15/2020^(3)(4)(5)		2,000		–	⁽⁶⁾
Platform Specialty Products Corp., 6.50%, 2/1/2022⁽¹⁾		9,000		7,740
TPC Group, Inc., 8.75%, 12/15/2020⁽¹⁾		7,735		6,614
WR Grace & Co-Conn, 5.13%, 10/1/202⁽¹⁾		2,000		1,975

				23,869
COMMERCIAL SERVICES - 0.4%
Cimpress N.V., 7.00%, 4/1/2022⁽¹⁾⁽²⁾		4,000		3,860

COMPUTERS - 0.3%
IHS, Inc., 5.00%, 11/1/2022		2,474		2,375

DISTRIBUTION/WHOLESALE - 0.5%
Beacon Roofing Supply, Inc., 6.38%, 10/1/2023⁽¹⁾		5,000		5,013

DIVERSIFIED FINANCIAL SERVICES - 8.1%
Alliance Data Systems Corp., 5.38%, 8/1/2022⁽¹⁾		7,000		6,825
6.38%, 4/1/2020⁽¹⁾		9,000		9,157
DIVERSIFIED FINANCIAL SERVICES (CONTINUED)
Cogent Communications Finance, Inc., 5.63%, 4/15/2021⁽¹⁾	$	3,500	$	3,290
Infinity Acquisition LLC / Infinity Acquisition Finance Corp., 7.25%, 8/1/2022⁽¹⁾		33,880		30,323
National Financial Partners Corp., 9.00%, 7/15/2021⁽¹⁾		21,515		20,762
Quicken Loans, Inc., 5.75%, 5/1/2025⁽¹⁾		4,000		3,790

				74,147
HEALTHCARE-PRODUCTS - 0.2%
Hill-Rom Holdings, Inc., 5.75%, 9/1/2023⁽¹⁾		1,000		1,002
Mallinckrodt International Finance S.A. / Mallinckrodt CB LLC, 5.63%, 10/15/2023⁽¹⁾⁽²⁾		1,250		1,141

				2,143
HEALTHCARE-SERVICES - 0.8%
Acadia Healthcare Co., Inc., 5.63%, 2/15/2023⁽¹⁾		2,000		2,010
HCA, Inc., 5.38%, 2/1/2025		5,000		4,963

				6,973
HOLDING COMPANIES-DIVERSIFIED - 4.8%
Opal Acquisition, Inc., 8.88%, 12/15/2021⁽¹⁾		46,315		43,594

INSURANCE - 9.7%
USI, Inc., 7.75%, 1/15/2021⁽¹⁾		56,569		55,367
Wayne Merger Sub LLC, 8.25%, 8/1/2023⁽¹⁾		8,250		7,899
York Risk Services Holding Corp., 8.50%, 10/1/2022⁽¹⁾		30,000		25,500

				88,766
MACHINERY-DIVERSIFIED - 1.6%
Gardner Denver, Inc., 6.88%, 8/15/2021⁽¹⁾		16,975		15,023

MEDIA - 11.5%
Altice Financing S.A., 6.63%, 2/15/2023⁽¹⁾⁽²⁾		1,000		960
Altice Finco S.A., 7.63%, 2/15/2025⁽¹⁾⁽²⁾		4,040		3,767
Altice US Finance I Corp., 5.38%, 7/15/2023⁽¹⁾		3,000		2,880
Altice US Finance S.A., 7.75%, 7/15/2025⁽¹⁾⁽²⁾		2,000		1,765
Cablevision Systems Corp., 8.00%, 4/15/2020		7,000		6,213
CCO Holdings LLC / CCO Holdings Capital Corp.,
5.13%, 5/1/2023⁽¹⁾		5,000		4,603
5.25%, 3/15/2021		5,500		5,417
5.75%, 9/1/2023		3,020		2,873
6.50%, 4/30/2021		2,000		2,010


46		Artisan Partners Funds


	Principal Amount (000s)		Value
MEDIA (CONTINUED)
CCO Safari II LLC,
4.46%, 7/23/2022⁽¹⁾	$	7,500	$	7,500
4.91%, 7/23/2025⁽¹⁾		6,000		5,974
DISH DBS Corp.,
5.00%, 3/15/2023		2,000		1,675
5.88%, 7/15/2022		9,000		7,942
5.88%, 11/15/2024		4,000		3,400
6.75%, 6/1/2021		1,000		955
Midcontinent Communications & Midcontinent Finance Corp., 6.88%, 8/15/2023⁽¹⁾		4,000		3,985
Neptune Finco Corp.,
6.63%, 10/15/2025⁽¹⁾		7,000		7,035
10.13%, 1/15/2023⁽¹⁾		7,000		7,061
10.88%, 10/15/2025⁽¹⁾		21,000		21,210
Time Warner Cable, Inc., 4.50%, 9/15/2042		10,000		7,910

				105,135
MISCELLANEOUS MANUFACTURING - 2.0%
Gates Global LLC / Gates Global Co., 6.00%, 7/15/2022⁽¹⁾		23,000		18,515

OIL & GAS - 8.9%
Clayton Williams Energy, Inc., 7.75%, 4/1/2019		13,850		11,721
Endeavor Energy Resources L.P. / EER Finance, Inc., 7.00%, 8/15/2021⁽¹⁾		2,311		2,138
Midstates Petroleum Co., Inc. / Midstates Petroleum Co. LLC, 10.00%, 6/1/2020⁽¹⁾		13,300		9,642
Paramount Resources Ltd., 6.88%, 6/30/2023⁽¹⁾⁽²⁾		11,000		9,460
Parsley Energy LLC / Parsley Finance Corp., 7.50%, 2/15/2022⁽¹⁾		15,218		14,761
Range Resources Corp.,
4.88%, 5/15/2025⁽¹⁾		7,500		6,675
5.00%, 8/15/2022		18,150		16,063
RSP Permian, Inc., 6.63%, 10/1/2022⁽¹⁾		500		480
Warren Resources, Inc., 9.00%, 8/1/2022		4,000		880
Whiting Petroleum Corp.,
5.00%, 3/15/2019		3,000		2,610
6.25%, 4/1/2023		8,000		6,920

				81,350
PHARMACEUTICALS - 1.9%
Endo Finance LLC / Endo Ltd. / Endo Finco, Inc., 6.00%, 7/15/2023⁽¹⁾⁽²⁾		3,500		3,465
Valeant Pharmaceuticals International, Inc.,
5.88%, 5/15/2023⁽¹⁾⁽²⁾		2,000		1,917
6.13%, 4/15/2025⁽¹⁾⁽²⁾		4,000		3,832
6.38%, 10/15/2020⁽¹⁾		8,500		8,452

				17,666
REAL ESTATE INVESTMENT TRUSTS (REITS) - 1.8%
Vereit Operating Partnership L.P., 4.60%, 2/6/2024	$	17,100	$	16,416

RETAIL - 1.5%
Dollar Tree, Inc., 5.75%, 3/1/2023⁽¹⁾		13,000		13,488

SOFTWARE - 4.6%
Ensemble S Merger Sub, Inc., 9.00%, 9/30/2023⁽¹⁾		6,000		5,805
Infor Software Parent LLC / Infor Software Parent, Inc., PIK, 7.13%, 5/1/2021⁽¹⁾		14,500		12,470
Infor US, Inc., 6.50%, 5/15/2022⁽¹⁾		7,000		6,422
Italics Merger Sub, Inc., 7.13%, 7/15/2023⁽¹⁾		18,000		17,190

				41,887
TELECOMMUNICATIONS - 4.1%
Frontier Communications Corp.,
8.88%, 9/15/2020⁽¹⁾		2,000		1,960
10.50%, 9/15/2022⁽¹⁾		4,000		3,890
11.00%, 9/15/2025⁽¹⁾		12,000		11,610
T-Mobile USA, Inc.,
6.00%, 3/1/2023		2,000		1,930
6.38%, 3/1/2025		4,500		4,297
Virgin Media Secured Finance plc, 5.25%, 1/15/2026⁽¹⁾⁽²⁾		15,000		13,800

				37,487

Total Corporate Bonds (Cost $681,495)				642,941

BANK LOANS - 21.0%⁽⁷⁾

AEROSPACE/DEFENSE - 0.7%
Jazz Acquisition, Inc. Second Lien Term Loan, 7.75%, 6/19/2022		7,000		6,720

AUTO PARTS & EQUIPMENT - 0.7%
BBB Industries US Holdings, Inc. Second Lien Term Loan, 9.75%, 11/3/2022		6,500		6,240

CHEMICALS - 0.4%
Chemours Company Term Loan B, 3.75%, 5/12/2022		1,995		1,745
Emerald Performance Materials, LLC Second Lien Term Loan, 7.75%, 8/1/2022		2,000		1,977

				3,722
COMMERCIAL SERVICES - 0.8%
Concentra Inc. Second Lien Term Loan, 9.00%, 6/1/2023⁽⁴⁾		7,000		7,000


Artisan Partners Funds		47


	Principal Amount (000s)		Value
DIVERSIFIED FINANCIAL SERVICES - 4.3%
LBM Borrower LLC Second Lien Term Loan, 10.25%, 8/20/2023	$	10,000	$	9,600
TransFirst, Inc. Second Lien Term Loan, 9.00%, 11/12/2022		10,000		9,837
WP Mustang Holdings LLC Second Lien Term Loan B, 8.50%, 5/29/2022		20,645		19,716

				39,153
ENGINEERING & CONSTRUCTION - 1.1%
Pike Corp. Second Lien Term Loan, 9.50%, 6/22/2022		10,000		9,792

FOOD - 0.7%
Hostess Brands LLC Second Lien Term Loan, 8.50%, 8/3/2023		6,328		6,320

HEALTHCARE-SERVICES - 0.8%
Heartland Dental LLC Second Lien Term Loan, 9.75%, 6/21/2019		7,755		7,765

INTERNET - 1.5%
iParadigms Holdings LLC Second Lien Term Loan, 8.25%, 7/31/2022⁽⁴⁾		8,972		8,882
The Active Network, Inc. Second Lien Term Loan, 9.50%, 11/15/2021		5,467		5,153

				14,035
MISCELLANEOUS MANUFACTURING - 0.1%
Ascend Performance Materials Operations LLC Term Loan B, 6.75%, 4/10/2018		708		639

OIL & GAS - 2.6%
Callon Petroleum Co. Second Lien Term Loan, 8.50%, 10/8/2021		24,500		23,581

OIL & GAS SERVICES - 1.0%
Cactus Wellhead LLC Term Loan, 7.00%, 7/31/2020⁽⁴⁾		7,920		5,940
RGL Reservoir Operations, Inc. First Lien Term Loan, 6.00%, 8/14/2021⁽²⁾		8,910		3,475

				9,415
PACKAGING & CONTAINERS - 0.3%
CD&R Millennium Holdco 6 S.a.r.l. Second Lien Term Loan, 8.75%, 7/31/2022⁽²⁾		3,000		2,948

PHARMACEUTICALS - 0.5%
PharMedium Healthcare Corp. Second Lien Term Loan, 7.75%, 1/28/2022		4,180		4,117

SOFTWARE - 5.5%
Ascend Learning LLC Second Lien Term Loan, 9.50%, 11/30/2020	$	13,642	$	13,505
Renaissance Learning, Inc. Second Lien Term Loan, 8.00%, 4/11/2022		38,055		36,850

				50,355

Total Bank Loans (Cost $200,602)				191,802

CONVERTIBLE DEBENTURES - 2.9%

REAL ESTATE INVESTMENT TRUSTS (REITS) - 2.9%
VEREIT, Inc., 3.00%, 8/1/2018		8,000		7,590
VEREIT, Inc., 3.75%, 12/15/2020		20,000		18,475

Total convertible debentures (Cost $26,596)				26,065

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 10.3%
Repurchase agreement with State Street Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $94,577 (Cost $94,577)⁽⁸⁾		94,577		94,577


Total investments - 104.5% (Cost $1,003,270)				955,385

Other assets less liabilities - (4.5)%				(41,326	)


Total net assets - 100.0%⁽⁹⁾			$	914,059

⁽¹⁾	Security is restricted. The security was acquired in a transaction pursuant to Rule 144A of the Securities Act of 1933 on the date or during the period noted below. The shares of the security may be resold in transactions exempt from registration to qualified institutional buyers.


Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
A Schulman, Inc. 6.88% 6/1/2023		5/7/15- 9/18/15	$	8,086	$	7,540		0.8	%
Acadia Healthcare Co., Inc. 5.63% 2/15/2023		9/14/15		2,010		2,010		0.2
Alliance Data Systems Corp. 5.38% 8/1/2022		7/24/14- 1/28/15		6,902		6,825		0.8
6.38% 4/1/2020		8/14/14- 3/24/15		9,351		9,157		1.0


48		Artisan Partners Funds


Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Altice Financing S.A. 6.63% 2/15/2023		1/30/15	$	1,000	$	960		0.1	%
Altice Finco S.A. 7.63% 2/15/2025		1/30/15- 4/1/15		4,139		3,767		0.4
Altice US Finance I Corp. 5.38% 7/15/2023		5/29/15		3,000		2,880		0.3
Altice US Finance S.A. 7.75% 7/15/2025		5/29/15		1,966		1,765		0.2
Beacon Roofing Supply, Inc. 6.38% 10/1/2023		9/24/15		5,000		5,013		0.5
CCO Holdings LLC / CCO Holdings Capital Corp. 5.13% 5/1/2023		4/13/15- 9/29/15		4,756		4,603		0.5
CCO Safari II LLC
4.46% 7/23/2022		7/9/15- 8/6/15		7,467		7,500		0.8
4.91% 7/23/2025		7/9/15- 7/13/15		5,958		5,974		0.6
Cimpress N.V. 7.00% 4/1/2022		3/13/15		4,000		3,860		0.4
Cogent Communications Finance, Inc. 5.63% 4/15/2021		7/20/15		3,364		3,290		0.4
Dollar Tree, Inc. 5.75% 3/1/2023		2/6/15- 9/8/15		13,000		13,487		1.5
Endeavor Energy Resources L.P. / EER Finance, Inc. 7.00% 8/15/2021		8/28/15		2,162		2,138		0.2
Endo Finance LLC / Endo Ltd. / Endo Finco, Inc. 6.00% 7/15/2023		6/24/15		3,500		3,465		0.4
Ensemble S Merger Sub, Inc. 9.00% 9/30/2023		9/21/15		5,794		5,805		0.7
Frontier Communications Corp.
8.88% 9/15/2020		9/11/15		2,000		1,960		0.2
10.50% 9/15/2022		9/11/15		4,000		3,890		0.4
11.00% 9/15/2025		9/11/15- 9/29/15		11,920		11,610		1.3
Gardner Denver, Inc. 6.88% 8/15/2021		7/31/15- 9/17/15		15,311		15,023		1.6
Gates Global LLC / Gates Global Co. 6.00% 7/15/2022		7/28/15- 9/14/15		19,601		18,515		2.0
Hill-Rom Holdings, Inc. 5.75% 9/1/2023		8/18/15		1,000		1,002		0.1
Infinity Acquisition LLC / Infinity Acquisition Finance Corp. 7.25% 8/1/2022		7/15/14- 9/18/15	$	31,862	$	30,323		3.3	%
Infor Software Parent LLC / Infor Software Parent, Inc. 7.13% 5/1/2021		4/3/14- 8/12/15		14,321		12,470		1.4
Infor US, Inc. 6.50% 5/15/2022		3/18/15- 9/17/15		6,930		6,422		0.7
Italics Merger Sub, Inc. 7.13% 7/15/2023		6/2/15- 9/16/15		17,806		17,190		1.9
Mallinckrodt International Finance S.A. / Mallinckrodt CB LLC 5.63% 10/15/2023		9/9/15		1,250		1,141		0.1
Midcontinent Communications & Midcontinent Finance Corp. 6.88% 8/15/2023		8/11/15- 8/31/15		4,010		3,985		0.4
Midstates Petroleum Co., Inc. / Midstates Petroleum Co. LLC 10.00% 6/1/2020		5/22/15- 6/30/15		13,477		9,642		1.1
National Financial Partners Corp. 9.00% 7/15/2021		5/12/15- 8/28/15		21,627		20,762		2.3
Neptune Finco Corp.
6.63% 10/15/2025		9/25/15		7,000		7,035		0.8
10.13% 1/15/2023		9/25/15		7,000		7,061		0.8
10.88% 10/15/2025		9/25/15- 9/30/15		21,052		21,210		2.3
Opal Acquisition, Inc. 8.88% 12/15/2021		4/15/14- 8/5/15		47,644		43,594		4.8
Paramount Resources Ltd. 6.88% 6/30/2023		5/21/15- 6/3/15		11,047		9,460		1.0
Parsley Energy LLC / Parsley Finance Corp. 7.50% 2/15/2022		1/15/15- 9/18/15		15,536		14,761		1.6
Pinnacle Operating Corp. 9.00% 11/15/2020		3/28/14- 6/22/15		18,373		17,323		1.9
Platform Specialty Products Corp. 6.50% 2/1/2022		9/9/15- 9/22/15		8,758		7,740		0.9
Quicken Loans, Inc. 5.75% 5/1/2025		5/1/15		4,030		3,790		0.4
Range Resources Corp. 4.88% 5/15/2025		5/7/15- 7/7/15		7,408		6,675		0.7


Artisan Partners Funds		49


Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Roofing Supply Group LLC / Roofing Supply Finance, Inc. 10.00% 6/1/2020		6/10/14- 7/14/15	$	6,879	$	7,358		0.8	%
RSP Permian, Inc. 6.63% 10/1/2022		8/5/15		496		480		0.1
Schaeffler Finance BV 4.75% 5/15/2023		3/27/15- 7/1/15		3,474		3,378		0.4
Schaeffler Holding Finance BV 6.25% 11/15/2019		10/21/14- 4/1/15		5,126		5,300		0.6
6.75% 11/15/2022		10/21/14- 12/19/14		4,588		4,837		0.5
TPC Group, Inc. 8.75% 12/15/2020		7/15/15- 9/14/15		7,061		6,614		0.7
USI, Inc. 7.75% 1/15/2021		3/20/14- 9/30/15		56,617		55,367		6.1
Valeant Pharmaceuticals International, Inc.
5.88% 5/15/2023		3/13/15		2,000		1,917		0.2
6.13% 4/15/2025		3/13/15- 6/18/15		4,066		3,832		0.4
6.38% 10/15/2020		4/29/14- 5/11/15		8,873		8,452		0.9
Virgin Media Secured Finance plc 5.25% 1/15/2026		3/17/15- 9/14/15		14,756		13,800		1.5
Wayne Merger Sub LLC 8.25% 8/1/2023		7/30/15- 8/5/15		8,249		7,899		0.9
WR Grace & Co-Conn 5.13% 10/1/2021		7/8/15		2,024		1,975		0.2
York Risk Services Holding Corp. 8.50% 10/1/2022		9/17/14- 7/23/15		29,451		25,500		2.8

Total					$	529,332		57.9	%

⁽²⁾	The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for issuer country classifications.


Security	Country	Trading Currency
Altice Financing S.A.	Luxembourg		U.S. dollar
Altice Finco S.A.	Luxembourg		U.S. dollar
Altice US Finance S.A.	Luxembourg		U.S. dollar
CD&R Millennium Holdco 6 S.a.r.l., Second Lien Term Loan	Germany		U.S. dollar
Cimpress N.V.	Netherlands		U.S. dollar
Endo Finance LLC / Endo Ltd. / Endo Finco, Inc.	Ireland		U.S. dollar
Mallinckrodt International Finance S.A. / Mallinckrodt CB LLC	Luxembourg		U.S. dollar
Paramount Resources Ltd.	Canada		U.S. dollar
RGL Reservoir Operations, Inc., First Lien Term Loan	Canada		U.S. dollar
Schaeffler Finance BV	Netherlands		U.S. dollar
Schaeffler Holding Finance BV, PIK	Netherlands		U.S. dollar
Valeant Pharmaceuticals International, Inc.	Canada		U.S. dollar
Virgin Media Secured Finance plc	United Kingdom		U.S. dollar

⁽³⁾

Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value rounds to less than $1, or less than 0.1% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁴⁾	Security has been deemed illiquid under procedures established by the board of directors of Artisan Partners Funds. In total, the value of securities deemed illiquid was $21,822, or 2.4% of total net assets.

⁽⁵⁾	Represents escrow for past due interest.

⁽⁶⁾	Amount rounds to less than $1.

⁽⁷⁾	Floating rate instruments, the rate disclosed was as of September 30, 2015.

⁽⁸⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		5/15/2022	$	93,909
U.S. Treasury Note		2.125	%		1/31/2021		2,566

						$	96,475

⁽⁹⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(PIK) Payment-in-kind security, may pay interest/dividend in additional par/shares.

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $85,000 or 9.3% of the total net assets as of September 30, 2015, which could be extended at the option of the borrower:


Borrower	Unfunded Principal Amount		Unrealized Appreciation (Depreciation)
Beacon Roofing Supply, Inc. Bridge Term Loan	$	45,000		-
Concordia Healthcare Corp. Bridge Term Loan		25,000		-
Team Finance LLC Bridge Term Loan		15,000		-

	$	85,000		-


50		Artisan Partners Funds


CREDIT DIVERSIFICATION - September 30, 2015 (Unaudited)
	Percentage of Total Investments
BBB		2.4	%
BB		18.6
B		19.8
CCC		42.4
Unrated		6.9
Short-term investments		9.9

		100.0	%

Credit quality ratings apply to the underlying holdings of the Fund and not the Fund itself. The credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s or Moody’s Investor Services (shown using the rating scale of Standard & Poor’s). Investments designated as unrated are not rated by either rating agency. Credit quality ratings are subjective opinions, not statements of fact, and are subject to change.

High income securities are speculative, have a higher degree of default risk than higher-rate bonds and may increase the Fund’s volatility. The Fund typically invests a significant portion of its assets in lower-rated high income securities (e.g. CCC).


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
USI, Inc.	United States		6.1	%
Altice S.A.	Luxembourg		4.9
Opal Acquisition, Inc.	United States		4.8
VEREIT, Inc.	United States		4.6
Renaissance Learning, Inc.	United States		4.0
Infinity Acquisition LLC / Infinity Acquisition Finance Corp.	United States		3.3
Charter Communications, Inc.	United States		3.1
York Risk Services Holding Corp.	United States		2.8
Callon Petroleum Co.	United States		2.6
Range Resources Corp.	United States		2.5

Total			38.7	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		51

ARTISAN INTERNATIONAL FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 95.1%

BELGIUM - 3.5%
Anheuser-Busch InBev N.V.⁽¹⁾		2,921,468	$	310,301
Telenet Group Holding N.V.⁽¹⁾⁽²⁾		2,784,876		159,684
UCB S.A.⁽¹⁾		1,909,441		149,447

				619,432
CHINA - 7.9%
Baidu, Inc. (DR)⁽²⁾		4,982,967		684,710
Beijing Enterprises Holdings Ltd.⁽¹⁾		7,227,000		43,656
Beijing Enterprises Water Group Ltd.⁽¹⁾⁽²⁾		25,373,000		17,938
Ping An Insurance Group Co. of China Ltd., Class H⁽¹⁾		39,827,452		198,783
Tencent Holdings Ltd.⁽¹⁾		26,465,977		445,807

				1,390,894
FRANCE - 5.1%
L’Oreal S.A.⁽¹⁾		834,171		145,051
LVMH Moet Hennessy Louis Vuitton SE⁽¹⁾		965,264		164,715
Orange S.A.⁽¹⁾		9,340,218		141,253
Pernod Ricard S.A.⁽¹⁾		1,530,613		154,555
Zodiac Aerospace⁽¹⁾		12,663,986		289,876

				895,450
GERMANY - 10.9%
Allianz SE⁽¹⁾		1,245,131		195,156
Bayer AG⁽¹⁾		6,428,066		821,560
Beiersdorf AG⁽¹⁾		3,027,329		267,867
Deutsche Post AG⁽¹⁾		895,742		24,791
Linde AG⁽¹⁾		3,003,331		486,493
Vonovia SE⁽¹⁾		3,036,296		97,597
Wirecard AG⁽¹⁾		657,781		31,447

				1,924,911
HONG KONG - 3.4%
AIA Group Ltd.⁽¹⁾		112,916,532		587,905

INDIA - 2.3%
Adani Ports & Special Economic Zone Ltd.⁽¹⁾		4,015,360		18,360
Housing Development Finance Corp. Ltd.⁽¹⁾		12,548,732		232,343
Infosys Ltd. (DR)		7,916,055		151,117

				401,820
IRELAND - 1.2%
Ryanair Holdings plc, Equity-Linked Security^(1)(3)(4)(5)		14,798,334		216,563
ITALY - 1.7%
Mediaset S.p.A.⁽¹⁾		29,957,854	$	138,082
Telecom Italia S.p.A.⁽¹⁾⁽²⁾		134,312,202		165,138

				303,220
JAPAN - 7.7%
IHI Corp.⁽¹⁾		63,733,422		164,099
NGK Insulators Ltd.⁽¹⁾		12,110,861		232,444
Olympus Corp.⁽¹⁾		11,353,613		353,560
Ono Pharmaceutical Co., Ltd.⁽¹⁾		245,676		29,221
Sumitomo Mitsui Financial Group, Inc.⁽¹⁾		2,114,876		80,508
Toyota Motor Corp.⁽¹⁾		8,405,581		494,369

				1,354,201
KOREA - 0.0%^†
Orion Corp.⁽¹⁾		2,079		1,659

MEXICO - 2.6%
Grupo Televisa S.A.B. (DR)		17,606,674		458,126

NETHERLANDS - 2.7%
ASML Holding N.V.⁽¹⁾		5,468,032		479,397

SPAIN - 1.2%
Grifols S.A.⁽¹⁾		2,618,171		108,298
Grifols S.A. (DR)		3,213,464		97,689

				205,987
SWEDEN - 1.0%
Swedbank AB, Class A⁽¹⁾		7,951,459		175,867

SWITZERLAND - 13.5%
Actelion Ltd.⁽¹⁾⁽²⁾		2,063,821		262,533
Adecco S.A.⁽¹⁾⁽²⁾		3,117,738		228,608
Credit Suisse Group AG⁽¹⁾⁽²⁾		7,829,215		188,353
Nestle S.A.⁽¹⁾		7,146,562		538,182
Novartis AG⁽¹⁾		2,694,560		248,209
Roche Holding AG⁽¹⁾⁽⁵⁾		1,943,046		513,652
Syngenta AG⁽¹⁾		1,243,737		399,468

				2,379,005
UNITED KINGDOM - 14.2%
Babcock International Group plc⁽¹⁾		6,578,411		91,003
Barclays plc⁽¹⁾		40,036,936		148,019
BT Group plc⁽¹⁾		37,743,373		240,173
Carnival plc⁽¹⁾		4,891,080		252,461
Croda International plc⁽¹⁾		4,733,690		194,426
Diageo plc⁽¹⁾		204,896		5,514
Imperial Tobacco Group plc⁽¹⁾		3,540,014		183,225
InterContinental Hotels Group plc⁽¹⁾		4,638,469		160,412


52		Artisan Partners Funds


	Shares Held		Value
UNITED KINGDOM (CONTINUED)
International Consolidated Airlines Group S.A.⁽¹⁾⁽²⁾		36,611,708	$	326,732
Johnson Matthey plc⁽¹⁾		8,752,085		325,104
Lloyds Banking Group plc⁽¹⁾		222,151,976		253,247
WPP plc⁽¹⁾		14,962,129		311,584

				2,491,900
UNITED STATES - 16.2%
Autoliv, Inc. (DR)⁽¹⁾		1,854,247		201,725
Cognizant Technology Solutions Corp., Class A⁽²⁾		5,003,427		313,265
Delphi Automotive plc		4,666,735		354,858
Liberty Global plc, Class A⁽²⁾		6,878,312		295,355
Liberty Global plc, Series C⁽²⁾⁽⁵⁾		11,425,608		468,678
Liberty Global plc LiLAC, Class A⁽²⁾		161,880		5,454
Liberty Global plc LiLAC, Class C⁽²⁾⁽⁵⁾		354,965		12,154
Medtronic plc		12,069,025		807,901
Royal Caribbean Cruises Ltd.		2,050,707		182,697
TE Connectivity Ltd.		1,528,203		91,524
WABCO Holdings, Inc.⁽²⁾		1,039,890		109,012

				2,842,623

Total common stocks and equity-linked securities (Cost $15,774,199)				16,728,960

PREFERRED STOCKS - 1.3%

GERMANY - 1.3%
Henkel AG & Co. KGaA⁽¹⁾⁽⁵⁾		1,491,630		153,259
Porsche Automobil Holding SE⁽¹⁾⁽⁵⁾		1,837,748		78,219

				231,478

Total preferred stocks (Cost $262,274)				231,478
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $619,768 (Cost $619,768)⁽⁶⁾	$	619,768	$	619,768


Total investments - 99.9% (Cost $16,656,241)				17,580,206

Other assets less liabilities - 0.1%				14,877


Total net assets - 100.0%⁽⁷⁾			$	17,595,083

^†	Amount rounds to less than 0.1%.

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $12,927,898, or 73.5% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

⁽³⁾	Security is restricted. The security was acquired in a transaction pursuant to Rule 144A of the Securities Act of 1933 on the date or during the period noted below. The shares of the security may be resold in transactions exempt from registration to qualified institutional buyers.


Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Ryanair Holdings plc		11/14/2013- 7/15/2015	$	131,712	$	216,563		1.2	%

⁽⁴⁾	Security is an equity-linked participation certificate issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked participation certificates are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁵⁾	Non-voting shares.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.125	%		12/31/2021	$	87,148
U.S. Treasury Bond		3.125	%		2/15/2043		545,020

						$	632,168

⁽⁷⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	3,738,573		21.3	%
Consumer Staples		1,759,613		10.0
Financials		2,157,778		12.3
Health Care		3,392,070		19.3
Industrials		1,745,144		9.9
Information Technology		2,197,267		12.5
Materials		1,405,491		8.0
Telecommunication Services		546,564		3.1
Utilities		17,938		0.1
Short-term investments		619,768		3.5

Total investments	$	17,580,206		100.0	%


Artisan Partners Funds		53


CURRENCY EXPOSURE - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	2,491,900		14.2	%
Euro		4,562,186		26.0
Hong Kong dollar		1,294,089		7.4
Indian rupee		250,703		1.4
Japanese yen		1,354,201		7.7
Korean won		1,659		—	⁽¹⁾
Swedish krona		377,592		2.1
Swiss franc		2,379,005		13.5
U.S. dollar		4,868,871		27.7

Total investments	$	17,580,206		100.0	%

⁽¹⁾	Represents less than 0.1% of total investments.


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
Bayer AG	Germany		4.7	%
Medtronic plc	United States		4.6
Liberty Global plc	United States		4.4
Baidu, Inc.	China		3.9
AIA Group Ltd.	Hong Kong		3.4
Nestle S.A.	Switzerland		3.0
Roche Holding AG	Switzerland		2.9
Toyota Motor Corp.	Japan		2.8
Linde AG	Germany		2.8
ASML Holding N.V.	Netherlands		2.7

Total			35.2	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


54		Artisan Partners Funds

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 91.2%

CANADA - 1.2%
CAE, Inc.		1,075,211	$	11,393

CHINA - 17.9%
21Vianet Group, Inc. (DR)⁽¹⁾		2,323,899		42,481
Beijing Enterprises Water Group Ltd.⁽¹⁾⁽²⁾		74,166,000		52,433
China Everbright International Ltd.⁽²⁾		33,717,000		47,792
China Oil & Gas Group Ltd.⁽¹⁾⁽²⁾		141,720,000		8,869
CT Environmental Group Ltd.⁽²⁾		64,600,000		20,181

				171,756
DENMARK - 3.1%
Royal Unibrew AS⁽²⁾		799,730		29,986

FINLAND - 2.4%
Huhtamaki Oyj⁽²⁾		764,429		23,379

FRANCE - 3.0%
Elis S.A.⁽²⁾		1,822,833		28,420

GERMANY - 11.6%
CompuGroup Medical AG⁽²⁾		301,251		9,951
CTS Eventim AG & Co., KGaA⁽²⁾		133,822		4,954
Norma Group SE⁽²⁾		388,411		19,062
Wirecard AG⁽²⁾		1,621,708		77,531

				111,498
GREECE - 1.1%
JUMBO S.A.⁽²⁾		1,215,835		10,692

IRELAND - 1.3%
Glanbia plc⁽²⁾		697,035		12,978

ITALY - 10.6%
Davide Campari-Milano S.p.A.⁽²⁾		1,612,413		12,865
Ei Towers S.p.A.⁽²⁾		492,863		30,345
Hera S.p.A.⁽²⁾		1,637,053		4,254
Infrastrutture Wireless Italiane S.p.A.⁽¹⁾⁽²⁾		6,459,191		31,674
RAI Way S.p.A.⁽²⁾		4,685,890		22,429

				101,567
JAPAN - 0.8%
Sugi Holdings Co., Ltd.⁽²⁾		164,800		7,425

SINGAPORE - 1.3%
Petra Foods Ltd.⁽²⁾		6,976,900		12,314
SPAIN - 9.4%
Almirall S.A.⁽²⁾		1,452,236	$	25,916
Cellnex Telecom SAU⁽¹⁾⁽²⁾		1,487,419		25,312
Ebro Foods S.A.⁽²⁾		1,070,953		21,058
Inmobiliaria Colonial S.A.⁽¹⁾⁽²⁾		3,860,023		2,686
Melia Hotels International S.A.⁽²⁾		1,081,665		15,061

				90,033
SWEDEN - 3.0%
Cloetta AB, Class B⁽¹⁾⁽²⁾		8,656,323		24,745
Meda AB, Class A⁽²⁾		306,393		4,387

				29,132
SWITZERLAND - 4.7%
Comet Holding AG^(1)(2)(3)		40,085		27,745
Tecan Group AG⁽²⁾		126,478		17,845

				45,590
TAIWAN - 4.3%
Ginko International Co., Ltd.⁽²⁾⁽³⁾		4,043,000		40,930

UNITED KINGDOM - 15.5%
Babcock International Group plc⁽²⁾		2,287,357		31,642
Cable & Wireless Communications plc⁽²⁾		19,331,681		16,243
Dignity plc⁽²⁾		498,058		17,950
Essentra plc⁽²⁾		1,462,380		17,430
Hays plc⁽²⁾		10,744,455		24,978
Rathbone Brothers plc⁽²⁾		559,329		17,453
Spire Healthcare Group plc⁽²⁾		1,317,955		7,193
Synergy Health plc⁽¹⁾⁽²⁾		503,914		16,565

				149,454

Total common stocks (Cost $720,567)				876,547
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 8.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $78,327 (Cost $78,327)⁽⁴⁾	$	78,327	$	78,327


Total investments - 99.4% (Cost $798,894)				954,874

Other assets less liabilities - 0.6%				6,161


Total net assets - 100.0%⁽⁵⁾			$	961,035


Artisan Partners Funds		55

⁽¹⁾	Non-income producing security.

⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $822,673, or 85.6% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Notes		2.125	%		6/30/2022	$	79,898

⁽⁵⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	71,086		7.4	%
Consumer Staples		121,371		12.7
Financials		20,139		2.1
Health Care		122,787		12.9
Industrials		163,287		17.1
Information Technology		178,102		18.6
Materials		40,809		4.3
Telecommunication Services		73,229		7.7
Utilities		85,737		9.0
Short-term investments		78,327		8.2

Total investments	$	954,874		100.0	%


CURRENCY EXPOSURE - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	149,454		15.7	%
Canadian dollar		11,393		1.2
Danish krone		29,986		3.1
Euro		378,567		39.6
Hong Kong dollar		129,275		13.5
Japanese yen		7,425		0.8
Singapore dollar		12,314		1.3
Swedish krona		29,132		3.0
Swiss franc		45,590		4.8
Taiwan dollar		40,930		4.3
U.S. dollar		120,808		12.7

Total investments	$	954,874		100.0	%


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		8.1	%
Beijing Enterprises Water Group Ltd.	China		5.5
China Everbright International Ltd.	China		5.0
21Vianet Group, Inc.	China		4.4
Ginko International Co., Ltd.	Taiwan		4.3
Infrastrutture Wireless Italiane S.p.A.	Italy		3.3
Babcock International Group plc	United Kingdom		3.3
Ei Towers S.p.A.	Italy		3.2
Royal Unibrew AS	Denmark		3.1
Elis S.A.	France		3.0

Total			43.2	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


56		Artisan Partners Funds

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 85.9%

BELGIUM - 2.1%
Groupe Bruxelles Lambert S.A.⁽¹⁾		3,022,945	$	228,327

BRAZIL - 1.6%
Telefonica Brasil S.A. (DR)		18,793,447		171,584

CANADA - 1.9%
Imperial Oil Ltd.		6,427,899		203,650

CHINA - 3.4%
Baidu, Inc. (DR)⁽²⁾		1,921,888		264,087
New Oriental Education & Technology Group, Inc. (DR)		4,849,157		98,001

				362,088
DENMARK - 4.7%
Carlsberg AS, Class B⁽¹⁾		2,750,049		211,638
ISS AS⁽¹⁾⁽³⁾		8,567,470		284,979

				496,617
FRANCE - 1.6%
Sodexo S.A.⁽¹⁾		619,018		51,345
Vivendi S.A.⁽¹⁾		5,089,061		120,483

				171,828
GERMANY - 1.4%
Deutsche Boerse AG⁽¹⁾		1,740,514		149,832

JAPAN - 4.8%
Credit Saison Co., Ltd.⁽¹⁾		6,621,947		120,517
Kao Corp.⁽¹⁾		555,723		25,249
Stanley Electric Co., Ltd.⁽¹⁾⁽³⁾		9,306,804		186,432
Tokyo Electron Ltd.⁽¹⁾		3,866,435		182,752

				514,950
KOREA - 5.4%
Kia Motors Corp.⁽¹⁾		3,282,069		148,875
Samsung Electronics Co., Ltd.⁽¹⁾		439,407		422,576

				571,451
NETHERLANDS - 6.0%
ING Groep N.V. (DR)⁽¹⁾		29,806,293		423,121
RELX N.V.⁽¹⁾		3,754,955		61,305
TNT Express N.V.⁽¹⁾		19,487,155		148,468

				632,894
NORWAY - 1.7%
Aker Solutions ASA⁽¹⁾⁽³⁾		17,389,284	$	60,172
Orkla ASA⁽¹⁾		15,900,871		118,117

				178,289
SWITZERLAND - 14.4%
ABB Ltd.⁽¹⁾⁽²⁾		19,604,065		347,179
Adecco S.A.⁽¹⁾⁽²⁾		2,063,523		151,308
Novartis AG⁽¹⁾		2,838,705		261,487
Panalpina Welttransport Holding AG⁽¹⁾⁽³⁾		1,988,088		217,607
Pargesa Holding S.A.⁽¹⁾		1,335,129		78,443
UBS Group AG⁽¹⁾		25,253,504		467,976

				1,524,000
UNITED KINGDOM - 23.9%
Amec Foster Wheeler plc⁽¹⁾		9,614,979		104,478
Compass Group plc⁽¹⁾		32,149,323		513,267
Diageo plc⁽¹⁾		5,030,653		135,377
Lloyds Banking Group plc⁽¹⁾		212,233,209		241,940
QinetiQ Group plc⁽¹⁾		25,117,294		85,824
RELX plc⁽¹⁾		24,496,427		420,374
Royal Bank of Scotland Group plc⁽¹⁾⁽²⁾		88,535,074		423,069
Serco Group plc⁽¹⁾⁽²⁾		23,525,317		36,337
TESCO plc⁽¹⁾		121,640,045		338,003
Unilever plc(DR)		2,652,066		108,151
Vesuvius plc⁽¹⁾⁽³⁾		23,945,533		127,891

				2,534,711
UNITED STATES - 13.0%
Accenture plc, Class A		1,280,895		125,861
Arch Capital Group Ltd.⁽²⁾⁽³⁾		6,225,338		457,376
Flextronics International Ltd.⁽²⁾		18,656,741		196,642
Medtronic plc		4,656,429		311,701
TE Connectivity Ltd.		4,783,724		286,497

				1,378,077

Total common stocks (Cost $8,156,937)				9,118,298

PREFERRED STOCKS - 0.4%

BRAZIL - 0.1%
Telefonica Brasil S.A.⁽⁴⁾		1,874,694		17,340

KOREA - 0.3%
Samsung Electronics Co., Ltd.⁽¹⁾⁽⁴⁾		37,841		29,485

Total preferred stocks (Cost $58,350)				46,825


Artisan Partners Funds		57


	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 13.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $1,440,116 (Cost $1,440,116)⁽⁵⁾	$	1,440,116	$	1,440,116


Total investments - 99.9% (Cost $9,655,403)				10,605,239

Other assets less liabilities - 0.1%				13,750


Total net assets - 100.0%⁽⁶⁾			$	10,618,989

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $6,924,233, or 65.2% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		4/30/2022	$	45,640
U.S. Treasury Note		1.875	%		5/31/2022		44,605
U.S. Treasury Note		2.000	%		8/31/2021		153,375
U.S. Treasury Note		2.125	%		1/31/2021		266,345
U.S. Treasury Note		2.125	%		8/15/2021		180,442
U.S. Treasury Note		2.125	%		9/30/2021		128,281
U.S. Treasury Note		2.125	%		12/31/2021		396,226
U.S. Treasury Note		2.500	%		8/15/2023		1,868
U.S. Treasury Note		3.125	%		5/15/2021		164,320
U.S. Treasury Bond		3.625	%		8/15/2043		37,365
U.S. Treasury Bond		8.000	%		11/15/2021		50,456

						$	1,468,923

⁽⁶⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR)	Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Consumer Discretionary	$	1,600,082		15.1	%
Consumer Staples		936,535		8.8
Energy		368,300		3.5
Financials		2,590,601		24.4
Health Care		573,188		5.4
Industrials		1,399,593		13.2
Information Technology		1,507,900		14.2
Telecommunication Services		188,924		1.8
Short-term investments		1,440,116		13.6

Total investments	$	10,605,239		100.0	%


CURRENCY EXPOSURE - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	17,340		0.2	%
British pound		2,426,560		22.9
Canadian dollar		203,650		1.9
Danish krone		496,617		4.7
Euro		1,182,881		11.1
Japanese yen^*		514,950		4.8
Korean won		600,936		5.7
Norwegian krone		178,289		1.7
Swiss franc		1,524,000		14.4
U.S. dollar		3,460,016		32.6

Total investments	$	10,605,239		100.0	%

*	Currency exposure is offset by foreign currency forward contracts noted in the table below (in thousands):

Counterparty

Contract
Settlement
Date

Contract Amount

Unrealized
Depreciation

Deliver

Receive

State Street Bank and Trust Company

2/10/2016

JPY

28,655,327

USD

230,258

(9,267

)

JPY - Japanese yen

USD - U.S. dollar


58		Artisan Partners Funds


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
Compass Group plc	United Kingdom		4.8	%
UBS Group AG	Switzerland		4.4
Arch Capital Group Ltd.	United States		4.3
Samsung Electronics Co., Ltd.	Korea		4.3
ING Groep N.V.	Netherlands		4.0
Royal Bank of Scotland Group plc	United Kingdom		4.0
RELX plc	United Kingdom		4.0
ABB Ltd.	Switzerland		3.3
TESCO plc	United Kingdom		3.2
Medtronic plc	United States		2.9

Total			39.2	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		59

ARTISAN MID CAP FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 94.9%

CONSUMER DISCRETIONARY - 20.8%
Distributors - 3.8%
LKQ Corp.⁽¹⁾		11,791,744	$	334,414

Hotels, Restaurants & Leisure - 3.2%
ARAMARK		1,452,258		43,045
Chipotle Mexican Grill, Inc.⁽¹⁾		338,811		244,029

				287,074
Household Durables - 0.3%
Harman International Industries, Inc.		244,436		23,463

Internet & Catalog Retail - 2.2%
Ctrip.com International Ltd. (DR)⁽¹⁾⁽²⁾		464,173		29,326
JD.com, Inc. (DR)⁽¹⁾⁽²⁾		3,595,885		93,709
Netflix, Inc.⁽¹⁾		701,777		72,466

				195,501
Multiline Retail - 1.1%
Dollar Tree, Inc.⁽¹⁾		1,411,695		94,104

Specialty Retail - 9.0%
CarMax, Inc.⁽¹⁾		384,859		22,830
Michaels Cos., Inc.⁽¹⁾		3,014,132		69,627
Signet Jewelers Ltd.		1,784,369		242,906
Tiffany & Co.		755,164		58,314
Tractor Supply Co.		2,264,686		190,958
Ulta Salon Cosmetics & Fragrance, Inc.⁽¹⁾		732,826		119,707
Williams-Sonoma, Inc.		1,178,421		89,972

				794,314
Textiles, Apparel & Luxury Goods - 1.2%
Lululemon Athletica, Inc.⁽¹⁾		877,074		44,424
Under Armour, Inc., Class A⁽¹⁾		679,236		65,736

				110,160
CONSUMER STAPLES - 2.4%
Beverages - 1.1%
Monster Beverage Corp.⁽¹⁾		697,609		94,275

Food Products - 1.3%
WhiteWave Foods Co., Class A⁽¹⁾		2,826,613		113,488
ENERGY - 1.7%
Oil, Gas & Consumable Fuels - 1.7%
Cimarex Energy Co.		981,269	$	100,560
Concho Resources, Inc.⁽¹⁾		473,587		46,554

				147,114
FINANCIALS - 6.4%
Banks - 1.1%
PacWest Bancorp		2,180,628		93,353

Capital Markets - 1.9%
TD Ameritrade Holding Corp.		5,393,454		171,727

Diversified Financial Services - 3.4%
Intercontinental Exchange, Inc.		225,251		52,932
McGraw Hill Financial, Inc.		2,841,202		245,764

				298,696
HEALTH CARE - 23.7%
Biotechnology - 9.3%
Alkermes plc⁽¹⁾		1,976,860		115,982
Cepheid, Inc.⁽¹⁾		2,626,212		118,705
Incyte Corp.⁽¹⁾		1,101,403		121,518
Regeneron Pharmaceuticals, Inc.⁽¹⁾		870,114		404,725
Seattle Genetics, Inc.⁽¹⁾		1,671,216		64,442

				825,372
Health Care Equipment & Supplies - 4.4%
Becton Dickinson & Co.		1,029,187		136,532
Boston Scientific Corp.⁽¹⁾		8,338,487		136,834
DexCom, Inc.⁽¹⁾		1,293,838		111,089

				384,455
Health Care Providers & Services - 3.5%
Cigna Corp.		1,470,835		198,592
Envision Healthcare Holdings, Inc.⁽¹⁾		3,004,284		110,528

				309,120
Health Care Technology - 3.6%
athenahealth, Inc.⁽¹⁾		1,263,487		168,486
Cerner Corp.⁽¹⁾		2,507,201		150,332

				318,818
Life Sciences Tools & Services - 2.9%
Illumina, Inc.⁽¹⁾		1,450,311		254,994

INDUSTRIALS - 16.8%
Aerospace & Defense - 1.6%
Textron, Inc.		3,825,892		144,006


60		Artisan Partners Funds


	Shares Held		Value
INDUSTRIALS (CONTINUED)
Building Products - 3.0%
Fortune Brands Home & Security, Inc.		5,503,647	$	261,258

Commercial Services & Supplies - 1.6%
Waste Connections, Inc.		2,900,200		140,892

Electrical Equipment - 4.7%
AMETEK, Inc.		6,058,607		316,986
Hubbell, Inc., Class B		418,009		35,510
Sensata Technologies Holding N.V.⁽¹⁾		1,481,404		65,686

				418,182
Professional Services - 5.9%
IHS, Inc., Class A⁽¹⁾⁽³⁾		3,101,243		359,744
Verisk Analytics, Inc., Class A⁽¹⁾		2,125,371		157,086

				516,830
INFORMATION TECHNOLOGY - 20.8%
Communications Equipment - 1.4%
Palo Alto Networks, Inc.⁽¹⁾		726,573		124,970

Internet Software & Services - 2.4%
LinkedIn Corp., Class A⁽¹⁾		482,138		91,669
Pandora Media, Inc.⁽¹⁾		4,034,469		86,095
Twitter, Inc.⁽¹⁾		1,301,483		35,062

				212,826
IT Services - 4.1%
Gartner, Inc.⁽¹⁾		1,881,523		157,916
Global Payments, Inc.		1,736,273		199,203

				357,119
Semiconductors & Semiconductor Equipment - 2.0%
Applied Materials, Inc.		1,751,737		25,733
Freescale Semiconductor Ltd.⁽¹⁾		1,817,181		66,473
NXP Semiconductors N.V.⁽¹⁾		945,678		82,340

				174,546
Software - 10.9%
Activision Blizzard, Inc.		979,418		30,254
Aspen Technology, Inc.⁽¹⁾		3,123,153		118,399
Autodesk, Inc.⁽¹⁾		1,954,716		86,281
Electronic Arts, Inc.⁽¹⁾		4,048,951		274,316
Guidewire Software, Inc.⁽¹⁾		1,473,293		77,466
Intuit, Inc.		531,895		47,206
Mobileye N.V.⁽¹⁾⁽²⁾		1,336,219		60,771
ServiceNow, Inc.⁽¹⁾		2,224,788		154,512
Workday, Inc., Class A⁽¹⁾		1,673,891		115,264

				964,469
MATERIALS - 1.3%
Chemicals - 1.3%
RPM International, Inc.		2,737,047	$	114,655

TELECOMMUNICATION SERVICES - 1.0%
Diversified Telecommunication Services - 1.0%
Level 3 Communications, Inc.⁽¹⁾		2,072,485		90,547

Total common stocks (Cost $6,298,174)				8,370,742
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $501,889 (Cost $501,889)⁽⁴⁾	$	501,889	$	501,889


Total investments - 100.6% (Cost $6,800,063)				8,872,631

Other assets less liabilities - (0.6)%				(48,823	)


Total net assets - 100.0%⁽⁵⁾			$	8,823,808

⁽¹⁾	Non-income producing security.

⁽²⁾	The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for issuer country classifications.


Security	Country	Trading Currency
Ctrip.com International Ltd. (DR)	China		U.S. dollar
JD.com, Inc. (DR)	China		U.S. dollar
Mobileye N.V.	Israel		U.S. dollar

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Bond		3.625	%		8/15/2043	$	511,929

⁽⁵⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.

(DR) Depositary Receipt, voting rights may vary.


Artisan Partners Funds		61


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
Regeneron Pharmaceuticals, Inc.	United States		4.6	%
IHS, Inc.	United States		4.1
LKQ Corp.	United States		3.8
AMETEK, Inc.	United States		3.6
Electronic Arts, Inc.	United States		3.1
Fortune Brands Home & Security, Inc.	United States		3.0
Illumina, Inc.	United States		2.9
McGraw Hill Financial, Inc.	United States		2.8
Chipotle Mexican Grill, Inc.	United States		2.7
Signet Jewelers Ltd.	United States		2.7

Total			33.3	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


62		Artisan Partners Funds

ARTISAN MID CAP VALUE FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 94.3%

CONSUMER DISCRETIONARY - 17.6%
Auto Components - 1.6%
Gentex Corp.		6,551,642	$	101,551

Automobiles - 2.1%
Harley-Davidson, Inc.		2,483,122		136,323

Diversified Consumer Services - 2.0%
H&R Block, Inc.		3,679,070		133,182

Internet & Catalog Retail - 3.9%
Liberty Interactive Corp., Class A⁽¹⁾		4,968,729		130,330
Liberty Ventures, Class A⁽¹⁾		3,003,197		121,179

				251,509
Leisure Equipment & Products - 0.9%
Mattel, Inc.		2,658,789		55,994

Media - 3.3%
Omnicom Group, Inc.		1,975,010		130,153
TEGNA, Inc.		3,865,160		86,541

				216,694
Multiline Retail - 0.8%
Nordstrom, Inc.		743,803		53,338

Specialty Retail - 1.8%
Bed Bath & Beyond, Inc.⁽¹⁾		2,086,595		118,978

Textiles, Apparel & Luxury Goods - 1.2%
Coach, Inc.		2,728,888		78,947

CONSUMER STAPLES - 1.5%
Food & Staples Retailing - 1.5%
Kroger Co.		2,744,417		98,991

ENERGY - 6.3%
Energy Equipment & Services - 1.2%
Helmerich & Payne, Inc.		782,211		36,967
McDermott International, Inc.⁽¹⁾		8,521,556		36,643

				73,610
ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels - 5.1%
Apache Corp.		2,381,402	$	93,256
Denbury Resources, Inc.		12,419,877		30,305
Hess Corp.		1,633,681		81,782
SM Energy Co.		2,205,315		70,658
Southwestern Energy Co.⁽¹⁾		4,555,655		57,811

				333,812
FINANCIALS - 24.6%
Banks - 3.3%
Fifth Third Bancorp		6,177,176		116,811
M&T Bank Corp.		815,721		99,477

				216,288
Diversified Financial Services - 1.7%
Intercontinental Exchange, Inc.		475,021		111,625

Insurance - 17.4%
Alleghany Corp.⁽¹⁾		413,466		193,547
Allied World Assurance Co. Holdings AG		2,791,011		106,533
Allstate Corp.		2,569,521		149,649
Aon plc		1,568,829		139,014
Arch Capital Group Ltd.⁽¹⁾⁽²⁾		2,442,126		179,423
Loews Corp.		2,517,332		90,976
Progressive Corp.		4,285,823		131,318
Torchmark Corp.		2,585,472		145,821

				1,136,281
Real Estate Investment Trusts (REITs) - 2.2%
American Capital Agency Corp.		3,964,292		74,132
Hatteras Financial Corp.		4,400,276		66,664

				140,796
INDUSTRIALS - 14.7%
Aerospace & Defense - 2.5%
L-3 Communications Holdings, Inc.		441,931		46,191
Rockwell Collins, Inc.		1,454,376		119,026

				165,217
Commercial Services & Supplies - 1.6%
Republic Services, Inc.		2,550,702		105,089

Construction & Engineering - 5.7%
Fluor Corp.		2,508,587		106,239
Jacobs Engineering Group, Inc.⁽¹⁾		3,438,971		128,721


Artisan Partners Funds		63


	Shares Held		Value
INDUSTRIALS (CONTINUED)
Construction & Engineering (Continued)
Quanta Services, Inc.⁽¹⁾		5,585,520	$	135,225

				370,185
Electrical Equipment - 1.0%
Hubbell, Inc., Class B		781,791		66,413

Machinery - 2.3%
Joy Global, Inc.⁽²⁾		4,199,074		62,692
Kennametal, Inc.		3,588,403		89,315

				152,007
Professional Services - 1.0%
ManpowerGroup, Inc.		751,918		61,574

Road & Rail - 0.6%
Ryder System, Inc.		490,972		36,352

INFORMATION TECHNOLOGY - 17.0%
Electronic Equipment, Instruments & Components - 9.9%
Arrow Electronics, Inc.⁽¹⁾		3,378,316		186,753
Avnet, Inc.		4,920,841		210,022
FLIR Systems, Inc.		5,067,474		141,839
Keysight Technologies, Inc.⁽¹⁾		3,387,691		104,476

				643,090
Internet Software & Services - 1.7%
IAC/InterActiveCorp		1,674,117		109,270

IT Services - 1.6%
Teradata Corp.⁽¹⁾		3,586,024		103,851

Semiconductors & Semiconductor Equipment - 2.4%
Analog Devices, Inc.		2,203,006		124,272
KLA-Tencor Corp.		630,330		31,516

				155,788
Software - 1.4%
Synopsys, Inc.⁽¹⁾		2,052,805		94,798

MATERIALS - 7.5%
Chemicals - 3.8%
Celanese Corp., Class A		2,321,727		137,377
Mosaic Co.		3,559,177		110,726

				248,103
Metals & Mining - 3.7%
Goldcorp, Inc.⁽³⁾		9,033,795		113,103
Kinross Gold Corp.⁽¹⁾⁽³⁾		21,630,389		37,204
MATERIALS (CONTINUED)
Metals & Mining (Continued)
Nucor Corp.		2,496,694	$	93,751

				244,058
UTILITIES - 5.1%
Electric Utilities - 2.9%
Edison International		1,502,005		94,731
OGE Energy Corp.		3,479,267		95,193

				189,924
Multi-Utilities - 2.2%
SCANA Corp.		2,566,373		144,384

Total common stocks (Cost $5,519,263)				6,148,022
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $405,627 (Cost $405,627)⁽⁴⁾	$	405,627	$	405,627


Total investments - 100.5% (Cost $5,924,890)				6,553,649

Other assets less liabilities - (0.5)%				(33,889	)


Total net assets - 100.0%⁽⁵⁾			$	6,519,760

⁽¹⁾	Non-income producing security.

⁽²⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽³⁾	The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for issuer country classifications.


Security	Country		Trading Currency
Goldcorp, Inc.		Canada		U.S. dollar
Kinross Gold Corp.		Canada		U.S. dollar

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		1.750	%		4/30/2022	$	252,580
U.S. Treasury Note		1.750	%		5/15/2022		80,173
U.S. Treasury Note		2.125	%		6/30/2022		80,989

						$	413,742

⁽⁵⁾	Percentages for the various classifications relate to total net assets.


64		Artisan Partners Funds

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country		Percentage of Total Net Assets
Avnet, Inc.		United States		3.2	%
Alleghany Corp.		United States		3.0
Arrow Electronics, Inc.		United States		2.9
Arch Capital Group Ltd.		United States		2.8
Allstate Corp.		United States		2.3
Torchmark Corp.		United States		2.2
SCANA Corp.		United States		2.2
FLIR Systems, Inc.		United States		2.2
Aon plc		United States		2.1
Celanese Corp.		United States		2.1

Total				25.0	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		65

ARTISAN SMALL CAP FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 94.8%

CONSUMER DISCRETIONARY - 14.8%
Auto Components - 1.8%
Gentherm, Inc.⁽¹⁾		516,682	$	23,209

Distributors - 2.1%
LKQ Corp.⁽¹⁾		953,900		27,053

Diversified Consumer Services - 2.7%
Bright Horizons Family Solutions, Inc.⁽¹⁾		428,755		27,543
Nord Anglia Education, Inc.⁽¹⁾		289,346		5,883

				33,426
Hotels, Restaurants & Leisure - 3.2%
Dunkin’ Brands Group, Inc.		811,259		39,752

Internet & Catalog Retail - 0.3%
MakeMyTrip Ltd.⁽¹⁾⁽²⁾		322,407		4,433

Media - 0.7%
Imax Corp.⁽¹⁾		246,912		8,343

Multiline Retail - 0.9%
Burlington Stores, Inc.⁽¹⁾		216,778		11,064

Specialty Retail - 2.2%
Boot Barn Holdings, Inc.⁽¹⁾		203,042		3,742
Restoration Hardware Holdings, Inc.⁽¹⁾		253,186		23,625

				27,367
Textiles, Apparel & Luxury Goods - 0.9%
Deckers Outdoor Corp.⁽¹⁾		199,818		11,601

CONSUMER STAPLES - 1.0%
Food & Staples Retailing - 1.0%
PriceSmart, Inc.		159,099		12,305

ENERGY - 1.4%
Oil, Gas & Consumable Fuels - 1.4%
Diamondback Energy, Inc.⁽¹⁾		103,600		6,692
Oasis Petroleum, Inc.⁽¹⁾		494,897		4,296
SemGroup Corp., Class A		150,237		6,496

				17,484
HEALTH CARE - 22.6%
Biotechnology - 8.0%
Agios Pharmaceuticals, Inc.⁽¹⁾		36,996		2,612
HEALTH CARE (CONTINUED)
Biotechnology (Continued)
Alnylam Pharmaceuticals, Inc.⁽¹⁾		135,843	$	10,916
Bluebird Bio, Inc.⁽¹⁾		54,670		4,677
Cepheid, Inc.⁽¹⁾		823,167		37,207
Exact Sciences Corp.⁽¹⁾		816,141		14,682
Incyte Corp.⁽¹⁾		173,767		19,172
Isis Pharmaceuticals, Inc.⁽¹⁾		41,726		1,687
Seattle Genetics, Inc.⁽¹⁾		249,052		9,603

				100,556
Health Care Equipment & Supplies - 7.7%
DexCom, Inc.⁽¹⁾		796,694		68,404
GenMark Diagnostics, Inc.⁽¹⁾		1,265,403		9,959
K2M Group Holdings, Inc.⁽¹⁾		284,077		5,284
Nevro Corp.⁽¹⁾		139,286		6,461
NuVasive, Inc.⁽¹⁾		135,524		6,535

				96,643
Health Care Providers & Services - 2.2%
Surgical Care Affiliates, Inc.⁽¹⁾		291,851		9,541
Team Health Holdings, Inc.⁽¹⁾		339,147		18,324

				27,865
Health Care Technology - 3.9%
athenahealth, Inc.⁽¹⁾		326,491		43,538
Inovalon Holdings, Inc., Class A⁽¹⁾		235,674		4,909

				48,447
Life Sciences Tools & Services - 0.8%
NeoGenomics, Inc.⁽¹⁾		1,724,783		9,883

INDUSTRIALS - 16.9%
Aerospace & Defense - 5.2%
Taser International, Inc.⁽¹⁾		1,705,153		37,556
Teledyne Technologies, Inc.⁽¹⁾		304,500		27,496

				65,052
Air Freight & Logistics - 1.3%
Forward Air Corp.		399,750		16,586

Commercial Services & Supplies - 0.3%
Brady Corp., Class A⁽³⁾		179,012		3,519

Electrical Equipment - 5.9%
Acuity Brands, Inc.		394,093		69,195
Generac Holdings, Inc.⁽¹⁾		162,415		4,887

				74,082


66		Artisan Partners Funds


	Shares Held		Value
INDUSTRIALS (CONTINUED)
Machinery - 4.2%
IDEX Corp.		329,798	$	23,515
John Bean Technologies Corp.		484,928		18,548
Proto Labs, Inc.⁽¹⁾		151,800		10,171

				52,234
INFORMATION TECHNOLOGY - 38.1%
Electronic Equipment, Instruments & Components - 3.7%
Cognex Corp.		936,917		32,202
FEI Co.		93,573		6,835
National Instruments Corp.		256,505		7,128

				46,165
Internet Software & Services - 15.2%
Benefitfocus, Inc.⁽¹⁾		397,721		12,429
comScore, Inc.⁽¹⁾		170,596		7,873
CoStar Group, Inc.⁽¹⁾		229,131		39,653
Demandware, Inc.⁽¹⁾		345,937		17,878
GrubHub, Inc.⁽¹⁾		104,940		2,554
HomeAway, Inc.⁽¹⁾		589,884		15,655
MercadoLibre, Inc.		158,232		14,409
Pandora Media, Inc.⁽¹⁾		1,390,821		29,680
Q2 Holdings, Inc.⁽¹⁾		623,611		15,416
SPS Commerce, Inc.⁽¹⁾		276,739		18,788
Textura Corp.⁽¹⁾		626,702		16,194

				190,529
IT Services - 1.8%
Acxiom Corp.⁽¹⁾		503,965		9,958
WEX, Inc.⁽¹⁾		143,884		12,495

				22,453
Semiconductors & Semiconductor Equipment - 1.0%
Cavium, Inc.⁽¹⁾		207,665		12,745

Software - 16.4%
ACI Worldwide, Inc.⁽¹⁾		441,609		9,327
Aspen Technology, Inc.⁽¹⁾		315,051		11,943
Blackbaud, Inc.		342,835		19,240
Ellie Mae, Inc.⁽¹⁾		173,653		11,560
Guidewire Software, Inc.⁽¹⁾		756,922		39,799
Proofpoint, Inc.⁽¹⁾		109,349		6,596
Solera Holdings, Inc.		177,463		9,583
Tableau Software, Inc., Class A⁽¹⁾		176,470		14,079
Take-Two Interactive Software, Inc.⁽¹⁾		376,836		10,826
Tyler Technologies, Inc.⁽¹⁾		209,068		31,216
Ultimate Software Group, Inc.⁽¹⁾		230,785		41,313

				205,482

Total common stocks (Cost $854,002)				1,188,278
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $88,644 (Cost $88,644)⁽⁴⁾	$	88,644	$	88,644


Total investments - 101.9% (Cost $942,646)				1,276,922

Other assets less liabilities - (1.9)%				(23,662	)


Total net assets - 100.0%⁽⁵⁾			$	1,253,260

⁽¹⁾	Non-income producing security.

⁽²⁾	The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for issuer country classifications.


Security	Country		Trading Currency
MakeMyTrip Ltd.		India		U.S. dollar

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.125	%		6/30/2022	$	90,422

⁽⁵⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
Acuity Brands, Inc.	United States		5.5	%
DexCom, Inc.	United States		5.5
athenahealth, Inc.	United States		3.5
Ultimate Software Group, Inc.	United States		3.3
Guidewire Software, Inc.	United States		3.2
Dunkin’ Brands Group, Inc.	United States		3.2
CoStar Group, Inc.	United States		3.2
Taser International, Inc.	United States		3.0
Cepheid, Inc.	United States		3.0
Cognex Corp.	United States		2.6

Total			36.0	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		67

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.4%

CONSUMER DISCRETIONARY - 7.5%
Auto Components - 1.4%
Remy International, Inc.		226,572	$	6,627

Hotels, Restaurants & Leisure - 0.1%
J Alexander’s Holdings, Inc.⁽¹⁾		66,577		664

Household Durables - 0.6%
NACCO Industries, Inc., Class A		64,288		3,057

Media - 1.5%
DreamWorks Animation SKG, Inc., Class A⁽¹⁾		234,791		4,097
Starz, Class A⁽¹⁾		82,725		3,089

				7,186
Specialty Retail - 3.9%
America’s Car-Mart, Inc.⁽¹⁾		119,131		3,942
Finish Line, Inc., Class A		114,734		2,214
Guess?, Inc.		139,441		2,978
Rent-A-Center, Inc.		421,595		10,224

				19,358
CONSUMER STAPLES - 3.1%
Beverages - 0.2%
National Beverage Corp.⁽¹⁾		28,374		872

Food Products - 2.9%
Dean Foods Co.		253,099		4,181
Fresh Del Monte Produce, Inc.		122,000		4,820
Sanderson Farms, Inc.		78,161		5,360

				14,361
ENERGY - 7.8%
Energy Equipment & Services - 4.4%
Era Group, Inc.⁽¹⁾		398,348		5,963
McDermott International, Inc.⁽¹⁾		237,871		1,023
Newpark Resources, Inc.⁽¹⁾		578,251		2,961
Patterson-UTI Energy, Inc.		280,869		3,690
Superior Energy Services, Inc.		308,205		3,893
Unit Corp.⁽¹⁾		378,163		4,258

				21,788
Oil, Gas & Consumable Fuels - 3.4%
Cloud Peak Energy, Inc.⁽¹⁾		475,240		1,250
World Fuel Services Corp.		437,616		15,667

				16,917
FINANCIALS - 16.8%
Banks - 2.2%
Berkshire Hills Bancorp, Inc.		191,835	$	5,283
Great Western Bancorp, Inc.		215,258		5,461

				10,744
Capital Markets - 1.5%
Capital Southwest Corp.		117,846		5,586
Manning & Napier, Inc.		245,906		1,810

				7,396
Diversified Financial Services - 1.5%
FNFV Group⁽¹⁾		385,464		4,518
PICO Holdings, Inc.⁽¹⁾		287,452		2,782

				7,300
Insurance - 3.5%
Allied World Assurance Co. Holdings AG		166,660		6,361
Enstar Group Ltd.⁽¹⁾		29,180		4,377
RenaissanceRe Holdings Ltd.		62,148		6,608

				17,346
Real Estate Investment Trusts (REITs) - 6.4%
Anworth Mortgage Asset Corp.		861,347		4,255
Campus Crest Communities, Inc.		500,448		2,662
CYS Investments, Inc.		397,914		2,889
Hatteras Financial Corp.		367,499		5,568
Post Properties, Inc.		75,524		4,402
Potlatch Corp.		76,859		2,213
PS Business Parks, Inc.		53,053		4,211
STORE Capital Corp.		260,700		5,386

				31,586
Thrifts & Mortgage Finance - 1.7%
Dime Community Bancshares, Inc.		218,670		3,696
Oritani Financial Corp.		304,308		4,753

				8,449
HEALTH CARE - 2.1%
Health Care Providers & Services - 1.1%
Owens & Minor, Inc.		168,421		5,379

Health Care Technology - 1.0%
Vocera Communications, Inc.⁽¹⁾		444,475		5,072

INDUSTRIALS - 32.9%
Aerospace & Defense - 2.8%
Cubic Corp.		325,861		13,667


68		Artisan Partners Funds


	Shares Held		Value
INDUSTRIALS (CONTINUED)
Building Products - 1.7%
Quanex Building Products Corp.		462,866	$	8,410

Commercial Services & Supplies - 3.2%
ABM Industries, Inc.		48,247		1,318
Quad/Graphics, Inc.		180,320		2,182
Team, Inc.⁽¹⁾		201,653		6,477
Tetra Tech, Inc.		233,949		5,687

				15,664
Construction & Engineering - 5.4%
Aegion Corp.⁽¹⁾		288,021		4,747
EMCOR Group, Inc.		392,282		17,358
MYR Group, Inc.⁽¹⁾		169,492		4,441

				26,546
Electrical Equipment - 6.0%
AZZ, Inc.		166,519		8,108
Encore Wire Corp.		246,131		8,041
Franklin Electric Co., Inc.		199,504		5,432
Powell Industries, Inc.		268,402		8,079

				29,660
Machinery - 6.1%
CLARCOR, Inc.		54,340		2,591
Dynamic Materials Corp.		151,148		1,442
Hyster-Yale Materials Handling, Inc.		43,119		2,493
Kennametal, Inc.		216,134		5,380
Mueller Industries, Inc.		84,486		2,499
Timken Co.		239,998		6,597
Valmont Industries, Inc.		64,958		6,164
Woodward, Inc.		78,887		3,211

				30,377
Marine - 1.2%
Kirby Corp.⁽¹⁾		97,391		6,033

Professional Services - 0.5%
FTI Consulting, Inc.⁽¹⁾		55,298		2,295

Road & Rail - 1.3%
Celadon Group, Inc.		128,786		2,063
Ryder System, Inc.		60,221		4,459

				6,522
Trading Companies & Distributors - 4.7%
Air Lease Corp.		245,061		7,577
Applied Industrial Technologies, Inc.		65,277		2,491
Kaman Corp.		241,417		8,655
NOW, Inc.⁽¹⁾		308,046		4,559

				23,282
INFORMATION TECHNOLOGY - 16.4%
Communications Equipment - 0.5%
ADTRAN, Inc.		171,317	$	2,501

Electronic Equipment, Instruments & Components - 10.0%
Anixter International, Inc.⁽¹⁾		87,064		5,031
Arrow Electronics, Inc.⁽¹⁾		220,431		12,185
Benchmark Electronics, Inc.⁽¹⁾		130,563		2,841
Dolby Laboratories, Inc., Class A		51,743		1,687
FARO Technologies, Inc.⁽¹⁾		85,838		3,004
Knowles Corp.⁽¹⁾		221,007		4,073
Park Electrochemical Corp.		433,310		7,622
Tech Data Corp.⁽¹⁾		189,065		12,951

				49,394
Internet Software & Services - 0.6%
Blucora, Inc.⁽¹⁾		117,671		1,620
EarthLink Holdings Corp.		144,406		1,124

				2,744
Semiconductors & Semiconductor Equipment - 4.0%
MKS Instruments, Inc.		215,491		7,225
Nanometrics, Inc.⁽¹⁾		446,853		5,425
Ultratech, Inc.⁽¹⁾		450,483		7,217

				19,867
Software - 1.3%
MicroStrategy, Inc., Class A⁽¹⁾		31,575		6,204

MATERIALS - 6.4%
Chemicals - 4.1%
American Vanguard Corp.		281,970		3,260
HB Fuller Co.		420,969		14,288
Rayonier Advanced Materials, Inc.		208,515		1,276
Sensient Technologies Corp.		22,972		1,408

				20,232
Metals & Mining - 2.3%
Alamos Gold, Inc., Class A⁽²⁾		855,598		3,157
Carpenter Technology Corp.		74,005		2,203
Globe Specialty Metals, Inc.		212,896		2,582
TimkenSteel Corp.		310,945		3,147

				11,089
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services -1.2%
Atlantic Tele-Network, Inc.		83,142		6,147

UTILITIES - 1.2%
Electric Utilities - 1.2%
ALLETE, Inc.		56,299		2,843


Artisan Partners Funds		69


	Shares Held		Value
UTILITIES (CONTINUED)
Electric Utilities (Continued)
Portland General Electric Co.		79,321	$	2,932

				5,775

Total common stocks (Cost $450,908)				470,511
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $26,117 (Cost $26,117)⁽³⁾	$	26,117	$	26,117


Total investments - 100.7% (Cost $477,025)				496,628

Other assets less liabilities - (0.7)%				(3,442	)


Total net assets - 100.0%⁽⁴⁾			$	493,186

⁽¹⁾	Non-income producing security.

⁽²⁾	The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for issuer country classifications.


Security	Country		Trading Currency
Alamos Gold, Inc., Class A		Canada		U.S. dollar

⁽³⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.500	%		8/15/2023	$	26,643

⁽⁴⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
EMCOR Group, Inc.	United States		3.5	%
World Fuel Services Corp.	United States		3.2
HB Fuller Co.	United States		2.9
Cubic Corp.	United States		2.8
Tech Data Corp.	United States		2.6
Arrow Electronics, Inc.	United States		2.5
Rent-A-Center, Inc.	United States		2.1
Kaman Corp.	United States		1.8
Quanex Building Products Corp.	United States		1.7
AZZ, Inc.	United States		1.7

Total			24.8	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


70		Artisan Partners Funds

ARTISAN VALUE FUND

Schedule of Investments – September 30, 2015

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 92.2%

CONSUMER DISCRETIONARY - 5.5%
Auto Components - 2.5%
Cie Generale des Etablissements Michelin⁽¹⁾⁽²⁾		270,361	$	24,671

Media - 3.0%
CBS Corp., Class B⁽³⁾		739,010		29,486

ENERGY - 13.4%
Oil, Gas & Consumable Fuels - 13.4%
Apache Corp.		1,036,955		40,607
Denbury Resources, Inc.		4,203,525		10,257
Devon Energy Corp.		963,339		35,730
EOG Resources, Inc.		301,569		21,954
Hess Corp.		478,623		23,960

				132,508
FINANCIALS - 24.2%
Banks - 2.8%
Citigroup, Inc.		557,786		27,672

Capital Markets - 2.0%
Goldman Sachs Group, Inc.		112,480		19,545

Diversified Financial Services - 3.4%
Berkshire Hathaway, Inc., Class B⁽⁴⁾		260,769		34,004

Insurance - 12.6%
Alleghany Corp.⁽⁴⁾		63,248		29,607
Allstate Corp.		350,328		20,403
Arch Capital Group Ltd.⁽⁴⁾⁽⁵⁾		361,651		26,570
Chubb Corp.		220,820		27,084
Progressive Corp.		669,346		20,509

				124,173
Real Estate Investment Trusts (REITs) - 3.4%
American Capital Agency Corp.		867,010		16,213
Annaly Capital Management, Inc.		1,761,400		17,385

				33,598
HEALTH CARE - 1.3%
Health Care Providers & Services - 1.3%
Express Scripts Holding Co.⁽⁴⁾		154,657		12,521
INDUSTRIALS - 12.4%
Aerospace & Defense - 2.5%
Precision Castparts Corp.		108,332	$	24,885

Construction & Engineering - 4.0%
Jacobs Engineering Group, Inc.⁽⁴⁾		1,054,912		39,485

Machinery - 2.5%
Joy Global, Inc.⁽⁵⁾		1,677,990		25,053

Road & Rail - 3.4%
Union Pacific Corp.		379,554		33,556

INFORMATION TECHNOLOGY - 21.0%
Communications Equipment - 2.7%
Cisco Systems, Inc.		1,037,610		27,237

Electronic Equipment, Instruments & Components - 4.1%
Avnet, Inc.		942,923		40,244

Internet Software & Services - 2.3%
Google, Inc., Class C⁽³⁾⁽⁴⁾		38,024		23,135

IT Services - 2.1%
International Business Machines Corp.		141,458		20,507

Software - 3.7%
Oracle Corp.		1,015,790		36,690

Technology Hardware, Storage & Peripherals - 6.1%
Apple, Inc.		267,621		29,519
EMC Corp./MA		1,272,902		30,753

				60,272
MATERIALS - 12.4%
Chemicals - 4.9%
Celanese Corp., Class A		324,419		19,196
Mosaic Co.		932,199		29,001

				48,197
Metals & Mining - 7.5%
Goldcorp, Inc.⁽¹⁾		3,236,642		40,522
Kinross Gold Corp.⁽¹⁾⁽⁴⁾		9,051,620		15,569
Nucor Corp.		488,305		18,336

				74,427


Artisan Partners Funds		71


	Shares Held		Value
TELECOMMUNICATION SERVICES - 2.0%
Wireless Telecommunication Services - 2.0%
SoftBank Corp.⁽¹⁾⁽²⁾		438,200	$	20,162

Total common stocks (Cost $984,937)				912,028

PREFERRED STOCKS - 5.6%

INFORMATION TECHNOLOGY - 5.6%
Technology Hardware, Storage & Peripherals - 5.6%
Samsung Electronics Co., Ltd.⁽¹⁾⁽²⁾		70,466		54,906

Total preferred stocks (Cost $48,942)				54,906
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/15, due 10/1/15, maturity value $19,159 (Cost $19,159)⁽⁶⁾	$	19,159	$	19,159


Total investments - 99.7% (Cost $1,053,038)				986,093

Other assets less liabilities - 0.3%				2,604


Total net assets - 100.0%⁽⁷⁾			$	988,697

⁽¹⁾	The Fund considers the company to be from outside of the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for issuer country classifications.


Security	Country	Trading Currency
Cie Generale des Etablissements Michelin	France	Euro
Goldcorp, Inc.	Canada	U.S. dollar
Kinross Gold Corp.	Canada	U.S. dollar
Samsung Electronics Co., Ltd.	Korea	Korean won
SoftBank Corp.	Japan	Japanese yen

⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $99,739, or 10.1% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Non-income producing security.

⁽⁵⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S. Treasury Note		2.500	%		8/15/2023	$	19,544

⁽⁷⁾	Percentages for the various classifications relate to total net assets.

Company names are as reported by a data service provider and in some cases are translations; a company’s legal name may be different.


CURRENCY EXPOSURE - September 30, 2015
Dollar values in thousands
	Value		Percentage of Total Investments
Euro	$	24,671		2.5	%
Japanese yen		20,162		2.0
Korean won		54,906		5.6
U.S. dollar		886,354		89.9

Total investments	$	986,093		100.0	%


TOP TEN HOLDINGS - September 30, 2015
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.6	%
Apache Corp.	United States		4.1
Goldcorp, Inc.	Canada		4.1
Avnet, Inc.	United States		4.1
Jacobs Engineering Group, Inc.	United States		4.0
Oracle Corp.	United States		3.7
Devon Energy Corp.	United States		3.6
Berkshire Hathaway, Inc.	United States		3.4
Union Pacific Corp.	United States		3.4
EMC Corp./MA	United States		3.1

Total			39.1	%

For the purpose of determining the Fund’s top ten holdings, securities of the same issuer are aggregated to determine the weight in the Fund.

The accompanying notes are an integral part of the financial statements.


72		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2015

Dollar values in thousands


	DEVELOPING WORLD			EMERGING MARKETS			GLOBAL EQUITY			GLOBAL OPPORTUNITIES
ASSETS:
Investments in securities, unaffiliated, at value	$	105,692		$	49,044		$	279,651		$	1,168,418
Investments in securities, affiliated, at value		–			–			8,008			81,202
Short-term investments (repurchase agreements), at value		13,083			1,392			9,555			108,124
Total investments		118,775			50,436			297,214			1,357,744
Cash		–	⁽¹⁾		177			–	⁽¹⁾		–	⁽¹⁾
Foreign currency		1,580			190			236			232
Receivable from investments sold		16			15			804			1,475
Receivable from fund shares sold		17,814			123			212			1,419
Dividends and interest receivable		28			114			251			1,510
Prepaid offering costs		42			–			–			–
Other assets		–	⁽¹⁾		1			1			7
Total assets		138,255			51,056			298,718			1,362,387
LIABILITIES:
Unrealized loss on foreign currency forward contracts		–			–			–			1,460
Payable for investments purchased		19,320			54			1,673			4,135
Payable for fund shares redeemed		3			–			483			378
Payable for operating expenses		101			132			179			398
Payable for deferred director’s compensation		–	⁽¹⁾		1			1			5
Payable for foreign taxes^*		–			66			2			89
Total liabilities		19,424			253			2,338			6,465
Total net assets	$	118,831		$	50,803		$	296,380		$	1,355,922
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	129,104		$	193,808		$	290,657		$	1,190,301
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		(8,776	)		(5,947	)		(643	)		162,571
Accumulated undistributed net investment loss		(48	)		(425	)		(1	)		3,948
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(1,449	)		(136,633	)		6,367			(898	)
Total net assets	$	118,831		$	50,803		$	296,380		$	1,355,922
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	20,642		$	22,842		$	296,380		$	669,846
Institutional Shares	$	39,993		$	27,961					$	631,904
Advisor Shares	$	58,196								$	54,172
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		2,460,966			2,307,385			18,838,672			36,500,097
Institutional Shares		4,765,974			2,845,758						34,227,847
Advisor Shares		6,938,374									2,949,014
Net asset value per share
Investor Shares	$	8.39		$	9.90		$	15.73		$	18.35
Institutional Shares	$	8.39		$	9.83					$	18.46
Advisor Shares	$	8.39								$	18.37
Cost of securities of unaffiliated issuers held	$	127,543		$	56,349		$	286,752		$	1,115,807
Cost of securities of affiliated issuers held	$	–		$	–		$	11,098		$	77,751
Cost of foreign currency	$	1,582		$	194		$	238		$	235

*Including foreign taxes on unrealized gains	$	–		$	26		$	–		$	–

⁽¹⁾	Amount rounds to less than $1.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		73

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2015 (Continued)

Dollar values in thousands


	GLOBAL SMALL CAP			GLOBAL VALUE		HIGH INCOME			INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value	$	114,329		$	1,289,666	$	860,808		$	16,960,438
Investments in securities, affiliated, at value		4,495			108,114		–			–
Short-term investments (repurchase agreements), at value		10,148			120,798		94,577			619,768
Total investments		128,972			1,518,578		955,385			17,580,206
Cash		–	⁽¹⁾		1		25			–	⁽¹⁾
Foreign currency		102			309		–			7,539
Receivable from investments sold		893			25,919		1,509			29,484
Receivable from fund shares sold		164			1,859		5,633			29,581
Dividends and interest receivable		118			2,553		14,136			49,835
Other assets		1			8		3			89
Total assets		130,250			1,549,227		976,691			17,696,734
LIABILITIES:
Dividends declared		–			–		514			–
Payable for investments purchased		–			1,611		57,322			61,573
Payable for fund shares redeemed		12			21,587		4,434			33,125
Payable for operating expenses		142			662		360			5,810
Payable for deferred director’s compensation		1			7		2			69
Payable for foreign taxes		–			54		–			1,074
Total liabilities		155			23,921		62,632			101,651
Total net assets	$	130,095		$	1,525,306	$	914,059		$	17,595,083
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	145,312		$	1,402,378	$	959,037		$	16,923,402
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		(7,814	)		47,826		(47,885	)		921,702
Accumulated undistributed net investment income (loss)		(311	)		7,501		(3	)		103,515
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(7,092	)		67,601		2,910			(353,536	)
Total net assets	$	130,095		$	1,525,306	$	914,059		$	17,595,083
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	130,095		$	826,965	$	424,685		$	10,156,292
Institutional Shares				$	512,600				$	4,973,656
Advisor Shares				$	185,741	$	489,374		$	2,465,135
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		12,233,592			57,155,382		44,761,167			376,517,704
Institutional Shares					35,341,640					182,912,657
Advisor Shares					12,831,343		51,588,142			91,286,220
Net asset value per share
Investor Shares	$	10.63		$	14.47	$	9.49		$	26.97
Institutional Shares				$	14.50				$	27.19
Advisor Shares				$	14.48	$	9.49		$	27.00
Cost of securities of unaffiliated issuers held	$	130,255		$	1,375,157	$	1,003,270		$	16,656,241
Cost of securities of affiliated issuers held	$	6,525		$	95,539	$	–		$	–
Cost of foreign currency	$	103		$	310	$	–		$	7,565

⁽¹⁾	Amount rounds to less than $1.

The accompanying notes are an integral part of the financial statements.


74		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2015 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE			MID CAP			MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	807,872		$	7,830,666		$	8,010,998		$	5,905,907
Investments in securities, affiliated, at value		68,675			1,334,457			359,744			242,115
Short-term investments (repurchase agreements), at value		78,327			1,440,116			501,889			405,627
Total investments		954,874			10,605,239			8,872,631			6,553,649
Cash		–	⁽¹⁾		–	⁽¹⁾		1			1
Foreign currency		2,180			4,203			–			–
Receivable from investments sold		2,784			3,256			35,721			36,715
Receivable from fund shares sold		653			25,333			9,068			4,503
Dividends and interest receivable		1,371			29,627			379			12,637
Other assets		5			54			46			46
Total assets		961,867			10,667,712			8,917,846			6,607,551
LIABILITIES:
Unrealized loss on foreign currency forward contracts		–			9,267			–			–
Payable for investments purchased		–			25,076			62,738			10,846
Payable for fund shares redeemed		469			9,961			28,813			73,542
Payable for operating expenses		356			3,570			2,452			3,369
Payable for deferred director’s compensation		4			41			35			34
Payable for foreign taxes		3			808			–			–
Total liabilities		832			48,723			94,038			87,791
Total net assets	$	961,035		$	10,618,989		$	8,823,808		$	6,519,760
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	775,612		$	9,066,441		$	5,783,706		$	5,024,491
Net unrealized appreciation on investments and foreign currency related transactions		155,926			939,187			2,072,568			628,759
Accumulated undistributed net investment income (loss)		983			103,892			(48,099	)		30,984
Accumulated undistributed net realized gains on investments and foreign currency related transactions		28,514			509,469			1,015,633			835,526
Total net assets	$	961,035		$	10,618,989		$	8,823,808		$	6,519,760
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	961,035		$	5,229,869		$	3,909,986		$	4,345,131
Institutional Shares				$	2,606,468		$	4,482,164		$	1,236,240
Advisor Shares				$	2,782,652		$	431,658		$	938,389
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		41,128,658			160,302,522			88,015,790			195,551,340
Institutional Shares					79,533,193			95,523,076			55,557,075
Advisor Shares					85,200,871			9,709,312			42,203,794
Net asset value per share
Investor Shares	$	23.37		$	32.62		$	44.42		$	22.22
Institutional Shares				$	32.77		$	46.92		$	22.25
Advisor Shares				$	32.66		$	44.46		$	22.23
Cost of securities of unaffiliated issuers held	$	715,299		$	8,596,461		$	6,547,849		$	5,704,836
Cost of securities of affiliated issuers held	$	83,595		$	1,058,942		$	252,214		$	220,054
Cost of foreign currency	$	2,187		$	4,218		$	–		$	–

⁽¹⁾	Amount rounds to less than $1.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		75

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2015 (Continued)

Dollar values in thousands


	SMALL CAP			SMALL CAP VALUE		VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	1,188,278		$	470,511	$	915,311
Investments in securities, affiliated, at value		–			–		51,623
Short-term investments (repurchase agreements), at value		88,644			26,117		19,159
Total investments		1,276,922			496,628		986,093
Cash		–	⁽¹⁾		1		1
Foreign currency		–			–		–	⁽¹⁾
Receivable from investments sold		–			918		1,274
Receivable from fund shares sold		1,168			186		2,639
Dividends and interest receivable		16			885		1,724
Other assets		7			4		6
Total assets		1,278,113			498,622		991,737
LIABILITIES:
Unrealized loss on foreign currency forward contracts		–			–		–
Payable for investments purchased		21,304			4,191		774
Payable for fund shares redeemed		3,007			795		1,642
Payable for operating expenses		537			447		612
Payable for deferred director’s compensation		5			3		5
Payable for foreign taxes		–			–		7
Total liabilities		24,853			5,436		3,040
Total net assets	$	1,253,260		$	493,186	$	988,697
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	825,171		$	405,881	$	979,017
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		334,276			19,603		(66,976	)
Accumulated undistributed net investment income (loss)		(10,074	)		4,431		7,097
Accumulated undistributed net realized gains on investments and foreign currency related transactions		103,887			63,271		69,559
Total net assets	$	1,253,260		$	493,186	$	988,697
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	863,536		$	458,673	$	341,852
Institutional Shares	$	389,724		$	34,513	$	180,143
Advisor Shares						$	466,702
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		30,241,790			37,631,389		29,567,331
Institutional Shares		13,570,375			2,815,204		15,531,944
Advisor Shares							40,345,163
Net asset value per share
Investor Shares	$	28.55		$	12.19	$	11.56
Institutional Shares	$	28.72		$	12.26	$	11.60
Advisor Shares						$	11.57
Cost of securities of unaffiliated issuers held	$	942,646		$	477,025	$	987,896
Cost of securities of affiliated issuers held	$	–		$	–	$	65,142
Cost of foreign currency	$	–		$	–	$	–	⁽¹⁾

⁽¹⁾	Amount rounds to less than $1.

The accompanying notes are an integral part of the financial statements.


76		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2015

Dollar values in thousands


	DEVELOPING WORLD⁽¹⁾			EMERGING MARKETS			GLOBAL EQUITY			GLOBAL OPPORTUNITIES
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽³⁾	$	153		$	2,395		$	3,064		$	16,382
Dividends, from affiliated issuers⁽⁴⁾		–			–			163			88
Interest		–			–			–			–	⁽²⁾
Total investment income		153			2,395			3,227			16,470
EXPENSES:
Management fees		147			1,624			2,735			11,524
Transfer agent fees
Investor Shares		15			122			670			1,608
Institutional Shares		8			20						21
Advisor Shares		11									22
Shareholder communications
Investor Shares		10			13			35			149
Institutional Shares		10			15						16
Advisor Shares		10									11
Custodian fees		6			221			95			225
Accounting fees		11			92			72			89
Professional fees		30			60			67			82
Offering fees		14			–			–			–
Registration fees
Investor Shares		3			21			56			47
Institutional Shares		3			38						53
Advisor Shares		7									25
Director’s fees		2			8			8			36
Other operating expenses		2			22			7			25
Total operating expenses		289			2,256			3,745			13,933
Less amounts waived or paid by the Advisor		(88	)		(103	)		–			(42	)
Net expenses		201			2,153			3,745			13,891
Net investment income (loss)		(48	)		242			(518	)		2,579
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽⁵⁾		(1,448	)		19,178			10,712			6,414
Investments, from affiliated issuers		–			–			(2,210	)		(500	)
Foreign currency related transactions		(1	)		(532	)		(51	)		4,037
Total realized gain (loss)		(1,449	)		18,646			8,451			9,951
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽⁶⁾		(8,768	)		(38,593	)		(12,053	)		(24,156	)
Investments, from affiliated issuers		–			–			(2,496	)		(5,162	)
Foreign currency related transactions		(8	)		3			10			(2,924	)
Total decrease in unrealized appreciation or depreciation		(8,776	)		(38,590	)		(14,539	)		(32,242	)
Net loss on investments and foreign currency related transactions		(10,225	)		(19,944	)		(6,088	)		(22,291	)
Net decrease in net assets resulting from operations	$	(10,273	)	$	(19,702	)	$	(6,606	)	$	(19,712	)
⁽¹⁾ For the period from commencement of operations (June 29, 2015) through September 30, 2015.
⁽²⁾Amount rounds to less than $1.
⁽³⁾Net of foreign taxes withheld on dividends, unaffiliated issuers	$	11		$	348		$	95		$	491
⁽⁴⁾Net of foreign taxes withheld on dividends, affiliated issuers		–			–			–			10
⁽⁵⁾Net of foreign taxes on realized gains		–			256			30			–
⁽⁶⁾Net of decrease in foreign taxes on unrealized gains		–			(684	)		(16	)		–

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		77

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2015 (Continued)

Dollar values in thousands


	GLOBAL SMALL CAP			GLOBAL VALUE			HIGH INCOME			INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	1,525		$	30,756		$	–		$	315,109
Dividends, from affiliated issuers⁽²⁾		91			970			–			6,025
Interest		–			–			48,459			–
Total investment income		1,616			31,726			48,459			321,134
EXPENSES:
Management fees		1,415			17,892			4,814			174,861
Transfer agent fees
Investor Shares		384			2,763			1,032			29,288
Institutional Shares					22						30
Advisor Shares					62			250			477
Shareholder communications
Investor Shares		62			219			98			1,326
Institutional Shares					16						40
Advisor Shares					11			42			12
Custodian fees		103			223			14			3,531
Accounting fees		91			89			85			92
Professional fees		47			101			269			596
Offering fees		–			–			17			–
Registration fees
Investor Shares		46			50			73			282
Institutional Shares					51						213
Advisor Shares					41			79			320
Director’s fees		6			53			18			545
Other operating expenses		10			38			18			326
Total operating expenses		2,164			21,631			6,809			211,939
Less amounts waived or paid by the Advisor		(41	)		(16	)		–			(8	)
Net expenses		2,123			21,615			6,809			211,931
Net investment income (loss)		(507	)		10,111			41,650			109,203
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽³⁾		(3,750	)		87,706			4,468			(102,009	)
Investments, from affiliated issuers		(3,309	)		(4,067	)		–			56,701
Foreign currency related transactions		(53	)		3,022			(216	)		(5,379	)
Total realized gain (loss)		(7,112	)		86,661			4,252			(50,687	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		3,374			(166,279	)		(40,918	)		(1,738,726	)
Investments, from affiliated issuers		(1,259	)		7,112			–			(260,710	)
Foreign currency related transactions		2			(1,437	)		(222	)		(672	)
Total increase (decrease) in unrealized appreciation or depreciation		2,117			(160,604	)		(41,140	)		(2,000,108	)
Net loss on investments and foreign currency related transactions		(4,995	)		(73,943	)		(36,888	)		(2,050,795	)
Net increase (decrease) in net assets resulting from operations	$	(5,502	)	$	(63,832	)	$	4,762		$	(1,941,592	)
⁽¹⁾Net of foreign taxes withheld on dividends, unaffiliated issuers	$	95		$	1,100		$	–		$	22,899
⁽²⁾Net of foreign taxes withheld on dividends, affiliated issuers		–			132			–			669
⁽³⁾Net of foreign taxes on realized gains		4			–			–			–

The accompanying notes are an integral part of the financial statements.


78		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2015 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP			INTERNATIONAL VALUE			MID CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	15,527		$	174,686		$	39,873
Dividends, from affiliated issuers⁽²⁾		1,269			31,270			1,267
Total investment income		16,796			205,956			41,140
EXPENSES:
Management fees		12,692			106,428			90,018
Transfer agent fees
Investor Shares		1,978			16,252			11,194
Institutional Shares					25			36
Advisor Shares					696			95
Shareholder communications
Investor Shares		78			645			669
Institutional Shares					18			144
Advisor Shares					16			11
Custodian fees		412			1,880			312
Accounting fees		71			89			60
Professional fees		97			376			277
Registration fees
Investor Shares		58			86			98
Institutional Shares					57			156
Advisor Shares					369			50
Director’s fees		29			332			280
Other operating expenses		21			212			180
Total operating expenses		15,436			127,481			103,580
Less amounts waived or paid by the Advisor		–			(87	)		(26	)
Net expenses		15,436			127,394			103,554
Net investment income (loss)		1,360			78,562			(62,414	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		58,434			812,186			1,278,012
Investments, from affiliated issuers		(16,392	)		(16,011	)		8,468
Foreign currency related transactions		(293	)		117,893			–
Total realized gain		41,749			914,068			1,286,480
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(12,675	)		(1,369,714	)		(824,223	)
Investments, from affiliated issuers		(11,030	)		(71,468	)		(47,458	)
Foreign currency related transactions		44			(56,314	)		–
Total decrease in unrealized appreciation or depreciation		(23,661	)		(1,497,496	)		(871,681	)
Net gain (loss) on investments and foreign currency related transactions		18,088			(583,428	)		414,799
Net increase (decrease) in net assets resulting from operations	$	19,448		$	(504,866	)	$	352,385
⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	883		$	11,227		$	44
⁽²⁾ Net of foreign taxes withheld on dividends, affiliated issuers		–			2,792			–

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		79

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2015 (Continued)

Dollar values in thousands


	MID CAP VALUE			SMALL CAP			SMALL CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	156,288		$	3,103		$	15,634
Dividends, from affiliated issuers		26,932			–			1,206
Total investment income		183,220			3,103			16,840
EXPENSES:
Management fees		85,503			13,943			9,442
Transfer agent fees
Investor Shares		15,894			2,398			1,708
Institutional Shares		24			20			21
Advisor Shares		160
Shareholder communications
Investor Shares		2,079			319			262
Institutional Shares		101			27			41
Advisor Shares		13
Custodian fees		179			55			50
Accounting fees		61			60			64
Professional fees		350			78			71
Registration fees
Investor Shares		103			57			56
Institutional Shares		72			47			26
Advisor Shares		91
Director’s fees		282			42			31
Other operating expenses		192			32			34
Total operating expenses		105,104			17,078			11,806
Less amounts waived or paid by the Advisor		(34	)		–			–
Net expenses		105,070			17,078			11,806
Net investment income (loss)		78,150			(13,975	)		5,034
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		1,364,322			190,485			127,678
Investments, from affiliated issuers		(107,549	)		(5,281	)		13,451
Total realized gain		1,256,773			185,204			141,129
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(1,696,969	)		(55,269	)		(175,970	)
Investments, from affiliated issuers		(201,469	)		3,813			(31,263	)
Foreign currency related transactions		–			–			–
Total decrease in unrealized appreciation or depreciation		(1,898,438	)		(51,456	)		(207,233	)
Net gain (loss) on investments and foreign currency related transactions		(641,665	)		133,748			(66,104	)
Net increase (decrease) in net assets resulting from operations	$	(563,515	)	$	119,773		$	(61,070	)
⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	738		$	–		$	37

The accompanying notes are an integral part of the financial statements.


80		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2015 (Continued)

Dollar values in thousands


	VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	21,090
Dividends, from affiliated issuers		2,312
Total investment income		23,402
EXPENSES:
Management fees		8,979
Transfer agent fees
Investor Shares		1,960
Institutional Shares		20
Advisor Shares		162
Shareholder communications
Investor Shares		350
Institutional Shares		16
Advisor Shares		13
Custodian fees		101
Accounting fees		58
Professional fees		72
Registration fees
Investor Shares		50
Institutional Shares		38
Advisor Shares		82
Director’s fees		39
Other operating expenses		29
Total operating expenses		11,969
Net investment income		11,433
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		144,073
Investments, from affiliated issuers		(11,716	)
Foreign currency related transactions		(109	)
Total realized gain		132,248
Net decrease in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(241,201	)
Investments, from affiliated issuers		(32,727	)
Foreign currency related transactions		(16	)
Total decrease in unrealized appreciation or depreciation		(273,944	)
Net loss on investments and foreign currency related transactions		(141,696	)
Net decrease in net assets resulting from operations	$	(130,263	)
⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	393

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		81

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands


	DEVELOPING WORLD				EMERGING MARKETS
	Period Ended 9/30/2015⁽¹⁾				Year Ended 9/30/2015				Year Ended 9/30/2014⁽²⁾
OPERATIONS:
Net investment income (loss)		$	(48	)		$	242			$	4,955
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(1,448	)			19,178				(40,579	)
Foreign currency related transactions			(1	)			(532	)			(154	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(8,768	)			(38,593	)			53,274
Foreign currency related transactions			(8	)			3				10
Net increase (decrease) in net assets resulting from operations			(10,273	)			(19,702	)			17,506
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				(405	)			(1,021	)
Institutional Shares			–				(3,071	)			(4,377	)
Total distributions paid to shareholders			–				(3,476	)			(5,398	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			129,104				(331,370	)			(269,148	)
Total increase (decrease) in net assets			118,831				(354,548	)			(257,040	)
Net assets, beginning of period			–				405,351				662,391
Net assets, end of period		$	118,831			$	50,803			$	405,351
Accumulated undistributed net investment income (loss)		$	(48	)		$	(425	)		$	1,649

⁽¹⁾	For the period from commencement of operations (June 29, 2015) through September 30, 2015.

⁽²⁾	Effective February 14, 2014, the Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

The accompanying notes are an integral part of the financial statements.


82		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL EQUITY						GLOBAL OPPORTUNITIES
	Year Ended 9/30/2015			Year Ended 9/30/2014			Year Ended 9/30/2015			Year Ended 9/30/2014
OPERATIONS:
Net investment income (loss)	$	(518	)	$	(297	)	$	2,579		$	1,598
Net realized gain (loss) on:
Investments, from unaffiliated issuers		10,712			7,333			6,414			28,167
Investments, from affiliated issuers		(2,210	)		(34	)		(500	)		(1	)
Foreign currency related transactions		(51	)		(35	)		4,037			841
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(12,053	)		6,496			(24,156	)		42,635
Investments, from affiliated issuers		(2,496	)		(594	)		(5,162	)		8,613
Foreign currency related transactions		10			(15	)		(2,924	)		1,318
Net increase (decrease) in net assets resulting from operations		(6,606	)		12,854			(19,712	)		83,171
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			–			(2,108	)		–
Institutional Shares								(2,576	)		–
Net realized gains on investment transactions:
Investor Shares		(7,233	)		(7,484	)		(16,250	)		–
Institutional Shares								(10,211	)		–
Total distributions paid to shareholders		(7,233	)		(7,484	)		(31,145	)		–
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		73,949			74,809			247,071			322,388
Total increase in net assets		60,110			80,179			196,214			405,559
Net assets, beginning of period		236,270			156,091			1,159,708			754,149
Net assets, end of period	$	296,380		$	236,270		$	1,355,922		$	1,159,708
Accumulated undistributed net investment income (loss)	$	(1	)	$	–		$	3,948		$	2,097

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		83

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL SMALL CAP						GLOBAL VALUE
	Year Ended 9/30/2015			Year Ended 9/30/2014			Year Ended 9/30/2015			Year Ended 9/30/2014
OPERATIONS:
Net investment income (loss)	$	(507	)	$	108		$	10,111		$	10,935
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(3,750	)		2,895			87,706			58,251
Investments, from affiliated issuers		(3,309	)		(763	)		(4,067	)		–
Foreign currency related transactions		(53	)		(67	)		3,022			717
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		3,374			(9,918	)		(166,279	)		74,560
Investments, from affiliated issuers		(1,259	)		(771	)		7,112			(248	)
Foreign currency related transactions		2			(7	)		(1,437	)		1,348
Net increase (decrease) in net assets resulting from operations		(5,502	)		(8,523	)		(63,832	)		145,563
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(250	)		(38	)		(6,402	)		(5,322	)
Institutional Shares								(3,909	)		(3,036	)
Net realized gains on investment transactions:
Investor Shares		(2,100	)		(85	)		(35,854	)		(15,793	)
Institutional Shares								(15,333	)		(7,056	)
Total distributions paid to shareholders		(2,350	)		(123	)		(61,498	)		(31,207	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(28,165	)		135,180			(216,544	)		608,003
Total increase (decrease) in net assets		(36,017	)		126,534			(341,874	)		722,359
Net assets, beginning of period		166,112			39,578			1,867,180			1,144,821
Net assets, end of period	$	130,095		$	166,112		$	1,525,306		$	1,867,180
Accumulated undistributed net investment income (loss)	$	(311	)	$	22		$	7,501		$	5,262

The accompanying notes are an integral part of the financial statements.


84		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	HIGH INCOME						INTERNATIONAL
	Year Ended 9/30/2015			Period Ended 9/30/2014⁽¹⁾			Year Ended 9/30/2015			Year Ended 9/30/2014
OPERATIONS:
Net investment income	$	41,650		$	8,296		$	109,203		$	144,872
Net realized gain (loss) on:
Investments, from unaffiliated issuers		4,468			1,286			(102,009	)		944,468
Investments, from affiliated issuers		–			–			56,701			12,235
Foreign currency related transactions		(216	)		288			(5,379	)		(3,296	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(40,918	)		(6,967	)		(1,738,726	)		(551,682	)
Investments, from affiliated issuers		–			–			(260,710	)		260,710
Foreign currency related transactions		(222	)		222			(672	)		(2,425	)
Net increase (decrease) in net assets resulting from operations		4,762			3,125			(1,941,592	)		804,882
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(24,905	)		(4,561	)		(104,597	)		(104,230	)
Institutional Shares								(35,466	)		(42,531	)
Advisor Shares		(16,745	)		(3,737	)		–
Net realized gains on investment transactions:
Investor Shares		(1,377	)		–			–			–
Advisor Shares		(1,005	)		–			–
Total distributions paid to shareholders		(44,032	)		(8,298	)		(140,063	)		(146,761	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		447,338			511,164			2,142,912			3,454,481
Total increase in net assets		408,068			505,991			61,257			4,112,602
Net assets, beginning of period		505,991			–			17,533,826			13,421,224
Net assets, end of period	$	914,059		$	505,991		$	17,595,083		$	17,533,826
Accumulated undistributed net investment income	$	(3	)	$	110		$	103,515		$	137,589

⁽¹⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		85

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP						INTERNATIONAL VALUE
	Year Ended 9/30/2015			Year Ended 9/30/2014			Year Ended 9/30/2015			Year Ended 9/30/2014
OPERATIONS:
Net investment income (loss)	$	1,360		$	(535	)	$	78,562		$	105,165
Net realized gain (loss) on:
Investments, from unaffiliated issuers		58,434			78,161			812,186			516,896
Investments, from affiliated issuers		(16,392	)		(735	)		(16,011	)		51,690
Foreign currency related transactions		(293	)		(430	)		117,893			24,383
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(12,675	)		(100,813	)		(1,369,714	)		68,965
Investments, from affiliated issuers		(11,030	)		(3,890	)		(71,468	)		(114,770	)
Foreign currency related transactions		44			(114	)		(56,314	)		45,286
Net increase (decrease) in net assets resulting from operations		19,448			(28,356	)		(504,866	)		697,615
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			(4,981	)		(132,953	)		(141,848	)
Institutional Shares								(44,007	)		(41,492	)
Net realized gains on investment transactions:
Investor Shares		(59,359	)		(64,140	)		(440,577	)		(484,885	)
Institutional Shares								(128,108	)		(132,447	)
Total distributions paid to shareholders		(59,359	)		(69,121	)		(745,645	)		(800,672	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(89,145	)		191,418			459,664			1,062,751
Total increase (decrease) in net assets		(129,056	)		93,941			(790,847	)		959,694
Net assets, beginning of period		1,090,091			996,150			11,409,836			10,450,142
Net assets, end of period	$	961,035		$	1,090,091		$	10,618,989		$	11,409,836
Accumulated undistributed net investment income (loss)	$	983		$	(8	)	$	103,892		$	91,816

The accompanying notes are an integral part of the financial statements.


86		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	MID CAP						MID CAP VALUE
	Year Ended 9/30/2015			Year Ended 9/30/2014			Year Ended 9/30/2015			Year Ended 9/30/2014
OPERATIONS:
Net investment income (loss)	$	(62,414	)	$	(61,306	)	$	78,150		$	57,588
Net realized gain (loss) on:
Investments, from unaffiliated issuers		1,278,012			1,172,744			1,364,322			841,487
Investments, from affiliated issuers		8,468			49,467			(107,549	)		186,104
Foreign currency related transactions		–			–			–			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(824,223	)		(519,345	)		(1,696,969	)		(93,241	)
Investments, from affiliated issuers		(47,458	)		(94,153	)		(201,469	)		(180,216	)
Foreign currency related transactions		–			–			–			–	⁽¹⁾
Net increase (decrease) in net assets resulting from operations		352,385			547,407			(563,515	)		811,722
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			–			(56,887	)		(40,163	)
Institutional Shares		–			–			(15,736	)		(9,155	)
Net realized gains on investment transactions:
Investor Shares		(525,174	)		(435,868	)		(856,469	)		(400,451	)
Institutional Shares		(429,114	)		(268,248	)		(163,097	)		(60,467	)
Total distributions paid to shareholders		(954,288	)		(704,116	)		(1,092,189	)		(510,236	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(75,706	)		581,357			(2,832,587	)		(89,475	)
Total increase (decrease) in net assets		(677,609	)		424,648			(4,488,291	)		212,011
Net assets, beginning of period		9,501,417			9,076,769			11,008,051			10,796,040
Net assets, end of period	$	8,823,808		$	9,501,417		$	6,519,760		$	11,008,051
Accumulated undistributed net investment income (loss)	$	(48,099	)	$	(45,474	)	$	30,984		$	39,180

⁽¹⁾	Amount rounds to less than $1.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		87

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	SMALL CAP						SMALL CAP VALUE
	Year Ended 9/30/2015			Year Ended 9/30/2014			Year Ended 9/30/2015			Year Ended 9/30/2014
OPERATIONS:
Net investment income (loss)	$	(13,975	)	$	(17,290	)	$	5,034		$	1,541
Net realized gain (loss) on:
Investments, from unaffiliated issuers		190,485			19,466			127,678			288,938
Investments, from affiliated issuers		(5,281	)		10,002			13,451			81,839
Foreign currency related transactions		–			–			–			–	⁽¹⁾
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(55,269	)		(9,486	)		(175,970	)		(287,537	)
Investments, from affiliated issuers		3,813			(63,278	)		(31,263	)		(53,385	)
Foreign currency related transactions		–			–			–			–
Net increase (decrease) in net assets resulting from operations		119,773			(60,586	)		(61,070	)		31,396
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			–			–			(5,806	)
Institutional Shares		–			–			–			(1,030	)
Net realized gains on investment transactions:
Investor Shares		–			–			(210,711	)		(86,756	)
Institutional Shares		–			–			(50,568	)		(12,496	)
Total distributions paid to shareholders		–			–			(261,279	)		(106,088	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities		(326,206	)		(34,679	)		(770,621	)		(1,103,295	)
Total decrease in net assets		(206,433	)		(95,265	)		(1,092,970	)		(1,177,987	)
Net assets, beginning of period		1,459,693			1,554,958			1,586,156			2,764,143
Net assets, end of period	$	1,253,260		$	1,459,693		$	493,186		$	1,586,156
Accumulated undistributed net investment income (loss)	$	(10,074	)	$	(13,057	)	$	4,431		$	–

⁽¹⁾	Amount rounds to less than $1.

The accompanying notes are an integral part of the financial statements.


88		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	VALUE
	Year Ended 9/30/2015			Year Ended 9/30/2014
OPERATIONS:
Net investment income	$	11,433		$	15,700
Net realized gain (loss) on:
Investments, from unaffiliated issuers		144,073			95,846
Investments, from affiliated issuers		(11,716	)		279
Foreign currency related transactions		(109	)		(46	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(241,201	)		38,694
Investments, from affiliated issuers		(32,727	)		(84	)
Foreign currency related transactions		(16	)		(15	)
Net increase (decrease) in net assets resulting from operations		(130,263	)		150,374
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(9,207	)		(7,502	)
Institutional Shares		(3,246	)		(2,037	)
Net realized gains on investment transactions:
Investor Shares		(74,612	)		(56,730	)
Institutional Shares		(19,962	)		(11,945	)
Total distributions paid to shareholders		(107,027	)		(78,214	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities		(250,633	)		(9,170	)
Total increase (decrease) in net assets		(487,923	)		62,990
Net assets, beginning of period		1,476,620			1,413,630
Net assets, end of period	$	988,697		$	1,476,620
Accumulated undistributed net investment income	$	7,097		$	9,687

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		89

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

The financial highlights tables are intended to help you understand the Fund’s financial performance for the past 5 years or, if shorter, the period of a Fund’s operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).



												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
DEVELOPING WORLD FUND
Investor Shares
9/30/2015⁽⁵⁾	$	10.00		—	⁽⁶⁾		(1.61	)		(1.61	)		—			—			—		$	8.39
Institutional Shares
9/30/2015⁽⁵⁾	$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—		$	8.39
Advisor Shares
9/30/2015⁽⁵⁾	$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—		$	8.39
EMERGING MARKETS FUND
Investor Shares⁽⁷⁾
9/30/2015	$	12.54		0.02			(2.56	)		(2.54	)		(0.10	)		—			(0.10	)	$	9.90
9/30/2014	$	12.32		0.08			0.20			0.28			(0.06	)		—			(0.06	)	$	12.54
9/30/2013	$	12.76		0.10			(0.38	)		(0.28	)		(0.16	)		—			(0.16	)	$	12.32
9/30/2012	$	11.38		0.10			1.38			1.48			(0.07	)		(0.03	)		(0.10	)	$	12.76
9/30/2011	$	15.24		0.18			(3.94	)		(3.76	)		(0.10	)		—			(0.10	)	$	11.38
Institutional Shares
9/30/2015	$	12.52		0.02			(2.53	)		(2.51	)		(0.18	)		—			(0.18	)	$	9.83
9/30/2014	$	12.32		0.12			0.20			0.32			(0.12	)		—			(0.12	)	$	12.52
9/30/2013	$	12.75		0.14			(0.37	)		(0.23	)		(0.20	)		—			(0.20	)	$	12.32
9/30/2012	$	11.37		0.15			1.36			1.51			(0.10	)		(0.03	)		(0.13	)	$	12.75
9/30/2011	$	15.23		0.21			(3.93	)		(3.72	)		(0.14	)		—			(0.14	)	$	11.37
GLOBAL EQUITY FUND
Investor Shares
9/30/2015	$	16.18		(0.03	)		0.07			0.04			—			(0.49	)		(0.49	)	$	15.73
9/30/2014	$	15.72		(0.02	)		1.23			1.21			—			(0.75	)		(0.75	)	$	16.18
9/30/2013	$	13.05		(0.01	)		3.23			3.22			(0.03	)		(0.52	)		(0.55	)	$	15.72
9/30/2012	$	9.83		0.05			3.38			3.43			(0.03	)		(0.18	)		(0.21	)	$	13.05
9/30/2011	$	10.23		(0.03	)		(0.23	)		(0.26	)		(0.06	)		(0.08	)		(0.14	)	$	9.83

Footnotes are presented on Page 101.

The accompanying notes are an integral part of the financial statements.


90		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights (Continued)


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾⁽⁴⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
DEVELOPING WORLD FUND
Investor Shares
9/30/2015⁽⁵⁾		(16.10	)%	$	20,642		1.50	%		2.23	%		(0.20	)%		9.00	%
Institutional Shares
9/30/2015⁽⁵⁾		(16.10	)%	$	39,993		1.40	%		2.03	%		(0.44	)%		9.00	%
Advisor Shares
9/30/2015⁽⁵⁾		(16.10	)%	$	58,196		1.40	%		1.96	%		(0.37	)%		9.00	%
EMERGING MARKETS FUND
Investor Shares⁽⁷⁾
9/30/2015		(20.44	)%	$	22,842		1.50	%		1.79	%		0.16	%		28.03	%
9/30/2014		2.29	%	$	67,065		1.50	%		1.51	%		0.64	%		32.26	%
9/30/2013		(2.25	)%	$	199,920		1.48	%		n/a			0.76	%		35.89	%
9/30/2012		13.10	%	$	292,420		1.48	%		n/a			0.85	%		38.19	%
9/30/2011		(24.86	)%	$	317,186		1.47	%		n/a			1.19	%		30.86	%
Institutional Shares
9/30/2015		(20.43	)%	$	27,961		1.36	%		n/a			0.16	%		28.03	%
9/30/2014		2.65	%	$	338,286		1.19	%		n/a			0.96	%		32.26	%
9/30/2013		(1.91	)%	$	462,471		1.18	%		n/a			1.15	%		35.89	%
9/30/2012		13.47	%	$	494,836		1.16	%		n/a			1.25	%		38.19	%
9/30/2011		(24.67	)%	$	352,093		1.19	%		n/a			1.41	%		30.86	%
GLOBAL EQUITY FUND
Investor Shares
9/30/2015		0.20	%	$	296,380		1.37	%		n/a			(0.19	)%		78.44	%
9/30/2014		7.94	%	$	236,270		1.46	%		n/a			(0.14	)%		89.24	%
9/30/2013		25.51	%	$	156,091		1.50	%		1.77	%		(0.08	)%		126.40	%
9/30/2012		35.43	%	$	15,538		1.50	%		3.05	%		0.43	%		98.03	%
9/30/2011		(2.66	)%	$	10,908		1.50	%		3.12	%		0.28	%		150.01	%

Footnotes are presented on Page 101.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		91

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2015	$	18.92		0.01			(0.09	)		(0.08	)		(0.06	)		(0.43	)		(0.49	)	$	18.35
9/30/2014	$	17.29		0.01			1.62			1.63			—			—			—		$	18.92
9/30/2013	$	14.27		(0.05	)		3.07			3.02			—			—			—		$	17.29
9/30/2012	$	10.90		(0.06	)		3.54			3.48			—			(0.11	)		(0.11	)	$	14.27
9/30/2011	$	10.99		(0.09	)		0.13			0.04			—			(0.13	)		(0.13	)	$	10.90
Institutional Shares
9/30/2015	$	19.04		0.07			(0.11	)		(0.04	)		(0.11	)		(0.43	)		(0.54	)	$	18.46
9/30/2014	$	17.35		0.07			1.62			1.69			—			—			—		$	19.04
9/30/2013	$	14.29		(0.01	)		3.07			3.06			—			—			—		$	17.35
9/30/2012	$	10.88		0.01			3.51			3.52			—			(0.11	)		(0.11	)	$	14.29
9/30/2011⁽⁸⁾	$	13.38		(0.02	)		(2.48	)		(2.50	)		—			—			—		$	10.88
Advisor Shares
9/30/2015⁽⁹⁾	$	19.16		0.02			(0.81	)		(0.79	)		—			—			—		$	18.37
GLOBAL SMALL CAP FUND
Investor Shares
9/30/2015	$	11.07		(0.04	)		(0.24	)		(0.28	)		(0.02	)		(0.14	)		(0.16	)	$	10.63
9/30/2014	$	10.61		0.01			0.48			0.49			(0.01	)		(0.02	)		(0.03	)	$	11.07
9/30/2013⁽¹⁰⁾	$	10.00		0.01			0.60			0.61			—			—			—		$	10.61
GLOBAL VALUE FUND
Investor Shares
9/30/2015	$	15.63		0.07			(0.71	)		(0.64	)		(0.08	)		(0.44	)		(0.52	)	$	14.47
9/30/2014	$	14.44		0.09			1.45			1.54			(0.09	)		(0.26	)		(0.35	)	$	15.63
9/30/2013	$	11.58		0.06			2.89			2.95			(0.06	)		(0.03	)		(0.09	)	$	14.44
9/30/2012	$	9.28		0.05			2.42			2.47			—			(0.17	)		(0.17	)	$	11.58
9/30/2011	$	9.37		0.06			(0.07	)		(0.01	)		(0.08	)		—			(0.08	)	$	9.28
Institutional Shares
9/30/2015	$	15.67		0.11			(0.73	)		(0.62	)		(0.11	)		(0.44	)		(0.55	)	$	14.50
9/30/2014	$	14.46		0.13			1.45			1.58			(0.11	)		(0.26	)		(0.37	)	$	15.67
9/30/2013	$	11.58		0.07			2.91			2.98			(0.07	)		(0.03	)		(0.10	)	$	14.46
9/30/2012⁽¹¹⁾	$	10.75		0.01			0.82			0.83			—			—			—		$	11.58
Advisor Shares
9/30/2015⁽⁹⁾	$	15.60		0.05			(1.17	)		(1.12	)		—			—			—		$	14.48

Footnotes are presented on Page 101.

The accompanying notes are an integral part of the financial statements.


92		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights (Continued)


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾⁽⁴⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2015		(0.46	)%	$	669,846		1.19	%		n/a			0.07	%		55.53	%
9/30/2014		9.43	%	$	724,237		1.20	%		n/a			0.07	%		45.14	%
9/30/2013		21.16	%	$	542,242		1.28	%		n/a			(0.29	)%		41.76	%
9/30/2012		32.37	%	$	228,090		1.34	%		n/a			(0.46	)%		43.30	%
9/30/2011		0.14	%	$	142,758		1.40	%		n/a			(0.73	)%		76.18	%
Institutional Shares
9/30/2015		(0.23	)%	$	631,904		0.95	%		n/a			0.36	%		55.53	%
9/30/2014		9.74	%	$	435,471		0.97	%		n/a			0.35	%		45.14	%
9/30/2013		21.41	%	$	211,907		1.03	%		n/a			(0.05	)%		41.76	%
9/30/2012		32.68	%	$	84,183		1.08	%		n/a			0.07	%		43.30	%
9/30/2011⁽⁸⁾		(18.68	)%	$	12,969		1.50	%		2.22	%		(1.42	)%		76.18	%
Advisor Shares
9/30/2015⁽⁹⁾		(4.12	)%	$	54,172		1.10	%		1.46	%		0.24	%		55.53	%
GLOBAL SMALL CAP FUND
Investor Shares
9/30/2015		(2.56	)%	$	130,095		1.50	%		1.53	%		(0.36	)%		89.66	%
9/30/2014		4.62	%	$	166,112		1.50	%		1.55	%		0.09	%		72.15	%
9/30/2013⁽¹⁰⁾		6.10	%	$	39,578		1.50	%		2.51	%		0.37	%		9.98	%
GLOBAL VALUE FUND
Investor Shares
9/30/2015		(4.32	)%	$	826,965		1.28	%		n/a			0.46	%		19.41	%
9/30/2014		10.75	%	$	1,308,060		1.30	%		n/a			0.59	%		25.41	%
9/30/2013		25.68	%	$	783,265		1.37	%		n/a			0.45	%		30.79	%
9/30/2012		26.90	%	$	217,057		1.50	%		1.51	%		0.50	%		22.34	%
9/30/2011		(0.23	)%	$	65,666		1.50	%		1.72	%		0.56	%		32.32	%
Institutional Shares
9/30/2015		(4.16	)%	$	512,600		1.03	%		n/a			0.73	%		19.41	%
9/30/2014		11.05	%	$	559,120		1.04	%		n/a			0.82	%		25.41	%
9/30/2013		25.98	%	$	361,556		1.10	%		n/a			0.54	%		30.79	%
9/30/2012⁽¹¹⁾		7.72	%	$	48,849		1.50	%		2.43	%		0.32	%		22.34	%
Advisor Shares
9/30/2015⁽⁹⁾		(7.18	)%	$	185,741		1.20	%		1.23	%		0.70	%		19.41	%

Footnotes are presented on Page 101.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		93

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Redemption Fees		Net Asset Value, End of Period
HIGH INCOME FUND
Investor Shares
9/30/2015	$	9.97		0.61			(0.44	)		0.17			(0.61	)		(0.04	)		(0.65	)		—	$	9.49
9/30/2014⁽¹²⁾	$	10.00		0.27			(0.07	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
Advisor Shares
9/30/2015	$	9.97		0.63			(0.44	)		0.19			(0.63	)		(0.04	)		(0.67	)		—	$	9.49
9/30/2014⁽¹²⁾	$	10.00		0.28			(0.08	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
INTERNATIONAL FUND
Investor Shares
9/30/2015	$	30.04		0.17			(3.01	)		(2.84	)		(0.23	)		—			(0.23	)		—	$	26.97
9/30/2014	$	28.66		0.26			1.41			1.67			(0.29	)		—			(0.29	)		—	$	30.04
9/30/2013	$	23.54		0.31			5.08			5.39			(0.27	)		—			(0.27	)		—	$	28.66
9/30/2012	$	18.37		0.28			5.17			5.45			(0.28	)		—			(0.28	)		—	$	23.54
9/30/2011	$	20.57		0.26			(2.28	)		(2.02	)		(0.18	)		—			(0.18	)		—	$	18.37
Institutional Shares
9/30/2015	$	30.27		0.21			(3.00	)		(2.79	)		(0.29	)		—			(0.29	)		—	$	27.19
9/30/2014	$	28.86		0.32			1.43			1.75			(0.34	)		—			(0.34	)		—	$	30.27
9/30/2013	$	23.70		0.38			5.10			5.48			(0.32	)		—			(0.32	)		—	$	28.86
9/30/2012	$	18.50		0.33			5.21			5.54			(0.34	)		—			(0.34	)		—	$	23.70
9/30/2011	$	20.72		0.32			(2.31	)		(1.99	)		(0.23	)		—			(0.23	)		—	$	18.50
Advisor Shares
9/30/2015⁽⁹⁾	$	31.25		0.07			(4.32	)		(4.25	)		—			—			—			—	$	27.00
INTERNATIONAL SMALL CAP FUND
Investor Shares
9/30/2015	$	24.30		0.03			0.42			0.45			—			(1.38	)		(1.38	)		—	$	23.37
9/30/2014	$	26.39		(0.01	)		(0.35	)		(0.36	)		(0.12	)		(1.61	)		(1.73	)		—	$	24.30
9/30/2013	$	20.75		0.05			5.82			5.87			(0.23	)		—			(0.23	)		—	$	26.39
9/30/2012	$	16.44		0.24			4.14			4.38			(0.07	)		—			(0.07	)		—	$	20.75
9/30/2011	$	18.63		0.07			(2.25	)		(2.18	)		(0.01	)		—			(0.01	)		—	$	16.44

Footnotes are presented on Page 101.

The accompanying notes are an integral part of the financial statements.


94		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights (Continued)


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾⁽⁴⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
HIGH INCOME FUND
Investor Shares
9/30/2015		1.73	%	$	424,685		1.09	%		n/a			6.20	%		91.33	%
9/30/2014⁽¹²⁾		2.08	%	$	278,360		1.11	%		n/a			5.01	%		56.46	%
Advisor Shares
9/30/2015		1.88	%	$	489,374		0.93	%		n/a			6.38	%		91.33	%
9/30/2014⁽¹²⁾		2.12	%	$	227,631		0.99	%		n/a			5.20	%		56.46	%
INTERNATIONAL FUND
Investor Shares
9/30/2015		(9.55	)%	$	10,156,292		1.17	%		n/a			0.54	%		45.02	%
9/30/2014		5.85	%	$	13,607,488		1.17	%		n/a			0.85	%		46.49	%
9/30/2013		23.11	%	$	9,829,540		1.20	%		n/a			1.21	%		42.00	%
9/30/2012		30.05	%	$	6,877,615		1.19	%		n/a			1.32	%		55.39	%
9/30/2011		(9.95	)%	$	5,837,067		1.22	%		n/a			1.18	%		70.36	%
Institutional Shares
9/30/2015		(9.34	)%	$	4,973,656		0.95	%		n/a			0.70	%		45.02	%
9/30/2014		6.10	%	$	3,926,338		0.95	%		n/a			1.05	%		46.49	%
9/30/2013		23.35	%	$	3,591,684		0.97	%		n/a			1.43	%		42.00	%
9/30/2012		30.37	%	$	2,772,675		0.98	%		n/a			1.52	%		55.39	%
9/30/2011		(9.76	)%	$	1,989,341		0.99	%		n/a			1.42	%		70.36	%
Advisor Shares
9/30/2015⁽⁹⁾		(13.60	)%	$	2,465,135		1.07	%		1.07	%		0.47	%		45.02	%
INTERNATIONAL SMALL CAP FUND
Investor Shares
9/30/2015		2.02	%	$	961,035		1.52	%		n/a			0.13	%		43.84	%
9/30/2014		(1.66	)%	$	1,090,091		1.50	%		n/a			(0.05	)%		57.94	%
9/30/2013		28.50	%	$	996,150		1.51	%		n/a			0.19	%		59.47	%
9/30/2012		26.77	%	$	716,049		1.50	%		n/a			1.27	%		42.01	%
9/30/2011		(11.70	)%	$	554,726		1.50	%		n/a			0.35	%		44.76	%

Footnotes are presented on Page 101.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		95

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
INTERNATIONAL VALUE FUND
Investor Shares
9/30/2015	$	36.56		0.21			(1.79	)		(1.58	)		(0.55	)		(1.81	)		(2.36	)	$	32.62
9/30/2014	$	37.01		0.32			2.01			2.33			(0.63	)		(2.15	)		(2.78	)	$	36.56
9/30/2013	$	28.72		0.28			8.44			8.72			(0.29	)		(0.14	)		(0.43	)	$	37.01
9/30/2012	$	23.44		0.29			5.07			5.36			(0.01	)		(0.07	)		(0.08	)	$	28.72
9/30/2011	$	24.74		0.30			(1.25	)		(0.95	)		(0.35	)		—			(0.35	)	$	23.44
Institutional Shares
9/30/2015	$	36.71		0.30			(1.81	)		(1.51	)		(0.62	)		(1.81	)		(2.43	)	$	32.77
9/30/2014	$	37.12		0.41			2.00			2.41			(0.67	)		(2.15	)		(2.82	)	$	36.71
9/30/2013	$	28.80		0.34			8.46			8.80			(0.34	)		(0.14	)		(0.48	)	$	37.12
9/30/2012	$	23.47		0.34			5.09			5.43			(0.03	)		(0.07	)		(0.10	)	$	28.80
9/30/2011	$	24.76		0.35			(1.24	)		(0.89	)		(0.40	)		—			(0.40	)	$	23.47
Advisor Shares
9/30/2015⁽⁹⁾	$	35.54		0.15			(3.03	)		(2.88	)		—			—			—		$	32.66
MID CAP FUND
Investor Shares
9/30/2015	$	47.67		(0.36	)		1.99			1.63			—			(4.88	)		(4.88	)	$	44.42
9/30/2014	$	48.69		(0.36	)		3.14			2.78			—			(3.80	)		(3.80	)	$	47.67
9/30/2013	$	38.80		(0.26	)		11.97			11.71			—			(1.82	)		(1.82	)	$	48.69
9/30/2012	$	31.14		(0.28	)		7.94			7.66			—			—			—		$	38.80
9/30/2011	$	29.55		(0.26	)		1.85			1.59			—			—			—		$	31.14
Institutional Shares
9/30/2015	$	49.98		(0.26	)		2.08			1.82			—			(4.88	)		(4.88	)	$	46.92
9/30/2014	$	50.75		(0.24	)		3.27			3.03			—			(3.80	)		(3.80	)	$	49.98
9/30/2013	$	40.27		(0.17	)		12.47			12.30			—			(1.82	)		(1.82	)	$	50.75
9/30/2012	$	32.23		(0.20	)		8.24			8.04			—			—			—		$	40.27
9/30/2011	$	30.50		(0.16	)		1.89			1.73			—			—			—		$	32.23
Advisor Shares
9/30/2015⁽⁹⁾	$	46.88		(0.17	)		(2.25	)		(2.42	)		—			—			—		$	44.46

Footnotes are presented on Page 101.

The accompanying notes are an integral part of the financial statements.


96		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights (Continued)


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾⁽⁴⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
INTERNATIONAL VALUE FUND
Investor Shares
9/30/2015		(4.67	)%	$	5,229,869		1.17	%		n/a			0.60	%		23.74	%
9/30/2014		6.50	%	$	8,953,691		1.16	%		n/a			0.86	%		20.45	%
9/30/2013		30.71	%	$	8,158,057		1.16	%		n/a			0.85	%		32.99	%
9/30/2012		22.94	%	$	5,081,735		1.17	%		n/a			1.08	%		20.42	%
9/30/2011		(4.01	)%	$	3,232,649		1.18	%		n/a			1.10	%		30.90	%
Institutional Shares
9/30/2015		(4.44	)%	$	2,606,468		0.96	%		n/a			0.86	%		23.74	%
9/30/2014		6.73	%	$	2,456,145		0.96	%		n/a			1.09	%		20.45	%
9/30/2013		30.92	%	$	2,292,085		0.97	%		n/a			1.03	%		32.99	%
9/30/2012		23.19	%	$	1,557,500		0.98	%		n/a			1.29	%		20.42	%
9/30/2011		(3.84	)%	$	1,042,833		0.99	%		n/a			1.30	%		30.90	%
Advisor Shares
9/30/2015⁽⁹⁾		(8.10	)%	$	2,782,652		1.06	%		1.07	%		0.87	%		23.74	%
MID CAP FUND
Investor Shares
9/30/2015		3.20	%	$	3,909,986		1.19	%		n/a			(0.76	)%		51.39	%
9/30/2014		6.04	%	$	5,220,973		1.20	%		n/a			(0.74	)%		55.19	%
9/30/2013		31.53	%	$	5,525,387		1.22	%		n/a			(0.64	)%		43.72	%
9/30/2012		24.63	%	$	5,115,836		1.22	%		n/a			(0.78	)%		46.21	%
9/30/2011		5.38	%	$	4,500,786		1.24	%		n/a			(0.75	)%		62.87	%
Institutional Shares
9/30/2015		3.45	%	$	4,482,164		0.95	%		n/a			(0.53	)%		51.39	%
9/30/2014		6.30	%	$	4,280,444		0.95	%		n/a			(0.49	)%		55.19	%
9/30/2013		31.89	%	$	3,551,382		0.96	%		n/a			(0.39	)%		43.72	%
9/30/2012		24.95	%	$	1,602,109		0.97	%		n/a			(0.51	)%		46.21	%
9/30/2011		5.67	%	$	509,970		0.96	%		n/a			(0.47	)%		62.87	%
Advisor Shares
9/30/2015⁽⁹⁾		(5.16	)%	$	431,658		1.10	%		1.12	%		(0.73	)%		51.39	%

Footnotes are presented on Page 101.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		97

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
MID CAP VALUE FUND
Investor Shares
9/30/2015	$	27.00		0.20			(2.21	)		(2.01	)		(0.17	)		(2.60	)		(2.77	)	$	22.22
9/30/2014	$	26.34		0.12			1.74			1.86			(0.11	)		(1.09	)		(1.20	)	$	27.00
9/30/2013	$	21.12		0.15			6.22			6.37			(0.12	)		(1.03	)		(1.15	)	$	26.34
9/30/2012	$	18.88		0.14			3.72			3.86			(0.13	)		(1.49	)		(1.62	)	$	21.12
9/30/2011	$	18.86		0.14			0.36			0.50			(0.16	)		(0.32	)		(0.48	)	$	18.88
Institutional Shares
9/30/2015	$	27.05		0.26			(2.22	)		(1.96	)		(0.24	)		(2.60	)		(2.84	)	$	22.25
9/30/2014	$	26.38		0.20			1.73			1.93			(0.17	)		(1.09	)		(1.26	)	$	27.05
9/30/2013	$	21.15		0.21			6.23			6.44			(0.18	)		(1.03	)		(1.21	)	$	26.38
9/30/2012⁽¹³⁾	$	20.93		0.21			0.01			0.22			—			—			—		$	21.15
Advisor Shares
9/30/2015⁽⁹⁾	$	25.12		0.12			(3.01	)		(2.89	)		—			—			—		$	22.23
SMALL CAP FUND
Investor Shares
9/30/2015	$	26.76		(0.30	)		2.09			1.79			—			—			—		$	28.55
9/30/2014	$	27.65		(0.31	)		(0.58	)		(0.89	)		—			—			—		$	26.76
9/30/2013	$	20.90		(0.20	)		6.95			6.75			—			—			—		$	27.65
9/30/2012	$	16.01		(0.15	)		5.04			4.89			—			—			—		$	20.90
9/30/2011	$	14.40		(0.13	)		1.74			1.61			—			—			—		$	16.01
Institutional Shares
9/30/2015	$	26.85		(0.24	)		2.11			1.87			—			—			—		$	28.72
9/30/2014	$	27.70		(0.25	)		(0.60	)		(0.85	)		—			—			—		$	26.85
9/30/2013	$	20.89		(0.17	)		6.98			6.81			—			—			—		$	27.70
9/30/2012⁽¹⁴⁾	$	19.62		(0.18	)		1.45			1.27			—			—			—		$	20.89
SMALL CAP VALUE FUND
Investor Shares
9/30/2015	$	16.99		0.07			(1.64	)		(1.57	)		—			(3.23	)		(3.23	)	$	12.19
9/30/2014	$	18.06		—	⁽⁶⁾		(0.37	)		(0.37	)		(0.04	)		(0.66	)		(0.70	)	$	16.99
9/30/2013	$	15.24		0.08			3.23			3.31			(0.13	)		(0.36	)		(0.49	)	$	18.06
9/30/2012	$	14.30		0.05			2.25			2.30			(0.01	)		(1.35	)		(1.36	)	$	15.24
9/30/2011	$	14.85		0.01			(0.54	)		(0.53	)		(0.02	)		—			(0.02	)	$	14.30
Institutional Shares
9/30/2015	$	17.04		0.10			(1.65	)		(1.55	)		—			(3.23	)		(3.23	)	$	12.26
9/30/2014	$	18.08		0.05			(0.38	)		(0.33	)		(0.05	)		(0.66	)		(0.71	)	$	17.04
9/30/2013	$	15.26		0.11			3.24			3.35			(0.17	)		(0.36	)		(0.53	)	$	18.08
9/30/2012⁽¹³⁾	$	16.16		0.06			(0.96	)		(0.90	)		—			—			—		$	15.26

Footnotes are presented on Page 101.

The accompanying notes are an integral part of the financial statements.


98		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights (Continued)


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾⁽⁴⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
MID CAP VALUE FUND
Investor Shares
9/30/2015		(8.45	)%	$	4,345,131		1.19	%		n/a			0.81	%		31.18	%
9/30/2014		7.18	%	$	9,305,582		1.19	%		n/a			0.46	%		25.67	%
9/30/2013		31.64	%	$	9,429,674		1.20	%		n/a			0.65	%		25.73	%
9/30/2012		21.35	%	$	7,753,814		1.20	%		n/a			0.67	%		27.86	%
9/30/2011		2.51	%	$	6,200,464		1.20	%		n/a			0.68	%		31.85	%
Institutional Shares
9/30/2015		(8.25	)%	$	1,236,240		0.96	%		n/a			1.03	%		31.18	%
9/30/2014		7.44	%	$	1,702,469		0.95	%		n/a			0.72	%		25.67	%
9/30/2013		31.97	%	$	1,366,366		0.98	%		n/a			0.86	%		25.73	%
9/30/2012⁽¹³⁾		1.05	%	$	275,727		1.01	%		n/a			1.04	%		27.86	%
Advisor Shares
9/30/2015⁽⁹⁾		(11.50	)%	$	938,389		1.09	%		1.11	%		1.00	%		31.18	%
SMALL CAP FUND
Investor Shares
9/30/2015		6.69	%	$	863,536		1.23	%		n/a			(1.01	)%		45.31	%
9/30/2014		(3.22	)%	$	1,231,921		1.21	%		n/a			(1.09	)%		38.67	%
9/30/2013		32.30	%	$	1,330,188		1.25	%		n/a			(0.88	)%		42.43	%
9/30/2012		30.54	%	$	676,139		1.28	%		n/a			(0.77	)%		69.56	%
9/30/2011		11.18	%	$	326,700		1.29	%		n/a			(0.73	)%		80.26	%
Institutional Shares
9/30/2015		6.96	%	$	389,724		1.02	%		n/a			(0.79	)%		45.31	%
9/30/2014		(3.07	)%	$	227,772		1.00	%		n/a			(0.88	)%		38.67	%
9/30/2013		32.60	%	$	224,770		1.06	%		n/a			(0.74	)%		42.43	%
9/30/2012⁽¹⁴⁾		6.47	%	$	50,754		1.42	%		n/a			(0.93	)%		69.56	%
SMALL CAP VALUE FUND
Investor Shares
9/30/2015		(11.76	)%	$	458,673		1.26	%		n/a			0.48	%		39.79	%
9/30/2014		(2.33	)%	$	1,279,518		1.23	%		n/a			0.02	%		30.72	%
9/30/2013		22.24	%	$	2,421,658		1.24	%		n/a			0.46	%		26.66	%
9/30/2012		16.54	%	$	2,348,847		1.22	%		n/a			0.31	%		28.17	%
9/30/2011		(3.61	)%	$	2,607,263		1.20	%		n/a			0.06	%		47.45	%
Institutional Shares
9/30/2015		(11.59	)%	$	34,513		1.05	%		n/a			0.70	%		39.79	%
9/30/2014		(2.11	)%	$	306,638		0.99	%		n/a			0.30	%		30.72	%
9/30/2013		22.54	%	$	342,485		1.00	%		n/a			0.70	%		26.66	%
9/30/2012⁽¹³⁾		(5.57	)%	$	306,223		1.00	%		n/a			0.56	%		28.17	%

Footnotes are presented on Page 101.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		99

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


											Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income⁽¹⁾		Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
VALUE FUND
Investor Shares
9/30/2015	$	14.14		0.11		(1.66	)		(1.55	)		(0.11	)		(0.92	)		(1.03	)	$	11.56
9/30/2014	$	13.38		0.15		1.35			1.50			(0.09	)		(0.65	)		(0.74	)	$	14.14
9/30/2013	$	11.32		0.12		2.02			2.14			(0.08	)		—			(0.08	)	$	13.38
9/30/2012	$	9.11		0.08		2.21			2.29			(0.08	)		—			(0.08	)	$	11.32
9/30/2011	$	8.91		0.09		0.19			0.28			(0.08	)		—			(0.08	)	$	9.11
Institutional Shares
9/30/2015	$	14.19		0.14		(1.66	)		(1.52	)		(0.15	)		(0.92	)		(1.07	)	$	11.60
9/30/2014	$	13.42		0.18		1.35			1.53			(0.11	)		(0.65	)		(0.76	)	$	14.19
9/30/2013	$	11.35		0.15		2.03			2.18			(0.11	)		—			(0.11	)	$	13.42
9/30/2012	$	9.12		0.11		2.21			2.32			(0.09	)		—			(0.09	)	$	11.35
9/30/2011⁽⁸⁾	$	10.60		0.02		(1.50	)		(1.48	)		—			—			—		$	9.12
Advisor Shares
9/30/2015⁽⁹⁾	$	13.41		0.07		(1.91	)		(1.84	)		—			—			—		$	11.57

Footnotes are presented on Page 101.

The accompanying notes are an integral part of the financial statements.


100		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights (Continued)


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾		Ratio of Net Investment Income to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
VALUE FUND
Investor Shares
9/30/2015		(11.90	)%	$	341,852		1.00	%		n/a		0.78	%		74.07	%
9/30/2014		11.52	%	$	1,172,529		0.98	%		n/a		1.06	%		53.36	%
9/30/2013		18.97	%	$	1,164,460		1.04	%		n/a		0.94	%		57.90	%
9/30/2012		25.42	%	$	677,753		1.06	%		n/a		0.74	%		66.13	%
9/30/2011		3.10	%	$	408,647		1.10	%		n/a		0.95	%		78.36	%
Institutional Shares
9/30/2015		(11.69	)%	$	180,143		0.75	%		n/a		1.07	%		74.07	%
9/30/2014		11.77	%	$	304,091		0.74	%		n/a		1.31	%		53.36	%
9/30/2013		19.43	%	$	249,170		0.76	%		n/a		1.21	%		57.90	%
9/30/2012		25.64	%	$	157,727		0.79	%		n/a		1.02	%		66.13	%
9/30/2011⁽⁸⁾		(13.96	)%	$	53,515		1.09	%		n/a		1.02	%		78.36	%
Advisor Shares
9/30/2015⁽⁹⁾		(13.72	)%	$	466,702		0.86	%		n/a		1.12	%		74.07	%

⁽¹⁾	Computed based on average shares outstanding.

⁽²⁾	Periods less than twelve months (where applicable) are not annualized.

⁽³⁾	Periods less than twelve months (where applicable) are annualized.

⁽⁴⁾	The ratios exclude expenses waived or paid by Artisan Partners Limited Partnership, if applicable.

⁽⁵⁾	For the period from commencement of operations (June 29, 2015) through September 30, 2015.

⁽⁶⁾	Amount is between $0.005 and $(0.005) per share.

⁽⁷⁾	Effective February 14, 2014, the Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽⁸⁾	For the period from commencement of operations (July 26, 2011) through September 30, 2011.

⁽⁹⁾	For the period from commencement of operations (April 1, 2015) through September 30, 2015.

⁽¹⁰⁾	For the period from commencement of operations (June 25, 2013) through September 30, 2013.

⁽¹¹⁾	For the period from commencement of operations (July 17, 2012) through September 30, 2012.

⁽¹²⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014

⁽¹³⁾	For the period from commencement of operations (February 1, 2012) through September 30, 2012.

⁽¹⁴⁾	For the period from commencement of operations (May 7, 2012) through September 30, 2012.

The accompanying notes are an integral part of the financial statements.


Artisan Partners Funds		101

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – September 30, 2015

(1)

Organization:

Artisan Partners Funds, Inc. (“Artisan Partners Funds”) was incorporated on January 5, 1995, as a Wisconsin corporation and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Artisan Partners Funds is a series company comprised of fifteen open-end, diversified mutual funds which follows specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:

Fund Name

Investor Shares

Inception Date

Institutional Shares

Inception Date

Advisor Shares

Inception Date

Artisan Developing World Fund (“Developing World Fund” or “Developing World”)

June 29, 2015

Artisan Emerging Markets Fund (“Emerging Markets Fund” or “Emerging Markets”)

June 2, 2008

June 26, 2006

N/A

Artisan Global Equity Fund (“Global Equity Fund” or “Global Equity”)

March 29, 2010

N/A

Artisan Global Opportunities Fund (“Global Opportunities Fund” or “Global Opportunities”)

September 22, 2008

July 26, 2011

April 1, 2015

Artisan Global Small Cap Fund (“Global Small Cap Fund” or “Global Small Cap”)

June 25, 2013

N/A

Artisan Global Value Fund (“Global Value Fund” or “Global Value”)

December 10, 2007

July 17, 2012

April 1, 2015

Artisan High Income Fund (“High Income Fund” or “High Income”)

March 19, 2014

N/A

March 19, 2014

Artisan International Fund (“International Fund” or “International”)

December 28, 1995

July 1, 1997

April 1, 2015

Artisan International Small Cap Fund (“International Small Cap Fund” or “International Small Cap”)

December 21, 2001

N/A

Artisan International Value Fund (“International Value Fund” or “International Value”)

September 23, 2002

October 1, 2006

April 1, 2015

Artisan Mid Cap Fund (“Mid Cap Fund” or “Mid Cap”)

June 27, 1997

July 1, 2000

April 1, 2015

Artisan Mid Cap Value Fund (“Mid Cap Value Fund” or “Mid Cap Value”)

March 28, 2001

February 1, 2012

April 1, 2015

Artisan Small Cap Fund (“Small Cap Fund” or “Small Cap”)

March 28, 1995

May 7, 2012

N/A

Artisan Small Cap Value Fund (“Small Cap Value Fund” or “Small Cap Value”)

September 29, 1997

February 1, 2012

N/A

Artisan Value Fund (“Value Fund” or “Value”)

March 27, 2006

July 26, 2011

April 1, 2015

The investment objective of each Fund (except Developing World Fund, High Income Fund and Small Cap Value Fund) is to seek maximum long-term capital growth. Developing World Fund’s investment objective is to seek long-term capital appreciation. High Income Fund’s investment objective is to seek to provide total return through a combination of current income and capital appreciation. Small Cap Value Fund’s investment objective is to seek long-term capital growth. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Institutional Shares and Advisor Shares, as applicable, since the inception dates listed above. Institutional Shares are sold to investors meeting certain minimum investment requirements. Advisor Shares are sold to employee benefit plans, clients of financial advisors, clients of sponsored fee-based programs and other investors that meet the minimum investment requirements.


102		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to the Fund in general. Each class of shares has exclusive voting rights with respect to any matters involving only that class.

Income, expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular class of shares, such as transfer agency fees, shareholder communication expenses and registration fees, were allocated directly to that class.

The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”).

(2)

Summary of significant accounting policies:

The following is a summary of significant accounting policies of Artisan Partners Funds in effect during the period covered by the financial statements, which were in accordance with United States generally accepted accounting principles (“US GAAP”).

(a)

Valuation – The net asset value (“NAV”) of the shares of each class of each Fund was determined as of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m., Eastern Time) each day the NYSE was open for regular session trading. For financial reporting purposes, information available subsequent to the close of NYSE trading and up to the date of the financial statements was considered in determining a fair value for investments held in each Fund and the resulting NAV presented. The NAV of each class of shares was determined by dividing the value of each Fund’s securities and other assets attributed to that class, less its liabilities attributed to that class, by the number of outstanding shares of that class of that Fund.

In determining NAV, each equity security traded on a securities exchange, including the Nasdaq Stock Market, or over-the-counter was valued at the closing price as of the time of valuation on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for a security from the principal exchange as of the time of valuation, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market. Fixed income securities were valued at market value. Market values were generally evaluations based on the judgment of the Funds’ pricing services, which may consider the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to securities with similar characteristics and/or discounted cash flow models that might be applicable. Securities that cannot be priced by the Funds’ pricing vendors may be valued using quotes from dealers that make markets in the securities or


Artisan Partners Funds		103

NOTES TO FINANCIAL STATEMENTS

pricing models as approved by Artisan Partners Funds’ valuation committee (the “valuation committee”) under procedures established by and under general supervision of Artisan Partners Funds’ board of directors (the “board of directors”).

Securities for which market quotations were not readily available were valued by the valuation committee at a fair value determined in good faith under procedures established by and under the general supervision of the board of directors. A market quotation was considered to be not available, and a Fund may therefore have used fair value pricing, if, among other things, there are no quotations, pricing data is not provided by an approved pricing vendor, the valuation committee believed that the quotation, price or market value resulting from the Funds’ valuation procedures did not reflect a fair value of the security, or the value of the security might have been materially affected by events occurring after the close of the market in which the security was principally traded but before the time for determination of NAV (a “subsequent event”). A subsequent event might include a company-specific development, a development that might affect an entire market or region, a potentially global development or a significant change in values of market indices, exchange traded funds or other financial instruments in the U.S. or other markets. Artisan Partners Funds monitored for subsequent events using several tools, including for equity securities, the use of a third party research service to assist in determining estimates of fair values for foreign securities. That service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value. An indication by any of those tools of a potential material change in the value of securities resulted in either a meeting of the valuation committee, which considered whether a subsequent event had occurred and whether local market closing prices continued to represent fair values for potentially affected non-U.S. securities, and/or a valuation based on information provided by the third party research service.

When fair value pricing is employed, the value of a security used by a Fund to calculate its NAV may differ from quoted or published prices for the same security. Estimates of fair values utilized by the Funds as described above may differ from the value realized on the sale of those securities and the differences may have been material to the NAV of the applicable Fund.

(b)

Risks – Markets may perform poorly and the returns from the securities in which a Fund invests may underperform returns from the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions or intervention, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic or other news.

Foreign securities may underperform U.S. securities and may be more volatile than U.S. securities. Risks relating to investments in foreign securities (including, but not limited to, depository receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.


104		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

The risks of foreign securities typically are greater in emerging and less developed markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. These securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

The values of debt securities held by a Fund may fall in response to increases in interest rates. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. Given the current historically low interest rate environment, risks associated with rising rates are heightened. If interest rates rise, repayments of principal on certain debt securities, including loans, may occur at a slower rate than expected and the expected length of repayment of those securities could increase as a result.

An issuer or counterparty may fail to pay its obligations to a Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.

Debt securities rated below investment grade, or unrated securities that are determined by the Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of junk bonds generally, and less secondary market liquidity. This potential lack of liquidity may make it more difficult for the Fund to accurately value these securities.


Artisan Partners Funds		105

NOTES TO FINANCIAL STATEMENTS

Investments in loans are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. Because there is typically limited public information available regarding loan investments, High Income Fund is particularly dependent on the analytical abilities of the Adviser. High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the senior loans in which High Income Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, High Income Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and High Income Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments until a substantial period after the sale of the loans. It is unclear whether the protections of the securities laws against fraud and misrepresentation extend to loans and other forms of direct indebtedness.

See the Funds’ Prospectus and Statement of Additional Information regarding the risks of investing in shares of the Funds.

(c)

Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and (ii) distribute to its shareholders substantially all of its taxable income as well as net realized gains from the sale of investment securities. The Funds may utilize earnings and profits distributed to shareholders on redemptions of Fund shares as part of the dividends paid deduction.

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2009 through 2015) and have concluded that, as of September 30, 2015, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and each state’s department of revenue.

As of and during the year ended September 30, 2015, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended September 30, 2015, the Funds did not incur any interest or penalties.


106		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

The Funds may be subject to taxes imposed on realized and unrealized gains on securities of certain foreign countries in which the Funds invest. The foreign tax expense, if any, was recorded on an accrual basis and is included in “Net realized gain (loss) on investments” and “Net increase (decrease) in unrealized appreciation or depreciation on investments” on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

(d)	Portfolio transactions – For financial reporting purposes, security transactions and shareholder transactions were recorded on trade date in accordance with US GAAP. Net realized gains and losses on securities were computed on specific security lot identification.

(e)

Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for capital gains taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into U.S. dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into U.S. dollars using the current spot market rate of exchange on the date of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates was included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.

The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-U.S. securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks. The Funds could be exposed to loss if the counterparties fail to perform under these contracts. Open foreign currency spot contracts and foreign currency forward contracts, if any, were recorded at market value and recorded in the Statements of Assets and Liabilities. Realized and unrealized gains and losses were reported as foreign currency related transactions and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

As of September 30, 2015, Global Opportunities and International Value had outstanding foreign currency forward contracts, as shown on the Schedules of Investments. Foreign currency spot contracts are not separately disclosed in the Schedules of Investments.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized on the difference between the amounts of dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.


Artisan Partners Funds		107

NOTES TO FINANCIAL STATEMENTS

(f)

Repurchase agreements – Each Fund may enter into repurchase agreements with institutions that the Adviser determines are creditworthy pursuant to criteria adopted by the board of directors. Repurchase agreements were recorded at repurchase price plus accrued interest and were collateralized in an amount greater than or equal to the repurchase price plus accrued interest. Collateral (in the form of U.S. government securities) was held by the Funds’ custodian and, in the event of default on the obligation of the counterparty to repurchase, the Funds had the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.

Repurchase agreements shown on the Schedules of Investments are presented at gross value. At September 30, 2015, the value of the related collateral exceeded the value of the repurchase agreements, reducing the net settlement amount to zero. Details of the collateral are included within the Schedules of Investments.

(g)	Depositary receipts – Each Fund may invest in depositary receipts. Depositary receipts are typically issued by a financial institution (a “depositary”), evidencing ownership interests in a security issued by an issuer and deposited with the depositary.

(h)

Equity-linked participation certificates – Developing World Fund, Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Small Cap Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund and Value Fund may invest in equity-linked participation certificates. Equity-linked participation certificates are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked participation certificate typically entitles the holder to a return equal to the market return of the underlying security or securities. There is no off-balance sheet risk associated with equity-linked participation certificates and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction.

(i)	Use of estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(j)

Indemnifications – In the normal course of business, the Funds may enter into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or liabilities. A Fund’s maximum exposure under such arrangements is unknown. As of the date of this Report, no claim has been made for indemnification pursuant to any such agreement of the Funds.

(k)

When-Issued/Delayed Delivery Securities – Each Fund may purchase or sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When a Fund enters into a purchase transaction on a when-issued or delayed delivery basis, the Fund will hold liquid investments in an amount at least equal in value to the Fund’s commitments to


108		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

purchase such securities. Purchasing securities on a when issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price.

(l)

Other – Dividend income less foreign taxes withheld, if any, was generally recorded on the ex-dividend date. In some cases, the information was not available to the Fund on the ex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded as soon after the ex-dividend date as reliable information became available to the Funds. Non-cash dividends included in dividend income, if any, were generally recorded at the fair market value of securities received. Interest income was recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to Artisan Partners Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used, depending on the nature of the expense item. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class, respectively.

The character of income and net realized gains and losses may differ in some instances for financial statement and tax purposes and may result in reclassification of permanent differences among certain capital accounts to more appropriately conform financial accounting to tax characterizations of dividend and capital gain distributions.

Developing World Fund, Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Small Cap Fund, Global Value Fund, High Income Fund, International Fund, International Small Cap Fund and International Value Fund generally imposed a 2% redemption fee on shares held 90 days or less. Those redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. Each Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including, but not limited to, when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short-term trading. The Funds waived the fee on redemption of shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Funds’ prospectus.

(m)

Unfunded Commitments – Pursuant to the terms of certain Term Loan agreements, High Income Fund held unfunded loan commitments as of September 30, 2015. High Income Fund is obligated to fund these loan commitments at the borrower’s discretion. High Income Fund reserves against such contingent obligations by segregating cash and/or other liquid assets. As of September 30, 2015 the total amount segregated in connection with unfunded commitments was $85,000,000.

(3)

Fair value measurements:

Under US GAAP for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most


Artisan Partners Funds		109

NOTES TO FINANCIAL STATEMENTS

advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

•

Level 1 – quoted prices in active markets for identical investments

•

Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading)

•

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining a fair value of investments)

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. A description of the valuation techniques and fair value leveling applied to the Funds’ major classes of assets are as follows:

Bank Loans & Corporate Bonds – Prices obtained from pricing vendors may use various observable and unobservable inputs, including, but not limited to, recent trading activity, broker-dealers quotations, pricing formulas, estimates of market values obtained from yield data relating to investments with similar characteristics and/or discounted cash flow models that might be applicable. When the approved pricing vendors do not provide an evaluated price, or the provided price is determined by the valuation committee to not represent a fair value, securities may be valued using quotes from dealers that make markets in the securities or pricing models as approved by the valuation committee, or the valuation committee will determine a fair value in accordance with the Funds’ fair value procedures. Bank loans and corporate bonds are generally categorized as Level 2 of the fair value hierarchy unless key inputs are unobservable, in which case they would be categorized as Level 3.

Equity Securities – Exchange-traded equity securities are valued using the last reported trade on the primary exchange in which the security trades. Absent a current trade price, the securities are valued using the closing price from another exchange on which the security is traded or the most recent bid quotation on the principal exchange. If the valuation committee determines the resulting price does not represent a fair value, the valuation committee will determine a fair value based on the information available.

Foreign equity securities prices may be adjusted for significant events such as company-specific news, regional events or significant market movement subsequent to the close of the local exchange on which the security is traded. The Funds utilize a third party research service to assist in determining fair values of foreign equity securities. Equity securities


110		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

valued at a current day reported last trade or bid quotation are generally categorized as Level 1 of the fair value hierarchy. Foreign equity securities in which the last trade or bid quotation are adjusted for significant events, or local market holidays, are generally categorized as Level 2. Equity securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.

Other Instruments – Foreign currency forward contracts are valued based upon forward currency exchange rates as of the close of regular session trading on the NYSE. Repurchase agreements are valued at cost plus accrued interest. Foreign currency forward contracts and repurchase agreements are generally categorized as Level 2.

The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of September 30, 2015 (in thousands):


Fund	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Developing World
Common Stocks⁽¹⁾
Developed Markets		$	12,522		$	16,344		$	-		$	28,866
Emerging Asia			12,628			34,266			-			46,894
Europe, Middle East & Africa			1,804			12,738			-			14,542
Latin America			13,365			-			-			13,365
Equity-Linked Securities⁽¹⁾
Europe, Middle East & Africa			-			2,025			-			2,025
Repurchase Agreement			-			13,083			-			13,083
Total Investments		$	40,319		$	78,456		$	-		$	118,775
Emerging Markets
Common Stocks⁽¹⁾
Developed Markets		$	-		$	2,362		$	-		$	2,362
Emerging Asia			2,394			24,520			73			26,987
Europe, Middle East & Africa			201			8,437			-			8,638
Latin America			6,995			-			-			6,995
Equity-Linked Securities⁽¹⁾
Emerging Asia			-			400			-			400
Preferred Stocks⁽¹⁾
Emerging Asia			-			3,098			-			3,098
Latin America			563			-			-			563
Convertible Debentures⁽¹⁾
Latin America			-			-			1			1
Repurchase Agreement			-			1,392			-			1,392
Total Investments		$	10,153		$	40,209		$	74		$	50,436


Artisan Partners Funds		111

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs			Total
Global Equity
Common Stocks⁽¹⁾
Americas		$	171,569		$	-			$	-		$	171,569
Emerging Markets			11,334			25,078				-			36,412
Europe			-			70,717				-			70,717
Pacific Basin			-			7,664				-			7,664
Preferred Stocks⁽¹⁾
Europe			-			1,297				-			1,297
Repurchase Agreement			-			9,555				-			9,555
Total Investments		$	182,903		$	114,311			$	-		$	297,214
Global Opportunities
Common Stocks⁽¹⁾
Americas		$	717,254		$	-			$	-		$	717,254
Emerging Markets			37,781			67,885				-			105,666
Europe			44,331			241,721				-			286,052
Pacific Basin			-			140,648				-			140,648
Repurchase Agreement			-			108,124				-			108,124
Total Investments			799,366			558,378				-			1,357,744
Foreign Currency Forward Contracts⁽²⁾			-			(1,460	)			-			(1,460	)
Total		$	799,366		$	556,918			$	-		$	1,356,284
Global Small Cap
Common Stocks⁽¹⁾
Americas		$	17,663		$	-			$	-		$	17,663
Emerging Markets			6,338			21,829				-			28,167
Europe			1,163			64,749				-			65,912
Pacific Basin			-			7,082				-			7,082
Repurchase Agreement			-			10,148				-			10,148
Total Investments		$	25,164		$	103,808			$	-		$	128,972
Global Value
Common Stocks⁽¹⁾
Americas		$	842,216		$	-			$	-		$	842,216
Emerging Markets			40,352			70,886				-			111,238
Europe			-			440,230				-			440,230
Pacific Basin			-			1,456				-			1,456
Preferred Stocks⁽¹⁾
Emerging Markets			2,640			-				-			2,640
Repurchase Agreement			-			120,798				-			120,798
Total Investments		$	885,208		$	633,370			$	-		$	1,518,578


112		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs			Total
High Income
Corporate Bonds⁽¹⁾		$	-		$	642,941			$	-		$	642,941
Bank Loans⁽¹⁾			-			191,802				-			191,802
Convertible Debentures⁽¹⁾			-			26,065				-			26,065
Repurchase Agreement			-			94,577				-			94,577
Total Investments		$	-		$	955,385			$	-		$	955,385
International
Common Stocks⁽¹⁾
Americas		$	2,640,898		$	201,725			$	-		$	2,842,623
Emerging Markets			1,293,953			958,546				-			2,252,499
Europe			97,689			9,377,480				-			9,475,169
Pacific Basin			-			1,942,106				-			1,942,106
Equity-Linked Securities⁽¹⁾
Europe			-			216,563				-			216,563
Preferred Stocks⁽¹⁾
Europe			-			231,478				-			231,478
Repurchase Agreement			-			619,768				-			619,768
Total Investments		$	4,032,540		$	13,547,666			$	-		$	17,580,206
International Small Cap
Common Stocks⁽¹⁾
Americas		$	11,393		$	-			$	-		$	11,393
Emerging Markets			42,481			180,897				-			223,378
Europe			-			622,037				-			622,037
Pacific Basin			-			19,739				-			19,739
Repurchase Agreement			-			78,327				-			78,327
Total Investments		$	53,874		$	901,000			$	-		$	954,874
International Value
Common Stocks⁽¹⁾
Americas		$	1,581,727		$	-			$	-		$	1,581,727
Emerging Markets			533,672			571,451				-			1,105,123
Europe			108,151			5,808,347				-			5,916,498
Pacific Basin			-			514,950				-			514,950
Preferred Stocks⁽¹⁾
Emerging Markets			17,340			29,485				-			46,825
Repurchase Agreement			-			1,440,116				-			1,440,116
Total Investments			2,240,890			8,364,349				-			10,605,239
Foreign Currency Forward Contracts⁽²⁾			-			(9,267	)			-			(9,267	)
Total		$	2,240,890		$	8,355,082			$	-		$	10,595,972


Artisan Partners Funds		113

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Mid Cap
Common Stocks⁽¹⁾		$	8,370,742		$	-		$	-		$	8,370,742
Repurchase Agreement			-			501,889			-			501,889
Total Investments		$	8,370,742		$	501,889		$	-		$	8,872,631
Mid Cap Value
Common Stocks⁽¹⁾		$	6,148,022		$	-		$	-		$	6,148,022
Repurchase Agreement			-			405,627			-			405,627
Total Investments		$	6,148,022		$	405,627		$	-		$	6,553,649
Small Cap
Common Stocks⁽¹⁾		$	1,188,278		$	-		$	-		$	1,188,278
Repurchase Agreement			-			88,644			-			88,644
Total Investments		$	1,188,278		$	88,644		$	-		$	1,276,922
Small Cap Value
Common Stocks⁽¹⁾		$	470,511		$	-		$	-		$	470,511
Repurchase Agreement			-			26,117			-			26,117
Total Investments		$	470,511		$	26,117		$	-		$	496,628
Value
Common Stocks⁽¹⁾		$	867,195		$	44,833		$	-		$	912,028
Preferred Stocks⁽¹⁾			-			54,906			-			54,906
Repurchase Agreement			-			19,159			-			19,159
Total Investments		$	867,195		$	118,898		$	-		$	986,093

⁽¹⁾See the Fund’s Schedule of Investments for sector or country classifications.
⁽²⁾Foreign currency forward contracts are valued at unrealized appreciation (depreciation).

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Funds recognize transfers between the levels as of the end of the period. At September 30, 2015, the fair value of certain securities was determined based on other observable inputs, such as quoted prices for securities of the same issuer that trade on a different exchange, or were adjusted due to developments that occurred between the time of the close of foreign markets on which they trade and the close of regular session trading on the NYSE, which resulted in their Level 2 classification. There were no transfers from Level 2 to Level 1 during the period. The following table summarizes security transfers from Level 1 to Level 2 for each applicable Fund as of September 30, 2015 (in thousands):


	Transfers from Level 1 to Level 2
Emerging Markets		$	30,497
Global Equity			57,273
Global Opportunities			210,491
Global Small Cap			27,990
Global Value			472,907
International			9,110,066
International Small Cap			496,327
International Value			6,456,256
Value			79,576


114		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Information about Level 3 fair value measurements (dollar values in thousands):

Assets

Fair Value at
September 30, 2015

Valuation
Technique(s)

Unobservable
Input(s)

Impact to Fair
Value from an
Increase in
Input

Emerging Markets Fund

Common Stocks

Discounts for illiquidity and uncertainty

Last trade in inactive market less 95% discount

Decrease

Convertible Debentures

Last Trade

Last trade in inactive market

Increase

As of September 30, 2015, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value, is as follows (in thousands):


	Emerging Markets Fund			Global Value Fund
Balance as of September 30, 2014		$ 93			$7,116
Transfers into Level 3		-			-
Net change in unrealized appreciation (depreciation) for investments held as of September 30, 2015		9,426			1,667
Purchases		-			-
Sales		(1,000	)		(5,454	)
Realized Gain/Loss		(8,445	)		(3,329	)
Transfers out of Level 3		-			-

Balance as of September 30, 2015		$ 74			$ -


	International Value Fund
Balance as of September 30, 2014		$ 44,852
Transfers into Level 3		-
Net change in unrealized appreciation (depreciation) for investments held as of September 30, 2015		10,504
Purchases		-
Sales		(34,347	)
Realized Gain/Loss		(21,009	)
Transfers out of Level 3		-

Balance as of September 30, 2015		$ -

(4)

Offsetting:

Each Fund is a party to various master netting agreements. While the terms and conditions of these agreements may vary, all transactions under any such agreement constitute a single contractual relationship. Each party’s obligation to make any payments, deliveries or other transfers in respect of any transaction under such an agreement may be netted against the other party’s obligations under such agreement. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from one party to the other.


Artisan Partners Funds		115

NOTES TO FINANCIAL STATEMENTS

The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands):


Foreign currency forward contracts
	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Portfolio	Counterparty		Gross Liability Amounts Presented in Statement of Assets and Liabilities	Financial Instrument	Collateral Pledged	Net Amount (Not Less Than $0)
Global Opportunities		State Street Bank and Trust Company	$1,460	$-	$-	$1,460
International Value		State Street Bank and Trust Company	9,267	-	-	9267

(5)

Transfer agent and authorized agent fees:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders for Investor Shares and Advisor Shares, as applicable, on the Funds’ behalf. Many authorized agents charged a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage (as of September 30, 2015 up to 0.40% annually for Investor Shares and 0.15% annually for Advisor Shares) of the average value of Fund shares held in such accounts. Each Fund paid a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. The balance of the fees incurred during the period was paid by the Adviser. The Funds’ expenses incurred for services provided by authorized agents were included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the year ended September 30, 2015 (in thousands):


	Year Ended 9/30/2015
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Artisan Developing World Fund - Investor Shares⁽¹⁾		$ 8		$ 7		$ 15
Artisan Developing World Fund - Institutional Shares⁽¹⁾		8		-		8
Artisan Developing World Fund - Advisor Shares⁽¹⁾		8		3		11
Artisan Emerging Markets Fund - Investor Shares		63		59		122
Artisan Emerging Markets Fund - Institutional Shares		20		-		20
Artisan Global Equity Fund - Investor Shares		69		601		670
Artisan Global Opportunities Fund - Investor Shares		79		1,529		1,608
Artisan Global Opportunities Fund - Institutional Shares		21		-		21


116		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	Year Ended 9/30/2015
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan Global Opportunities Fund - Advisor Shares⁽²⁾		$	18		$	4		$	22
Artisan Global Small Cap Fund - Investor Shares			67			317			384
Artisan Global Value Fund - Investor Shares			85			2,678			2,763
Artisan Global Value Fund - Institutional Shares			22			-			22
Artisan Global Value Fund - Advisor Shares⁽²⁾			18			44			62
Artisan High Income Fund - Investor Shares			66			966			1,032
Artisan High Income Fund - Advisor Shares			63			187			250
Artisan International Fund - Investor Shares			770			28,518			29,288
Artisan International Fund - Institutional Shares			30			-			30
Artisan International Fund - Advisor Shares⁽²⁾			81			396			477
Artisan International Small Cap Fund - Investor Shares			87			1,891			1,978
Artisan International Value Fund - Investor Shares			301			15,951			16,252
Artisan International Value Fund - Institutional Shares			25			-			25
Artisan International Value Fund - Advisor Shares⁽²⁾			92			604			696
Artisan Mid Cap Fund - Investor Shares			131			11,063			11,194
Artisan Mid Cap Fund - Institutional Shares			36			-			36
Artisan Mid Cap Fund - Advisor Shares⁽²⁾			19			76			95
Artisan Mid Cap Value Fund - Investor Shares			238			15,656			15,894
Artisan Mid Cap Value Fund - Institutional Shares			24			-			24
Artisan Mid Cap Value Fund - Advisor Shares⁽²⁾			19			141			160
Artisan Small Cap Fund - Investor Shares			110			2,288			2,398
Artisan Small Cap Fund - Institutional Shares			20			-			20
Artisan Small Cap Value Fund - Investor Shares			84			1,624			1,708
Artisan Small Cap Value Fund - Institutional Shares			21			-			21
Artisan Value Fund - Investor Shares			82			1,878			1,960
Artisan Value Fund - Institutional Shares			20			-			20
Artisan Value Fund - Advisor Shares⁽²⁾			19			143			162

⁽¹⁾

For the period from commencement of operations (June 29, 2015) through September 30, 2015.

⁽²⁾

For the period from commencement of operations (April 1, 2015) through September 30, 2015.

(6)

Commission recapture:

Each Fund except High Income Fund has the ability to direct transactions in equity securities to various brokers that have agreed to rebate a portion of the commissions generated. During the period, such cash rebates were made directly to the applicable Fund and were included in net realized gain or loss on investments in the Statements of Operations for the year ended September 30, 2015 as follows (in thousands):


Emerging Markets	$	45
Global Equity		1
Global Opportunities		19


Artisan Partners Funds		117

NOTES TO FINANCIAL STATEMENTS


Global Value	$	-	⁽¹⁾
International		62
International Small Cap		1
International Value		1
Mid Cap		161
Mid Cap Value		254
Small Cap		34
Small Cap Value		115
Value		69

⁽¹⁾ Amount rounds to less than $1.

(7)

Derivative Transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of September 30, 2015 was as follows (in thousands):


Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
Global Opportunities	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(1,460	)
International Value	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(9,267	)

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2015 was as follows (in thousands):

Amount of Realized Gain on Derivatives Recognized in Income


Fund	Risk Exposure Category	Statement of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	4,328
Global Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	2,953
High Income	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	1,009
International Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	118,033

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income


Fund	Risk Exposure Category	Statement of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(2,802	)
Global Value	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(1,429	)
High Income	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(225	)
International Value	Foreign currency forward contracts	Net decrease in unrealized appreciation or depreciation on foreign currency related transactions	$	(55,756	)


118		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Volume of derivative activity


Fund	Contracts Closed⁽¹⁾		Contracts Opened⁽¹⁾		Contracts Open at September 30, 2015
Global Opportunities		3		2		1
Global Value		5		1		-
High Income		1		1		-
International Value		3		2		1

⁽¹⁾	During the year ended September 30, 2015.

(8)

Transactions with affiliates:

The Adviser, with which the officers and a director of Artisan Partners Funds are affiliated, provided investment advisory and administrative services to the Funds. In exchange for those services, each Fund pays a monthly management fee to the Adviser as follows:

Developing World Fund and Emerging Markets Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.050	%
$1 billion to $2 billion		1.025
$2 billion to $3.5 billion		1.000
$3.5 billion to $5 billion		0.975
Greater than $5 billion		0.950

Global Equity Fund and Global Value Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.000	%
$1 billion to $4 billion		0.975
$4 billion to $8 billion		0.950
$8 billion to $12 billion		0.925
Greater than $12 billion		0.900

Global Opportunities Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.900	%
$1 billion to $4 billion		0.875
$4 billion to $8 billion		0.850
$8 billion to $12 billion		0.825
Greater than $12 billion		0.800

Global Small Cap Fund


Average Daily Net Assets	Annual Rate
All		1.000	%


Artisan Partners Funds		119

NOTES TO FINANCIAL STATEMENTS

High Income Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.725	%
$1 billion to $2 billion		0.700
$2 billion to $3.5 billion		0.675
$3.5 billion to $10 billion		0.650
Greater than $10 billion		0.625

International Fund


Average Daily Net Assets	Annual Rate
Less than $500 million		1.000	%
$500 million to $750 million		0.975
$750 million to $1 billion		0.950
$1 billion to $12 billion		0.925
Greater than $12 billion		0.900

International Small Cap Fund


Average Daily Net Assets	Annual Rate
All		1.250	%

International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, and Small Cap Value Fund


Average Daily Net Assets	Annual Rate
Less than $500 million		1.000	%
$500 million to $750 million		0.975
$750 million to $1 billion		0.950
Greater than $1 billion		0.925

Value Fund


Average Daily Net Assets	Annual Rate
Less than $50 million		0.800	%
$50 million to $100 million		0.760
$100 million to $500 million		0.720
$500 million to $7.5 billion		0.680
Greater than $7.5 billion		0.640

The Adviser has contractually agreed to reimburse the Funds for their management fees and any other ordinary operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, and extraordinary charges such as litigation costs) as follows:


Fund	Expense Limit as a % of Average Daily Net Assets	Expiration Date		Expenses Waived
Developing World Fund - Investor Shares	1.50%		February 1, 2017	$	30,000
Developing World Fund - Institutional Shares	1.40%		February 1, 2017		24,000


120		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Fund	Expense Limit as a % of Average Daily Net Assets	Expiration Date		Expenses Waived
Developing World Fund - Advisor Shares	1.40%		February 1, 2017	$	34,000
Emerging Markets Fund - Investor Shares	1.50%		February 1, 2017		103,000
Emerging Markets Fund - Institutional Shares	1.50%		February 1, 2017		-
Global Equity Fund	1.50%		February 1, 2017		-
Global Opportunities Fund - Advisor Shares	1.10%		February 1, 2017		42,000
Global Small Cap Fund	1.50%		February 1, 2017		41,000
Global Value Fund - Advisor Shares	1.20%		February 1, 2017		16,000
High Income Fund - Investor Shares	1.25%		February 1, 2017		-
High Income Fund - Advisor Shares	1.25%		February 1, 2017		-
International Fund - Advisor Shares	1.07%		February 1, 2017		8,000
International Value Fund - Advisor Shares	1.06%		February 1, 2017		87,000
Mid Cap Fund - Advisor Shares	1.10%		February 1, 2017		26,000
Mid Cap Value Fund - Advisor Shares	1.09%		February 1, 2017		34,000
Value Fund - Advisor Shares	0.88%		February 1, 2017		-

For the period ended September 30, 2015, no operating expenses were reimbursed by the Adviser. The Funds had no receivables from or payables to the Adviser as of September 30, 2015.

The officers and director of Artisan Partners Funds who are affiliated with the Adviser receive no compensation from the Funds. Prior to July 1, 2015, compensation paid to the directors of Artisan Partners Funds who are not affiliated persons of the Adviser for their services as such was based on an annual fee of $260,000, payable quarterly, subject to an additional increase of $10,000 upon commencement of operations of any new series of Artisan Partners Funds. In addition, the independent chair of the board of directors receives an additional $60,000 annually, payable quarterly, the independent chair of the audit committee receives an additional $45,000 annually, payable quarterly and the independent chair of the governance and nominating committee receives an additional $30,000 annually, payable quarterly. Effective July 1, 2015, for each director, the amount of the annual retainer increased by $10,000 to $270,000, due to the commencement of operations of Developing World Fund. Additionally, each director is entitled to reimbursement of expenses related to his or her duties as a director of Artisan Partners Funds. These fees were generally allocated to each of the Artisan Partners Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter.

Artisan Partners Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of Artisan Partners Funds as selected by the individual directors. Each Fund purchased shares of Artisan Partners Funds selected for deferral by the directors in amounts equal to their investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets were included as a component of “Other assets” on the Statement of Assets and Liabilities. Deferral of directors’ fees under the plan did not affect the net assets of the Funds, and did not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan.


Artisan Partners Funds		121

NOTES TO FINANCIAL STATEMENTS

Shares of Artisan Partners Funds are offered for sale by Artisan Partners Distributors LLC (“Distributors”). Distributors is wholly owned by Artisan Holdings. All distribution expenses relating to the Funds are paid by the Adviser.

(9)

Line of credit arrangement:

Prior to June 17, 2015, Artisan Partners Funds was party to a line of credit agreement with State Street Bank and Trust Company (“SSB”), under which each Fund could have borrowed up to $75 million, provided that such borrowing did not exceed the lesser of (a) 33 1/3% of its adjusted net assets, with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to applicable law, pursuant to the Fund’s prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund is a party; provided that the aggregate borrowings by all Artisan Partners Funds may not exceed $100 million. Effective, June 17, 2015, Artisan Partners Funds was party to a line of credit agreement with a syndicate of financial institutions, including SSB, as lenders and SSB as administrative agent that expires in June 2016. Under this new line of credit, each Fund can borrow an amount that shall not exceed the lesser of a) 33 1/3% of its adjusted net assets, with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to applicable law, pursuant to the Fund’s prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund is a party; provided that the aggregate borrowings by all Artisan Partners Funds may not exceed $150 million. Artisan Partners Funds paid a commitment fee at the annual rate of 0.125% on the unused portion of the line of credit and interest was charged on any borrowings at the higher of the current Federal Funds or overnight LIBOR rates plus 1.25%. The commitment fee is allocated to each Fund based on net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the year ended September 30, 2015, there were no borrowings under the line of credit for any of the Funds, except for Emerging Markets Fund, Global Equity Fund and Global Small Cap Fund, which had maximum borrowings of approximately $43,168,000, $4,095,000 and $3,457,000, respectively.

(10)

Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the year ended September 30, 2015 were as follows (in thousands):


Fund	Security Purchases			Security Sales
Developing World⁽¹⁾		$	120,873		$	4,964
Emerging Markets			44,246			373,407
Global Equity			275,638			208,495
Global Opportunities			842,476			661,919
Global Small Cap			120,281			145,778


122		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Fund	Security Purchases			Security Sales
Global Value		$	313,023		$	517,550
High Income			992,271			581,786
International			10,951,147			8,263,059
International Small Cap			420,029			550,791
International Value			2,416,109			2,322,343
Mid Cap			4,727,481			5,821,627
Mid Cap Value			2,643,497			5,982,553
Small Cap			615,978			949,783
Small Cap Value			352,852			1,270,165
Value			876,504			1,119,796

⁽¹⁾	For the period from commencement of operations (June 29, 2015) through September 30, 2015.

(11)

Transactions in securities of affiliates:

The table below shows information about securities of the Funds’ “affiliates” (as defined below) that were held by the Funds, purchased or sold by the Funds, or from which dividends were received by the Funds during the year ended September 30, 2015 (dollar values in thousands). The Funds identify a company as an affiliate for the purpose of this report if one or more of the Funds owned, in the aggregate, voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the year ended September 30, 2015.


		As of 9/30/14						Net Realized Gain (Loss)					As of 9/30/15
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds		Net Realized Gain (Loss)			Dividend Income^@		Share Balance		Value
Global Equity
	China Oil & Gas Group Ltd.^§		44,698,000	$	73	$	2,372	$	(2,017	)	$	-		23,840,000	$	1,492
	Ginko International Co., Ltd.^†		602,000		2,824		710		(193	)		163		791,000		8,008
	Total^#			$	2,897	$	3,082	$	(2,210	)	$	163			$	8,008
Global Opportunities
	IHS, Inc., Class A		496,795	$	14,724	$	4,347	$	(500	)	$	-		581,487	$	67,452
	Stanley Electric Co., Ltd.		-		14,293		-		-			88		686,400		13,750
	Total^#			$	29,017	$	4,347	$	(500	)	$	88			$	81,202
Global Small Cap
	China Oil & Gas Group Ltd.^§		39,460,000	$	-	$	2,637	$	(1,614	)	$	-		17,020,000	$	1,065
	Ginko International Co., Ltd.^†		494,000		683		1,254		(733	)		91		444,000		4,495
	Oldtown Bhd^§		4,636,475		-		1,967		(962	)		-		-		-
	Total^#			$	683	$	5,858	$	(3,309	)	$	91			$	4,495
Global Value
	Arch Capital Group Ltd.		958,157	$	-	$	8,568	$	763		$	-		824,053	$	60,543
	ISS AS^†		984,056		8,484		4,531		(91	)		748		1,159,246		38,560
	Joy Global, Inc.^†		-		23,743		582		(278	)		222		603,577		9,011
	Serco Group plc^§^†		1,395,590		1,553		3,682		(4,461	)		-		1,751,230		2,705
	Total^#			$	33,780	$	17,363	$	(4,067	)	$	970			$	108,114


Artisan Partners Funds		123

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/14						Net Realized Gain (Loss)					As of 9/30/15
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds		Net Realized Gain (Loss)			Dividend Income^@		Share Balance		Value
International
	IHI Corp.^§		81,032,963	$	47,679	$	124,772	$	1,397		$	2,950		63,733,422	$	164,099
	NGK Insulators Ltd.^§		17,247,482		76,694		206,207		55,304			3,075		12,110,861		232,444
	Total^#			$	124,373	$	330,979	$	56,701		$	6,025			$	-
International Small Cap
	China Oil & Gas Group Ltd.^§		261,120,000	$	-	$	13,410	$	(10,319	)	$	-		141,720,000	$	8,869
	Comet Holding AG^†		35,808		4,532		948		(112	)		418		40,085		27,745
	Ginko International Co., Ltd.^†		3,349,000		11,379		3,791		(1,598	)		851		4,043,000		40,930
	Oldtown Bhd^§		20,419,525		-		8,916		(4,363	)		-		-		-
	Total^#			$	15,911	$	27,065	$	(16,392	)	$	1,269			$	68,675
International Value
	Akastor ASA^§		14,415,446	$	-	$	19,887	$	(39,624	)	$	-		-	$	-
	Aker Solutions ASA^†		14,415,446		24,040		2,383		(2,806	)		2,260		17,389,284		60,172
	Alent plc^§		18,377,001		735		134,270		40,209			1,699		-		-
	Arch Capital Group Ltd.		6,031,602		19,262		7,401		910			-		6,225,338		457,376
	ISS AS^†		6,841,635		53,900		7,753		(807	)		5,135		8,567,470		284,979
	Panalpina Welttransport Holding AG^†		1,722,398		32,970		622		459			4,960		1,988,088		217,607
	Serco Group plc^§^†		13,333,597		50,910		47,149		(59,402	)		-		23,525,317		36,337
	Societe Television Francaise 1^§^†		9,831,366		10,853		186,868		43,789			9,575		-		-
	Stanley Electric Co., Ltd.		9,993,200		1,679		17,080		1,660			2,316		9,306,804		186,432
	Vesuvius plc		20,662,360		24,916		4,223		(399	)		5,325		23,945,533		127,891
	Total^#			$	219,265	$	427,636	$	(16,011	)	$	31,270			$	1,334,457
Mid Cap
	FLIR Systems, Inc.^§		2,753,836	$	24,062	$	102,139	$	6,957		$	1,267		-	$	-
	IHS, Inc., Class A		3,450,813		2,926		44,426		1,511			-		3,101,243		359,744
	Total^#			$	26,988	$	146,565	$	8,468		$	1,267			$	359,744
Mid Cap Value
	Arch Capital Group Ltd.		3,818,624	$	-	$	87,388	$	54,730		$	-		2,442,126	$	179,423
	Arrow Electronics, Inc.^§		5,282,526		-		110,552		38,905			-		3,378,316		186,753
	Avnet, Inc.^§		6,940,710		20,078		106,810		21,051			3,841		4,920,841		210,022
	Denbury Resources, Inc.^§†		13,918,877		43,450		39,293		(60,558	)		3,844		12,419,877		30,305
	FLIR Systems, Inc.^§		7,923,855		-		88,200		17,366			2,821		5,067,474		141,839
	Hatteras Financial Corp.^§		7,662,175		11,771		70,742		(35,546	)		10,268		4,400,276		66,664
	Joy Global, Inc.^†		2,759,243		101,660		39,107		(21,414	)		2,940		4,199,074		62,692
	Kennametal, Inc.^§†		3,128,658		74,241		52,891		(16,612	)		3,218		3,588,403		89,315
	McDermott International, Inc.^§		13,345,344		-		19,063		(34,897	)		-		8,521,556		36,643
	NeuStar, Inc., Class A^§		3,539,006		-		98,674		(70,574	)		-		-		-
	Total^#			$	251,200	$	712,720	$	(107,549	)	$	26,932			$	242,115
Small Cap
	Ultratech, Inc.^§		440,409	$	-	$	8,551	$	(5,281	)	$	-		-	$	-
	Total^#			$	-	$	8,551	$	(5,281	)	$	-		-	$	-


124		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/14						Net Realized Gain (Loss)					As of 9/30/15
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds		Net Realized Gain (Loss)			Dividend Income^@		Share Balance		Value
Small Cap Value
	Arrow Electronics, Inc.^§		629,017	$	-	$	23,534	$	16,789		$	-		220,431	$	12,185
	Hatteras Financial Corp.^§		1,215,213		1,419		16,958		(7,181	)		1,053		367,499		5,568
	Kennametal, Inc.^§†		-		14,748		6,483		(996	)		153		216,134		5,380
	McDermott International, Inc.^§		549,697		-		1,180		(1,155	)		-		237,871		1,023
	Ultratech, Inc.^§		1,328,650		-		16,024		5,994			-		450,483		7,217
	Total^#			$	16,167	$	64,179	$	13,451		$	1,206			$	-
Value
	Arch Capital Group Ltd.		476,794	$	-	$	7,127	$	1,845		$	-		361,651	$	26,570
	Avnet, Inc.^§		988,293		9,539		13,177		444			696		942,923		40,244
	Denbury Resources, Inc.^§†		3,025,951		28,277		9,215		(13,181	)		1,166		4,203,525		10,257
	Joy Global, Inc.^†		-		60,000		2,207		(824	)		450		1,677,990		25,053
	Total^#			$	97,816	$	31,726	$	(11,716	)	$	2,312			$	51,623


^@		Net of foreign taxes withheld, if any.
^#		Total value as of September 30, 2015 is presented for only those issuers that were affiliates as of September 30, 2015.
^§		Issuer was no longer an affiliate as of September 30, 2015.
^†		Issuer was not an affiliate as of September 30, 2014.

(12)

Information for Federal income tax purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) on investments as of September 30, 2015 was as follows (in thousands):


Fund	Cost of Investments		Gross Unrealized Appreciation			Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on Investments
Developing World	$	128,038	$	451		$	(9,714	)	$	(9,263	)
Emerging Markets		60,087		9,507	��		(19,158	)		(9,651	)
Global Equity		298,343		25,659			(26,788	)		(1,129	)
Global Opportunities		1,200,813		203,910			(46,979	)		156,931
Global Small Cap		137,395		8,277			(16,700	)		(8,423	)
Global Value		1,478,564		190,597			(150,583	)		40,014
High Income		1,003,487		2,097			(50,199	)		(48,102	)
International		16,677,684		1,886,686			(984,164	)		902,522
International Small Cap		799,891		207,199			(52,216	)		154,983
International Value		9,692,080		1,897,741			(984,582	)		913,159
Mid Cap		6,813,232		2,301,209			(241,810	)		2,059,399
Mid Cap Value		5,994,891		1,528,286			(969,528	)		558,758
Small Cap		954,025		381,020			(58,123	)		322,897
Small Cap Value		488,485		81,786			(73,643	)		8,143
Value		1,072,874		137,375			(224,156	)		(86,781	)


Artisan Partners Funds		125

NOTES TO FINANCIAL STATEMENTS

The difference between cost of investments for financial reporting and cost of investments for Federal income tax purposes was due primarily to timing differences in recognizing certain gains and losses on security transactions (e.g., wash sale loss deferrals and passive foreign investment company transactions).

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the year ended September 30, 2015 and the year ended September 30, 2014 were as follows (in thousands):


	Year or Period Ended 9/30/2015						Year or Period Ended 9/30/2014
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Developing World	$	-	⁽¹⁾	$	-	⁽¹⁾	$	n/a		$	n/a
Emerging Markets		3,476			-			5,398			-
Global Equity		5,271			1,962			5,757			1,727
Global Opportunities		4,684			26,461			-			-
Global Small Cap		1,155			1,195			123			-
Global Value		44,958			16,540			17,231			13,976
High Income		44,032			-			8,298	⁽²⁾		-	⁽²⁾
International		140,063			-			146,761			-
International Small Cap		249			59,110			4,979			64,142
International Value		303,204			442,441			270,940			529,732
Mid Cap		-			954,288			-			704,116
Mid Cap Value		163,488			928,701			99,168			411,068
Small Cap		-			-			-			-
Small Cap Value		22,246			239,033			28,513			77,575
Value		38,081			68,946			23,724			54,490

⁽¹⁾	For the period from commencement of operations (June 29, 2015) through September 30, 2015.

⁽²⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.

Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that impose treatment that is different from the treatment that would result from the application of US GAAP for such items as net short-term gains, wash sale loss deferrals, passive foreign investment company transactions, foreign currency transactions, net investment losses and qualified late year ordinary losses.

Gains on redemptions in-kind for International Fund, International Value Fund, Mid Cap Fund and Mid Cap Value Fund, of approximately $95,868,000, $8,403,000, $32,607,000 and $15,209,000, respectively, were included in net realized gain on investments in the Statements of Operations for the year ended September 30, 2015, and were not recognized for Federal income tax purposes. These net realized gains represented permanent book/tax differences and were reclassified to “Fund shares issued and outstanding” on the accompanying Statements of Assets and Liabilities.


126		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the Funds’ fiscal year, September 30, 2015. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2015.

Additional tax information as of and for the year ended September 30, 2015 follows (in thousands):


	Undistributed Ordinary Income		Undistributed Long-Term Gain		Qualified Late Year Capital Losses		Qualified Late Year Ordinary Losses			Other Deferred Gains (Losses)⁽¹⁾
Developing World	$	-	$	-	$	-⁽²⁾	$	36	⁽²⁾	$	(21	)⁽²⁾
Emerging Markets		-		-		-		-			(113	)
Global Equity		5,311		1,549		-		-			(8	)
Global Opportunities		2,530		6,359		-		-			(198	)
Global Small Cap		-		-		-		61			(7	)
Global Value		9,880		73,133		-		-			(98	)
High Income		2,918		208		-		-			-
International		103,869		-		314,412		-			(20,298	)
International Small Cap		1,274		29,223		-		-			(58	)
International Value		100,376		540,443		-		-			(1,430	)
Mid Cap		-		1,028,802		-		48,061			(38	)
Mid Cap Value		31,021		906,191		-		-			(701	)
Small Cap		-		115,267		-		10,068			(6	)
Small Cap Value		4,435		74,731		-		-			(4	)
Value		7,103		89,395		-		-			(36	)

⁽¹⁾	Other deferred gains and losses relate to (a) gains or losses on transactions that occurred subsequent to year end that affected the distributable earnings at September 30, 2015 such as wash sales, (b) unrealized gains and losses on open foreign currency contracts and (c) other items.

⁽²⁾	For the period from commencement of operations (June 29, 2015) through September 30, 2015.

Under the Regulated Investment Company Modernization Act of 2010, each Fund is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years must be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term, as permitted under previous law. Thus, such losses must be used first to offset gains of the same character; for example, long-term carryforward losses will first offset long-term gains, before they can be used to offset short-term gains.


Artisan Partners Funds		127

NOTES TO FINANCIAL STATEMENTS

As of September 30, 2015, the Funds had capital loss carryovers shown in the table below (in thousands). To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.


	Expiration Dates
	Unlimited – ST		Unlimited – LT
Developing World	$	954	$	-
Emerging Markets		4,286		128,955	⁽¹⁾
Global Small Cap		6,726		-

⁽¹⁾	Due to an equity shift in the ordinary course of business, the utilization of certain capital loss carryovers is subject to annual limitations of $1,815, pursuant to IRC Section 382-383.

(13)

Fund share activities:

Capital share transactions for the Funds were as follows (dollar values in thousands):


	DEVELOPING WORLD
	Period Ended 9/30/2015⁽¹⁾
	Shares			Amount
Proceeds from shares issued
Investor Shares		2,482,172		$	24,067
Institutional Shares		4,770,304			42,512
Advisor Shares		7,039,240			63,619
Cost of shares redeemed⁽²⁾
Investor Shares		(21,206	)		(187	)
Institutional Shares		(4,330	)		(41	)
Advisor Shares		(100,866	)		(866	)
Net increase from fund share transactions
Investor Shares		2,460,966			23,880
Institutional Shares		4,765,974			42,471
Advisor Shares		6,938,374			62,753
Redemption Fee
Investor Shares		-			-
Institutional Shares		-			1
Advisor Shares		-			1

Footnotes are presented on Page 135.


128		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	EMERGING MARKETS
	Year Ended 9/30/2015						Year Ended 9/30/2014⁽³⁾
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		725,726		$	8,420			2,090,983		$	26,121
Institutional Shares		192,586			2,260			994,491			12,292
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		26,044			323			67,766			858
Institutional Shares		246,662			3,036			344,914			4,349
Cost of shares redeemed⁽²⁾
Investor Shares		(3,793,631	)		(46,053	)		(13,039,229	)		(165,880	)
Institutional Shares		(24,604,592	)		(299,356	)		(11,878,205	)		(146,888	)
Net decrease from fund share transactions
Investor Shares		(3,041,861	)		(37,310	)		(10,880,480	)		(138,901	)
Institutional Shares		(24,165,344	)		(294,060	)		(10,538,800	)		(130,247	)
Redemption Fee
Investor Shares		-			1			-			9
Institutional Shares		-			1			-			24

	GLOBAL EQUITY
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		5,990,024		$	103,286			6,864,248		$	110,666
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		426,772			6,888			485,266			7,468
Cost of shares redeemed⁽²⁾
Investor Shares		(2,177,979	)		(36,225	)		(2,680,996	)		(43,325	)
Net increase from fund share transactions
Investor Shares		4,238,817			73,949			4,668,518			74,809
Redemption Fee
Investor Shares		-			15			-			41

Footnotes are presented on Page 135.


Artisan Partners Funds		129

NOTES TO FINANCIAL STATEMENTS


	GLOBAL OPPORTUNITIES
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		11,483,092		$	222,023			15,513,993		$	284,419
Institutional Shares		15,093,830			291,773			11,119,747			204,278
Advisor Shares⁽⁴⁾		3,060,198			60,686
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		870,398			16,233			-			-
Institutional Shares		663,613			12,423			-			-
Cost of shares redeemed⁽²⁾
Investor Shares		(14,131,841	)		(268,712	)		(8,601,254	)		(157,661	)
Institutional Shares		(4,405,311	)		(85,275	)		(457,683	)		(8,648	)
Advisor Shares⁽⁴⁾		(111,184	)		(2,080	)
Net increase (decrease) from fund share transactions
Investor Shares		(1,778,351	)		(30,456	)		6,912,739			126,758
Institutional Shares		11,352,132			218,921			10,662,064			195,630
Advisor Shares⁽⁴⁾		2,949,014			58,606
Redemption Fee
Investor Shares		-			47			-			76
Institutional Shares		-			37			-			37
Advisor Shares⁽⁴⁾		-			1

	GLOBAL SMALL CAP
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		3,486,318		$	39,736			13,020,988		$	155,869
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		207,315			2,258			11,178			123
Cost of shares redeemed⁽²⁾
Investor Shares		(6,469,894	)		(70,159	)		(1,751,458	)		(20,812	)
Net increase (decrease) from fund share transactions
Investor Shares		(2,776,261	)		(28,165	)		11,280,708			135,180
Redemption Fee
Investor Shares		-			23			-			19

Footnotes are presented on Page 135.


130		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	GLOBAL VALUE
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		13,065,129		$	203,547			46,332,675		$	705,527
Institutional Shares		6,841,958			107,154			15,616,060			240,343
Advisor Shares⁽⁴⁾		15,119,397			239,218
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,495,215			38,676			1,261,422			18,720
Institutional Shares		1,142,541			17,709			662,757			9,835
Cost of shares redeemed⁽²⁾
Investor Shares		(42,080,729	)		(660,169	)		(18,148,152	)		(281,898	)
Institutional Shares		(8,334,147	)		(127,347	)		(5,592,616	)		(84,524	)
Advisor Shares⁽⁴⁾		(2,288,054	)		(35,332	)
Net increase (decrease) from fund share transactions
Investor Shares		(26,520,385	)		(417,946	)		29,445,945			442,349
Institutional Shares		(349,648	)		(2,484	)		10,686,201			165,654
Advisor Shares⁽⁴⁾		12,831,343			203,886
Redemption Fee
Investor Shares		-			22			-			170
Institutional Shares		-			10			-			69
Advisor Shares⁽⁴⁾		-			1

	HIGH INCOME
	Year Ended 9/30/2015						Period Ended 9/30/2014⁽⁵⁾
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		36,305,325		$	357,528			28,784,054		$	289,469
Advisor Shares		34,913,905			340,359			24,356,075			245,301
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,462,806			24,265			426,571			4,295
Advisor Shares		1,718,353			16,903			347,182			3,494
Cost of shares redeemed⁽²⁾
Investor Shares		(21,933,691	)		(214,101	)		(1,283,898	)		(12,808	)
Advisor Shares		(7,881,274	)		(77,616	)		(1,866,099	)		(18,587	)
Net increase from fund share transactions
Investor Shares		16,834,440			167,692			27,926,727			280,956
Advisor Shares		28,750,984			279,646			22,837,158			230,208
Redemption Fee
Investor Shares		-			55			-			147
Advisor Shares		-			37			-			138

Footnotes are presented on Page 135.


Artisan Partners Funds		131

NOTES TO FINANCIAL STATEMENTS


	INTERNATIONAL
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		147,055,771		$	4,507,517			172,830,197		$	5,193,412
Institutional Shares		77,326,034			2,444,786			31,933,961			974,844
Advisor Shares⁽⁴⁾		96,826,212			2,962,302
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,544,638			77,510			2,776,776			81,887
Institutional Shares		1,100,365			33,727			1,387,270			41,146
Advisor Shares⁽⁴⁾		-			-
Cost of shares redeemed⁽²⁾
Investor Shares		(226,093,060	)		(6,957,199	)		(65,605,440	)		(1,979,559	)
Institutional Shares		(25,232,697	)		(764,161	)		(28,044,503	)		(857,249	)
Advisor Shares⁽⁴⁾		(5,539,992	)		(161,570	)
Net increase (decrease) from fund share transactions
Investor Shares		(76,492,651	)		(2,372,172	)		110,001,533			3,295,740
Institutional Shares		53,193,702			1,714,352			5,276,728			158,741
Advisor Shares⁽⁴⁾		91,286,220			2,800,732
Redemption Fee
Investor Shares		-			632			-			565
Institutional Shares		-			221			-			185
Advisor Shares⁽⁴⁾		-			48

	INTERNATIONAL SMALL CAP
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		9,139,826		$	216,914			13,167,082		$	354,804
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,307,280			52,352			2,422,159			61,717
Cost of shares redeemed⁽²⁾
Investor Shares		(15,184,996	)		(358,411	)		(8,468,727	)		(225,103	)
Net increase (decrease) from fund share transactions
Investor Shares		(3,737,890	)		(89,145	)		7,120,514			191,418
Redemption Fee
Investor Shares		-			100			-			30

Footnotes are presented on Page 135.


132		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	INTERNATIONAL VALUE
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		31,255,164		$	1,094,030			48,279,252		$	1,788,517
Institutional Shares		13,743,888			488,598			13,233,553			490,586
Advisor Shares⁽⁴⁾		88,342,651			3,201,754
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		12,755,664			439,815			13,168,838			468,812
Institutional Shares		4,718,738			163,127			4,702,044			167,768
Advisor Shares⁽⁴⁾		-			-
Cost of shares redeemed⁽²⁾
Investor Shares		(128,639,622	)		(4,610,540	)		(36,953,384	)		(1,376,242	)
Institutional Shares		(5,839,111	)		(206,519	)		(12,766,282	)		(476,690	)
Advisor Shares⁽⁴⁾		(3,141,780	)		(110,601	)
Net increase (decrease) from fund share transactions
Investor Shares		(84,628,794	)		(3,076,695	)		24,494,706			881,087
Institutional Shares		12,623,515			445,206			5,169,315			181,664
Advisor Shares⁽⁴⁾		85,200,871			3,091,153
Redemption Fee
Investor Shares		-			258			-			305
Institutional Shares		-			84			-			86
Advisor Shares⁽⁴⁾		-			17

	MID CAP
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		15,426,811		$	725,344			25,145,236		$	1,211,460
Institutional Shares		22,831,337			1,139,342			25,449,982			1,278,426
Advisor Shares⁽⁴⁾		10,165,671			477,696
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		11,374,388			516,511			9,388,265			429,325
Institutional Shares		7,427,509			355,555			4,662,566			223,057
Cost of shares redeemed⁽²⁾
Investor Shares		(48,310,957	)		(2,268,772	)		(38,479,395	)		(1,839,289	)
Institutional Shares		(20,378,837	)		(999,829	)		(14,443,759	)		(721,622	)
Advisor Shares⁽⁴⁾		(456,359	)		(21,553	)
Net increase (decrease) from fund share transactions
Investor Shares		(21,509,758	)		(1,026,917	)		(3,945,894	)		(198,504	)
Institutional Shares		9,880,009			495,068			15,668,789			779,861
Advisor Shares⁽⁴⁾		9,709,312			456,143

Footnotes are presented on Page 135.


Artisan Partners Funds		133

NOTES TO FINANCIAL STATEMENTS


	MID CAP VALUE
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		31,813,156		$	793,122			65,185,071		$	1,761,179
Institutional Shares		12,667,895			316,894			20,369,732			552,567
Advisor Shares⁽⁴⁾		45,158,916			1,089,164
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		34,608,529			856,326			15,817,357			417,104
Institutional Shares		6,672,374			165,029			2,374,000			62,602
Cost of shares redeemed
Investor Shares		(215,480,203	)		(5,321,117	)		(94,345,667	)		(2,565,756	)
Institutional Shares		(26,713,793	)		(662,487	)		(11,604,357	)		(317,171	)
Advisor Shares⁽⁴⁾		(2,955,122	)		(69,518	)
Net increase (decrease) from fund share transactions
Investor Shares		(149,058,518	)		(3,671,669	)		(13,343,239	)		(387,473	)
Institutional Shares		(7,373,524	)		(180,564	)		11,139,375			297,998
Advisor Shares⁽⁴⁾		42,203,794			1,019,646

	SMALL CAP
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		7,647,814		$	224,751			15,199,873		$	439,604
Institutional Shares		6,778,115			212,353			2,431,667			69,700
Cost of shares redeemed
Investor Shares		(23,445,692	)		(712,457	)		(17,260,935	)		(483,655	)
Institutional Shares		(1,689,913	)		(50,853	)		(2,065,389	)		(60,328	)
Net increase (decrease) from fund share transactions
Investor Shares		(15,797,878	)		(487,706	)		(2,061,062	)		(44,051	)
Institutional Shares		5,088,202			161,500			366,278			9,372

	SMALL CAP VALUE
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		5,542,831		$	81,276			15,636,504		$	288,653
Institutional Shares		2,913,322			41,639			3,549,900			65,892
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		14,560,067			204,423			4,883,076			89,751
Institutional Shares		3,567,563			50,338			691,272			12,719
Cost of shares redeemed
Investor Shares		(57,782,501	)		(834,924	)		(79,323,221	)		(1,464,478	)
Institutional Shares		(21,658,338	)		(313,373	)		(5,195,121	)		(95,832	)
Net decrease from fund share transactions
Investor Shares		(37,679,603	)		(549,225	)		(58,803,641	)		(1,086,074	)
Institutional Shares		(15,177,453	)		(221,396	)		(953,949	)		(17,221	)

Footnotes are presented on Page 135.


134		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	VALUE
	Year Ended 9/30/2015						Year Ended 9/30/2014
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		11,665,383		$	156,568			25,923,680		$	361,086
Institutional Shares		2,476,950			33,068			6,611,778			94,116
Advisor Shares⁽⁴⁾		42,917,968			586,042
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		6,223,025			82,455			4,735,743			62,843
Institutional Shares		1,579,906			20,950			974,463			12,941
Cost of shares redeemed
Investor Shares		(71,220,630	)		(963,970	)		(34,775,011	)		(475,888	)
Institutional Shares		(9,955,117	)		(132,456	)		(4,729,262	)		(64,268	)
Advisor Shares⁽⁴⁾		(2,572,805	)		(33,290	)
Net increase (decrease) from fund share transactions
Investor Shares		(53,332,222	)		(724,947	)		(4,115,588	)		(51,959	)
Institutional Shares		(5,898,261	)		(78,438	)		2,856,979			42,789
Advisor Shares⁽⁴⁾		40,345,163			552,752

⁽¹⁾	For the period from commencement of operations (June 29, 2015) through September 30, 2015.

⁽²⁾	Net of redemption fees.

⁽³⁾	Effective February 14, 2014, the Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽⁴⁾	For the period from commencement of operations (April 1, 2015) through September 30, 2015.

⁽⁵⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.

⁽⁶⁾	Amount rounds to less than $1.

(14)

Subsequent Events:

The Funds have evaluated subsequent events through the date of issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.


Artisan Partners Funds		135

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Artisan Partners Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Artisan Partners Funds, Inc. (comprising, respectively, Artisan Developing World Fund, Artisan Emerging Markets Fund, Artisan Global Equity Fund, Artisan Global Opportunities Fund, Artisan Global Small Cap Fund, Artisan Global Value Fund, Artisan High Income Fund, Artisan International Fund, Artisan International Small Cap Fund, Artisan International Value Fund, Artisan Mid Cap Fund, Artisan Mid Cap Value Fund, Artisan Small Cap Fund, Artisan Small Cap Value Fund, and Artisan Value Fund (the “Funds”)) as of September 30, 2015, and the related statements of operations, statements of changes in net assets, and the financials highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2015, by correspondence with the custodian, brokers, and agent banks or by other appropriate auditing procedures where replies from brokers and agent banks were not received. We believe that our audits provide a reasonable basis for our opinion.

In our opinion, the financial statements and financial highlights referred to above present fairly, in all material respects, the financial position of each of the respective portfolios of Artisan Partners Funds, Inc. at September 30, 2015, and the results of their operations, changes in their net assets, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Minneapolis, Minnesota

November 20, 2015


136		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Other Federal tax information (unaudited):

The Internal Revenue Code requires that shareholders be notified of certain information regarding long-term capital gains, qualified dividend income and the dividends received deduction for corporate shareholders. This data is informational only. Every year in January, shareholders are sent a Form 1099-DIV which provides the federal tax status of dividends and distributions received during the calendar year. Shareholders are advised to consult their own tax advisor with respect to the specific tax consequences of investment in the Funds.

Each Fund hereby designates the following amounts as (i) long-term capital gain distributions for purposes of the dividends paid deduction (including earnings and profits distributed to shareholders on redemption of Fund shares, in thousands), (ii) the amount of ordinary dividends paid during the fiscal year ended September 30, 2015 that are considered qualified dividend income as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003, and (iii) the amount of ordinary dividends paid during the fiscal year ended September 30, 2015 that are eligible for the dividends received deduction available to certain corporate shareholders.


Fund	Long-Term Capital Gains			Qualified Dividend Income			Dividends Received Deduction
Developing World		$ -	⁽¹⁾		n/a			n/a
Emerging Markets		-			100.00	%		1.52	%
Global Equity		2,002			32.39	%		12.34	%
Global Opportunities		27,395			100.00	%		65.33	%
Global Small Cap		1,195			83.99	%		8.25	%
Global Value		30,734			100.00	%		23.74	%
High Income		-			-			-
International		-			100.00	%		0.00	%
International Small Cap		63,717			100.00	%		0.00	%
International Value		601,276			69.46	%		1.18	%
Mid Cap		1,091,416			n/a			n/a
Mid Cap Value		1,198,439			97.91	%		89.29	%
Small Cap		15,206			n/a			n/a
Small Cap Value		273,754			52.13	%		47.34	%
Value		96,560			50.97	%		40.91	%

⁽¹⁾	For the period from commencement of operations (June 29, 2015) through September 30, 2015.


Artisan Partners Funds		137

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

As a shareholder of Artisan Partners Funds, you may incur transaction costs, including redemption fees, and you will incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2015 to September 30, 2015.

Actual Expenses

The first line under the name of each Fund in the table below provides information about actual account values and actual expenses. You may use the information in this line, together with the amount you invested, to estimate the expenses that you paid over the period. Simply divide your account value by $1,000 (for example, an $8,600 account value divided by $1,000 = 8.6), then multiply the result by the number in the first line under the name of your Fund under the heading entitled “Expenses Paid During Period” to estimate the expenses you paid on your account during this period.

Hypothetical Example for Comparison Purposes

The second line under each Fund’s name in the table below provides information about hypothetical account values and hypothetical expenses based on each Fund’s actual expense ratio for the six months ended September 30, 2015 and an assumed rate of return of 5% per year before expenses, which is not the Fund’s actual return. The hypothetical account values and expenses may not be used to estimate the actual ending account balances or expenses you paid for the period. You may use this information to compare the ongoing costs of investing in each Fund and other funds. To do so, compare the 5% hypothetical example with the 5% hypothetical examples that appear in the shareholder reports of the other funds.

Please note that the expenses shown in the table are meant to highlight your ongoing costs only and do not reflect any transactional costs, such as redemption fees. Therefore, the second line of the table is useful in comparing ongoing costs only, and will not help you determine the relative costs of owning different funds. If these transactional costs were included, your costs would have been higher.


	Beginning Account Value 4/1/2015	Ending Account Value 9/30/2015	Expenses Paid During Period 4/1/2015-9/30/2015⁽¹⁾	Expense Ratio⁽²⁾
Artisan Developing World Fund⁽⁴⁾
Investor Shares⁽³⁾
Actual	$1,000.00	$ 839.00	$3.51	1.50%
Hypothetical (5% return before expenses)	$1,000.00	$1,008.92	$3.84	1.50%
Institutional Shares⁽³⁾
Actual	$1,000.00	$ 839.00	$3.28	1.40%
Hypothetical (5% return before expenses)	$1,000.00	$1,009.17	$3.58	1.40%
Advisor Shares⁽³⁾
Actual	$1,000.00	$ 839.00	$3.28	1.40%
Hypothetical (5% return before expenses)	$1,000.00	$1,009.17	$3.58	1.40%


138		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2015	Ending Account Value 9/30/2015	Expenses Paid During Period 4/1/2015-9/30/2015⁽¹⁾	Expense Ratio⁽²⁾
Artisan Emerging Markets Fund
Investor Shares⁽³⁾
Actual	$1,000.00	$ 816.20	$6.83	1.50%
Hypothetical (5% return before expenses)	$1,000.00	$1,017.55	$7.59	1.50%
Institutional Shares
Actual	$1,000.00	$ 815.80	$7.47	1.64%
Hypothetical (5% return before expenses)	$1,000.00	$1,016.85	$8.29	1.64%
Artisan Global Equity Fund
Investor Shares
Actual	$1,000.00	$ 922.60	$6.60	1.37%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.20	$6.93	1.37%
Artisan Global Opportunities Fund
Investor Shares
Actual	$1,000.00	$ 957.70	$5.84	1.19%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.10	$6.02	1.19%
Institutional Shares
Actual	$1,000.00	$ 959.00	$4.62	0.94%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.36	$4.76	0.94%
Advisor Shares⁽³⁾⁽⁵⁾
Actual	$1,000.00	$ 958.80	$5.37	1.10%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.45	$5.54	1.10%
Artisan Global Small Cap Fund
Investor Shares⁽³⁾
Actual	$1,000.00	$ 947.40	$7.32	1.50%
Hypothetical (5% return before expenses)	$1,000.00	$1,017.55	$7.59	1.50%
Artisan Global Value Fund
Investor Shares
Actual	$1,000.00	$ 927.60	$6.23	1.29%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.60	$6.53	1.29%
Institutional Shares
Actual	$1,000.00	$ 928.30	$5.03	1.04%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.85	$5.27	1.04%
Advisor Shares⁽³⁾⁽⁵⁾
Actual	$1,000.00	$ 928.20	$5.77	1.20%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.95	$6.04	1.20%


Artisan Partners Funds		139

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2015	Ending Account Value 9/30/2015	Expenses Paid During Period 4/1/2015-9/30/2015⁽¹⁾	Expense Ratio⁽²⁾
Artisan High Income Fund
Investor Shares
Actual	$1,000.00	$ 986.80	$5.68	1.14%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.35	$5.77	1.14%
Advisor Shares
Actual	$1,000.00	$ 987.70	$4.78	0.96%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.26	$4.86	0.96%
Artisan International Fund
Investor Shares
Actual	$1,000.00	$ 863.00	$5.56	1.19%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.10	$6.02	1.19%
Institutional Shares
Actual	$1,000.00	$ 864.30	$4.49	0.96%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.26	$4.86	0.96%
Advisor Shares⁽³⁾⁽⁵⁾
Actual	$1,000.00	$ 864.00	$5.00	1.07%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.60	$5.39	1.07%
Artisan International Small Cap Fund
Investor Shares
Actual	$1,000.00	$ 987.30	$7.52	1.51%
Hypothetical (5% return before expenses)	$1,000.00	$1,017.50	$7.64	1.51%
Artisan International Value Fund
Investor Shares
Actual	$1,000.00	$ 917.80	$5.72	1.19%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.10	$6.02	1.19%
Institutional Shares
Actual	$1,000.00	$ 919.00	$4.62	0.96%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.26	$4.86	0.96%
Advisor Shares⁽³⁾⁽⁵⁾
Actual	$1,000.00	$ 919.00	$5.07	1.06%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.65	$5.34	1.06%
Artisan Mid Cap Fund
Investor Shares
Actual	$1,000.00	$ 947.50	$5.81	1.19%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.10	$6.02	1.19%
Institutional Shares
Actual	$1,000.00	$ 948.80	$4.64	0.95%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.31	$4.81	0.95%
Advisor Shares⁽³⁾⁽⁵⁾
Actual	$1,000.00	$ 948.40	$5.34	1.10%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.45	$5.54	1.10%


140		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2015	Ending Account Value 9/30/2015	Expenses Paid During Period 4/1/2015-9/30/2015⁽¹⁾	Expense Ratio⁽²⁾
Artisan Mid Cap Value Fund
Investor Shares
Actual	$1,000.00	$ 884.60	$ -	1.17%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.20	$5.92	1.17%
Institutional Shares
Actual	$1,000.00	$ 885.70	$ -	0.96%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.26	$4.86	0.96%
Advisor Shares⁽³⁾⁽⁵⁾
Actual	$1,000.00	$ 885.00	$ -	1.09%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.50	$5.49	1.09%
Artisan Small Cap Fund
Investor Shares
Actual	$1,000.00	$ 953.90	$6.07	1.24%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.85	$6.28	1.24%
Institutional Shares
Actual	$1,000.00	$ 955.10	$5.05	1.03%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.90	$5.22	1.03%
Artisan Small Cap Value Fund
Investor Shares
Actual	$1,000.00	$ 876.30	$5.83	1.24%
Hypothetical (5% return before expenses)	$1,000.00	$1,018.85	$6.28	1.24%
Institutional Shares
Actual	$1,000.00	$ 877.00	$5.13	1.09%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.60	$5.52	1.09%
Artisan Value Fund
Investor Shares
Actual	$1,000.00	$ 862.00	$4.90	1.05%
Hypothetical (5% return before expenses)	$1,000.00	$1,019.80	$5.32	1.05%
Institutional Shares
Actual	$1,000.00	$ 863.70	$3.60	0.77%
Hypothetical (5% return before expenses)	$1,000.00	$1,021.21	$3.90	0.77%
Advisor Shares⁽⁵⁾
Actual	$1,000.00	$ 862.80	$3.99	0.86%
Hypothetical (5% return before expenses)	$1,000.00	$1,020.64	$4.33	0.86%

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended September 30, 2015, multiplied by the average account value over the period, multiplied by 183/365 (to reflect the one-half year period).

⁽²⁾	Annualized ratio of expenses to average net assets for the six-month period ended September 30, 2015.

⁽³⁾	The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser.


Artisan Partners Funds		141

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

⁽⁴⁾

The account value and the expenses paid for Developing World Fund have been presented for the period from commencement of operations (June 29, 2015) through September 30, 2015. Assuming a six-month period, the account values as of September 30, 2015 and the expenses paid during the period 4/1/2015-9/30/2015 would have been as follows:


	Beginning Account Value 4/1/2015	Ending Account Value 9/30/2015	Expenses Paid During Period 4/1/2015-9/30/2015
Artisan Developing World Fund
Investor Shares
Actual	$1,000.00	$ 839.00	$6.92
Hypothetical (5% return before expenses)	$1,000.00	$1,017.55	$7.55
Institutional Shares
Actual	$1,000.00	$ 839.00	$6.45
Hypothetical (5% return before expenses)	$1,000.00	$1,018.05	$7.05
Advisor Shares
Actual	$1,000.00	$ 839.00	$6.45
Hypothetical (5% return before expenses)	$1,000.00	$1,018.05	$7.05

⁽⁵⁾	For the period from commencement of operations (April 1, 2015) through September 30, 2015.


142		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners is responsible for management of the Funds’ investment portfolios and for overall management of the Funds’ business and affairs pursuant to an investment advisory agreement (the “Advisory Agreement”) between Artisan Partners Funds, on behalf of each Fund, and Artisan Partners. With respect to each Fund, the Advisory Agreement, after an initial two-year term, may be continued from year to year only so long as the continuance is approved annually (a) by the vote of a majority of the directors of Artisan Partners Funds who are not “interested persons” of Artisan Partners Funds or Artisan Partners (the “independent directors”) cast in person at a meeting called for the purpose of voting on such approval, and (b) by the board of directors or by the vote of a majority (as defined in the 1940 Act) of the outstanding shares of the Fund.

The directors of Artisan Partners Funds held a special meeting of the board on April 28, 2015 (the “Special Meeting”) at which meeting they gave preliminary consideration to information bearing on the continuation of the Advisory Agreement with respect to the Funds other than Developing World Fund (the “Current Funds”) for the period from July 1, 2015 through June 30, 2016 and the approval of the Advisory Agreement with respect to Developing World Fund for an initial two-year term from May 12, 2015 through May 12, 2017. The primary purpose of the Special Meeting was to allow the directors ample opportunity to consider matters they deemed relevant in considering the approval of the Advisory Agreement, and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints. The board of directors, including the independent directors, considered and unanimously approved the Advisory Agreement with respect to all Funds at a meeting held on May 12, 2015 (the “May 12 Meeting”) in a restated form that did not alter any of the substantive provisions, but modified the structure of the agreement to facilitate the addition of future newly organized Funds. The independent directors were assisted in their evaluation of the Advisory Agreement and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Artisan Partners in connection with the contract review meetings.

Prior to the Special Meeting, independent counsel to the independent directors sent to Artisan Partners requests for information to be provided to the directors in connection with their consideration of the Advisory Agreement. Artisan Partners provided materials to the directors in response to those requests, other information Artisan Partners believed was useful in evaluating the approval of Advisory Agreement and extensive reports prepared by Lipper Inc. (“Lipper”), an independent source of investment company data. The Lipper reports included information relating to each Current Fund’s performance and expenses compared to the performance and expenses of a relatively small peer group and a larger peer universe of funds determined by Lipper to be comparable, as well as relating to Developing World Fund’s proposed management fees and projected expenses compared to the management fees and expenses of a peer group of other mutual funds determined by Lipper to be comparable to Developing World Fund. Artisan Partners also provided additional reports prepared by Lipper comparing certain of the Funds’ performance and expenses to peer groups and peer universes with a different style classification that Artisan Partners believed was more appropriate for comparative purposes than the style classification originally selected by Lipper. These supplemental reports were provided for Global Equity Fund, Global Value Fund, International Fund, International Value Fund,


Artisan Partners Funds		143

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Mid Cap Fund, Mid Cap Value Fund and Value Fund. The directors also received and reviewed a memorandum from their independent counsel regarding the directors’ responsibilities in evaluating the Advisory Agreement. The directors recognized that the management and fee arrangements for the Current Funds are the result of years of review and discussion between the independent directors and Artisan Partners, that certain aspects of such arrangements may receive greater scrutiny in some years than in others and that the directors’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.

In evaluating the Advisory Agreement, the directors reviewed the available information and discussed with representatives of Artisan Partners each Current Fund’s operations; the nature, extent and quality of the advisory and other services provided by Artisan Partners to the Current Funds and proposed to be provided to Developing World Fund; the overall expense ratios of each class of shares of the Current Funds and the anticipated overall expense ratio of Developing World Fund; economies of scale or, with respect to Developing World Fund, the prospect thereof; and other benefits (in addition to advisory fee revenues) derived or potentially derived by Artisan Partners from its relationship with the Funds. In addition to the third-party reports by Lipper and the memorandum from independent counsel, the directors reviewed information provided prior to and presented at the Special Meeting and the May 12 Meeting, concerning, among other things, the following:

•

Artisan Partners’ organization and operations, financial condition and stability and ownership structure;

•

Artisan Partners’ personnel and methods, including Artisan Partners’ assessment of its ability to attract and retain capable personnel; Artisan Partners’ research and decision-making processes; the adequacy and sophistication of technology and systems with respect to investment and administrative matters; and Artisan Partners’ ability to provide investment management and back-office services to fixed-income funds;

•

The terms of the Advisory Agreement, including a list of services performed by Artisan Partners; and how the services performed by Artisan Partners under the Advisory Agreement differ from those performed for other investment companies and accounts;

•

Each Current Fund’s short- and long-term investment performance (including past 1-, 3-, 5- and 10-year and since-inception periods, as applicable), including comparisons for various time periods with (a) other Artisan Partners client accounts managed with similar investment objectives, (b) other mutual funds having similar investment objectives and (c) appropriate market indices; and information regarding the investment performance achieved by Developing World Fund’s proposed portfolio manager in managing mutual funds or other accounts prior to his affiliation with Artisan Partners;

•

The Funds’ experience applying valuation procedures, including fair valuation policies and procedures, and any anticipated or proposed changes to the procedures;

•

Any litigation pending, threatened or settled involving Artisan Partners, and the results of any audits, investigations or examinations of the Securities and Exchange Commission or other governmental or regulatory authorities;


144		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

Information regarding fee arrangements, including a comparison of the Current Funds’ total expenses and the total expense ratio of each share class of each Current Fund with other mutual funds, and a comparison of Developing World Fund’s estimated expense ratio of each share class of the Fund with other mutual funds (with respect to each Fund, accounting for factors such as, without limitation, size, account-level charges and investment objective); the structure of the advisory fees or, with respect to Developing World Fund, the proposed advisory fees, including the method of computing fees and the frequency of payment of fees; and a comparison of the advisory fees with fees charged by other advisory organizations for managing similar mutual funds;

•

Artisan Partners’ assessment of whether it is realizing economies of scale in providing services to the Funds and, if so, whether, how and, if quantifiable, to what extent the economies of scale are shared with the Funds, and the adequacy of existing breakpoints in advisory fees and whether further breakpoints are appropriate;

•

A comparison of the Current Funds’ existing and, with respect to Developing World Fund, proposed advisory fees with fees charged by Artisan Partners for managing other mutual funds and other accounts;

•

Information regarding other expenses for the Current Funds and estimated other expenses for Developing World Fund;

•

Information on amounts paid to financial intermediaries during the year ended December 31, 2014 by any of the Current Funds, Artisan Partners or any affiliate of Artisan Partners;

•

Potential “fall-out” benefits to Artisan Partners or its affiliates from their relationship with the Funds, in addition to advisory fees, including any float income received by Artisan Partners or its affiliates on Fund share purchase and redemption amounts, benefits to Artisan Partners or its affiliates in selling other products and any other fall-out benefits to Artisan Partners or its affiliates from their relationships with the Funds; and the method of estimating the value of any such benefits;

•

Matters relating to brokerage and portfolio transactions, including Artisan Partners’ practices regarding selection of brokers and dealers to execute portfolio transactions and regarding negotiation of commission rates and allocation of brokerage for research and other services;

•

The profitability to Artisan Partners of its relationship with each Current Fund, including unaudited financial statements showing Artisan Partners’ revenue, expenses and profits in providing services to the Current Funds on a Fund-by-Fund basis for the three most recent 12-month periods; the assumptions and allocation methodologies utilized for such profitability analysis and changes to such methodologies over the past year; Artisan Partners’ profit margins; comparisons with Artisan Partners’ profit margins on other accounts managed by Artisan Partners; and, with respect to Developing World Fund, projections of Artisan Partners’ costs and profit arising from the Advisory Agreement;

•

Potential for conflicts of interest between the Funds and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest; and


Artisan Partners Funds		145

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

Compliance and related matters, including Artisan Partners’ programs for monitoring compliance with federal and state securities and other applicable laws and regulations, the investment policies and restrictions of registered investment company clients and Subchapter M of the Internal Revenue Code; and information regarding personnel who perform significant compliance and legal services for the Funds.

Following the Special Meeting and executive sessions with their independent counsel, the independent directors requested certain follow-up information from Artisan Partners. Artisan Partners provided this follow-up information prior to the May 12 Meeting. At the May 12 Meeting, Artisan Partners presented certain additional information to the directors regarding the Funds, including information relating to Developing World Fund, and the independent directors and their independent counsel reviewed with the full board the information discussed at the Special Meeting and during their executive sessions. The directors then considered whether any further discussion or review was necessary, concluding that the Special Meeting and the information reviewed by the independent directors prior to and at the May 12 Meeting provided a strong basis for considering the approval of the Advisory Agreement with respect to each Fund. The directors then reviewed and affirmed each of the following conclusions:

The nature, extent and quality of Artisan Partners’ services. The directors concluded that the nature and extent of Artisan Partners’ services to the Current Funds and the proposed services to be provided to Developing World Fund were appropriate and consistent with, and in some cases more advantageous to the Funds than, the terms of the Advisory Agreement. The directors concluded that the quality of Artisan Partners’ services with respect to the Current Funds has been consistently high, with no material deficiencies. The directors considered that Artisan Partners had hired new investment personnel in preparation for managing Developing World Fund, and that it otherwise contemplates providing the same service level for Developing World Fund as it provides for the Current Funds.

The investment performance of each Fund. With respect to each Current Fund, the directors concluded that the Fund’s performance (including absolute performance and, where applicable, outperformance of peers and relevant benchmarks over long-term periods) or other relevant factors supported continuation of the Fund’s advisory arrangements under the Advisory Agreement. In the case of each Current Fund that had performance that lagged that of a relevant peer group or benchmark for certain (although not necessarily all) periods, the directors concluded that other factors relevant to performance supported continuation of the advisory arrangements. These factors included one or more of the following: (1) that underperformance was attributable, to a significant extent, to investment decisions (such as security selection, sector allocation or risk mitigation) by Artisan Partners that were reasonable and consistent with the Fund’s investment objective and policies; (2) that the Fund’s more recent or long-term performance, as applicable, was competitive when compared to relevant performance benchmarks or peer groups; and (3) the Fund had a limited operating history. With respect to Emerging Markets Fund, following significant discussions, the directors determined that the Fund’s performance supported renewal of the Fund’s advisory arrangement, but that the board would continue to monitor closely the performance of the Fund. The directors noted that Artisan Partners had provided thorough and thoughtful analysis regarding its continued


146		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

confidence in the Fund’s investment team. The directors also noted Artisan Partners’ past record of improving the performance of other Funds that experienced periods of underperformance. The directors noted that, because Developing World Fund was not yet in operation, it had no performance history. However, the directors reviewed the performance of a fund managed by Developing World Fund’s proposed portfolio manager at his prior firm, and noted that the proposed portfolio manager had produced successful results using an investment process similar to that proposed for the Fund.

The costs of the services and profitability of Artisan Partners. The directors concluded that the costs of the services provided by Artisan Partners, and the profits it realizes, or expects to realize in the case of Developing World Fund, are reasonable in relation to the nature and quality of services provided, and in comparison to fees charged by mutual funds considered by Lipper to be in the same peer category or universe.

Comparisons of the services to be rendered and the amounts to be paid under the Advisory Agreement with those under other investment advisory agreements. The directors concluded that the fees paid by the Current Funds to Artisan Partners are reasonable in relation to the nature and quality of the services provided and in comparison to (i) the fees charged by mutual funds considered by Lipper to be within the same peer category or universe and (ii) the fees charged and the array of services offered to other Artisan Partners clients, including its separate account clients and mutual funds for which it serves as sub-adviser. In addition, the directors noted that Artisan Partners has contractually agreed to maintain certain expense limitations through January 31, 2017, for Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Small Cap Fund, Global Value Fund, High Income Fund, International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund and Value Fund. The directors concluded that the nature, extent and quality of services proposed to be provided to Developing World Fund by Artisan Partners were appropriate and that the fees proposed to be paid to Artisan Partners were reasonable. In this regard, the directors took into account the fees paid by mutual funds considered by Lipper to be within the same peer group or universe as Developing World Fund. The directors also concluded that the estimated expense ratio of each share class of Developing World Fund (taking into account Artisan Partners’ contractual undertaking to maintain an expense limitation through January 31, 2017) was reasonable in relation to the expense ratios of other funds in the Lipper peer groups.

The extent to which economies of scale would be realized as each Current Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The directors concluded that the shareholders of Global Opportunities Fund, Global Value Fund, International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, Small Cap Value Fund and Value Fund have appropriately benefited from economies of scale under the management fee structures of their advisory arrangements. The directors concluded that the shareholders of each of Emerging Markets Fund, Global Equity Fund and High Income Fund would likely benefit from economies of scale if each Fund’s assets reach the level at which the Fund will be able to take advantage of the investment advisory fee breakpoints in the Advisory Agreement (reduced fee levels on assets above stated thresholds). It was also concluded that Artisan Partners had not achieved (nor was it likely to achieve) economies of scale in the management of International Small Cap Fund because the Fund closed to new investors at a relatively modest asset level. The directors also considered that the fee rate for Global Small Cap Fund had been set at a level


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FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

that was intended to be appropriate for its anticipated asset size, thus not requiring adjustment through breakpoints. The directors noted that since Developing World Fund does not currently have any assets, there are no material benefits from economies of scale with respect to Developing World Fund at present. The directors also noted that the proposed management fee schedule for Developing World Fund includes breakpoints at $1 billion, $2 billion, $3.5 billion and $5 billion of Fund net assets. The directors concluded that these breakpoints will result in a sharing, as between the Fund and Artisan Partners, of possible future economies of scale as and if the Fund’s assets grow to substantial levels.

Other benefits derived by the Funds or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the Advisory Agreement and the management fees to be paid in return, the Funds and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded the primary fall-out benefits include: (1) the potential conversion of Fund shareholders to separate account clients, (2) the acquisition of research products and services in return for brokerage commissions paid by the Funds (“soft dollars”) and (3) reputational benefits as a result of its association with the Funds. The directors concluded that, although Artisan Partners may derive such additional benefits, the Funds also could benefit from potential institutional shareholders who might choose to invest in the Funds because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum separate account size requirements. The directors also concluded that the Funds benefit from Artisan Partners’ use of soft dollars generated with respect to its separate account clients, and from reputational benefits as a result of their association with Artisan Partners.

Following those discussions, the board approved the Advisory Agreement through June 30, 2016 for each Current Fund and through May 12, 2017 for Developing World Fund by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.


148		Artisan Partners Funds

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

The discussions of each Fund included in this report include statistical information about the portfolios of each of the Funds. Except as otherwise noted, that information is as of September 30, 2015. That information will vary with changes in a Fund’s portfolio investments. The performance information for each Fund relative to its benchmark index discussed in this report was prepared by the Adviser using information reported by FactSet Research Systems, Inc. (“FactSet”). For the purposes of assigning portfolio securities to a particular country in this report, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. However, the Adviser in its own judgment may consider an issuer to be from a country other than the country designated by the securities information vendors. A vendor’s criteria may include the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations and the location of the issuer’s headquarters. The Adviser may also consider other criteria such as the source of a company’s revenues. Over time, country designations may change.

For the purposes of assigning portfolio securities to a particular sector and industry, the Adviser assigns equity securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS^®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as primary sources and FactSet (to the extent available) as a secondary source for this information. The Adviser assigns debt securities in accordance with the industry groups developed by Bloomberg Finance L.P. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry, or if the published classification appears to be erroneous, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and other publicly available information about the company’s peer group. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Definition of Portfolio Statistic

Market Capitalization is the aggregate value of all of a company’s outstanding equity securities.

Descriptions of Indices

Each Fund’s performance is compared in this report to changes in one or more indices, including in all cases a broad-based index of changes in prices of securities in the markets in which the Fund invests. All of the indices are unmanaged and their returns include reinvested dividends. Unlike the Funds’ returns, the returns of each index do not include the payment of sales commissions or other expenses that would be incurred in the purchase or sale of the securities included in that index. An investment cannot be made directly in an index. Fair value pricing is not employed by market indices.


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NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

The indices to which the Funds are compared are:

Artisan Developing World and Artisan Emerging Markets Funds – Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets) is a market-weighted index of companies in emerging markets.

Artisan Global Equity, Artisan Global Opportunities, Artisan Global Small Cap and Artisan Global Value Funds – Morgan Stanley Capital International All Country World Index (MSCI ACWI) is a market-weighted index of global developed and emerging markets.

Artisan Global Small Cap Fund – Morgan Stanley Capital International All Country World Small Cap Index (MSCI ACWI Small Cap) – is a market-weighted index of small cap securities of global developed and emerging markets.

Artisan High Income Fund – BofA Merrill Lynch U.S. High Yield Master II Total Return Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

Artisan International, Artisan International Small Cap and Artisan International Value Funds – Morgan Stanley Capital International EAFE Index (MSCI EAFE) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada. MSCI EAFE’s average annual return since inception of the International Fund is based upon a starting date of December 31, 1995.

Artisan International Fund – Morgan Stanley Capital All Country World Index ex USA (MSCI ACWI ex USA) is a market-weighted index of global developed and emerging markets, excluding the U.S.

Artisan International Small Cap Fund – Morgan Stanley Capital International EAFE Small Cap Index (MSCI EAFE Small Cap) is a market-weighted index of small companies in developed markets, excluding the U.S. and Canada.

Artisan International Value Fund – Morgan Stanley Capital International EAFE Value Index (MSCI EAFE Value) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada, that exhibits value investment style characteristics according to MSCI’s methodology.

Artisan Mid Cap and Artisan Mid Cap Value Funds – Russell Midcap^® Index is a market-weighted index of about 800 medium-sized U.S. companies.

Artisan Mid Cap Fund – Russell Midcap^® Growth Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with higher price-to-book and higher forecasted growth values.

Artisan Mid Cap Value Fund – Russell Midcap^® Value Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with lower price-to-book ratios and lower forecasted growth values.

Artisan Small Cap and Artisan Small Cap Value Funds – Russell 2000^® Index is a market-weighted index of about 2,000 small U.S. companies.


150		Artisan Partners Funds

NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

Artisan Small Cap Fund – Russell 2000^® Growth Index is a market-weighted index of those small companies included in the Russell 2000^® Index with higher price-to-book ratios and higher forecasted growth values.

Artisan Small Cap Value Fund – Russell 2000^® Value Index is a market-weighted index of those small companies included in the Russell 2000^® Index with lower price-to-book ratios and lower forecasted growth values.

Artisan Value Fund – Russell 1000^® Index is a market-weighted index of about 1,000 large U.S. companies.

Artisan Value Fund – Russell 1000^® Value Index is a market-weighted index of those large companies included in the Russell 1000^® Index with lower price-to-book ratios and lower forecasted growth values.

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, are owned by their respective owners. Except as otherwise indicated, the trademarks, including names, logos, slogans and service marks appearing in this report are the property of the Adviser and may not be copied, reproduced, published or in any way used without written permission.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by the Adviser. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

For the BofA Merrill Lynch U.S. High Yield Master II Total Return Index the source is BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch indices “as is,” makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch indices or any data included in, related to, or derived there from, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Artisan Partners, or any of its products or services.


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NOTES ON MANAGEMENT’S DISCUSSION OF FUND PERFORMANCE AND PORTFOLIO HOLDINGS’ CLASSIFICATION

Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Partners Funds. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners Funds’ presentation thereof.

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Partners Funds’ proxy voting policies and procedures, without charge, upon request by calling 800.344.1770. That information also is included in Artisan Partners Funds’ statement of additional information, which is available without charge, on Artisan Partners Funds’ website at www.artisanpartners.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the twelve-month period ended June 30 is available without charge, on Artisan Partners Funds’ website at www.artisanpartners.com and on the Securities and Exchange Commission’s website at www.sec.gov.

INFORMATION ABOUT PORTFOLIO SECURITIES

Artisan Partners Funds files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the quarters ending December 31 and June 30 (the first and third quarters of the Funds’ fiscal year) on Form N-Q. The Funds’ Forms N-Q are available on the Securities and Exchange Commission’s website at www.sec.gov. You also may review and copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 800.SEC.0330.


152		Artisan Partners Funds

DIRECTORS AND OFFICERS

The board of directors has overall responsibility for the conduct of the affairs of Artisan Partners Funds. Each director serves an indefinite term of unlimited duration until the next annual meeting of shareholders and until the election and qualification of his or her successor or until he or she retires, resigns or is removed from office. Artisan Partners Funds’ bylaws further provide that each director must retire by the end of the calendar year in which he or she attains the age of 75. The board of directors may fill any vacancy on the board provided that after such appointment at least two-thirds of the directors have been elected by the shareholders. The shareholders may remove a director by a vote of a majority of the outstanding shares of the Funds at any meeting of shareholders called for the purpose of removing such director.

The board of directors elects the officers of Artisan Partners Funds. Each officer serves until the election and qualification of his or her successor, or until he or she sooner dies, resigns, or is removed or disqualified. The board of directors may remove any officer with or without cause at any time.

The names and ages of the directors and officers as of November 13, 2015, the position each holds with the Funds, the date each was first elected to office, their principal business occupations and other directorships they have held during at least the last five years are shown below. Each director oversees all fifteen series of Artisan Partners Funds.



Name and Age at 11/13/15	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Directors who are not “interested persons” of Artisan Partners Funds:
David A. Erne – 72	Director	3/27/95	Of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI.	None.
Gail L. Hanson – 59	Director	1/1/12	Chief Financial Officer, Aurora Health Care (not for profit health care provider); from September 2004 to February 2011, Deputy Executive Director, State of Wisconsin Investment Board.	Director, Northwestern Mutual Series Fund, Inc. (investment company) (27 portfolios).
Thomas R. Hefty – 68	Director and Independent Chair of the Board of Directors	Director since 3/27/95; Independent Chair since 1/1/15	Retired; from January 2007 to February 2008, President, Kern Family Foundation (private, grant-making organization); until December 2006, of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI; until December 2006, Adjunct Professor, Department of Business and Economics, Ripon College; until December 2002, Chairman of the Board and Chief Executive Officer of Cobalt Corporation (provider of managed care and specialty business services).	None.


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DIRECTORS AND OFFICERS



Name and Age at 11/13/15	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Peter M. Lebovitz – 60	Director	7/1/14	Managing Partner, Harkness Partners, LLC (provider of strategic consulting to investment management firms).	Independent Chair of the Board and Independent Trustee, ALTFMX Trust (investment company) (2 portfolios).
Patrick S. Pittard – 69	Director	8/9/01	Distinguished Executive in Residence (teaching position), University of Georgia; until December 2012, Chairman and Chief Executive Officer, ACT Bridge, Inc. (enterprise talent management firm); until October 2001, Chairman of the Board, President and Chief Executive Officer of Heidrick & Struggles International, Inc. (executive search firm).	Director, Lincoln National Corporation (insurance and investment management company).
R. Scott Trumbull – 67	Director	11/13/12	Until 2015, Chairman and Director, Franklin Electric Co., Inc. (manufacturer of water and fuel pumping systems); until 2014, Chief Executive Officer, Franklin Electric Co., Inc.	Director, Welltower Inc. (investor in health care real estate); Director, Columbus McKinnon Corporation (designer, manufacturer and marketer of material handling products).
Director who is an “interested person” of Artisan Partners Funds and Officer:
Eric R. Colson – 46*	Director, President and Chief Executive Officer	President and Chief Executive Officer since 2/9/10; Director since 11/12/13	President, Chief Executive Officer and Director of Artisan Partners Asset Management Inc. (since March 2013) and Chairman (since August 2015); Managing Director, Chief Executive Officer and since April 2013 President of Artisan Partners; President and Chief Executive Officer of Artisan Investments GP LLC; President and Chief Executive Officer of Artisan Partners Holdings LP (since March 2013); prior thereto, Managing Director and Chief Operating Officer – Investment Operations of Artisan Partners.	None.


154		Artisan Partners Funds

DIRECTORS AND OFFICERS



Name and Age at 11/13/15	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Officers:
Brooke J. Billick – 61	Chief Compliance Officer	8/19/04	Chief Compliance Officer – U.S. Mutual Funds and Associate Counsel of Artisan Partners; Chief Compliance Officer of Artisan Partners Distributors LLC; until January 2012, Chief Compliance Officer of Artisan Partners.	None.
Gregory K. Ramirez – 45	Chief Financial Officer, Vice President and Treasurer	2/8/11	Managing Director and since April 2013, Vice President and Assistant Treasurer of Artisan Partners; Senior Vice President (since October 2013) of Artisan Partners Asset Management Inc.; Chairman and President of Artisan Partners Distributors LLC; prior thereto, Vice President, Treasurer and Chief Financial Officer of Artisan Partners Distributors LLC; until February 2011, Assistant Secretary and Assistant Treasurer of Artisan Partners Funds.	None.
Sarah A. Johnson – 43	General Counsel, Vice President and Secretary	2/8/11	Managing Director, Vice President (since April 2013), Secretary (since October 2013), Chief Compliance Officer (January 2012 – September 2013) and General Counsel (since October 2013) of Artisan Partners; prior thereto Associate Counsel of Artisan Partners; Executive Vice President, Chief Legal Officer and Secretary (since October 2013) of Artisan Partners Asset Management Inc.; Vice President and Secretary of Artisan Partners Distributors, LLC; until February 2011, Assistant Secretary of Artisan Partners Funds.	None.
Laura E. Simpson – 39	Vice President and Assistant Secretary	2/10/15	Deputy General Counsel (since January 2015) of Artisan Partners; prior thereto, Associate Counsel; until March 2011, Counsel, Invesco Ltd.	None.
Shannon K. Jagodinski – 38	Vice President and Assistant Treasurer	Vice President since 2/10/15; Assistant Treasurer since 2/14/12	Senior Manager of Vehicle Administration of Artisan Partners.	None.

*	Mr. Colson is an “interested person” of Artisan Partners Funds, as defined in the 1940 Act, because he is President and Chief Executive Officer of Artisan Partners Funds and holds various positions with Artisan Partners and its affiliates.


Artisan Partners Funds		155

DIRECTORS AND OFFICERS

The business address of the officers and the director affiliated with Artisan Partners is 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202. The address of the other directors is c/o Artisan Partners Funds, 875 E. Wisconsin Avenue, Suite 800, Milwaukee, Wisconsin 53202.

Artisan Partners Funds’ statement of additional information (SAI) contains further information about the directors. Please call 800.344.1770 or visit our website at www.artisanpartners.com for a free copy of the SAI.


156		Artisan Partners Funds

LOGO

ARTISAN PARTNERS FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

LOGO

Item 2. Code of Ethics.

(a) Registrant has adopted a code of ethics (the “Code”) that applies to its principal executive officer, principal financial officer and principal accounting officer (the “Covered Officers”).

(b) No disclosures are required pursuant to this Item 2(b).

(d) During the period covered by the report, registrant did not grant any waivers, including implicit waivers, from the provisions of the Code.

(e) Not applicable.

(f) A copy of the Code is filed as Exhibit (a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

Registrant’s board of directors has determined that Gail L. Hanson, member and chairman of the registrant’s audit committee, Thomas R. Hefty, member of the registrant’s audit committee, Peter M. Lebovitz, member of the registrant’s audit committee, and R. Scott Trumbull, member of the registrant’s audit committee, each qualify as an audit committee financial expert, as such term is defined in Instruction 2(b) to Item 3 of Form N-CSR. Ms. Hanson, Mr. Hefty, Mr. Lebovitz and Mr. Trumbull are “independent” as such term is defined in paragraph (a)(2) of Item 3 of Form N-CSR.

Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including, without limitation, for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

Aggregate fees billed to the registrant for professional services rendered by the registrant’s principal accountant, Ernst & Young LLP, are summarized in the tables below. The tables summarize fees billed (or to be billed) by the registrant’s principal accountant for work performed relating to each applicable period identified below.

Fees:


	Fiscal Year Ended September 30, 2015		Fiscal Year Ended September 30, 2014
Audit Fees (a)	$	365,300	$	337,800
Audit-Related Fees (b)	$	66,200	$	61,050
Tax Fees (c)	$	374,096	$	330,957
All Other Fees (d)	$	—		—

(a) “Audit Fees” include amounts for professional services rendered by the principal accountant for the audit of the registrant’s annual financial statements and services that are normally provided by the accountant in connection with statutory and regulatory filings or engagements, including for 2015, portions of which have not been billed at the time of this filing and fees billed for consents issued in conjunction with the registrant’s post-effective amendments to the Funds’ registration statements filed for each of the last two fiscal years. The fees billed during the fiscal year ended September 30, 2015 also include the consent issued in conjunction with the

registrant’s post-effective amendments to the Funds’ registration statements filed in connection with the initial offering of Investor Shares, Institutional Shares and Advisor Shares of Artisan Developing World Fund. The fees billed during the fiscal year ended September 30, 2014 also include consents issued in conjunction with the registrant’s post-effective amendments to the Funds’ registration statements filed in connection with the initial offering of Investor and Advisor shares of Artisan High Income Fund, and in conjunction with the redesignation of Artisan Emerging Markets Fund Advisor Shares to Investor Shares.

(b) “Audit-Related Fees” include amounts for assurance and related services by the principal accountant that are reasonably related to the performance of the audit of the registrant’s financial statements. Audit-related fees have not been reported under the item “audit fees” in the chart above.

The fees billed by Ernst & Young LLP during the fiscal years ended September 30, 2015 and September 30, 2014 include fees incurred for services for review procedures performed in conjunction with the semiannual reports to shareholders as of March 31, 2015 and March 31, 2014.

(c) “Tax Fees” include amounts for professional services rendered by the principal accountant for tax compliance, tax advice and tax planning.

The fees shown in the table above for the fiscal year ended September 30, 2015 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2015, which have not been billed as of the time of this filing; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2015, which also have not yet been billed as of the time of this filing; (3) the use of a PFIC database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2014 and the excise year ended December 31, 2014, and the semiannual period ended March 31, 2015; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2014; (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2015; and (6) the filing of reclaims of tax amounts withheld by European Union member countries.

The fees shown in the table above for the fiscal year ended September 30, 2014 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2014; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2014; (3) the use of a PFIC database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2013 and the excise year ended December 31, 2013, and the semiannual period ended March 31, 2014; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2013; (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2014; and (6) the filing of reclaims of tax amounts withheld by European Union member countries

(d) None.

(e)(1) During its regularly scheduled periodic meetings, the registrant’s audit committee considers any requests to pre-approve any audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has authorized its chairman to exercise that authority in the intervals between meetings; and the chairman presents any such pre-approvals to the audit committee at its next regularly scheduled meeting. Under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, pre-approval of non-audit services may be waived provided that: 1) the aggregate fees for all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided, 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(e)(2) No services included in Items 4(b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of
Regulation S-X.

(f) Not applicable.

(g) The aggregate fees for the fiscal years ended September 30, 2015 and September 30, 2014 by the registrant’s principal accountant for non-audit services rendered to the registrant are shown in the tables above and described under Items 4(b) – (d) above. For the registrant’s fiscal years ended September 30, 2015 and September 30, 2014, Ernst & Young LLP served as the registrant’s principal accountant and provided no services and billed no fees for non-audit services rendered to the registrant’s adviser or entities controlling, controlled by or under common control with the adviser.

(h) The audit committee of the registrant’s board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. The provisions of Rule 2-01(c)(7) were effective on May 6, 2003. No such services were rendered on or after May 6, 2003.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The Schedules of Investments in securities of unaffiliated issuers as of September 30, 2015 are included as part of the annual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes to report.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers have concluded, based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), that the Disclosure Controls are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.


(a)	(1)	Code of Ethics for Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (as referenced in Item 2 above), attached hereto as Exhibit (a)(1)

	(2)	Certifications of Eric R. Colson, Principal Executive Officer and Gregory K. Ramirez, Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(2)(i) and (a)(2)(ii)

(b)		Certification of Eric R. Colson, Principal Executive Officer and Gregory K. Ramirez, Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit (b)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Artisan Partners Funds, Inc.

By:		/s/ Eric R. Colson
		Eric R. Colson
		Principal Executive Officer

Date:		December 3, 2015

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, this report has been signed below by the following persons on behalf of the registrant and in the capacities and on the dates indicated.




By:		/s/ Eric R. Colson
		Eric R. Colson
		Principal Executive Officer

Date:		December 3, 2015



By:		/s/ Gregory K. Ramirez
		Gregory K. Ramirez
		Principal Financial Officer

Date:		December 3, 2015

Artisan Value Fund Inv Shs (ARTLX) N-CSRCertified annual shareholder report (management investment company)