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

Artisan Value Fund Inv Shs (ARTLX) N-CSRCertified 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: 9/30/17

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. Report to Shareholders.

LOGO

ARTISAN PARTNERS FUNDS


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

TABLE OF CONTENTS


					MANAGEMENT’S DISCUSSIONS ON FUND PERFORMANCE
		2			Artisan Developing World Fund
		4			Artisan Emerging Markets Fund
		6			Artisan Global Discovery Fund
		8			Artisan Global Equity Fund
		10			Artisan Global Opportunities 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 Thematic Fund
		30			Artisan Value Fund

					SCHEDULES OF INVESTMENTS
		32			Artisan Developing World Fund
		35			Artisan Emerging Markets Fund
		38			Artisan Global Discovery Fund
		40			Artisan Global Equity Fund
		43			Artisan Global Opportunities Fund
		45			Artisan Global Value Fund
		47			Artisan High Income Fund
		53			Artisan International Fund
		56			Artisan International Small Cap Fund
		59			Artisan International Value Fund
		62			Artisan Mid Cap Fund
		65			Artisan Mid Cap Value Fund
		67			Artisan Small Cap Fund
		69			Artisan Thematic Fund
		71			Artisan Value Fund

		73			STATEMENTS OF ASSETS AND LIABILITIES

		77			STATEMENTS OF OPERATIONS

		81			STATEMENTS OF CHANGES IN NET ASSETS

		90			FINANCIAL HIGHLIGHTS

		103			NOTES TO FINANCIAL STATEMENTS

		141			REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

		143			SHAREHOLDER EXPENSE EXAMPLE

		149			FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

		154			FACTORS CONSIDERED IN APPROVING ARTISAN GLOBAL DISCOVERY FUND’S ADVISORY AGREEMENT

		158			FACTORS CONSIDERED IN APPROVING ARTISAN THEMATIC FUND’S ADVISORY AGREEMENT

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

		165			PROXY VOTING POLICIES AND PROCEDURES

		165			INFORMATION ABOUT PORTFOLIO SECURITIES

		166			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, 2017. 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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/29/2015 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			Since Inception
Artisan Developing World Fund – Investor Shares (6/29/2015)		22.70	%		11.94	%
Artisan Developing World Fund – Advisor Shares (6/29/2015)		22.94			12.18
Artisan Developing World Fund – Institutional Shares (6/29/2015)		22.99			12.29
MSCI Emerging Markets Index		22.46			8.03	*

*	As of Investor, Advisor and 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 table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. 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.


2		Artisan Partners Funds

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2017, global equities were broadly positive. Though emerging markets led, European and US markets were also solidly in the black. Headlines were dominated by geopolitics, natural disasters and monetary policy – though markets shrugged off most headlines as economic fundamentals and corporate earnings remained sound overall.

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		20.4	%		21.4	%
Consumer Staples		16.4			13.9
Financials		13.4			11.4
Health Care		10.5			10.5
Industrials		6.6			5.5
Information Technology		22.1			23.1
Materials		–			1.8
Real Estate		1.7			1.7
Telecommunication Services		0.9			2.5
Other assets less liabilities		8.0			8.2
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Chinese e-commerce company Alibaba, Brazilian insurance company Qualicorp, Brazilian education company Kroton, Russian Internet search engine operator Yandex and Chinese Internet company Tencent. Bottom contributors during the period included: Indonesian retailer Matahari Department Store, Chinese biopharmaceutical company China Biologic Products, Danish pharmaceutical company Novo Nordisk, Indian television service company Dish TV India and Indian antibiotic manufacturer and marketer Aurobindo Pharma.

REGION ALLOCATION


Region	9/30/2016			9/30/2017
Emerging Asia		38.4	%		35.0	%
Developed Markets		27.0			26.0
Latin America		15.8			18.0
Europe, Middle East and Africa		10.8			12.8

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: UK-based consumer goods company Reckitt Benckiser, Brazilian electronic payment solutions company Cielo, Russian commercial bank Sberbank, Russian Internet search engine operator Yandex and US-based athletic retailer Nike. We funded these purchases in part through exiting our positions in Sands China, SK Hynix, Novo Nordisk, The Siam Commercial Bank and Ambev.


Artisan Partners Funds		3

ARTISAN EMERGING MARKETS FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (6/26/2006 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Emerging Markets Fund – Investor Shares (6/2/2008)		23.47	%		8.16	%		4.81	%		n/a			-0.42	%
Artisan Emerging Markets Fund – Institutional Shares (6/26/2006)		23.47			8.13			4.95			0.36	%		5.25
MSCI Emerging Markets Index		22.46			4.90			3.99			1.32			6.44	*

*	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 Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50% of average daily net assets for each share class, 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

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		14.6	%		14.0	%
Consumer Staples		6.0			2.5
Energy		6.2			7.1
Financials		20.2			21.2
Health Care		5.9			7.4
Industrials		7.9			8.8
Information Technology		24.7			27.5
Materials		6.7			6.8
Telecommunication Services		2.5			0.7
Utilities		4.1			1.5
Other assets less liabilities		1.2			2.5
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Korean electronic products and solutions manufacturer Samsung Electronics, Chinese e-commerce company Alibaba, Russian commercial bank Sberbank, Taiwanese integrated circuits manufacturer Taiwan Semiconductor Manufacturing Co and Brazilian iron ore producer Vale. Bottom contributors during the period included: Chinese IT services company Digital China, Chinese media company Wisdom Sports, Turkish provider of port and harbor services Global Ports, Korean car company Kia Motors and Indian antibiotic manufacturer and marketer Aurobindo Pharma.

REGION ALLOCATION


Sector	9/30/2016			9/30/2017
Emerging Asia		56.6	%		54.7	%
Europe, Middle East and Africa		18.4			17.8
Latin America		19.4			17.6
Developed Markets		4.4			7.4

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Argentine commercial banking company Grupo Supervielle, Turkish provider of port and harbor services Global Ports, Argentine integrated oil and gas exploration and production company YPF, Korean manufacturer of bio-healthcare products Samsung Biologics and Russian retailer Detsky Mir. We funded these purchases in part through exiting our positions in Galicia Financial Group, Pampa Energia, Aurobindo Pharma, Bank Negara Indonesia and Copa Holdings.


Artisan Partners Funds		5

ARTISAN GLOBAL DISCOVERY FUND

PERFORMANCE HISTORY

TOTAL RETURNS (as of 9/30/2017)


Fund / Index	Since Inception¹
Artisan Global Discovery Fund – Investor Shares (8/21/2017)		3.20	%
MSCI ACWI Index		3.54	*

¹	For the period from commencement of operations 8/21/2017 through 9/30/2017; 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 Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50% of average daily net assets, 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.


6		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017
Consumer Discretionary		11.2	%
Consumer Staples		9.6
Energy		4.5
Financials		7.5
Health Care		10.0
Industrials		21.0
Information Technology		27.8
Other assets less liabilities		8.4
		100.0	%

PERFORMANCE DISCUSSION

The following commentary reflects the period since the Fund’s August 21, 2017 inception through September 30, 2017.

Top contributors within the portfolio during the period included: US-based provider of electronic components used in marine, environmental and industrial applications Teledyne, US-based oil and gas company Diamondback Energy, US-based insurance software company Guidewire, Netherlands-based semiconductor manufacturing equipment company ASML and US-based minimally invasive medical devices manufacturer Boston Scientific. Bottom contributors during the period included: US-based medical device firm DexCom, US-based consumer products retailer Newell Brands, US-based biopharmaceutical company Regeneron, US-based processing and technology services company IHS Markit and US-based cloud computing company Veeva.

REGION ALLOCATION


Region	9/30/2017
Americas		55.3	%
Europe		20.2
Emerging Markets		9.7
Pacific Basin		6.4

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based electronic transaction processing provider Global Payments, US-based provider of electronic components used in marine, environmental and industrial applications Teledyne, US-based supplier of nuclear components and fuel to the US government BWX Technologies, US-based minimally invasive medical devices manufacturer Boston Scientific and US-based insurance software company Guidewire.


Artisan Partners Funds		7

ARTISAN GLOBAL EQUITY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/29/2010 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Equity Fund – Investor Shares (3/29/2010)		18.50	%		8.44	%		11.55	%		11.93	%
Artisan Global Equity Fund – Institutional Shares (10/15/2015)		18.78			n/a			n/a			10.83
MSCI ACWI Index		18.65			7.43			10.20			8.61	*

*	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 performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable 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 Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50% of average daily net assets for each share class, 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.


8		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		26.2	%		3.4	%
Consumer Staples		14.6			5.1
Energy		–			0.2
Financials		7.8			21.1
Health Care		12.6			9.2
Industrials		5.9			10.4
Information Technology		22.8			42.1
Materials		3.3			5.4
Real Estate		2.3			–
Telecommunication Services		2.7			1.1
Utilities		–			2.0
Other assets less liabilities		1.8			0.0	^†
		100.0	%		100.0	%

^†	Amount rounds to less than 0.1%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: German Internet payment and processing services provider Wirecard, US-based financial transaction processing service provider Mastercard, Chinese e-commerce company Alibaba, US-based Internet search engine operator Alphabet and US-based biopharmaceutical firm Celgene. Bottom contributors during the period included: US-based medical device manufacturer Medtronic, Taiwanese contact lens developer Ginko International, France-based manufacturing company Vallourec, US-based brewing company Molson Coors and Japanese tobacco product company Japan Tobacco.

REGION ALLOCATION


Region	9/30/2016			9/30/2017
Americas		64.3	%		54.5	%
Europe		20.0			28.7
Emerging Markets		5.9			12.2
Pacific Basin		8.0			4.6

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US semiconductor equipment provider Applied Materials, Netherlands-based diversified financial services provider ING, US-based communications equipment company Harris Corp, US-based provider of enterprise IT management software ServiceNow and US-based biopharmaceutical company PTC. We funded these purchases in part through exiting our positions in Medtronic, Dollar General, Molson Coors, Liberty Global and Dollar Tree.


Artisan Partners Funds		9

ARTISAN GLOBAL OPPORTUNITIES FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/22/2008 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Opportunities Fund – Investor Shares (9/22/2008)		18.36	%		12.01	%		13.26	%		11.70	%
Artisan Global Opportunities Fund – Advisor Shares (4/1/2015)		18.53			n/a			n/a			12.98
Artisan Global Opportunities Fund – Institutional Shares (7/26/2011)		18.60			12.27			13.53			12.18
MSCI ACWI Index		18.65			7.43			10.20			7.18	*

*	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 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% of average daily net assets, which 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

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		9.7	%		11.1	%
Consumer Staples		8.8			9.7
Energy		2.4			3.2
Financials		6.8			12.2
Health Care		14.9			13.4
Industrials		12.3			11.6
Information Technology		34.5			29.1
Materials		4.0			3.2
Other assets less liabilities		6.6			6.5
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based processing and technology services company IHS Markit, US-based retail electronic payments network provider Visa, US-based Internet search engine operator Alphabet, Netherlands-based semiconductor manufacturing equipment company ASML and Japanese cosmetic and toiletry products manufacturer Shiseido. Bottom contributors during the period included: US-based medical device firm DexCom, Korean beauty brand Amorepacific, US-based provider of enterprise cloud-based applications Workday, US-based energy exploration and production company Noble Energy and US-based oil and gas exploration and production company Pioneer Natural Resources.

REGION ALLOCATION


Region	9/30/2016			9/30/2017
Americas		54.7	%		49.0	%
Europe		16.1			21.4
Pacific Basin		14.0			16.4
Emerging Markets		8.6			6.7

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based financial services company State Street, US-based commercial bank Bank of America, South African foodservice company Bid Corp, Indian banking and financial services provider HDFC Bank and Netherlands-based diversified financial services provider ING. We funded these purchases in part through exiting our positions in Electronic Arts, Workday, ASOS, Direct Line Insurance and Amorepacific.


Artisan Partners Funds		11

ARTISAN GLOBAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Value Fund – Investor Shares (12/10/2007)		19.95	%		8.69	%		12.31	%		8.30	%
Artisan Global Value Fund – Advisor Shares (4/1/2015)		20.16			n/a			n/a			9.31
Artisan Global Value Fund – Institutional Shares (7/17/2012)		20.23			8.93			12.58			13.67
MSCI ACWI Index		18.65			7.43			10.20			3.82	*

*	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 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% of average daily net assets, which 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

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		3.7	%		4.3	%
Consumer Staples		6.8			6.9
Energy		2.4			2.8
Financials		31.4			34.5
Health Care		6.2			5.5
Industrials		10.1			9.2
Information Technology		25.2			23.0
Materials		–			0.3
Telecommunication Services		3.1			3.0
Other assets less liabilities		11.1			10.5
		100.0%			100.0%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Korean electronic products and solutions manufacturer Samsung Electronics, US-based financial services holding company Citigroup, US-based global financial services company The Bank of New York Mellon, Netherlands-based diversified financial services provider ING and UK-based commercial bank Royal Bank of Scotland. Bottom contributors during the period included: US-based wireless communications equipment manufacturer Qualcomm, US-based medical device manufacturer Medtronic, Korean car company Kia Motors, UK-based engineering project services provider Amec Foster Wheeler and Korean tobacco company KT&G.

REGION ALLOCATION


Region	9/30/2016			9/30/2017
Americas		49.4	%		46.5	%
Europe		27.7			28.3
Emerging Markets		11.5			12.9
Pacific Basin		0.3			1.8

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Japanese Internet company Yahoo Japan, US-based auto parts and accessories retailer Advance Auto Parts, Korean tobacco company KT&G, Netherlands-based health technology company Philips and US-based engineering and construction firm Fluor. We funded these purchases in part through exiting our positions in Adecco, Bridgestone and HCL Technologies.


Artisan Partners Funds		13

ARTISAN HIGH INCOME FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/19/2014 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			Since Inception
Artisan High Income Fund – Investor Shares (3/19/2014)		10.07	%		7.65	%		7.07	%
Artisan High Income Fund – Advisor Shares (3/19/2014)		10.27			7.83			7.24
Artisan High Income Fund – Institutional Shares (10/3/2016)		n/a			n/a			9.94	⁽¹⁾
ICE BofAML U.S. High Yield Master II Total Return⁽²⁾		9.06			5.87			5.21	*

⁽¹⁾

For the period from commencement of operations 10/3/2016 through 9/30/2017; not annualized.

⁽²⁾

Effective October 2017, the Index was renamed ICE BofAML U. S. High Yield Master II Total Return Index from BofA Merrill Lynch U.S. High Yield Master II Total Return Index.

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. 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

The non-investment grade credit markets advanced during the 12-month period ended September 30, 2017 as yields and spreads approached their lowest levels in three years. Credit markets benefitted from a backdrop of synchronized global growth that helped propel risk assets to all-time highs.

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: US-based risk management provider York Risk Services, US-based gaming products and services provider Scientific Games, US-based health care services company Opal Acquisitions, US-based real estate investment trust VEREIT and Luxembourg-based cable operator Altice. Bottom contributors during the period included: US telecommunications company Frontier Communications, US-based luxury retailer Neiman Marcus, US-based apparel and home goods holding company FullBeauty Brands, US-based cyber security solutions provider Optiv Security and US-based health services provider Community Health Systems.

PORTFOLIO COMPOSITION


Type	9/30/2016			9/30/2017
Corporate Bonds		70.8	%		70.9	%
Bank Loans		21.4			21.8
Convertible Debentures		0.3			0.4
Preferred Stocks		–			0.3
Common Stock		–			0.0	^†
Other assets less liabilities		7.5			6.6
		100.0	%		100.0	%

^†	Amount rounds to less than 0.1%

PORTFOLIO CHANGES

During the period, we identified several new investment opportunities for the portfolio during the period, including US-based energy exploration and production company Carrizo Oil & Gas, UK-based insurance intermediary group Ardonagh Midco 3, US-based online-genealogy company Ancestry.com, US-based automotive retailer Sonic Automotive and Dutch cable operator Ziggo. We funded these purchases in part through exiting our positions in Gardner Denver, Active Network, Platform Specialty Products, Cloud Crane and NFP.


Artisan Partners Funds		15

ARTISAN INTERNATIONAL FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Fund – Investor Shares (12/28/1995)		15.39	%		3.23	%		7.47	%		2.45	%		9.13	%
Artisan International Fund – Advisor Shares (4/1/2015)		15.56			n/a			n/a			n/a			2.13
Artisan International Fund – Institutional Shares (7/1/1997)		15.66			3.47			7.71			2.69			8.04
MSCI EAFE Index		19.10			5.04			8.38			1.34			4.98	*
MSCI ACWI ex USA Index^†		19.61			4.70			6.97			1.28			5.44	*

*	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

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		9.5	%		5.2	%
Consumer Staples		27.0			14.4
Energy		–			0.3
Financials		15.5			25.5
Health Care		11.2			6.1
Industrials		11.9			18.3
Information Technology		8.8			17.5
Materials		4.1			8.8
Real Estate		1.6			–
Telecommunication Services		8.7			2.5
Other assets less liabilities		1.7			1.4
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Chinese e-commerce company Alibaba, German insurance and financial services company Allianz, German Internet payment and processing services provider Wirecard, Germany-based European exchange operator Deutsche Boerse and Netherlands-based diversified financial services provider ING. Bottom contributors during the period included: Japanese tobacco product company Japan Tobacco, US-based medical device manufacturer Medtronic, UK-based consumer goods company Unilever, Japanese mobile communication services and devices provider KDDI and UK-based tobacco company British American Tobacco.

REGION ALLOCATION


Region	9/30/2016			9/30/2017
Europe		50.5	%		57.0	%
Americas		24.3			17.9
Emerging Markets		6.9			13.0
Pacific Basin		16.6			10.7

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Netherlands-based diversified financial services provider ING, Korean electronic products and solutions manufacturer Samsung Electronics, Japanese video game company Nintendo, Italian banking and financial services company Intesa Sanpaolo and Italian insurance company Assicurazioni Generali. We funded these purchases in part through exiting our positions in Unilever, Danone, KDDI, Nippon Telegraph & Telephone and British American Tobacco.


Artisan Partners Funds		17

ARTISAN INTERNATIONAL SMALL CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/2001 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Small Cap Fund – Investor Shares (12/21/2001)		13.09	%		5.75	%		8.36	%		3.41	%		11.90	%
Artisan International Small Cap Fund – Institutional Shares (4/12/2016)		13.31			n/a			n/a			n/a			10.98
MSCI EAFE Index		19.10			5.04			8.38			1.34			6.40	*
MSCI EAFE Small Cap Index		21.84			11.13			12.85			4.63			10.77	*

*	As of Investor Shares inception date.


18		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		14.0	%		18.2	%
Consumer Staples		26.3			3.7
Financials		2.0			13.6
Health Care		7.1			14.4
Industrials		15.9			12.5
Information Technology		15.9			20.8
Materials		1.9			4.1
Real Estate		2.0			1.3
Telecommunication Services		10.8			3.6
Utilities		1.3			1.2
Other assets less liabilities		2.8			6.6
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: German Internet payment and processing services provider Wirecard, Swiss medical product manufacturer Comet, French medical product developer and manufacturer Advanced Accelerator Applications, Dutch provider of carrier and cloud-neutral colocation data center services InterXion and pan-European stock exchange Euronext. Bottom contributors during the period included: Danish beverage company Royal Unibrew, Taiwanese contact lens developer Ginko International, UK-based provider of automobile insurance and breakdown coverage AA, Japanese employment agency company Dip and UK-based funeral services provider Dignity.

REGION ALLOCATION


Region	9/30/2016			9/30/2017
Europe		80.9	%		79.8	%
Emerging Markets		5.0			7.2
Pacific Basin		8.8			3.9
Americas		2.5			2.5

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: French medical product developer and manufacturer Advanced Accelerator Applications, UK-based business focused on electronic markets and post trade business NEX Group, Swedish provider of air condition equipment for the automotive and marine markets Dometic Group, German cable service provider Tele Columbus and Mexican commercial banking company Banco del Bajio. We funded these purchases in part through exiting our positions in Royal Unibrew, Cloetta, Scandinavian Tobacco, Babcock International and Elis.


Artisan Partners Funds		19

ARTISAN INTERNATIONAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Value Fund – Investor Shares (9/23/2002)		20.19	%		7.70	%		11.70	%		7.16	%		13.41	%
Artisan International Value Fund – Advisor Shares (4/1/2015)		20.41			n/a			n/a			n/a			7.85
Artisan International Value Fund – Institutional Shares (10/1/2006)		20.48			7.95			11.94			7.38			7.92
MSCI EAFE Index		19.10			5.04			8.38			1.34			8.27	*
MSCI EAFE Value Index		22.55			3.50			7.80			0.49			8.23	*

*	As of Investor Shares inception date.


20		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		11.3	%		10.6	%
Consumer Staples		8.5			8.0
Energy		3.2			3.1
Financials		22.2			23.7
Health Care		5.4			5.4
Industrials		17.3			13.5
Information Technology		16.8			18.0
Materials		–			0.3
Telecommunication Services		3.0			2.9
Other assets less liabilities		12.3			14.5
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: Korean electronic products and solutions manufacturer Samsung Electronics, Netherlands-based diversified financial services provider ING, UK-based commercial bank Royal Bank of Scotland, Swiss financial services provider UBS and Chinese Internet search engine operator Baidu. Bottom contributors during the period included: US-based medical device manufacturer Medtronic, Korean car company Kia Motors, UK-based engineering project services provider Amec Foster Wheeler, Norwegian conglomerate focused on branded consumer goods with several ancillary assets Orkla and Denmark-based facility services provider ISS.

REGION ALLOCATION


Region	9/30/2016			9/30/2017
Europe		53.4	%		51.6	%
Emerging Markets		14.4			14.9
Americas		14.9			14.4
Pacific Basin		5.0			4.6

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: Japanese Internet company Yahoo Japan, Netherlands-based health technology company Philips, Korean tobacco company KT&G, Netherlands-based chemical company Akzo Nobel and Swedish telecommunications company Ericsson. We funded these purchases in part through exiting our positions in Credit Saison, QinetiQ Group and Aker Solutions.


Artisan Partners Funds		21

ARTISAN MID CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/1997 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Fund – Investor Shares (6/27/1997)		12.19	%		7.76	%		11.78	%		8.28	%		13.19	%
Artisan Mid Cap Fund – Advisor Shares (4/1/2015)		12.36			n/a			n/a			n/a			5.86
Artisan Mid Cap Fund – Institutional Shares (7/1/2000)		12.45			8.02			12.06			8.57			7.95
Russell Midcap^® Index		15.32			9.54			14.26			8.08			9.78	*
Russell Midcap^® Growth Index		17.82			9.96			14.18			8.20			8.43	*

*	As of Investor Shares inception date.


22		Artisan Partners Funds

INVESTING ENVIRONMENT

During the one-year period ended September 30, 2017, US stock returns advanced across the market-cap spectrum. Optimism surrounding the potential for tax cuts, regulatory reform and expansionary infrastructure spending at the hands of the new US administration buoyed stocks. From a style standpoint, growth stocks outperformed value, while performance across market caps remained relatively undifferentiated.

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		18.0	%		15.6	%
Consumer Staples		2.8			3.4
Energy		3.1			3.7
Financials		6.4			11.7
Health Care		21.4			17.7
Industrials		19.8			19.4
Information Technology		21.9			24.1
Materials		1.5			1.2
Telecommunication Services		0.7			–
Other assets less liabilities		4.4			3.2
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: technology company NVIDIA, health insurance provider Cigna, Canadian waste collection company Waste Connections, electronic transaction processing provider Global Payments and processing and technology services company IHS Markit. Bottom contributors during the period included: medical device firm DexCom, lighting fixture supplier Acuity, auto parts and accessories retailer Advance Auto Parts, surgery center management company Amsurg and consumer products retailer Newell Brands.

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: insurance holding company Progressive, banking company First Republic Bank, analytics software provider Tableau, online travel company Expedia and oil and gas company Diamondback Energy. We funded these purchases in part through exiting our positions in RPM International, NVIDIA, Dollar Tree, Seattle Genetics and Palo Alto Networks.


Artisan Partners Funds		23

ARTISAN MID CAP VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Value Fund – Investor Shares (3/28/2001)		15.08	%		6.33	%		11.15	%		7.75	%		10.64	%
Artisan Mid Cap Value Fund – Advisor Shares (4/1/2015)		15.23			n/a			n/a			n/a			6.29
Artisan Mid Cap Value Fund – Institutional Shares (2/1/2012)		15.37			6.56			11.40			n/a			10.20
Russell Midcap^® Index		15.32			9.54			14.26			8.08			9.75	*
Russell Midcap^® Value Index		13.37			9.19			14.33			7.85			10.27	*

*	As of Investor Shares inception date.


24		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		18.2	%		15.4	%
Consumer Staples		–			1.9
Energy		10.6			13.3
Financials		22.4			22.4
Health Care		1.6			1.8
Industrials		15.3			13.0
Information Technology		14.3			11.6
Materials		9.5			9.9
Real Estate		–			1.9
Utilities		1.5			1.2
Other assets less liabilities		6.6			7.6
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: aircraft leasing company Air Lease, media and Internet company InterActiveCorp, chemicals producer Celanese, financial services company Fifth Third and video and Internet commerce business stake-holder Liberty Ventures. Bottom contributors during the period included: oil and gas company Apache, oil and gas company Devon Energy, Canadian gold miner Goldcorp, energy-based holding company SCANA and engineering and construction firm Fluor.

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: oil and gas company Cimarex Energy, food retailer Kroger, real estate investment trust Equity Commonwealth, aviation, marine and ground transportation services company World Fuel Services and manufacturer, marketer and distributor of coating systems Axalta Coating Systems. We funded these purchases in part through exiting our positions in Keysight Technologies, Harley-Davidson, The Mosaic Co, OGE Energy and Nucor.


Artisan Partners Funds		25

ARTISAN SMALL CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/1995 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Small Cap Fund – Investor Shares (3/28/1995)		13.56	%		11.78	%		12.33	%		7.66	%		8.89	%
Artisan Small Cap Fund – Advisor Shares (2/1/2017)		n/a			n/a			n/a			n/a			15.05	⁽¹⁾
Artisan Small Cap Fund – Institutional Shares (5/7/2012)		13.81			12.03			12.57			n/a			12.89
Russell 2000^® Index		20.74			12.18			13.79			7.85			9.53	*
Russell 2000^® Growth Index		20.98			12.17			14.28			8.47			7.84	*

⁽¹⁾

For the period from commencement of operations 2/1/2017 through 9/30/2017; not annualized.

As of Investor Shares inception date.


26		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		11.2	%		11.4	%
Consumer Staples		0.8			0.7
Energy		1.2			2.4
Financials		1.3			6.7
Health Care		22.2			16.0
Industrials		21.9			23.2
Information Technology		34.9			35.3
Other assets less liabilities		6.5			4.3
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: maker of machine vision systems Cognex, entertainment software developer Take-Two, provider of electronic components used in marine, environmental and industrial applications Teledyne, automotive cockpit electronics supplier Visteon and technology solutions provider John Bean. Bottom contributors during the period included: lighting fixture supplier Acuity, medical device firm DexCom, Internet radio company Pandora, security systems developer and manufacturer Axon and electronic mortgage originator Ellie Mae.

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: bank holding company Webster Financial, aerospace and electronics company HEICO, biopharmaceutical company Halozyme Therapeutics, social gaming operator Zynga and biopharmaceutical company Neurocrine Biosciences. We funded these purchases in part through exiting our positions in Cepheid, UnitedHealth Group (which had fully acquired our holding in Surgical Care Affiliates), Pandora, Seattle Genetics, and Dunkin’ Brands.


Artisan Partners Funds		27

ARTISAN THEMATIC FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (4/24/2017 to 9/30/2017)

LOGO

TOTAL RETURNS (as of 9/30/2017)


Fund / Index	Since Inception⁽¹⁾
Artisan Thematic Fund – Investor Shares (4/24/2017)		18.00	%
S&P 500^® Index		7.08	*

¹	For the period from commencement of operations 4/24/2017 through 9/30/2017; 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. The Fund’s investments in initial public offerings (IPOs) made a material contribution to performance. IPO investments may contribute significantly to a small portfolio’s return, an effect that will generally decrease as assets grow. IPO investments may be unavailable 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 Fund’s performance reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50% of average daily net assets, 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.


28		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2017
Consumer Discretionary		20.6	%
Consumer Staples		5.3
Financials		11.7
Health Care		1.0
Industrials		11.6
Information Technology		45.2
Materials		4.0
Other assets less liabilities		0.6
		100.0	%

PERFORMANCE DISCUSSION

The following commentary reflects the period since the Fund’s April 24, 2017 inception through September 30, 2017.

Top contributors within the portfolio during the period included: Chinese Internet company Tencent, US-based entertainment software developer Take-Two, US-based provider of enterprise IT management software ServiceNow, Japanese video game company Nintendo and US-based security company Northrop Grumman. Bottom contributors during the period included: US-based supplier of aggregates and heavy building materials Martin Marietta Materials, US-based shipbuilding company Huntington Ingalls, US-based producer of construction aggregates Vulcan Materials, US-based telecommunications company Charter and US-based technology manufacturer Flex.

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: US-based technology and marketing company for the automotive retail industry CDK Global, US-based security company Northrop Grumman, US-based media and television broadcasting company Comcast, US-based cable company Cable One and US-based producer and supplier of frozen potato products Lamb Weston. We funded these purchases in part through exiting our positions in Vulcan Materials, Take-Two, General Dynamics, Welbilt and Mastercard.


Artisan Partners Funds		29

ARTISAN VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/2006 to 9/30/2017)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2017)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Value Fund – Investor Shares (3/27/2006)		17.16	%		8.76	%		11.29	%		6.05	%		7.18	%
Artisan Value Fund – Advisor Shares (4/1/2015)		17.37			n/a			n/a			n/a			9.80
Artisan Value Fund – Institutional Shares (7/26/2011)		17.46			8.98			11.56			n/a			10.64
Russell 1000^® Index		18.54			10.63			14.27			7.55			8.26	*
Russell 1000^® Value Index		15.12			8.53			13.20			5.92			6.92	*

*	As of Investor Shares inception date.


30		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2016			9/30/2017
Consumer Discretionary		16.1	%		13.9	%
Energy		15.1			14.4
Financials		17.4			18.9
Health Care		2.0			7.7
Industrials		8.7			5.8
Information Technology		20.8			16.7
Materials		14.5			15.2
Real Estate		–			2.0
Other assets less liabilities		5.4			5.4
		100.0%			100.0%

PERFORMANCE DISCUSSION

Top contributors within the portfolio during the period included: financial services holding company Citigroup, aircraft leasing company Air Lease, global investment banking and securities firm Goldman Sachs, Korean electronic products and solutions manufacturer Samsung Electronics and chemicals producer Celanese. Bottom contributors during the period included: oil and gas company Devon Energy, Canadian gold miner Goldcorp, oil and gas company Apache, oil and gas company Hess and wireless communications equipment manufacturer Qualcomm.

REGION ALLOCATION


Region	9/30/2016		9/30/2017
Americas	85.5	%	87.9	%
Europe	3.1		3.5
Emerging Markets	6.0		3.2

PORTFOLIO CHANGES

During the period, we identified the following new investment opportunities for the portfolio: oil and gas company Occidental Petroleum, automotive company AutoNation, pharmacy benefit management company Express Scripts, real estate investment trust Simon Property and manufacturer of specialty pharmaceuticals Allergan. We funded these purchases in part through exiting our positions in Time Warner, Arrow Electronics, The Mosaic Co, Qualcomm and Gilead Sciences.


Artisan Partners Funds		31

ARTISAN DEVELOPING WORLD FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 91.8%

ARGENTINA - 0.7%
Grupo Supervielle S.A. (DR)		563,100		$	13,903

BRAZIL - 12.2%
Cielo S.A.		8,947,920			62,098
Hypermarcas S.A.		4,860,000			49,411
Kroton Educacional S.A.		13,432,700			85,037
Lojas Renner S.A.		910,764			10,370
Qualicorp S.A.		2,867,900			34,319

					241,235
CHINA - 20.6%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		461,529			79,711
Baidu, Inc. (DR)⁽¹⁾		143,769			35,610
Hangzhou Hikvision Digital Technology Co., Ltd.		6,421,773			30,935
Kweichow Moutai Co., Ltd., Class A		537,443			41,870
Shanghai International Airport Co., Ltd., Class A		10,792,585			61,739
Sinopharm Group Co., Ltd., Class H		13,568,100			59,750
TAL Education Group (DR)		292,571			9,862
Tencent Holdings Ltd.		1,264,700			54,431
Yum China Holdings, Inc.⁽¹⁾		774,437			30,954

					404,862
EGYPT - 0.2%
Commercial International Bank Egypt S.A.E.⁽²⁾		775,013			3,581

FRANCE - 1.1%
LVMH Moet Hennessy Louis Vuitton SE		79,768			22,009

HONG KONG - 5.3%
AIA Group Ltd.		11,234,900			82,842
Galaxy Entertainment Group Ltd.		3,137,000			22,087

					104,929
INDIA - 10.1%
Bharti Infratel Ltd.		6,449,332			39,262
Dish TV India Ltd.⁽¹⁾		34,776,321			40,170
Eicher Motors Ltd.		36,149			17,277
HDFC Bank Ltd. (DR)		464,364			44,751
PVR Ltd.		1,185,801			22,002
UPL Ltd.		2,907,825			34,638

					198,100
INDONESIA - 2.1%
Matahari Department Store Tbk PT		29,355,200			20,215
INDONESIA (CONTINUED)
Sarana Menara Nusantara Tbk PT		30,147,900			10,005
Surya Citra Media Tbk PT		72,743,100			11,828

					42,048
KOREA-0.6%
Cosmax, Inc.		98,498			10,922

MALAYSIA - 0.3%
My EG Services Bhd		11,163,300			5,420

MEXICO - 3.0%
Banco del Bajio S.A.⁽¹⁾		5,000,900			9,595
Grupo Televisa S.A.B. (DR)		1,995,381			49,226

					58,821
NETHERLANDS - 1.4%
Unilever N.V. (DR)		453,352			26,812

PANAMA - 0.7%
Copa Holdings S.A., Class A⁽³⁾		107,358			13,369

PERU - 1.3%
Credicorp Ltd.		129,066			26,461

PHILIPPINES - 0.9%
Puregold Price Club, Inc.		17,816,100			18,290

RUSSIA - 8.7%
Magnit PJSC (DR)		2,091,555			85,649
Sberbank of Russia PJSC (DR)		3,093,813			44,041
Yandex N.V., Class A⁽¹⁾		1,237,371			40,771

					170,461
SAUDI ARABIA - 0.5%
Al Tayyar Travel Group, Equity-Linked Security^{(1)(2)(3)(4)(5)}		1,020,823			9,435

SOUTH AFRICA - 1.9%
Mr Price Group Ltd.		2,485,328			33,050
Pioneer Foods Group Ltd.		516,036			4,298

					37,348
TAIWAN - 0.5%
Largan Precision Co., Ltd.		51,000			8,964

UNITED ARAB EMIRATES - 1.6%
Emaar Properties PJSC⁽²⁾		13,998,294			32,368

UNITED KINGDOM - 4.3%
Reckitt Benckiser Group plc		937,452			85,584


32		Artisan Partners Funds


	Shares Held			Value
UNITED STATES - 13.8%
China Biologic Products Holdings, Inc.⁽¹⁾			688,931		$	63,568
Delphi Automotive plc			192,391			18,931
EPAM Systems, Inc.⁽¹⁾			205,780			18,094
Facebook, Inc., Class A⁽¹⁾			355,744			60,786
Kansas City Southern			146,938			15,969
MercadoLibre, Inc.			81,528			21,110
NIKE, Inc., Class B			690,983			35,828
Visa, Inc., Class A			356,017			37,467

						271,753

Total common stocks and equity-linked security (Cost $1,451,481)						1,806,675

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 8.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $166,121 (Cost $166,116)⁽⁶⁾		$	166,116		$	166,116


Total investments - 100.2% (Cost $1,617,597)						1,972,791

Other assets less liabilities - (0.2)%						(4,219	)


Total net assets - 100.0%⁽⁷⁾					$	1,968,572

⁽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 $45,384, or 2.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.


Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Al Tayyar Travel Group		7/9/2015- 8/22/2017		$	9,318		$	9,435		0.5	%

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

⁽⁶⁾	Collateralized by:

Security

Rate

Maturity

Value

U.S. Treasury Bond

3.750%

11/15/2043

$169,442

⁽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, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	421,004		21.3	%
Consumer Staples			273,425		13.9
Financials			225,174		11.4
Health Care			207,048		10.5
Industrials			108,354		5.5
Information Technology			455,397		23.1
Materials			34,638		1.8
Real Estate			32,368		1.6
Telecommunication Services			49,267		2.5
Short-term investments			166,116		8.4

Total investments		$	1,972,791		100.0	%


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	241,235		12.2	%
British pound			85,584		4.3
Chinese yuan renminbi offshore			134,544		6.8
Egyptian pound			3,581		0.2
Euro			48,821		2.5
Hong Kong dollar			219,110		11.1
Indian rupee			153,349		7.8
Indonesian rupiah			42,048		2.1
Korean won			10,922		0.6
Malaysian ringgit			5,420		0.3
Mexican peso			9,595		0.5
Philippine peso			18,290		0.9
South African rand			37,348		1.9
New Taiwan dollar			8,964		0.5
U.S. dollar			921,612		46.7
UAE dirham			32,368		1.6

Total investments		$	1,972,791		100.0	%


Artisan Partners Funds		33


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
Magnit PJSC	Russia		4.4	%
Reckitt Benckiser Group plc	United Kingdom		4.3
Kroton Educacional S.A.	Brazil		4.3
AIA Group Ltd.	Hong Kong		4.2
Alibaba Group Holding Ltd.	China		4.1
China Biologic Products Holdings, Inc.	United States		3.2
Cielo S.A.	Brazil		3.2
Shanghai International Airport Co., Ltd.	China		3.1
Facebook, Inc.	United States		3.1
Sinopharm Group Co., Ltd.	China		3.0

Total			36.9	%

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.


34		Artisan Partners Funds

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 86.1%

ARGENTINA - 3.4%
Grupo Supervielle S.A. (DR)		40,194		$	992
YPF S.A. (DR)		34,040			759

					1,751
BRAZIL - 6.3%
Cosan S.A. Industria e Comercio		20,500			234
CVC Brasil Operadora e Agencia de Viagens S.A.		28,563			369
GAEC Educacao S.A.		60,300			440
Hypermarcas S.A.		38,038			387
Linx S.A.		82,800			511
Petroleo Brasileiro S.A.⁽¹⁾		120,489			602
Vale S.A.		65,613			660

					3,203
CHILE - 1.9%
Empresa Nacional de Telecomunicaciones S.A.		32,474			337
SACI Falabella		64,053			623

					960
CHINA - 19.0%
Ajisen China Holdings Ltd.		584,913			266
Alibaba Group Holding Ltd. (DR)⁽¹⁾		16,932			2,924
Baidu, Inc. (DR)⁽¹⁾		4,410			1,092
China High Precision Automation Group Ltd.^(1)(2)(3)		9,066,000			–
China Life Insurance Co., Ltd., Class H		166,800			496
China Petroleum & Chemical Corp., Class H		671,453			503
China Traditional Chinese Medicine Holdings Co., Ltd.		590,000			329
Digital China Holdings Ltd.⁽¹⁾		523,460			295
Noah Holdings Ltd. (DR)⁽¹⁾		22,036			708
Sino Biopharmaceutical Ltd.		845,000			893
Sinopharm Group Co., Ltd., Class H		127,700			562
Sinotrans Ltd., Class H		652,341			331
Wisdom Sports Group⁽¹⁾		1,959,839			319
Zhuzhou CRRC Times Electric Co., Ltd., Class H		182,615			1,023

					9,741
CZECH REPUBLIC - 1.0%
Moneta Money Bank AS		141,624			499

GERMANY - 0.5%
Rocket Internet SE⁽¹⁾		9,684			249

GREECE - 1.0%
JUMBO S.A.		30,303			501

HONG KONG - 1.2%
AIA Group Ltd.		84,065			620

INDIA - 6.5%
Godrej Consumer Products Ltd.		26,450			371
Havells India Ltd.		52,334			389
ICICI Bank Ltd.		196,323			833
Kajaria Ceramics Ltd.		43,754			475
Reliance Industries Ltd.		78,118			934
Westlife Development Ltd.⁽¹⁾		85,420			311

					3,313
INDONESIA - 3.4%
Astra International Tbk PT		832,070			488
Bank Rakyat Indonesia Persero Tbk PT		461,400			523
Cikarang Listrindo Tbk PT		3,175,500			265
Indofood CBP Sukses Makmur Tbk PT		703,300			456

					1,732
KENYA - 1.0%
Equity Group Holdings Ltd.		1,415,700			535

KOREA - 7.0%
Hanssem Co., Ltd.		1,702			225
KB Financial Group, Inc.		8,623			422
Kia Motors Corp.		13,440			371
Korea Electric Power Corp.		6,195			211
LG Chem Ltd.		1,663			569
Medy-Tox, Inc.		570			246
Naver Corp.		671			437
Samsung Biologics Co., Ltd.⁽¹⁾		2,172			640
Shinhan Financial Group Co., Ltd.		10,107			444

					3,565
MALAYSIA - 0.7%
AirAsia BHD		458,600			375

MEXICO - 2.2%
Alsea S.A.B. de C.V.		117,152			432
Cemex S.A.B. de C.V., UNIT⁽¹⁾		758,918			689

					1,121
PERU - 1.6%
Credicorp Ltd.		2,605			534
Grana y Montero S.A.A. (DR)⁽¹⁾		61,778			297

					831
POLAND - 0.9%
Warsaw Stock Exchange		39,023			477


Artisan Partners Funds		35


	Shares Held			Value
RUSSIA - 5.2%
Detsky Mir PJSC			333,806		$	596
Lukoil PJSC (DR)			11,362			602
Magnit PJSC (DR)			10,461			428
MMC Norilsk Nickel PJSC (DR)			37,426			644
Yandex N.V., Class A⁽¹⁾			12,545			413

						2,683
SOUTH AFRICA - 4.8%
FirstRand Ltd.			163,819			629
Foschini Group Ltd.			53,619			538
Naspers Ltd., Class N			5,982			1,290

						2,457
SWITZERLAND - 0.8%
Dufry AG⁽¹⁾			2,479			394

TAIWAN - 10.3%
E Ink Holdings, Inc.			269,000			377
Hon Hai Precision Industry Co., Ltd.			272,508			944
MediaTek, Inc.			60,794			570
Sunny Friend Environmental Technology Co., Ltd.			122,000			769
Taiwan Semiconductor Manufacturing Co., Ltd.			363,647			2,596

						5,256
THAILAND - 0.7%
Bangkok Bank PCL (DR)			63,400			355

TURKEY - 1.8%
Akbank Turk AS			167,833			443
Turkiye Sinai Kalkinma Bankasi AS			1,179,403			460

						903
UNITED KINGDOM - 4.9%
Global Ports Holding plc			108,857			861
NMC Health plc			19,181			707
Randgold Resources Ltd.			9,511			932

						2,500

Total common stocks (Cost $36,902)						44,021

PREFERRED STOCKS - 11.4%

BRAZIL - 2.3%
Cia Energetica de Minas Gerais, 1.46%⁽⁴⁾			114,600			289
Itau Unibanco Holding S.A., 0.39%⁽⁴⁾			62,435			854

						1,143
KOREA - 7.1%
Samsung Electronics Co., Ltd., 1.36%⁽⁴⁾			2,026			3,648

RUSSIA - 2.0%
Sberbank of Russia PJSC, 3.74%⁽²⁾⁽⁴⁾			383,042			1,036

Total preferred stocks (Cost $3,128)						5,827
	Principal Amount			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $1,165 (Cost $1,165)⁽⁵⁾		$	1,165		$	1,165


Total investments - 99.8% (Cost $41,195)						51,013

Other assets less liabilities - 0.2%						125


Total net assets - 100.0%⁽⁶⁾					$	51,138

⁽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 $1,036, or 2.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾	Security has been deemed illiquid under procedures established by the board of directors of Artisan Partners Funds.

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:

Security

Rate

Maturity

Value

U.S. Treasury Bond

3.750%

11/15/2043

$1,190

⁽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, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	7,163		14.0	%
Consumer Staples			1,255		2.5
Energy			3,634		7.1
Financials			10,860		21.3
Health Care			3,764		7.4
Industrials			4,520		8.9
Information Technology			14,056		27.5
Materials			3,494		6.8
Telecommunication Services			337		0.7
Utilities			765		1.5
Short-term investments			1,165		2.3

Total investments		$	51,013		100.0	%


36		Artisan Partners Funds


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	4,346		8.5	%
British pound			2,500		4.9
Chilean peso			960		1.9
Czech koruna			499		1.0
Euro			750		1.5
Hong Kong dollar			5,637		11.1
Indian rupee			3,313		6.5
Indonesian rupiah			1,732		3.4
Kenyan shilling			535		1.0
Korean won			7,213		14.1
Malaysian ringgit			375		0.7
Mexican peso			1,121		2.2
Polish zloty			477		0.9
South African rand			2,457		4.8
Swiss franc			394		0.8
New Taiwan dollar			5,256		10.3
Thai baht			355		0.7
Turkish lira			903		1.8
U.S. dollar			12,190		23.9

Total investments		$	51,013		100.0	%


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		7.1	%
Alibaba Group Holding Ltd.	China		5.7
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		5.1
Naspers Ltd.	South Africa		2.5
Baidu, Inc.	China		2.1
Sberbank of Russia PJSC	Russia		2.0
Zhuzhou CRRC Times Electric Co., Ltd.	China		2.0
Grupo Supervielle S.A.	Argentina		1.9
Hon Hai Precision Industry Co., Ltd.	Taiwan		1.9
Reliance Industries Ltd.	India		1.8

Total			32.1	%

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.


Artisan Partners Funds		37

ARTISAN GLOBAL DISCOVERY FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held			Value
COMMON STOCKS - 90.8%

AUSTRALIA - 2.9%
Treasury Wine Estates Ltd.			35,410		$	380

BRAZIL - 3.4%
Hypermarcas S.A.			13,800			140
Linx S.A.			27,600			171
TOTVS S.A.			13,800			136

						447
CHINA - 1.1%
JD.com, Inc. (DR)⁽¹⁾			3,754			143

FRANCE - 4.4%
Dassault Systemes SE			1,619			164
Maisons du Monde S.A.			2,310			101
Orpea			816			97
Vivendi S.A.			8,475			214

						576
INDIA - 1.8%
HDFC Bank Ltd. (DR)			2,553			246

JAPAN - 3.5%
Nintendo Co., Ltd.			700			259
Shiseido Co., Ltd.			5,000			200

						459
MEXICO - 1.1%
Fomento Economico Mexicano S.A.B. de C.V. (DR)			1,557			149

NETHERLANDS - 4.9%
ASML Holding N.V.			2,071			353
IMCD Group N.V.			4,784			293

						646
SOUTH AFRICA - 2.2%
Bid Corp. Ltd.			12,770			287

UNITED KINGDOM - 10.2%
B&M European Value Retail S.A.			39,465			205
Fevertree Drinks plc			8,421			247
Halma plc			26,658			400
Intertek Group plc			4,030			269
Worldpay Group plc			40,307			220

						1,341
UNITED STATES - 55.3%
AO Smith Corp.			4,068			242
Aramark			6,416			261
Boston Scientific Corp.⁽¹⁾			16,336			476
BWX Technologies, Inc.			9,430			528
UNITED STATES (CONTINUED)
Cabot Oil & Gas Corp.			7,722			207
CDK Global, Inc.			2,636			166
Cintas Corp.			2,373			342
Delphi Automotive plc			2,373			233
DexCom, Inc.⁽¹⁾			1,332			65
Diamondback Energy, Inc.⁽¹⁾			3,955			387
First Republic Bank			3,026			316
Gartner, Inc.⁽¹⁾			2,624			326
Global Payments, Inc.			6,027			573
Guidewire Software, Inc.⁽¹⁾			5,776			450
IHS Markit Ltd.⁽¹⁾			8,317			367
Newell Brands, Inc.			5,047			215
Ollie’s Bargain Outlet Holdings, Inc.⁽¹⁾			2,209			102
Q2 Holdings, Inc.⁽¹⁾			3,314			138
Regeneron Pharmaceuticals, Inc.⁽¹⁾			715			320
Tableau Software, Inc., Class A⁽¹⁾			4,068			305
TD Ameritrade Holding Corp.			5,914			289
Teledyne Technologies, Inc.⁽¹⁾			3,490			556
Veeva Systems, Inc., Class A⁽¹⁾			1,983			112
Wabtec Corp.			2,209			167
Webster Financial Corp.			2,523			133

						7,276

Total common stocks (Cost $11,571)						11,950

PREFERRED STOCKS - 0.8%

GERMANY -0.8%
Sartorius AG, 0.55%⁽²⁾			1,067			102

Total preferred stocks (Cost $106)						102
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $851 (Cost $851)⁽³⁾		$	851		$	851


Total investments - 98.0% (Cost $12,528)						12,903

Other assets less liabilities - 2.0%						258


Total net assets - 100.0%⁽⁴⁾					$	13,161


38		Artisan Partners Funds

⁽¹⁾	Non-income producing security.

⁽²⁾	Non-voting shares.

⁽³⁾	Collateralized by:

Security

Rate

Maturity

Value

U.S. Treasury Bond

3.750%

11/15/2043

$870

⁽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.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	1,474		11.4	%
Consumer Staples			1,263		9.8
Energy			594		4.6
Financials			984		7.6
Health Care			1,312		10.2
Industrials			2,764		21.4
Information Technology			3,661		28.4
Short-term investments			851		6.6

Total investments		$	12,903		100.0	%


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	380		2.9	%
Brazilian real			447		3.5
British pound			1,341		10.4
Euro			1,324		10.3
Japanese yen			459		3.6
South African rand			287		2.2
U.S. dollar			8,665		67.1

Total investments		$	12,903		100.0	%


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
Global Payments, Inc.	United States		4.4	%
Teledyne Technologies, Inc.	United States		4.2
BWX Technologies, Inc.	United States		4.0
Boston Scientific Corp.	United States		3.6
Guidewire Software, Inc.	United States		3.4
Halma plc	United Kingdom		3.0
Diamondback Energy, Inc.	United States		2.9
Treasury Wine Estates Ltd.	Australia		2.9
IHS Markit Ltd.	United States		2.8
ASML Holding N.V.	Netherlands		2.7

Total			33.9	%

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		39

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 100.0%

CANADA - 3.5%
CAE, Inc.		120,269		$	2,104
Canadian Pacific Railway Ltd.		48,774			8,196

					10,300
CHILE - 2.0%
Enel Americas S.A. (DR)		560,593			5,729

CHINA - 5.1%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		38,645			6,675
NetEase, Inc. (DR)		15,956			4,209
Ping An Insurance Group Co. of China Ltd., Class H		217,000			1,665
Tencent Holdings Ltd.		50,100			2,156

					14,705
DENMARK - 2.0%
Genmab AS⁽¹⁾		26,817			5,920

FRANCE - 0.2%
Vallourec S.A.⁽¹⁾		81,817			486

GERMANY - 11.6%
Deutsche Boerse AG		115,768			12,548
Linde AG⁽¹⁾⁽²⁾		25,877			5,397
Wirecard AG		172,963			15,824

					33,769
HONG KONG - 1.3%
AIA Group Ltd.		327,995			2,419
Techtronic Industries Co., Ltd.		232,000			1,238

					3,657
IRELAND - 0.8%
Ryanair Holdings plc, Equity-Linked Security^{(1)(2)(3)(4)(5)}		124,900			2,409

ITALY - 2.0%
Banco BPM S.p.A.⁽¹⁾		350,426			1,453
Intesa Sanpaolo S.p.A.		1,273,800			4,504

					5,957
JAPAN - 3.4%
Calbee, Inc.		62,500			2,197
Kose Corp.		35,726			4,092
Nitori Holdings Co., Ltd.		24,278			3,472

					9,761
KOREA - 3.0%
Korea Aerospace Industries Ltd.		117,125			4,469
Samsung Electronics Co., Ltd.		1,857			4,157

					8,626
MEXICO - 0.0%^†
Wal-Mart de Mexico S.A.B. de C.V.		57,400			132

NETHERLANDS - 6.1%
ING Groep N.V.		521,517			9,616
InterXion Holding N.V.⁽¹⁾		160,790			8,189

					17,805
SWITZERLAND - 3.0%
Lonza Group AG⁽¹⁾		17,928			4,703
Nestle S.A.		48,324			4,047

					8,750
TAIWAN - 2.2%
Ginko International Co., Ltd.		461,000			3,155
Taiwan Semiconductor Manufacturing Co., Ltd.		459,000			3,277

					6,432
UNITED KINGDOM - 2.9%
BAE Systems plc		324,018			2,742
Experian plc		124,391			2,499
London Stock Exchange Group plc		36,953			1,896
Prudential plc		55,065			1,318

					8,455
UNITED STATES - 50.9%
Adobe Systems, Inc.⁽¹⁾		18,202			2,715
Albemarle Corp.		37,204			5,071
Alphabet, Inc., Class A⁽¹⁾		4,559			4,439
Alphabet, Inc., Class C⁽¹⁾⁽²⁾		8,650			8,296
Amazon.com, Inc.⁽¹⁾		5,041			4,846
Aon plc		37,046			5,413
Applied Materials, Inc.		199,957			10,416
Autodesk, Inc.⁽¹⁾		42,675			4,791
Celgene Corp.⁽¹⁾		62,692			9,142
Citigroup, Inc.		48,447			3,524
CME Group, Inc.		16,851			2,286
Comcast Corp., Class A		7,849			302
DowDuPont, Inc.		76,150			5,272
Facebook, Inc., Class A⁽¹⁾		54,665			9,341
Fidelity National Information Services, Inc.		51,335			4,794
Harris Corp.		50,841			6,695
Intercontinental Exchange, Inc.		85,285			5,859
Johnson Controls International plc		71,498			2,881
Lamb Weston Holdings, Inc.		94,502			4,431
MasterCard, Inc., Class A		88,624			12,514


40		Artisan Partners Funds


	Shares Held			Value
UNITED STATES (CONTINUED)
Nektar Therapeutics⁽¹⁾			12,483		$	300
PayPal Holdings, Inc.⁽¹⁾			11,450			733
PTC, Inc.⁽¹⁾			118,575			6,673
Raytheon Co.			27,500			5,131
S&P Global, Inc.			26,309			4,112
ServiceNow, Inc.⁽¹⁾			56,942			6,692
TESARO, Inc.⁽¹⁾			27,510			3,552
Wells Fargo & Co.			89,790			4,952
Zayo Group Holdings, Inc.⁽¹⁾			94,998			3,270

						148,443

Total common stocks and equity-linked security (Cost $231,986)						291,336

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $3,470 (Cost $3,470)⁽⁶⁾		$	3,470		$	3,470


Total investments - 101.2% (Cost $235,456)						294,806

Other assets less liabilities - (1.2)%						(3,428	)


Total net assets - 100.0%⁽⁷⁾					$	291,378

^†	Amount rounds to less than 0.1%

⁽¹⁾	Non-income producing security.

⁽²⁾	Non-voting shares.

⁽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 $2,409, or 0.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁴⁾	Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.


Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Ryanair Holdings plc		4/5/2017- 9/11/2017		$	2,339		$	2,409		0.8	%

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

⁽⁶⁾	Collateralized by:

Security

Rate

Maturity

Value

U.S. Treasury Bond

3.750%

11/15/2043

$3,540

⁽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, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	9,858		3.3	%
Consumer Staples			14,899		5.1
Energy			486		0.2
Financials			61,565		20.9
Health Care			26,772		9.1
Industrials			30,431		10.3
Information Technology			122,586		41.6
Materials			15,740		5.3
Telecommunication Services			3,270		1.1
Utilities			5,729		1.9
Short-term investments			3,470		1.2

Total investments		$	294,806		100.0	%


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	8,455		2.9	%
Canadian dollar			2,104		0.7
Danish krone			5,920		2.0
Euro			49,828		16.9
Hong Kong dollar			7,478		2.5
Japanese yen			9,761		3.3
Korean won			8,626		2.9
Mexican peso			132		0.0	^†
Swiss franc			8,750		3.0
New Taiwan dollar			6,432		2.2
U.S. dollar			187,320		63.6

Total investments		$	294,806		100.0	%

^†	Amount rounds to less than 0.1%


Artisan Partners Funds		41


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		5.4	%
Alphabet, Inc.	United States		4.4
Deutsche Boerse AG	Germany		4.3
MasterCard, Inc.	United States		4.3
Applied Materials, Inc.	United States		3.6
ING Groep N.V.	Netherlands		3.3
Facebook, Inc.	United States		3.2
Celgene Corp.	United States		3.1
Canadian Pacific Railway Ltd.	Canada		2.8
InterXion Holding N.V.	Netherlands		2.8

Total			37.2	%

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.


42		Artisan Partners Funds

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 93.5%

AUSTRALIA - 4.5%
James Hardie Industries plc (DR)		3,058,114		$	42,507
Treasury Wine Estates Ltd.		7,319,259			78,597

					121,104
CHINA - 1.9%
Tencent Holdings Ltd.		1,207,417			51,966

DENMARK - 3.1%
Genmab AS⁽¹⁾		383,988			84,772

FRANCE - 1.3%
Eurofins Scientific SE		55,429			35,022

GERMANY - 4.6%
Adidas AG		151,690			34,315
Brenntag AG		741,906			41,313
SAP SE		455,239			49,871

					125,499
HONG KONG - 2.7%
Samsonite International S.A.		6,416,500			27,476
Sands China Ltd.		9,032,489			47,003

					74,479
INDIA - 1.9%
HDFC Bank Ltd. (DR)		521,431			50,250

JAPAN - 9.2%
Daifuku Co., Ltd.		489,400			24,095
Keyence Corp.		110,900			58,887
Lion Corp.		685,400			12,511
Nintendo Co., Ltd.		168,626			62,280
Shiseido Co., Ltd.		1,584,118			63,379
Stanley Electric Co., Ltd.		814,846			27,916

					249,068
MEXICO - 1.0%
Fomento Economico Mexicano S.A.B. de C.V. (DR)		273,660			26,143

NETHERLANDS - 4.6%
ASML Holding N.V. (DR)		441,667			75,613
ING Groep N.V.		2,723,321			50,212

					125,825
SOUTH AFRICA - 2.0%
Bid Corp. Ltd.		2,364,439			53,074

SPAIN - 0.8%
Amadeus IT Group S.A.		336,670			21,881

SWITZERLAND - 2.1%
Lonza Group AG⁽¹⁾		65,240			17,113
Temenos Group AG⁽¹⁾		380,118			38,783

					55,896
UNITED KINGDOM - 4.8%
Auto Trader Group plc		6,773,225			35,624
Fevertree Drinks plc		975,154			28,577
Intertek Group plc		973,321			64,978

					129,179
UNITED STATES - 49.0%
Alphabet, Inc., Class A⁽¹⁾		91,502			89,097
Anthem, Inc.		251,684			47,790
Bank of America Corp.		2,865,850			72,621
Boston Scientific Corp.⁽¹⁾		3,491,471			101,846
Broadcom Ltd.		152,675			37,030
Delphi Automotive plc		399,062			39,268
DexCom, Inc.⁽¹⁾		275,562			13,482
Ecolab, Inc.		345,275			44,406
Facebook, Inc., Class A⁽¹⁾		543,460			92,861
IHS Markit Ltd.⁽¹⁾		4,164,583			183,575
LKQ Corp.⁽¹⁾		2,031,302			73,107
Noble Energy, Inc.		1,303,754			36,974
Pioneer Natural Resources Co.		335,793			49,543
Priceline Group, Inc.⁽¹⁾		27,187			49,774
Regeneron Pharmaceuticals, Inc.⁽¹⁾		140,023			62,607
S&P Global, Inc.		502,595			78,561
salesforce.com, Inc.⁽¹⁾		293,958			27,461
State Street Corp.		813,784			77,749
Visa, Inc., Class A		1,389,001			146,178

					1,323,930

Total common stocks (Cost $1,839,748)					2,528,088


Artisan Partners Funds		43


	Principal Amount			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $170,126 (Cost $170,121)⁽²⁾		$	170,121		$	170,121


Total investments - 99.8% (Cost $2,009,869)						2,698,209

Other assets less liabilities - 0.2%						5,206


Total net assets - 100.0%⁽³⁾					$	2,703,415

⁽¹⁾	Non-income producing security.

⁽²⁾	Collateralized by:

Security

Rate

Maturity

Value

U.S. Treasury Note

2.375%

5/15/2027

$173,527

⁽³⁾	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, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	298,859		11.1	%
Consumer Staples			262,281		9.7
Energy			86,517		3.2
Financials			329,393		12.2
Health Care			362,632		13.5
Industrials			313,961		11.6
Information Technology			787,532		29.2
Materials			86,913		3.2
Short-term investments			170,121		6.3

Total investments		$	2,698,209		100.0	%


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	121,104		4.5	%
British pound			129,179		4.8
Danish krone			84,772		3.1
Euro			232,614		8.6
Hong Kong dollar			126,445		4.7
Japanese yen			249,068		9.2
South African rand			53,074		2.0
Swiss franc			55,896		2.1
U.S. dollar			1,646,057		61.0

Total investments		$	2,698,209		100.0	%


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
IHS Markit Ltd.	United States		6.8	%
Visa, Inc.	United States		5.4
Boston Scientific Corp.	United States		3.8
Facebook, Inc.	United States		3.4
Alphabet, Inc.	United States		3.3
Genmab AS	Denmark		3.1
Treasury Wine Estates Ltd.	Australia		2.9
S&P Global, Inc.	United States		2.9
State Street Corp.	United States		2.9
ASML Holding N.V.	Netherlands		2.8

Total			37.3	%

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.


44		Artisan Partners Funds

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 89.4%

BELGIUM - 1.7%
Groupe Bruxelles Lambert S.A.		512,562		$	53,916

BRAZIL - 3.0%
Telefonica Brasil S.A. (DR)		5,838,450			92,481

CANADA - 2.1%
Imperial Oil Ltd.		1,990,263			63,580

CHINA - 3.6%
Baidu, Inc. (DR)⁽¹⁾		448,346			111,051

DENMARK - 3.7%
Carlsberg AS, Class B		450,456			49,293
ISS AS		1,571,771			63,208

					112,501
JAPAN - 1.8%
Sugi Holdings Co., Ltd.		138,300			7,350
Yahoo Japan Corp.		10,045,400			47,671

					55,021
KOREA - 6.2%
Hyundai Motor Co.		21,493			2,824
Kia Motors Corp.		738,771			20,415
KT&G Corp.		290,242			26,735
Samsung Electronics Co., Ltd.		63,070			141,189

					191,163
NETHERLANDS - 3.9%
Akzo Nobel N.V.		84,013			7,757
ING Groep N.V.		4,766,861			87,890
Koninklijke Philips N.V.		589,507			24,337

					119,984
NORWAY - 1.0%
Orkla ASA		3,014,007			30,918

SWEDEN - 0.3%
Telefonaktiebolaget LM Ericsson, Class B		1,130,440			6,491
Telefonaktiebolaget LM Ericsson (DR)		551,742			3,173

					9,664
SWITZERLAND - 7.3%
ABB Ltd.		3,882,255			95,979
Cie Financiere Richemont S.A.		536,141			48,999
Pargesa Holding S.A.		2,453			204
UBS Group AG⁽¹⁾		4,597,302			78,572

					223,754
UNITED KINGDOM - 10.4%
Amec Foster Wheeler plc		3,514,902			23,997
Compass Group plc		481,278			10,209
Diageo plc		961,260			31,597
IMI plc		1,294,855			21,567
Lloyds Banking Group plc		80,717,750			73,258
Rolls-Royce Holdings plc⁽¹⁾		264,116			3,139
Royal Bank of Scotland Group plc⁽¹⁾		25,339,393			91,101
Tesco plc⁽¹⁾		26,344,328			66,067

					320,935
UNITED STATES - 44.4%
Advance Auto Parts, Inc.		463,946			46,023
Alphabet, Inc., Class A⁽¹⁾		37,698			36,707
Alphabet, Inc., Class C⁽¹⁾⁽²⁾		25,906			24,847
American Express Co.		801,163			72,473
Aon plc		380,776			55,631
Arch Capital Group Ltd.⁽¹⁾		1,110,474			109,382
Bank of New York Mellon Corp.		2,120,005			112,403
Cisco Systems, Inc.		1,384,826			46,572
Citigroup, Inc.		1,678,401			122,087
Citizens Financial Group, Inc.		1,466,495			55,536
FedEx Corp.		201,283			45,405
Fluor Corp.		191,349			8,056
Johnson & Johnson		488,702			63,536
Marsh & McLennan Cos., Inc.		1,221,373			102,363
Medtronic plc		1,045,118			81,279
Microsoft Corp.		1,005,678			74,913
Oracle Corp.		2,130,668			103,018
Progressive Corp.		988,296			47,853
QUALCOMM, Inc.		1,455,797			75,469
TE Connectivity Ltd.		454,644			37,763
United Technologies Corp.		397,442			46,135

					1,367,451

Total common stocks (Cost $2,107,698)					2,752,419

PREFERRED STOCKS - 0.1%

KOREA - 0.1%
Hyundai Motor Co., 4.00%⁽²⁾		31,195			2,792

Total preferred stocks (Cost $2,917)					2,792


Artisan Partners Funds		45


	Principal Amount			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 10.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $317,814 (Cost $317,805)⁽³⁾		$	317,805		$	317,805


Total investments - 99.8% (Cost $2,428,420)						3,073,016

Other assets less liabilities - 0.2%						7,090


Total net assets - 100.0%⁽⁴⁾					$	3,080,106

⁽¹⁾	Non-income producing security.

⁽²⁾	Non-voting shares.

⁽³⁾	Collateralized by:


Security	Rate		Maturity		Value
U.S. Treasury Bond		2.750%		11/15/2042		$	315,677
U.S. Treasury Bond		3.000%		11/15/2044			8,493

						$	324,170

⁽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.

(DR) Depositary Receipt, voting rights may vary.


PORTFOLIO DIVERSIFICATION - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	131,262		4.3	%
Consumer Staples			211,960		6.9
Energy			87,577		2.8
Financials			1,062,669		34.6
Health Care			169,152		5.5
Industrials			283,489		9.2
Information Technology			708,864		23.1
Materials			7,757		0.3
Telecommunication Services			92,481		3.0
Short-term investments			317,805		10.3

Total investments		$	3,073,016		100.0	%


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	320,935		10.4	%
Canadian dollar			63,580		2.1
Danish krone			112,501		3.7
Euro			173,900		5.6
Japanese yen			55,021		1.8
Korean won			193,955		6.3
Norwegian krone			30,918		1.0
Swedish krona			6,491		0.2
Swiss franc			223,754		7.3
U.S. dollar			1,891,961		61.6

Total investments		$	3,073,016		100.0	%


FOREIGN CURRENCY FORWARD CONTRACTS - September 30, 2017
Dollar values in thousands
	Contract Settlement Date		Contract Amount						Unrealized Depreciation
Counterparty	Contract Settlement Date		Deliver			Receive			Unrealized Depreciation
State Street Bank and Trust Company		11/15/2017		CNH	42,779		USD	6,363		$	(62	)
State Street Bank and Trust Company		11/15/2017		CNH	538,373		USD	76,855			(4,005	)

										$	(4,067	)

CNH - Chinese yuan renminbi offshore

USD - U.S. dollar


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		4.6	%
Citigroup, Inc.	United States		4.0
Bank of New York Mellon Corp.	United States		3.6
Baidu, Inc.	China		3.6
Arch Capital Group Ltd.	United States		3.6
Oracle Corp.	United States		3.3
Marsh & McLennan Cos., Inc.	United States		3.3
ABB Ltd.	Switzerland		3.1
Telefonica Brasil S.A.	Brazil		3.0
Royal Bank of Scotland Group plc	United Kingdom		3.0

Total			35.1	%

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.


46		Artisan Partners Funds

ARTISAN HIGH INCOME FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Principal Amount			Value
CORPORATE BONDS - 70.9%

AGRICULTURE - 0.5%
Pinnacle Operating Corp., 9.00%, 5/15/2023^(1)(2)(3)		$	13,301		$	12,569

AUTO MANUFACTURERS - 0.6%
Wabash National Corp., 5.50%, 10/1/2025⁽⁴⁾			15,000			15,300

BUILDING MATERIALS - 0.6%
Ply Gem Industries, Inc., 6.50%, 2/1/2022			9,165			9,546
6.50%, 2/1/2022			6,050			6,324

						15,870
CHEMICALS - 1.6%
CF Industries, Inc., 3.45%, 6/1/2023			12,645			12,487
5.38%, 3/15/2044			28,500			27,217

						39,704
COMMERCIAL SERVICES - 1.2%
Laureate Education, Inc., 8.25%, 5/1/2025⁽⁴⁾			28,500			30,709

DISTRIBUTION/WHOLESALE - 1.1%
HD Supply, Inc., 5.75%, 4/15/2024⁽⁴⁾			24,833			26,571

DIVERSIFIED FINANCIAL SERVICES - 4.7%
Alliance Data Systems Corp., 5.38%, 8/1/2022⁽⁴⁾			14,227			14,654
Infinity Acquisition LLC / Infinity Acquisition Finance Corp., 7.25%, 8/1/2022⁽⁴⁾			31,190			30,488
NFP Corp., 6.88%, 7/15/2025⁽⁴⁾			41,050			41,666
Werner FinCo L.P. / Werner FinCo, Inc., 8.75%, 7/15/2025⁽⁴⁾			27,750			28,027

						114,835
ENGINEERING & CONSTRUCTION - 2.3%
New Enterprise Stone & Lime Co., Inc., 10.13%, 4/1/2022⁽⁴⁾			10,000			10,775
Tutor Perini Corp., 6.88%, 5/1/2025⁽⁴⁾			41,990			45,559

						56,334
ENTERTAINMENT - 1.4%
Scientific Games International, Inc., 6.25%, 9/1/2020			11,300			11,441
7.00%, 1/1/2022⁽⁴⁾			20,930			22,212

						33,653
HEALTHCARE-SERVICES - 2.0%
Eagle Holding Co., II LLC, 7.63% Cash, 8.38% PIK, 5/15/2022⁽⁴⁾			19,486			20,217
Opal Acquisition, Inc., 7.50%, 7/1/2024⁽⁴⁾			2,448			2,387
Surgery Center Holdings, Inc., 6.75%, 7/1/2025⁽⁴⁾			26,950			25,333

						47,937
INSURANCE - 10.8%
Alliant Holdings Intermediate LLC / Alliant Holdings Co-Issuer, 8.25%, 8/1/2023⁽⁴⁾			28,375			30,001
AssuredPartners, Inc., 7.00%, 8/15/2025⁽⁴⁾			19,000			19,451
Hub Holdings LLC / Hub Holdings Finance, Inc., 8.13% Cash, 8.88% PIK, 7/15/2019⁽⁴⁾			35,574			35,663
HUB International Ltd., 7.88%, 10/1/2021⁽⁴⁾			80,478			83,798
KIRS Midco 3 plc, 8.63%, 7/15/2023⁽⁴⁾⁽⁵⁾			50,000			52,625
York Risk Services Holding Corp., 8.50%, 10/1/2022⁽⁴⁾			42,597			41,958

						263,496
MACHINERY-DIVERSIFIED - 1.1%
SPX FLOW, Inc., 5.63%, 8/15/2024⁽⁴⁾			10,000			10,475
5.88%, 8/15/2026⁽⁴⁾			15,600			16,458

						26,933
MEDIA - 11.2%
Cablevision Systems Corp., 5.88%, 9/15/2022			23,077			23,885
8.00%, 4/15/2020			4,767			5,285
CCO Holdings LLC / CCO Holdings Capital Corp., 5.00%, 2/1/2028⁽⁴⁾			10,000			10,000
5.13%, 5/1/2027⁽⁴⁾			41,000			41,564
5.50%, 5/1/2026⁽⁴⁾			51,080			52,932
5.88%, 4/1/2024⁽⁴⁾			5,000			5,306
CSC Holdings LLC, 5.50%, 4/15/2027⁽⁴⁾			12,000			12,480
6.75%, 11/15/2021			21,000			23,205
Univision Communications, Inc., 5.13%, 2/15/2025⁽⁴⁾			28,321			28,569
Virgin Media Secured Finance plc, 5.50%, 8/15/2026⁽⁴⁾⁽⁵⁾			21,675			22,840
Ziggo Bond Finance BV, 6.00%, 1/15/2027⁽⁴⁾⁽⁵⁾			30,966			32,050
Ziggo Secured Finance BV, 5.50%, 1/15/2027⁽⁴⁾⁽⁵⁾			15,000			15,370

						273,486


Artisan Partners Funds		47


	Principal Amount			Value
MISCELLANEOUS MANUFACTURING - 1.6%
Gates Global LLC / Gates Global Co., 6.00%, 7/15/2022⁽⁴⁾		$	38,969		$	40,041

OIL & GAS - 11.7%
Callon Petroleum Co., 6.13%, 10/1/2024			16,050			16,772
Carrizo Oil & Gas, Inc., 6.25%, 4/15/2023			9,625			9,769
7.50%, 9/15/2020			35,000			35,744
8.25%, 7/15/2025			23,377			25,393
Endeavor Energy Resources L.P. / EER Finance, Inc., 7.00%, 8/15/2021⁽⁴⁾			36,387			37,661
8.13%, 9/15/2023⁽⁴⁾			42,000			45,150
EP Energy LLC / Everest Acquisition Finance, Inc., 9.38%, 5/1/2020			16,850			14,028
Laredo Petroleum, Inc., 6.25%, 3/15/2023			5,000			5,150
7.38%, 5/1/2022			7,223			7,476
Seven Generations Energy Ltd., 5.38%, 9/30/2025^(4)(5)(6)			27,000			27,202
6.75%, 5/1/2023⁽⁴⁾⁽⁵⁾			42,170			44,437
6.88%, 6/30/2023⁽⁴⁾⁽⁵⁾			15,440			16,366

						285,148
PIPELINES - 2.3%
Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.38%, 9/15/2024			28,850			29,860
Energy Transfer Equity L.P., 5.88%, 1/15/2024			2,000			2,147
Williams Partners L.P. / ACMP Finance Corp., 4.88%, 3/15/2024			22,886			23,952

						55,959
REAL ESTATE INVESTMENT TRUSTS (REITS) - 6.0%
Vereit Operating Partnership L.P., 3.95%, 8/15/2027			10,000			9,956
4.60%, 2/6/2024			59,076			62,009
4.88%, 6/1/2026			69,575			74,464

						146,429
RETAIL - 4.6%
Group 1 Automotive, Inc., 5.25%, 12/15/2023⁽⁴⁾			7,553			7,647
J Crew Brand LLC / J Crew Brand Corp., 13.00%, 9/15/2021⁽⁴⁾			15,835			18,765
Neiman Marcus Group LLC, 7.13%, 6/1/2028			1,500			870
Neiman Marcus Group Ltd. LLC, 8.00%, 10/15/2021⁽⁴⁾			24,250			12,610
RETAIL (CONTINUED)
Penske Automotive Group, Inc., 3.75%, 8/15/2020			11,390			11,618
5.38%, 12/1/2024			4,058			4,180
5.50%, 5/15/2026			9,500			9,822
Sonic Automotive, Inc., 5.00%, 5/15/2023			49,502			48,388

						113,900
SOFTWARE - 3.4%
Ascend Learning LLC, 6.88%, 8/1/2025⁽⁴⁾			14,500			15,297
First Data Corp., 7.00%, 12/1/2023⁽⁴⁾			27,500			29,364
Informatica LLC, 7.13%, 7/15/2023⁽⁴⁾			6,110			6,141
Solera LLC / Solera Finance, Inc., 10.50%, 3/1/2024⁽⁴⁾			27,489			31,295

						82,097
TELECOMMUNICATIONS - 2.2%
Frontier Communications Corp., 8.50%, 4/15/2020			5,125			4,971
8.88%, 9/15/2020			26,000			25,108
11.00%, 9/15/2025			8,000			6,800
West Corp., 5.38%, 7/15/2022⁽⁴⁾			16,389			16,553

						53,432

Total Corporate Bonds (Cost $1,679,420)						1,734,403

BANK LOANS - 21.8%⁽⁸⁾

AEROSPACE/DEFENSE - 1.8%
Jazz Acquisition, Inc. First Lien Term Loan, 3 Month LIBOR + 3.50%, 4.83%, 6/19/2021			23,692			23,005
Jazz Acquisition, Inc. Second Lien Term Loan, 3 Month LIBOR + 6.75%, 8.08%, 6/19/2022			7,000			6,615
Sequa Mezzanine Holdings L.L.C. First Lien Term Loan B, 3 Month LIBOR + 5.50%, 6.81%, 11/28/2021			2,993			3,010
Sequa Mezzanine Holdings L.L.C. Second Lien Term Loan, 3 Month LIBOR + 9.00%, 10.31%, 4/28/2022			10,500			10,750

						43,380
AGRICULTURE - 0.3%
Pinnacle Operating Corp. First Lien Term Loan B, 1 Month LIBOR + 7.25%, either 6.74% cash or 8.49% PIK, 11/15/2021⁽¹⁾			9,085			8,415


48		Artisan Partners Funds


	Principal Amount			Value
APPAREL - 0.6%
Fullbeauty Brands Holdings Corp. First Lien Term Loan B, 1 Month LIBOR + 4.75%, 5.99%, 10/14/2022		$	18,920		$	13,977
Fullbeauty Brands Holdings Corp. Second Lien Term Loan, 1 Month LIBOR + 9.00%, 10.24%, 10/13/2023			1,000			445

						14,422
COMMERCIAL SERVICES - 0.3%
International Car Wash Group Ltd. First Lien Term Loan, 1 Month LIBOR + 3.50%, 4.73%, 10/3/2024⁽⁵⁾⁽⁹⁾			7,000			7,026

COMPUTERS - 0.2%
Optiv Security, Inc. Second Lien Term Loan, 3 Month LIBOR + 7.25%, 8.56%, 2/1/2025			5,500			5,019

DIVERSIFIED FINANCIAL SERVICES - 0.6%
NFP Corp. First Lien Term Loan B, 1 Month LIBOR + 3.50%, 4.74%, 1/8/2024			997			1,004
Werner FinCo L.P. First Lien Term Loan B, 1 Month LIBOR + 4.00%, 5.24%, 7/24/2024⁽¹⁾			12,500			12,523

						13,527
ENVIRONMENTAL CONTROL - 0.5%
HD Supply Waterworks, Ltd. First Lien Term Loan B, 6 Month LIBOR + 3.00%, 4.46%, 8/1/2024			5,000			5,006
Robertshaw US Holding Corp. First Lien Term Loan, 1 Month LIBOR + 4.50%, 5.75%, 8/10/2024			6,000			6,048

						11,054
HEALTHCARE-SERVICES - 0.5%
Opal Acquisition, Inc. First Lien Term Loan B, 3 Month LIBOR + 4.00%, 5.30%, 11/27/2020			5,499			5,169
3 Month LIBOR + 4.00%, 5.33%, 11/27/2020			8,114			7,626

						12,795
INSURANCE - 3.5%
AssuredPartners, Inc. First Lien Term Loan B, 1 Month LIBOR + 3.50%, 4.59%, 10/22/2024			14,976			14,988
INSURANCE (CONTINUED)
USI, Inc. First Lien Term Loan B, 3 Month LIBOR + 3.00%, 4.31%, 5/16/2024			40,000			39,850
York Risk Services Holding Corp. First Lien Term Loan B, 1 Month LIBOR + 3.75%, 4.99%, 10/1/2021			32,041			31,448

						86,286
INTERNET - 2.2%
Ancestry.com Operations, Inc. First Lien Term Loan B, 1 Month LIBOR + 3.25%, 4.49%, 10/19/2023			22,275			22,400
Ancestry.com Operations, Inc. Second Lien Term Loan B, 1 Month LIBOR + 8.25%, 9.49%, 10/19/2024			28,000			28,385
iParadigms Holdings LLC Second Lien Term Loan, 3 Month LIBOR + 7.25%, 8.58%, 7/29/2022⁽¹⁾			3,768			3,655

						54,440
INVESTMENT COMPANIES - 1.1%
TKC Holdings, Inc. First Lien Term Loan, 2 Month LIBOR + 4.25%, 5.52%, 2/1/2023			11,443			11,538
TKC Holdings, Inc. Second Lien Term Loan, 2 Month LIBOR + 8.00%, 9.27%, 2/1/2024			15,500			15,655

						27,193
MACHINERY-DIVERSIFIED - 0.9%
Engineered Machinery Holdings, Inc. First Lien Term Loan, 3 Month LIBOR + 3.25%, 4.56%, 7/19/2024			4,425			4,425
3 Month LIBOR + 3.25%, 4.58%, 7/19/2024			443			443
Zodiac Pool Solutions LLC First Lien Term Loan, 3 Month LIBOR + 4.00%, 5.33%, 12/20/2023			11,910			12,029
Zodiac Pool Solutions LLC Second Lien Term Loan, 3 Month LIBOR + 9.00%, 10.33%, 12/20/2024			4,000			4,050

						20,947
PHARMACEUTICALS - 0.3%
PharMerica Corp. First Lien Term Loan B, 1 Month LIBOR + 3.50%, 4.73%, 9/26/2024⁽⁹⁾			6,000			6,032


Artisan Partners Funds		49


	Principal Amount			Value
RETAIL - 2.6%
Interior Logic Group, Inc. First Lien Term Loan B, 3 Month LIBOR + 6.00%, 7.32%, 3/1/2024		$	12,188		$	12,127
J. Crew Group, Inc. First Lien Term Loan B, 1 Month LIBOR + 3.22%, 4.45%, 3/5/2021			8,866			5,350
1 Month LIBOR + 3.22%, 4.46%, 3/5/2021			6,786			4,095
3 Month LIBOR + 3.22%, 4.55%, 3/5/2021			23,364			14,098
Men’s Wearhouse, Inc. (The) First Lien Term Loan B1, Fixed Rate, 5.00%, 6/18/2021			8,000			7,670
Neiman Marcus Group Ltd. LLC First Lien Term Loan, 1 Month LIBOR + 3.25%, 4.48%, 10/25/2020			18,920			14,050
NPC International, Inc. Second Lien Term Loan, 1 Month LIBOR + 7.50%, 8.74%, 4/18/2025			7,000			7,087

						64,477
SOFTWARE - 4.8%
Applied Systems, Inc. First Lien Term Loan B, 3 Month LIBOR + 3.25%, 4.57%, 9/19/2024			12,500			12,621
Applied Systems, Inc. Second Lien Term Loan, 3 Month LIBOR + 7.00%, 8.32%, 9/19/2025			16,000			16,480
Ascend Learning LLC First Lien Term Loan B, 1 Month LIBOR + 3.25%, 4.49%, 7/12/2024			5,000			5,020
Kronos Incorporated First Lien Term Loan B, 3 Month LIBOR + 3.50%, 4.81%, 11/1/2023			3,970			3,991
Kronos Incorporated Second Lien Term Loan, 3 Month LIBOR + 8.25%, 9.56%, 11/1/2024			34,500			35,566
Renaissance Learning, Inc. Second Lien Term Loan, 3 Month LIBOR + 7.00%, 8.33%, 4/11/2022			44,035			44,365

						118,043
TELECOMMUNICATIONS - 1.6%
Intelsat Jackson Holdings S.A. First Lien Term Loan B2, 3 Month LIBOR + 2.75%, 4.07%, 6/30/2019⁽⁵⁾			39,369			39,225

Total Bank Loans (Cost $533,774)						532,281
CONVERTIBLE DEBENTURES - 0.4%

PHARMACEUTICALS - 0.4%
Impax Laboratories, Inc., 2.00%, 6/15/2022		$	10,000		$	8,988

Total convertible debentures (Cost $8,939)						8,988
	Shares Held
PREFERRED STOCKS - 0.3%

AGRICULTURE - 0.2%
Pinnacle Agriculture Holdings LLC^{(1)(2)(10)(11)(12)}			9,263			4,863

RETAIL - 0.1%
Chinos Holdings, Inc., 7.00% Cash, 8.50% PIK^{(4)(7)(10)(11)(12)}			4,450			1,780

Total preferred stocks (Cost $8,231)						6,643

COMMON STOCK - 0.0%^†

RETAIL - 0.0%^†
Chinos Holdings, Inc., Class A^(1)(2)(10)			406			406

Total common stock (Cost $–)						406
	Principal Amount
CORPORATE BOND ESCROWS - 0.0%

CHEMICALS - 0.0%
Momentive Performance Materials, Inc., escrow, 10.00%, 10/15/2020^{(1)(10)(11)(12)}		$	2,000		$	–

OIL & GAS - 0.0%
Midstates Petroleum Co., Inc. / Midstates Petroleum Co., LLC, escrow, 10.00%, 6/1/2020^{(1)(10)(11)(12)}			13,300			–

Total Corporate Bond Escrows (Cost $–)						–


50		Artisan Partners Funds


	Principal Amount			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $151,584 (Cost $151,580)⁽¹³⁾		$	151,580		$	151,580


Total investments - 99.6% (Cost $2,381,944)						2,434,301

Other assets less liabilities - 0.4%						9,241


Total net assets - 100.0%⁽¹⁴⁾					$	2,443,542

^†	Amount rounds to less than 0.1%

⁽¹⁾	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 $42,431, or 1.7% of total net assets.

⁽²⁾	Security was deemed restricted as of September 30, 2017.


Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Pinnacle Operating Corp. 9.00%, 5/15/2023		3/28/14- 3/24/17		$	15,962		$	12,569		0.5	%
Pinnacle Agriculture Holdings LLC		3/10/17			6,546			4,863		0.2	%
Chinos Holdings, Inc., Class A		7/13/17			–			406		0.0	%^†

⁽³⁾	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933. May be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁽⁴⁾	Security exempt from registration pursuant to Rule 144A under the Securities Act of 1933 and considered liquid under procedures established by the board of directors of Artisan Partners Funds and may be resold in transactions exempt from registration, normally to qualified institutional buyers.

⁽⁵⁾	The Fund considers the company to be from outside the United States. See the Fund’s Statement of Additional Information for a description of the methodology used for country classifications.


Security	Country	Trading Currency
Intelsat Jackson Holdings S.A. First Lien Term Loan B2, 3 Month LIBOR + 2.75%, 4.07%, 6/30/2019	Luxembourg	U.S. dollar
International Car Wash Group Ltd. First Lien Term Loan, 1 Month LIBOR + 3.50%, 4.73%, 10/3/2024	United Kingdom	U.S. dollar
KIRS Midco 3 plc, 8.63%, 7/15/2023	United Kingdom	U.S. dollar
Seven Generations Energy Ltd. 5.38%, 9/30/2025	Canada	U.S. dollar
6.75%, 5/1/2023	Canada	U.S. dollar
6.88%, 6/30/2023	Canada	U.S. dollar
Virgin Media Secured Finance plc, 5.50%, 8/15/2026	United Kingdom	U.S. dollar
Ziggo Bond Finance BV, 6.00%, 1/15/2027	Netherlands	U.S. dollar
Ziggo Secured Finance BV, 5.50%, 1/15/2027	Netherlands	U.S. dollar

⁽⁶⁾	When-Issued security.

⁽⁷⁾	Perpetual – Security does not have a predetermined maturity date. Rate for this security is fixed for a period of time, after which it reverts to a floating rate. Interest rate in effect is as of September 30, 2017.

⁽⁸⁾	Floating rate instruments, unless otherwise noted, the rate disclosed was as of September 30, 2017.

⁽⁹⁾	Estimated interest rate is shown. Effective interest rate is determined on the settlement date.

⁽¹⁰⁾	Non-income producing security.

⁽¹¹⁾	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 $6,643, or 0.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽¹²⁾	Non-voting shares.

⁽¹³⁾	Collateralized by:


Security	Rate		Maturity		Value
U.S. Treasury Note		2.250%		11/15/2024		$	711
U.S. Treasury Bond		3.875%		4/15/2029			153,915

						$	154,626

⁽¹⁴⁾	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.

(LIBOR) London Interbank Offered Rate

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $77,533 or 3.2% of the total net


Artisan Partners Funds		51

assets as of September 30, 2017, which could be drawn at the option of the borrower:


Borrower	Unfunded Principal Amount			Unrealized Appreciation (Depreciation)
Beacon Roofing Supply, Inc. Bridge Term Loan		$	48,400		–
Engineered Machinery Holdings, Inc. First Lien Delayed Draw Term Loan			133		–
FXI Holdings, Inc. Bridge Term Loan			29,000		–

		$	77,533		–


FUTURES CONTRACTS - September 30, 2017
Dollar values in thousands
Description	Number of Contracts			Expiration Date		Notional Amount			Notional Market Value			Unrealized Appreciation
Short position contracts:
U.S. Treasury 20 year Long Bond		(130	)		12/19/2017		$	13,000		$	19,866		$	418


CREDIT DIVERSIFICATION - September 30, 2017
	Percentage of Total Net Assets
BBB		7.0	%
BB		17.9
B		39.2
CCC		27.5
Unrated		1.6

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.


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
VEREIT, Inc.	United States		6.0	%
HUB Holdings LLC	United States		4.9
Charter Communications, Inc.	United States		4.5
Seven Generations Energy Ltd.	Canada		3.6
Endeavor Energy Resources L.P.	United States		3.4
York Risk Services Holding Corp.	United States		3.0
Carrizo Oil & Gas, Inc.	United States		2.9
Altice SA	United States		2.7
Ardonagh Midco 3 plc	United Kingdom		2.2
Ancestry.com Operations, Inc.	United States		2.1

Total			35.3	%

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.


52		Artisan Partners Funds

ARTISAN INTERNATIONAL FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITY - 97.3%

BRAZIL - 0.8%
Ambev S.A. (DR)		16,504,533		$	108,765

CANADA - 3.5%
Canadian Pacific Railway Ltd.		2,921,968			490,978

CHILE - 0.2%
Sociedad Quimica y Minera de Chile S.A. (DR)		441,959			24,599

CHINA - 6.2%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		3,511,593			606,487
NetEase, Inc. (DR)		331,000			87,321
Ping An Insurance Group Co. of China Ltd., Class H		8,817,000			67,666
Tencent Holdings Ltd.		2,586,700			111,328

					872,802
DENMARK - 0.4%
Genmab AS⁽¹⁾		227,530			50,231

FRANCE - 4.2%
BNP Paribas S.A.		578,220			46,642
Eiffage S.A.		1,661,401			172,012
Schneider Electric SE⁽¹⁾		1,838,559			159,998
Vallourec S.A.⁽¹⁾		7,879,742			46,845
Zodiac Aerospace		5,510,718			159,343

					584,840
GERMANY - 23.0%
Allianz SE		2,399,797			538,759
Beiersdorf AG		2,357,212			253,609
Deutsche Boerse AG		6,185,332			670,441
Deutsche Post AG		7,580,125			337,439
Deutsche Telekom AG		10,949,981			204,286
Linde AG⁽¹⁾⁽²⁾		3,013,713			628,499
SAP SE		1,474,330			161,513
Wirecard AG		4,673,849			427,615

					3,222,161
HONG KONG - 2.5%
AIA Group Ltd.		48,441,932			357,194

INDONESIA - 0.6%
Bank Rakyat Indonesia Persero Tbk PT		72,308,300			82,004
IRELAND - 2.9%
Ryanair Holdings plc, Equity-Linked Security^{(1)(2)(3)(4)(5)}		21,199,426			408,908

ITALY - 4.9%
Assicurazioni Generali S.p.A.		13,197,763			245,831
Intesa Sanpaolo S.p.A.		79,575,418			281,398
UniCredit S.p.A.⁽¹⁾		7,892,102			168,085

					695,314
JAPAN - 8.2%
Calbee, Inc.		3,872,000			136,092
FANUC Corp.		242,100			49,033
Fujitsu Ltd.		3,387,000			25,161
Japan Tobacco, Inc.		10,907,083			357,479
Nintendo Co., Ltd.		845,700			312,351
NTT DOCOMO, Inc.		6,580,333			150,320
Sumitomo Metal Mining Co., Ltd.		3,890,770			124,961

					1,155,397
KOREA - 2.8%
LG Household & Health Care Ltd.		60,386			49,349
Samsung Electronics Co., Ltd.		153,255			343,079

					392,428
MEXICO - 0.1%
Wal-Mart de Mexico S.A.B. de C.V.		3,317,430			7,597

NETHERLANDS - 6.8%
Akzo Nobel N.V.		1,819,138			167,961
ASML Holding N.V.		1,180,010			200,900
ING Groep N.V.		27,786,699			512,321
Unilever N.V. (DR)		1,271,874			75,222

					956,404
RUSSIA - 1.1%
MMC Norilsk Nickel PJSC (DR)		8,852,439			152,395

SPAIN - 1.6%
Grifols S.A.		3,493,077			101,767
Grifols S.A. (DR)		5,557,543			121,654

					223,421
SWITZERLAND - 4.6%
Idorsia Ltd.⁽¹⁾		390,644			6,979
Nestle S.A.		5,569,330			466,435
Swatch Group AG		431,364			179,433

					652,847
TAIWAN - 1.3%
Taiwan Semiconductor Manufacturing Co., Ltd.		25,491,000			181,994


Artisan Partners Funds		53


	Shares Held			Value
UNITED KINGDOM - 7.2%
BAE Systems plc			25,719,109		$	217,638
ConvaTec Group plc			44,917,932			164,860
Experian plc			7,478,070			150,209
Ferguson plc			2,883,637			189,185
Glencore plc⁽¹⁾			29,564,749			135,489
London Stock Exchange Group plc			1,840,914			94,479
Prudential plc			2,658,409			63,640

						1,015,500
UNITED STATES - 14.4%
Allegion plc			931,382			80,537
Amazon.com, Inc.⁽¹⁾			125,589			120,735
Aon plc			3,100,833			453,032
Coca-Cola European Partners plc			9,018,250			375,339
Liberty Global plc, Class A⁽¹⁾			4,618,926			156,628
Liberty Global plc, Series C⁽¹⁾⁽²⁾			8,220,019			268,795
Medtronic plc			5,345,434			415,714
WABCO Holdings, Inc.⁽¹⁾			1,002,387			148,353

						2,019,133

Total common stocks and equity-linked security (Cost $10,331,679)						13,654,912

PREFERRED STOCKS - 1.3%

GERMANY - 1.3%
Henkel AG & Co. KGaA, 1.38%⁽²⁾			1,408,498			191,691

Total preferred stocks (Cost $98,120)						191,691

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $177,941 (Cost $177,936)⁽⁶⁾		$	177,936		$	177,936


Total investments - 99.9% (Cost $10,607,735)						14,024,539

Other assets less liabilities - 0.1%						9,888


Total net assets - 100.0%⁽⁷⁾					$	14,034,427

⁽¹⁾	Non-income producing security.

⁽²⁾	Non-voting shares.

⁽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 $408,908, or 2.9% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁴⁾	Security is restricted. Security was acquired in a transaction pursuant to Rule 144A under the Securities Act of 1933, as amended, on the date or during the period noted below.


Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Ryanair Holdings plc		11/14/2013- 9/11/2017		$	231,536		$	408,908		2.9	%

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

⁽⁶⁾	Collateralized by:

Security

Rate

Maturity

Value

U.S. Treasury Bond

3.875%

4/15/2029

$181,505

⁽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, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	725,591		5.2	%
Consumer Staples			2,021,578		14.4
Energy			46,845		0.3
Financials			3,581,492		25.5
Health Care			861,205		6.2
Industrials			2,563,633		18.3
Information Technology			2,457,749		17.5
Materials			1,233,904		8.8
Telecommunication Services			354,606		2.5
Short-term investments			177,936		1.3

Total investments		$	14,024,539		100.0	%


54		Artisan Partners Funds


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	1,015,500		7.2	%
Danish krone			50,231		0.4
Euro			5,752,177		41.0
Hong Kong dollar			536,188		3.8
Indonesian rupiah			82,004		0.6
Japanese yen			1,155,397		8.2
Korean won			392,428		2.8
Mexican peso			7,597		0.1
Swiss franc			652,847		4.7
New Taiwan dollar			181,994		1.3
U.S. dollar			4,198,176		29.9

Total investments		$	14,024,539		100.0	%


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
Deutsche Boerse AG	Germany		4.8	%
Linde AG	Germany		4.5
Alibaba Group Holding Ltd.	China		4.3
Allianz SE	Germany		3.8
ING Groep N.V.	Netherlands		3.7
Canadian Pacific Railway Ltd.	Canada		3.5
Nestle S.A.	Switzerland		3.3
Aon plc	United States		3.2
Wirecard AG	Germany		3.0
Liberty Global plc	United States		3.0

Total			37.1	%

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.


Artisan Partners Funds		55

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 93.4%

AUSTRALIA - 0.5%
IRESS Ltd.		298,234		$	2,664

AUSTRIA - 0.5%
Mayr Melnhof Karton AG		18,922			2,715

CANADA - 1.0%
Morneau Shepell, Inc.		322,500			5,376

CHINA - 0.3%
Wuxi Biologics Cayman, Inc.⁽¹⁾		314,500			1,588

DENMARK - 4.0%
Ambu AS, Class B		126,812			9,813
NKT AS⁽¹⁾		148,643			12,713

					22,526
FINLAND - 0.7%
Cramo Oyj		153,484			4,029

FRANCE - 9.9%
Advanced Accelerator Applications S.A. (DR)⁽¹⁾		328,076			22,184
Euronext N.V.		400,215			24,356
Virbac S.A.⁽¹⁾		63,890			9,397

					55,937
GERMANY - 16.5%
Gerresheimer AG		146,592			11,347
Nemetschek SE		90,820			7,382
SGL Carbon SE⁽¹⁾		580,293			9,811
Takkt AG		622,098			14,264
Tele Columbus AG⁽¹⁾		1,364,919			14,438
Wirecard AG		390,924			35,766

					93,008
HONG KONG - 1.2%
Chow Tai Fook Jewellery Group Ltd.		5,500,600			6,598

ICELAND - 1.3%
Ossur HF		1,542,184			7,079

IRELAND - 3.1%
Dalata Hotel Group plc⁽¹⁾		1,536,742			10,044
Hibernia REIT plc		4,094,520			7,380

					17,424
ITALY - 7.0%
Buzzi Unicem S.p.A.		435,064			11,744
Davide Campari-Milano S.p.A.⁽²⁾		1,090,337			7,913
Enav S.p.A.		2,718,347			12,453
Hera S.p.A.		2,219,020			6,976
Servizi Italia S.p.A.		96,842			584

					39,670
JAPAN - 2.3%
Sugi Holdings Co., Ltd.		109,500			5,819
Zenkoku Hosho Co., Ltd.		170,125			7,144

					12,963
MEXICO - 2.3%
Banco del Bajio S.A.⁽¹⁾		6,891,911			13,224

NETHERLANDS - 6.2%
InterXion Holding N.V.⁽¹⁾		681,544			34,711

POLAND - 1.1%
AmRest Holdings SE⁽¹⁾		60,928			6,061

PORTUGAL - 2.2%
Banco Comercial Portugues S.A.⁽¹⁾		42,141,011			12,217

SPAIN - 5.2%
Cellnex Telecom S.A.		881,170			20,162
Ebro Foods S.A.		290,115			6,875
Parques Reunidos Servicios Centrales SAU, Class C		163,713			2,477

					29,514
SWEDEN - 6.1%
Dometic Group AB		2,046,364			17,399
Loomis AB, Class B		230,183			9,148
SyntheticMR AB⁽¹⁾⁽³⁾		235,564			8,098

					34,645
SWITZERLAND - 6.5%
Comet Holding AG⁽¹⁾		219,707			32,536
Landis+Gyr Group AG⁽¹⁾		54,541			3,999

					36,535
TAIWAN - 2.2%
Bizlink Holding, Inc.		150,000			1,370
Ginko International Co., Ltd.		1,643,000			11,243

					12,613

UNITED KINGDOM - 11.8%
AA plc		2,670,918			6,067
Dignity plc		328,039			10,137


56		Artisan Partners Funds


	Shares Held			Value
UNITED KINGDOM (CONTINUED)
Domino’s Pizza Group plc			1,863,062		$	7,744
HomeServe plc			1,378,144			15,365
NEX Group plc			2,225,438			19,741
SuperGroup plc			328,043			7,468

						66,522
UNITED STATES - 1.5%
GCP Applied Technologies, Inc.⁽¹⁾			276,592			8,491

Total common stocks (Cost $398,617)						526,110

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $25,151 (Cost $25,150)⁽⁴⁾		$	25,150		$	25,150


Total investments - 97.9% (Cost $423,767)						551,260

Other assets less liabilities - 2.1%						11,673


Total net assets - 100.0%⁽⁵⁾					$	562,933

⁽¹⁾	Non-income producing security.

⁽²⁾	Non-voting shares.

⁽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:

Security

Rate

Maturity

Value

U.S. Treasury Bond

3.875%

4/15/2029

$25,663

⁽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, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	102,697		18.6	%
Consumer Staples			20,607		3.7
Financials			76,682		13.9
Health Care			81,333		14.8
Industrials			70,265		12.7
Information Technology			117,058		21.2
Materials			22,950		4.2
Real Estate			7,380		1.3
Telecommunication Services			20,162		3.7
Utilities			6,976		1.3
Short-term investments			25,150		4.6

Total investments		$	551,260		100.0	%


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	2,664		0.5	%
British pound			66,522		12.1
Canadian dollar			5,376		1.0
Danish krone			29,605		5.4
Euro			232,330		42.1
Hong Kong dollar			8,186		1.5
Japanese yen			12,963		2.3
Mexican peso			13,224		2.4
Polish zloty			6,061		1.1
Swedish krona			34,645		6.3
Swiss franc			36,535		6.6
New Taiwan dollar			12,613		2.3
U.S. dollar			90,536		16.4

Total investments		$	551,260		100.0	%


Artisan Partners Funds		57


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		6.4	%
InterXion Holding N.V.	Netherlands		6.2
Comet Holding AG	Switzerland		5.8
Euronext N.V.	France		4.3
Advanced Accelerator Applications S.A.	France		3.9
Cellnex Telecom S.A.	Spain		3.6
NEX Group plc	United Kingdom		3.5
Dometic Group AB	Sweden		3.1
HomeServe plc	United Kingdom		2.7
Tele Columbus AG	Germany		2.6

Total			42.1	%

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.


58		Artisan Partners Funds

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 84.9%

BELGIUM - 2.5%
Groupe Bruxelles Lambert S.A.		3,531,115		$	371,435

BRAZIL - 2.9%
Telefonica Brasil S.A. (DR)		27,428,589			434,469

CANADA - 2.1%
Imperial Oil Ltd.		9,797,069			312,972

CHINA - 4.5%
Baidu, Inc. (DR)⁽¹⁾		2,718,607			673,372

DENMARK - 4.4%
Carlsberg AS, Class B		2,849,269			311,796
ISS AS		8,712,853			350,382

					662,178
FRANCE - 2.4%
Sodexo S.A.		906,726			113,060
Vivendi S.A.		9,717,895			246,021

					359,081
INDIA - 1.4%
HCL Technologies Ltd.		15,855,100			211,418

JAPAN - 4.6%
Stanley Electric Co., Ltd.		5,022,004			172,049
Sugi Holdings Co., Ltd.		1,858,700			98,778
Tokyo Electron Ltd.		1,242,235			190,765
Yahoo Japan Corp.		48,408,400			229,728

					691,320
KOREA - 5.5%
Hyundai Motor Co.		127,427			16,744
Kia Motors Corp.		2,009,937			55,541
KT&G Corp.		444,208			40,917
Samsung Electronics Co., Ltd.		316,464			708,442

					821,644
NETHERLANDS - 5.9%
Akzo Nobel N.V.		397,461			36,698
ING Groep N.V.		34,995,425			645,233
Koninklijke Philips N.V.		2,663,751			109,970
RELX N.V.		3,925,931			83,567

					875,468
NORWAY - 1.0%
Orkla ASA		13,429,408			137,759
TGS Nopec Geophysical Co. ASA		562,673			13,388

					151,147
SWEDEN - 0.3%
Telefonaktiebolaget LM Ericsson, Class B		5,479,916			31,467
Telefonaktiebolaget LM Ericsson (DR)		3,225,769			18,548

					50,015
SWITZERLAND - 16.1%
ABB Ltd.		22,399,944			553,782
Adecco Group AG		570,583			44,428
Cie Financiere Richemont S.A.		3,869,075			353,605
Novartis AG		3,859,569			330,416
Panalpina Welttransport Holding AG⁽²⁾		2,385,384			349,549
Pargesa Holding S.A.		1,265,602			105,211
UBS Group AG⁽¹⁾		38,841,443			663,836

					2,400,827
UNITED KINGDOM - 19.0%
Amec Foster Wheeler plc		19,194,491			131,047
Compass Group plc		28,733,384			609,498
Diageo plc		4,773,760			156,914
IMI plc		7,431,427			123,779
Lloyds Banking Group plc		371,626,458			337,281
RELX plc		20,189,419			442,871
Rolls-Royce Holdings plc⁽¹⁾		1,271,076			15,108
Royal Bank of Scotland Group plc⁽¹⁾		143,625,457			516,365
Tesco plc⁽¹⁾		137,037,975			343,665
Unilever plc (DR)		1,872,088			108,506
Vesuvius plc		7,808,134			61,731

					2,846,765
UNITED STATES - 12.3%
Accenture plc, Class A		1,038,212			140,231
Aon plc		1,968,012			287,527
Arch Capital Group Ltd.⁽¹⁾		6,295,616			620,118
Medtronic plc		4,775,210			371,368
TE Connectivity Ltd.		5,040,376			418,654

					1,837,898

Total common stocks (Cost $9,095,708)					12,700,009

PREFERRED STOCKS - 0.6%

KOREA - 0.6%
Hyundai Motor Co., 4.00%⁽³⁾		183,386			16,411
Samsung Electronics Co., Ltd., 1.36%⁽³⁾		42,024			75,657

					92,068

Total preferred stocks (Cost $54,106)					92,068


Artisan Partners Funds		59


	Principal Amount			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 14.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $2,110,939 (Cost $2,110,879)⁽⁴⁾		$	2,110,879		$	2,110,879


Total investments - 99.6% (Cost $11,260,693)						14,902,956

Other assets less liabilities - 0.4%						52,956


Total net assets - 100.0%⁽⁵⁾					$	14,955,912

⁽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⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:


Security	Rate		Maturity		Value
U.S. Treasury Bond		2.750%		11/15/2042		$	866
U.S. Treasury Bond		3.000%		11/15/2044			253,533
U.S. Treasury Bond		3.125%		8/15/2044			528,345
U.S. Treasury Bond		3.625%		2/15/2044			806,002
U.S. Treasury Bond		3.750%		11/15/2043			564,360

						$	2,153,106

⁽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, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	1,582,929		10.6	%
Consumer Staples			1,198,335		8.0
Energy			457,407		3.1
Financials			3,547,006		23.8
Health Care			811,754		5.5
Industrials			2,025,197		13.6
Information Technology			2,698,282		18.1
Materials			36,698		0.2
Telecommunication Services			434,469		2.9
Short-term investments			2,110,879		14.2

Total investments		$	14,902,956		100.0	%


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	2,738,259		18.4	%
Canadian dollar			312,972		2.1
Danish krone			662,178		4.5
Euro			1,605,984		10.8
Indian rupee			211,418		1.4
Japanese yen			691,320		4.6
Korean won			913,712		6.1
Norwegian krone			151,147		1.0
Swedish krona			31,467		0.2
Swiss franc			2,400,827		16.1
U.S. dollar			5,183,672		34.8

Total investments		$	14,902,956		100.0	%


FOREIGN CURRENCY FORWARD CONTRACTS - September 30, 2017
Dollar values in thousands
	Contract Settlement Date		Contract Amount						Unrealized Appreciation/ (Depreciation)
Counterparty	Contract Settlement Date		Deliver			Receive			Unrealized Appreciation/ (Depreciation)
State Street Bank and Trust Company		2/1/2018		JPY	47,106,198		USD	429,104		$	7,831
State Street Bank and Trust Company		11/15/2017		CNH	158,797		USD	23,620			(231	)
State Street Bank and Trust Company		11/15/2017		CNH	3,342,874		USD	477,208			(24,869	)

										$	(17,269	)

JPY - Japanese yen

CNH - Chinese yuan renminbi offshore

USD - U.S. dollar


60		Artisan Partners Funds


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.3	%
Baidu, Inc.	China		4.5
UBS Group AG	Switzerland		4.5
ING Groep N.V.	Netherlands		4.3
Arch Capital Group Ltd.	United States		4.2
Compass Group plc	United Kingdom		4.1
ABB Ltd.	Switzerland		3.7
Royal Bank of Scotland Group plc	United Kingdom		3.5
RELX plc	United Kingdom		3.0
Telefonica Brasil S.A.	Brazil		2.9

Total			40.0	%

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		61

ARTISAN MID CAP FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 96.8%

CONSUMER DISCRETIONARY - 15.6%
Auto Components - 2.2%
Delphi Automotive plc		1,602,421		$	157,678

Distributors - 4.3%
LKQ Corp.⁽¹⁾		8,317,038			299,330

Hotels, Restaurants & Leisure - 1.5%
Aramark		2,517,198			102,223

Household Durables - 1.2%
Newell Brands, Inc.		1,916,170			81,763

Internet & Direct Marketing Retail - 3.9%
Ctrip.com International Ltd. (DR)⁽¹⁾⁽²⁾		1,034,074			54,537
Expedia, Inc.		865,821			124,626
Wayfair, Inc., Class A⁽¹⁾		611,982			41,248
Zalando SE ⁽¹⁾⁽²⁾		1,074,243			53,833

					274,244
Media - 1.5%
CBS Corp., Class B⁽³⁾		1,827,441			105,992

Specialty Retail - 1.0%
Ulta Salon Cosmetics & Fragrance, Inc.⁽¹⁾		304,094			68,744

CONSUMER STAPLES - 3.4%
Beverages - 3.4%
Monster Beverage Corp.⁽¹⁾		2,450,219			135,375
Treasury Wine Estates Ltd.⁽²⁾		9,815,862			105,407

					240,782
ENERGY - 3.7%
Oil, Gas & Consumable Fuels - 3.7%
Concho Resources, Inc.⁽¹⁾		1,167,661			153,804
Diamondback Energy, Inc.⁽¹⁾		1,101,403			107,894

					261,698
FINANCIALS - 11.7%
Banks - 3.5%
First Republic Bank		1,381,933			144,357
SVB Financial Group⁽¹⁾		518,257			96,960

					241,317
Capital Markets - 5.9%
CBOE Holdings, Inc.		934,208			100,549
S&P Global, Inc.		1,427,583			223,145
TD Ameritrade Holding Corp.		1,836,207			89,607

					413,301
Insurance - 2.3%
Progressive Corp.		3,364,115			162,891

HEALTH CARE - 17.7%
Biotechnology - 3.7%
Genmab AS⁽¹⁾⁽²⁾		419,102			92,524
Regeneron Pharmaceuticals, Inc.⁽¹⁾		367,227			164,194

					256,718
Health Care Equipment & Supplies - 8.0%
Becton Dickinson & Co.		742,858			145,563
Boston Scientific Corp.⁽¹⁾		8,803,409			256,795
DexCom, Inc.⁽¹⁾		718,317			35,144
Edwards Lifesciences Corp.⁽¹⁾		737,730			80,641
West Pharmaceutical Services, Inc.		427,662			41,167

					559,310
Health Care Providers & Services - 4.0%
Cigna Corp.		1,112,077			207,892
Envision Healthcare Corp.⁽¹⁾		1,610,779			72,404

					280,296
Health Care Technology - 2.0%
Veeva Systems, Inc., Class A⁽¹⁾		2,426,743			136,893

INDUSTRIALS - 19.4%
Aerospace & Defense - 1.4%
BWX Technologies, Inc.		1,712,658			95,943

Building Products - 2.7%
AO Smith Corp.		788,353			46,852
Fortune Brands Home & Security, Inc.		2,138,883			143,797

					190,649
Commercial Services & Supplies - 4.0%
Cintas Corp.		884,985			127,686
Waste Connections, Inc.		2,212,417			154,781

					282,467
Electrical Equipment - 1.0%
Acuity Brands, Inc.		394,280			67,532

Industrial Conglomerates - 1.9%
Roper Technologies, Inc.		539,984			131,432

Machinery - 3.2%
Gardner Denver Holdings, Inc.⁽¹⁾		2,203,816			60,649
Middleby Corp.⁽¹⁾		580,510			74,404
Wabtec Corp.		1,163,300			88,120

					223,173


62		Artisan Partners Funds


	Shares Held			Value
Professional Services - 5.2%
IHS Markit Ltd.⁽¹⁾			6,985,119		$	307,904
TransUnion⁽¹⁾			1,095,786			51,787

						359,691
INFORMATION TECHNOLOGY - 24.1%
Communications Equipment - 3.0%
Harris Corp.			847,508			111,600
Motorola Solutions, Inc.			1,159,944			98,444

						210,044
IT Services - 9.6%
Fidelity National Information Services, Inc.			1,278,844			119,431
Gartner, Inc.⁽¹⁾			1,048,853			130,488
Global Payments, Inc.			3,226,042			306,570
Vantiv, Inc., Class A⁽¹⁾			1,660,519			117,017

						673,506
Semiconductors & Semiconductor Equipment - 0.9%
Maxim Integrated Products, Inc.			1,274,739			60,818

Software - 10.6%
Activision Blizzard, Inc.			957,883			61,793
Atlassian Corp. plc, Class A⁽¹⁾			3,221,059			113,220
Electronic Arts, Inc.⁽¹⁾			669,217			79,008
Guidewire Software, Inc.⁽¹⁾			1,755,783			136,705
Proofpoint, Inc.⁽¹⁾			1,092,164			95,259
PTC, Inc.⁽¹⁾			961,487			54,112
Tableau Software, Inc., Class A⁽¹⁾			1,874,664			140,394
Workday, Inc., Class A⁽¹⁾			562,396			59,271

						739,762
MATERIALS - 1.2%
Chemicals - 0.8%
Albemarle Corp.			398,284			54,290

Containers & Packaging - 0.4%
Sealed Air Corp.			629,569			26,895


Total common stocks (Cost $4,875,480)						6,759,382
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $224,040 (Cost $224,034)⁽⁴⁾		$	224,034		$	224,034


Total Investments - 100.0% (Cost $5,099,514)						6,983,416

Other assets less liabilities - (0.0)%^†						(2,827	)


Total net assets - 100.0%⁽⁵⁾					$	6,980,589

^†	Amount rounds to less than 0.1%

⁽¹⁾	Non-income producing security.

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


Security	Country	Trading Currency
Ctrip.com International Ltd. (DR)	China	U.S. dollar
Genmab AS	Denmark	Danish krone
Treasury Wine Estates Ltd.	Australia	Australian dollar
Zalando SE	Germany	Euro

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:


Security	Rate		Maturity		Value
U.S. Treasury Bond		3.875%		4/15/2029		$	99,689
U.S. Treasury Bond		3.875%		8/15/2040			128,834

						$	228,523

⁽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		63


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	105,407		1.5	%
Danish krone			92,524		1.3
Euro			53,833		0.8
U.S. dollar			6,731,652		96.4

Total investments		$	6,983,416		100.0	%


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
IHS Markit Ltd.	United States		4.4	%
Global Payments, Inc.	United States		4.4
LKQ Corp.	United States		4.3
Boston Scientific Corp.	United States		3.7
S&P Global, Inc.	United States		3.2
Cigna Corp.	United States		3.0
Regeneron Pharmaceuticals, Inc.	United States		2.4
Progressive Corp.	United States		2.3
Delphi Automotive plc	United States		2.2
Waste Connections, Inc.	United States		2.2

Total			32.1	%

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.


64		Artisan Partners Funds

ARTISAN MID CAP VALUE FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 92.4%

CONSUMER DISCRETIONARY - 15.4%
Auto Components - 2.1%
Gentex Corp.		4,225,487		$	83,665

Diversified Consumer Services - 1.2%
H&R Block, Inc.		1,849,244			48,968

Internet & Direct Marketing Retail - 4.5%
Liberty Expedia Holdings, Inc., Class A⁽¹⁾		753,456			40,016
Liberty Interactive Corp. QVC Group, Class A⁽¹⁾		4,254,591			100,281
Liberty Ventures, Series A⁽¹⁾		744,319			42,835

					183,132
Media - 4.7%
News Corp., Class A⁽²⁾		5,248,729			69,598
Omnicom Group, Inc.		1,022,383			75,728
TEGNA, Inc.		3,450,047			45,989

					191,315
Specialty Retail - 2.9%
AutoNation, Inc.⁽¹⁾		2,463,695			116,927

CONSUMER STAPLES - 1.9%
Food & Staples Retailing - 1.9%
Kroger Co.		3,734,281			74,910

ENERGY - 13.3%
Oil, Gas & Consumable Fuels - 13.3%
Andeavor		855,492			88,244
Apache Corp.		1,622,224			74,298
Cimarex Energy Co.		710,777			80,794
Devon Energy Corp.		3,329,587			122,229
Hess Corp.		2,299,847			107,840
World Fuel Services Corp.		1,886,495			63,971

					537,376
FINANCIALS - 22.4%
Banks - 4.6%
Fifth Third Bancorp		3,618,823			101,255
M&T Bank Corp.		537,090			86,493

					187,748
Capital Markets - 1.5%
Intercontinental Exchange, Inc.		850,756			58,447

Insurance - 15.2%
Alleghany Corp.⁽¹⁾		199,485			110,517
Allstate Corp.		792,715			72,858
Aon plc		603,533			88,176
Arch Capital Group Ltd.⁽¹⁾		993,612			97,871
Fairfax Financial Holdings Ltd.⁽³⁾		84,866			44,045
Loews Corp.		1,208,118			57,820
Progressive Corp.		932,562			45,155
Torchmark Corp.		1,260,066			100,919

					617,361

Mortgage Real Estate Investment Trusts (REITs) - 1.1%
AGNC Investment Corp.		2,000,351			43,367

HEALTH CARE - 1.8%
Health Care Providers & Services - 1.8%
AmerisourceBergen Corp.		895,627			74,113

INDUSTRIALS - 13.0%
Aerospace & Defense - 1.2%
Rockwell Collins, Inc.		364,973			47,706

Construction & Engineering - 3.6%
Fluor Corp.		1,793,824			75,520
Jacobs Engineering Group, Inc.		1,181,373			68,839

					144,359
Electrical Equipment - 0.1%
Hubbell, Inc.		48,166			5,588

Marine - 1.7%
Kirby Corp.⁽¹⁾		1,076,926			71,023

Road & Rail - 2.3%
Ryder System, Inc.		1,106,258			93,534

Trading Companies & Distributors - 4.1%
Air Lease Corp.		3,875,149			165,159

INFORMATION TECHNOLOGY - 11.6%
Electronic Equipment, Instruments & Components - 4.1%
Arrow Electronics, Inc.⁽¹⁾		1,150,305			92,496
Avnet, Inc.		1,890,458			74,295

					166,791


Artisan Partners Funds		65


	Shares Held			Value
Internet Software & Services - 4.1%
Cars.com, Inc.⁽¹⁾			2,667,574		$	70,984
IAC/InterActiveCorp⁽¹⁾			808,446			95,057

						166,041
Semiconductors & Semiconductor Equipment - 2.3%
Analog Devices, Inc.			1,058,046			91,172

Software - 1.1%
Synopsys, Inc.⁽¹⁾			564,458			45,456

MATERIALS - 9.9%
Chemicals - 6.3%
Agrium, Inc.⁽³⁾			588,529			63,096
Axalta Coating Systems Ltd.⁽¹⁾			2,043,873			59,109
Celanese Corp., Series A			1,300,859			135,641

						257,846
Metals & Mining - 3.6%
Goldcorp, Inc.⁽³⁾			5,878,421			76,184
Kinross Gold Corp.⁽¹⁾⁽³⁾			16,126,658			68,377

						144,561
REAL ESTATE - 1.9%
Equity Real Estate Investment Trusts (REITs) - 1.9%
Equity Commonwealth⁽¹⁾			2,350,906			71,468
STORE Capital Corp.			268,200			6,670

						78,138
UTILITIES - 1.2%
Multi-Utilities - 1.2%
SCANA Corp.			1,041,876			50,520

Total common stocks (Cost $2,501,765)						3,745,223

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $303,951 (Cost $303,942)⁽⁴⁾		$	303,942		$	303,942


Total investments - 99.9% (Cost $2,805,707)						4,049,165

Other assets less liabilities - 0.1%					2,781


Total net assets - 100.0%⁽⁵⁾					$	4,051,946

⁽¹⁾	Non-income producing security.

⁽²⁾	Non-voting shares.

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


Security	Country	Trading Currency
Agrium, Inc.	Canada	U.S. dollar
Fairfax Financial Holdings Ltd.	Canada	U.S. dollar
Goldcorp, Inc.	Canada	U.S. dollar
Kinross Gold Corp.	Canada	U.S. dollar

⁽⁴⁾	Collateralized by:


Security	Rate		Maturity		Value
U.S. Treasury Note		2.375%		5/15/2027		$	155,874
U.S. Treasury Bond		3.875%		4/15/2029			154,151

						$	310,025

⁽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, 2017
Company Name	Country	Percentage of Total Net Assets
Air Lease Corp.	United States		4.1	%
Celanese Corp.	United States		3.4
Devon Energy Corp.	United States		3.0
AutoNation, Inc.	United States		2.9
Alleghany Corp.	United States		2.7
Hess Corp.	United States		2.7
Fifth Third Bancorp	United States		2.5
Torchmark Corp.	United States		2.5
Liberty Interactive Corp. QVC Group	United States		2.5
Arch Capital Group Ltd.	United States		2.4

Total			28.7	%

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.


66		Artisan Partners Funds

ARTISAN SMALL CAP FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.7%

CONSUMER DISCRETIONARY - 11.4%
Auto Components - 3.2%
Visteon Corp.⁽¹⁾		327,094		$	40,484

Distributors - 2.0%
LKQ Corp.⁽¹⁾		731,863			26,340

Diversified Consumer Services - 2.1%
Bright Horizons Family Solutions, Inc.⁽¹⁾		316,380			27,275

Multiline Retail - 1.8%
Ollie’s Bargain Outlet Holdings, Inc.⁽¹⁾		508,394			23,590

Specialty Retail - 1.6%
Burlington Stores, Inc.⁽¹⁾		211,043			20,146

Textiles, Apparel & Luxury Goods - 0.7%
Canada Goose Holdings, Inc.⁽¹⁾⁽²⁾		441,629			9,076

CONSUMER STAPLES - 0.7%
Food & Staples Retailing - 0.7%
PriceSmart, Inc.		103,033			9,196

ENERGY - 2.4%
Oil, Gas & Consumable Fuels - 2.4%
Antero Midstream GP L.P.		429,605			8,794
RSP Permian, Inc.⁽¹⁾		650,544			22,502

					31,296
FINANCIALS - 6.7%
Banks - 3.5%
SVB Financial Group⁽¹⁾		125,277			23,438
Webster Financial Corp.		414,669			21,791

					45,229
Capital Markets - 3.2%
CBOE Holdings, Inc.		284,159			30,584
Virtu Financial, Inc., Class A		611,556			9,907

					40,491
HEALTH CARE - 16.0%
Biotechnology - 3.4%
Acceleron Pharma, Inc.⁽¹⁾		181,050			6,757
DBV Technologies S.A. (DR)⁽¹⁾⁽²⁾		259,587			11,017
Halozyme Therapeutics, Inc.⁽¹⁾		812,645			14,116
Neurocrine Biosciences, Inc.⁽¹⁾		191,697			11,747

					43,637
Health Care Equipment & Supplies - 5.9%
DexCom, Inc.⁽¹⁾		404,697			19,800
GenMark Diagnostics, Inc.⁽¹⁾		1,262,894			12,162
Glaukos Corp.⁽¹⁾		259,604			8,567
Integra LifeSciences Holdings Corp.⁽¹⁾		116,787			5,895
Nevro Corp.⁽¹⁾		246,084			22,364
Penumbra, Inc.⁽¹⁾		80,018			7,226

					76,014
Health Care Providers & Services - 1.8%
Envision Healthcare Corp.⁽¹⁾		208,892			9,390
HealthEquity, Inc.⁽¹⁾		277,551			14,038

					23,428
Health Care Technology - 3.7%
athenahealth, Inc.⁽¹⁾		44,578			5,544
Veeva Systems, Inc., Class A⁽¹⁾		740,003			41,743

					47,287
Life Sciences Tools & Services - 1.2%
NeoGenomics, Inc.⁽¹⁾		1,323,311			14,728

INDUSTRIALS - 23.2%
Aerospace & Defense - 9.9%
Axon Enterprise, Inc.⁽¹⁾		752,192			17,052
BWX Technologies, Inc.		762,948			42,740
Cubic Corp.		111,897			5,707
HEICO Corp.		167,290			15,024
Teledyne Technologies, Inc.⁽¹⁾		293,803			46,768

					127,291
Building Products - 0.8%
Masonite International Corp.⁽¹⁾		151,087			10,455

Electrical Equipment - 2.8%
Acuity Brands, Inc.		211,745			36,268

Machinery - 8.8%
Donaldson Co., Inc.		640,084			29,406
Gardner Denver Holdings, Inc.⁽¹⁾		390,456			10,745
IDEX Corp.		253,032			30,736
John Bean Technologies Corp.		415,778			42,035

					112,922
Trading Companies & Distributors - 0.9%
MRC Global, Inc.⁽¹⁾		610,611			10,679


Artisan Partners Funds		67


	Shares Held			Value
INFORMATION TECHNOLOGY - 35.3%
Electronic Equipment, Instruments & Components - 3.9%
Cognex Corp.			355,951		$	39,254
Novanta, Inc.⁽¹⁾			258,499			11,271

						50,525
Internet Software & Services - 7.8%
Benefitfocus, Inc.⁽¹⁾			536,395			18,050
Box, Inc., Class A⁽¹⁾			526,051			10,163
CoStar Group, Inc.⁽¹⁾			65,373			17,536
Match Group, Inc.⁽¹⁾			530,978			12,313
Q2 Holdings, Inc.⁽¹⁾			932,868			38,854
Trivago N.V. (DR)⁽¹⁾			362,714			3,936

						100,852
Semiconductors & Semiconductor Equipment - 1.3%
Ambarella, Inc.⁽¹⁾			202,574			9,928
Cree, Inc.⁽¹⁾			226,174			6,376

						16,304
Software - 22.3%
ACI Worldwide, Inc.⁽¹⁾			879,544			20,036
Atlassian Corp. plc, Class A⁽¹⁾			652,650			22,941
Blackbaud, Inc.			71,503			6,278
Blackline, Inc.⁽¹⁾			187,691			6,404
Ellie Mae, Inc.⁽¹⁾			238,628			19,598
Guidewire Software, Inc.⁽¹⁾			576,990			44,924
HubSpot, Inc.⁽¹⁾			153,123			12,870
Paylocity Holding Corp.⁽¹⁾			380,331			18,568
Proofpoint, Inc.⁽¹⁾			467,344			40,762
Take-Two Interactive Software, Inc.⁽¹⁾			377,295			38,571
Tyler Technologies, Inc.⁽¹⁾			140,110			24,424
Ultimate Software Group, Inc.⁽¹⁾			94,964			18,005
Zynga, Inc., Class A⁽¹⁾			3,346,622			12,650

						286,031

Total common stocks (Cost $742,357)						1,229,544

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $49,517 (Cost $49,516)⁽³⁾		$	49,516		$	49,516


Total investments - 99.6% (Cost $791,873)						1,279,060

Other assets less liabilities - 0.4%						5,031


Total net assets - 100.0%⁽⁴⁾					$	1,284,091

⁽¹⁾	Non-income producing security.

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


Security	Country	Trading Currency
Canada Goose Holdings, Inc.	Canada	U.S. dollar
DBV Technologies S.A. (DR)	France	U.S. dollar

⁽³⁾	Collateralized by:

Security

Rate

Maturity

Value

U.S. Treasury Bond

4.750%

2/15/2041

50,511

⁽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.

(DR) Depositary Receipt, voting rights may vary.


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
Teledyne Technologies, Inc.	United States		3.6	%
Guidewire Software, Inc.	United States		3.5
BWX Technologies, Inc.	United States		3.3
John Bean Technologies Corp.	United States		3.3
Veeva Systems, Inc.	United States		3.3
Proofpoint, Inc.	United States		3.2
Visteon Corp.	United States		3.2
Cognex Corp.	United States		3.1
Q2 Holdings, Inc.	United States		3.0
Take-Two Interactive Software, Inc.	United States		3.0

Total			32.5	%

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.


68		Artisan Partners Funds

ARTISAN THEMATIC FUND

Schedule of Investments – September 30, 2017

Dollar values in thousands (except per contract amounts)


	Shares Held			Value
COMMON STOCKS - 99.4%

CONSUMER DISCRETIONARY - 20.6%
Diversified Consumer Services - 1.5%
Service Corp. International			6,590		$	227

Internet & Direct Marketing Retail - 2.2%
Liberty Ventures, Series A⁽¹⁾			6,002			346

Media - 13.4%
Cable One, Inc.			1,361			983
Comcast Corp., Class A			27,682			1,065

						2,048
Textiles, Apparel & Luxury Goods - 3.5%
Adidas AG⁽²⁾			2,340			529

CONSUMER STAPLES - 5.3%
Food Products - 5.3%
Lamb Weston Holdings, Inc.			17,401			816

FINANCIALS - 11.7%
Capital Markets - 10.8%
CBOE Holdings, Inc.			1,405			151
CME Group, Inc.			4,253			577
Ocelot Partners Ltd.⁽¹⁾⁽²⁾			25,690			252
State Street Corp.			6,996			669

						1,649
Diversified Financial Services - 0.9%
FNFV Group⁽¹⁾			8,656			148

HEALTH CARE - 1.0%
Health Care Technology - 1.0%
Veeva Systems, Inc., Class A⁽¹⁾			2,678			151

INDUSTRIALS - 11.6%
Aerospace & Defense - 11.6%
Northrop Grumman Corp.			4,222			1,215
Raytheon Co.			2,970			554

						1,769
INFORMATION TECHNOLOGY - 45.2%
Communications Equipment - 3.5%
Harris Corp.			4,072			536

Internet Software & Services - 8.7%
Facebook, Inc., Class A⁽¹⁾			4,551			778
Tencent Holdings Ltd.⁽²⁾			12,700			546

						1,324
IT Services - 7.7%
Automatic Data Processing, Inc.			2,106			230
Gartner, Inc.⁽¹⁾			4,403			548
Visa, Inc., Class A			3,801			400

						1,178
Software - 25.3%
CDK Global, Inc.			25,067			1,581
Fair Isaac Corp.			2,080			292
Nintendo Co., Ltd.⁽²⁾			2,000			739
salesforce.com, Inc.⁽¹⁾⁽³⁾			8,497			794
ServiceNow, Inc.⁽¹⁾			3,918			461

						3,867
MATERIALS - 4.0%
Chemicals - 4.0%
DowDuPont, Inc.			8,914			617

Total common stocks (Cost $14,166)						15,205

PURCHASED OPTIONS CONTRACTS - 0.1%
Puts, PowerShares QQQ Trust Series 1, exercise price per contract $140, expiration date 12/15/2017, 50 contracts, notional amount 5,000, unrealized depreciation $(9) (Cost $19)						10

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 0.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $139 (Cost $139)⁽⁴⁾		$	139		$	139


Total investments - 100.4% (Cost $14,324)						15,354

WRITTEN OPTIONS CONTRACTS - (0.0)%^†
Calls, CBOE Holdings, Inc., exercise price per contract $105, expiration date 10/20/2017, (14) contracts, notional amount (1,400), unrealized depreciation $(2) (Premiums received $3)						(5	)

Other assets less liabilities - (0.4)%						(56	)


Total net assets - 100.0%⁽⁵⁾					$	15,293


Artisan Partners Funds		69

^†	Amount rounds to less than (0.1)%

⁽¹⁾	Non-income producing security.

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


Security	Country	Trading Currency
Adidas AG	Germany	Euro
Nintendo Co., Ltd.	Japan	Japanese yen
Ocelot Partners Ltd.	United Kingdom	U.S. dollar
Tencent Holdings Ltd.	China	Hong Kong dollar

⁽³⁾	At September 30, 2017, all or a portion of this security was pledged to cover collateral requirements for options.

⁽⁴⁾	Collateralized by:

Security

Rate

Maturity

Value

U.S. Treasury Bond

3.750%

11/15/2043

142

⁽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.


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Euro		$	529		3.4	%
Hong Kong dollar			546		3.6
Japanese yen			739		4.8
U.S. dollar			13,540		88.2

Total investments		$	15,354		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS -
September 30, 2017

Dollar values in thousands

Contract
Settlement
Date

Contract Amount

Unrealized
Appreciation/
(Depreciation)

Counterparty

Deliver

Receive

State Street Bank and Trust Company

11/16/2017

JPY

44,001

USD

402

State Street Bank and Trust Company

11/16/2017

JPY

10,753

USD

State Street Bank and Trust Company

11/16/2017

JPY

15,182

USD

136

State Street Bank and Trust Company

10/23/2017

EUR

USD

–

⁽¹⁾

State Street Bank and Trust Company

10/23/2017

USD

184

EUR

155

–

⁽¹⁾

State Street Bank and Trust Company

11/16/2017

JPY

34,007

USD

302

–

⁽¹⁾

State Street Bank and Trust Company

11/16/2017

USD

366

JPY

40,995

)

State Street Bank and Trust Company

10/23/2017

EUR

336

USD

394

)

State Street Bank and Trust Company

10/23/2017

EUR

135

USD

156

)

⁽¹⁾ Amount rounds to less than $1

JPY - Japanese yen

EUR - Euro currency

USD - U.S. dollar


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
CDK Global, Inc.	United States		10.3	%
Northrop Grumman Corp.	United States		7.9
Comcast Corp.	United States		7.0
Cable One, Inc.	United States		6.4
Lamb Weston Holdings, Inc.	United States		5.3
salesforce.com, Inc.	United States		5.2
Facebook, Inc.	United States		5.1
Nintendo Co., Ltd.	Japan		4.8
State Street Corp.	United States		4.4
DowDuPont, Inc.	United States		4.0

Total			60.4	%

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, 2017

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 91.4%

CONSUMER DISCRETIONARY - 13.9%
Auto Components - 3.5%
Cie Generale des Etablissements Michelin⁽¹⁾		155,645		$	22,719

Internet & Direct Marketing Retail - 4.8%
Liberty Expedia Holdings, Inc., Class A⁽²⁾		131,848			7,002
Liberty Interactive Corp. QVC Group, Class A⁽²⁾		738,377			17,404
Liberty Ventures, Series A⁽²⁾		119,591			6,882

					31,288
Media - 3.3%
CBS Corp., Class B⁽³⁾		193,653			11,232
News Corp., Class A⁽³⁾		811,393			10,759

					21,991
Specialty Retail - 2.3%
AutoNation, Inc.⁽²⁾		312,956			14,853

ENERGY - 14.4%
Oil, Gas & Consumable Fuels - 14.4%
Apache Corp.		298,963			13,693
Devon Energy Corp.		687,571			25,241
EOG Resources, Inc.		142,467			13,782
Hess Corp.		456,351			21,398
Occidental Petroleum Corp.		311,438			19,997

					94,111
FINANCIALS - 18.9%
Banks - 6.2%
Citigroup, Inc.		394,223			28,676
Wells Fargo & Co.		216,375			11,933

					40,609
Capital Markets - 2.5%
Goldman Sachs Group, Inc.		67,610			16,036

Diversified Financial Services - 4.0%
Berkshire Hathaway, Inc., Class B⁽²⁾		143,894			26,378

Insurance - 4.7%
Alleghany Corp.⁽²⁾		26,320			14,582
Chubb Ltd.		111,269			15,861

					30,443
Mortgage Real Estate Investment Trusts (REITs) - 1.5%
AGNC Investment Corp.		443,068			9,606
HEALTH CARE - 7.7%
Health Care Equipment & Supplies - 1.8%
Medtronic plc		156,629			12,181

Health Care Providers & Services - 3.9%
Cardinal Health, Inc.		182,535			12,215
Express Scripts Holding Co.⁽²⁾		208,518			13,204

					25,419
Pharmaceuticals - 2.0%
Allergan plc		63,060			12,924

INDUSTRIALS - 5.8%
Construction & Engineering - 1.2%
Jacobs Engineering Group, Inc.		134,933			7,863

Trading Companies & Distributors - 4.6%
Air Lease Corp.		697,150			29,712

INFORMATION TECHNOLOGY - 13.5%
Communications Equipment - 2.1%
Cisco Systems, Inc.		407,211			13,694

Electronic Equipment, Instruments & Components - 0.6%
Avnet, Inc.		90,290			3,548

Internet Software & Services - 3.7%
Alphabet, Inc., Class C⁽²⁾⁽³⁾		25,392			24,354

IT Services - 1.7%
Cognizant Technology Solutions Corp., Class A		154,904			11,237

Software - 1.9%
Oracle Corp.		255,571			12,357

Technology Hardware, Storage & Peripherals - 3.5%
Apple, Inc.		148,427			22,876

MATERIALS - 15.2%
Chemicals - 9.7%
Agrium, Inc.⁽¹⁾		208,778			22,383
Celanese Corp., Series A		113,335			11,818
LyondellBasell Industries N.V., Class A		296,278			29,346

					63,547


Artisan Partners Funds		71


	Shares Held			Value
Metals & Mining - 5.5%
Goldcorp, Inc.⁽¹⁾			1,539,804		$	19,956
Kinross Gold Corp.⁽¹⁾⁽²⁾			3,673,122			15,574

						35,530
REAL ESTATE - 2.0%
Equity Real Estate Investment Trusts (REITs) - 2.0%
Simon Property Group, Inc.			80,317			12,932

Total common stocks (Cost $440,932)						596,208

PREFERRED STOCKS - 3.2%
INFORMATION TECHNOLOGY - 3.2%
Technology Hardware, Storage & Peripherals - 3.2%
Samsung Electronics Co., Ltd., 1.36%⁽¹⁾⁽³⁾			11,448			20,610

Total preferred stocks (Cost $8,632)						20,610

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.34%, dated 9/29/17, due 10/2/17, maturity value $35,311 (Cost $35,310)⁽⁴⁾		$	35,310		$	35,310


Total investments - 100.0% (Cost $484,874)						652,128

Other assets less liabilities - (0.0)%^†						62


Total net assets - 100.0%⁽⁵⁾					$	652,190

^†	Amount rounds to less than 0.1%

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


Security	Country	Trading Currency
Agrium, Inc.	Canada	U.S. dollar
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

⁽²⁾	Non-income producing security.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:


Security	Rate		Maturity		Value
U.S. Treasury Bond		2.750%		11/15/2042		$	31,859
U.S. Treasury Bond		4.750%		2/15/2041			4,158

						$	36,017

⁽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.


TRADING CURRENCIES - September 30, 2017
Dollar values in thousands
	Value			Percentage of Total Investments
Euro		$	22,719		3.5	%
Korean won			20,610		3.2
U.S. dollar			608,799		93.3

Total investments		$	652,128		100.0	%


TOP TEN HOLDINGS - September 30, 2017
Company Name	Country	Percentage of Total Net Assets
Air Lease Corp.	United States		4.6	%
LyondellBasell Industries N.V.	United States		4.5
Citigroup, Inc.	United States		4.4
Berkshire Hathaway, Inc.	United States		4.0
Devon Energy Corp.	United States		3.9
Alphabet, Inc.	United States		3.7
Apple, Inc.	United States		3.5
Cie Generale des Etablissements Michelin	France		3.5
Agrium, Inc.	Canada		3.4
Hess Corp.	United States		3.3

Total			38.8	%

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.


72		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2017

Dollar values in thousands


	DEVELOPING WORLD				EMERGING MARKETS				GLOBAL DISCOVERY				GLOBAL EQUITY
ASSETS:
Investments in securities, unaffiliated, at value		$	1,806,675			$	49,848			$	12,052			$	291,336
Short-term investments (repurchase agreements), at value			166,116				1,165				851				3,470
Total investments			1,972,791				51,013				12,903				294,806
Cash			1				1				1				1
Foreign currency			13,353				53				2				183
Receivable from investments sold			6,367				302				29				382
Receivable from fund shares sold			5,150				55				1,202				78
Dividends and interest receivable			1,169				60				5				289
Prepaid offering costs			–				–				24				–
Other assets			12				3				–				6
Total assets			1,998,843				51,487				14,166				295,745
LIABILITIES:
Payable for investments purchased			29,487				76				970				3,456
Payable for fund shares redeemed			253				2				–				769
Payable for operating expenses			429				110				35				131
Payable for deferred director’s compensation			12				4				–				5
Payable for foreign taxes			90				157	⁽²⁾			–	⁽¹⁾			6
Total liabilities			30,271				349				1,005				4,367
Total net assets		$	1,968,572			$	51,138			$	13,161			$	291,378
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	1,560,174			$	178,148			$	12,805			$	231,419
Net unrealized appreciation (depreciation) on:
Investments, from unaffiliated issuers			355,194				9,691				375				59,350
Foreign currency transactions			(63	)			(5	)			–				5
Accumulated undistributed net investment income (loss)			4,433				15				6				(28	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions			48,834				(136,711	)			(25	)			632
Total net assets		$	1,968,572			$	51,138			$	13,161			$	291,378
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	520,406			$	42,429			$	13,161			$	131,813
Advisor Shares		$	763,998
Institutional Shares		$	684,168			$	8,709							$	159,565
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			40,568,252				2,723,783				1,275,281				6,725,121
Advisor Shares			59,385,766
Institutional Shares			53,094,312				561,861								8,114,892
Net asset value per share
Investor Shares		$	12.83			$	15.58			$	10.32			$	19.60
Advisor Shares		$	12.87
Institutional Shares		$	12.89			$	15.50							$	19.66
Cost of securities of unaffiliated issuers held		$	1,617,597			$	41,195			$	12,528			$	235,456
Cost of foreign currency held		$	13,391			$	53			$	2			$	182

⁽¹⁾ Amount rounds to less than $1
⁽²⁾Including foreign taxes on unrealized gains						$	127

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, 2017 (Continued)

Dollar values in thousands


	GLOBAL OPPORTUNITIES				GLOBAL VALUE				HIGH INCOME				INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value		$	2,528,088			$	2,755,211			$	2,282,721			$	13,846,603
Short-term investments (repurchase agreements), at value			170,121				317,805				151,580				177,936
Total investments			2,698,209				3,073,016				2,434,301				14,024,539
Cash			–	⁽¹⁾			1				1				1
Due from broker			–				–				429				–
Foreign currency			672				1,120				–				7,891
Receivable from investments sold			14,613				6,254				49,556				46,992
Receivable from fund shares sold			1,915				11,388				7,254				10,450
Dividends and interest receivable			2,562				6,858				34,517				43,610
Other assets			33				41				28				340
Total assets			2,718,004				3,098,678				2,526,086				14,133,823
LIABILITIES:
Unrealized loss on foreign currency forward contracts			–				4,067				–				–
Dividends payable			–				–				1,734				–
Payable for variation margin on futures contracts			–				–				4				–
Payable for investments purchased			12,438				12,457				72,906				71,944
Payable for fund shares redeemed			1,579				1,203				7,406				22,921
Payable for operating expenses			482				584				467				3,576
Payable for deferred director’s compensation			32				39				27				332
Payable for foreign taxes			58				222				–				623
Total liabilities			14,589				18,572				82,544				99,396
Total net assets		$	2,703,415			$	3,080,106			$	2,443,542			$	14,034,427
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	1,904,343			$	2,423,825			$	2,344,915			$	10,863,439
Net unrealized appreciation (depreciation) on:
Investments, from unaffiliated issuers			688,340				644,596				52,357				3,416,804
Foreign currency forward contracts			–				(4,067	)			–				–
Foreign currency transactions			(48	)			115				–				62
Futures contracts			–				–				418				–
Accumulated undistributed net investment income (loss)			(64	)			15,538				(1,756	)			113,442
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions			110,844				99				47,608				(359,320	)
Total net assets		$	2,703,415			$	3,080,106			$	2,443,542			$	14,034,427
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	974,286			$	811,771			$	632,387			$	5,808,005
Advisor Shares		$	398,375			$	796,869			$	1,548,786			$	2,357,528
Institutional Shares		$	1,330,754			$	1,471,466			$	262,369			$	5,868,894
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			37,925,169				45,416,163				62,011,719				179,924,197
Advisor Shares			15,472,989				44,629,347				151,882,801				73,102,867
Institutional Shares			51,333,590				82,192,527				25,736,768				180,598,507
Net asset value per share
Investor Shares		$	25.69			$	17.87			$	10.20			$	32.28
Advisor Shares		$	25.75			$	17.86			$	10.20			$	32.25
Institutional Shares		$	25.92			$	17.90			$	10.19			$	32.50
Cost of securities of unaffiliated issuers held		$	2,009,869			$	2,428,420			$	2,381,944			$	10,607,735
Cost of foreign currency held		$	680			$	1,120							$	7,877

⁽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, 2017 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP				INTERNATIONAL VALUE				MID CAP				MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	518,012			$	12,442,528			$	6,759,382			$	3,745,223
Investments in securities, affiliated, at value			8,098				349,549				–				–
Short-term investments (repurchase agreements), at value			25,150				2,110,879				224,034				303,942
Total investments			551,260				14,902,956				6,983,416				4,049,165
Cash			1		��		1				1				–	⁽¹⁾
Foreign currency			456				5,101				–	⁽¹⁾			–
Unrealized gain on foreign currency forward contracts			–				7,831				–				–
Receivable from investments sold			10,983				17,004				40,337				–
Receivable from fund shares sold			156				24,114				4,598				3,083
Dividends and interest receivable			890				50,667				2,010				5,049
Other assets			16				241				172				129
Total assets			563,762				15,007,915				7,030,534				4,057,426
LIABILITIES:
Unrealized loss on foreign currency forward contracts			–				25,100				–				–
Payable for investments purchased			52				8,453				29,827				729
Payable for fund shares redeemed			524				13,984				18,432				3,324
Payable for operating expenses			221				2,747				1,481				1,224
Payable for deferred director’s compensation			17				231				167				126
Payable for foreign taxes			15				1,488	⁽²⁾			38				77
Total liabilities			829				52,003				49,945				5,480
Total net assets		$	562,933			$	14,955,912			$	6,980,589			$	4,051,946
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	388,819			$	10,989,485			$	4,390,066			$	2,483,544
Net unrealized appreciation (depreciation) on:
Investments, from unaffiliated issuers			128,520				3,527,070				1,883,902				1,243,458
Investments, from affiliated issuers			(1,027	)			115,175				–				–
Foreign currency forward contracts			–				(17,269	)			–				–
Foreign currency transactions			38				644				(11	)			–
Accumulated undistributed net investment income (loss)			(363	)			108,768				(13,653	)			5,224
Accumulated undistributed net realized gains on investments and foreign currency related transactions			46,946				232,039				720,285				319,720
Total net assets		$	562,933			$	14,955,912			$	6,980,589			$	4,051,946
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	307,580			$	4,350,119			$	2,277,750			$	1,957,786
Advisor Shares						$	4,323,659			$	583,658			$	1,053,640
Institutional Shares		$	255,353			$	6,282,134			$	4,119,181			$	1,040,520
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			12,460,079				111,305,978				53,490,223				81,632,062
Advisor Shares							110,559,802				13,652,926				44,006,858
Institutional Shares			10,316,464				159,948,788				89,859,890				43,388,862
Net asset value per share
Investor Shares		$	24.69			$	39.08			$	42.58			$	23.98
Advisor Shares						$	39.11			$	42.75			$	23.94
Institutional Shares		$	24.75			$	39.28			$	45.84			$	23.98
Cost of securities of unaffiliated issuers held		$	414,642			$	11,026,319			$	5,099,514			$	2,805,707
Cost of securities of affiliated issuers held		$	9,125			$	234,374
Cost of foreign currency held		$	454			$	5,103			$	–	⁽¹⁾

⁽¹⁾ Amount rounds to less than $1
⁽²⁾Including foreign taxes on unrealized gains						$	18

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, 2017 (Continued)

Dollar values in thousands


	SMALL CAP				THEMATIC				VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	1,229,544			$	15,215			$	616,818
Short-term investments (repurchase agreements), at value			49,516				139				35,310
Total investments			1,279,060				15,354				652,128
Cash			1				1				1
Unrealized gain on foreign currency forward contracts			–				13				–
Receivable from investments sold			9,249				624				–
Receivable from fund shares sold			1,834				11				203
Dividends and interest receivable			1				8				909
Prepaid offering costs			–				14				–
Other assets			26				–	⁽¹⁾			20
Total assets			1,290,171				16,025				653,261
LIABILITIES:
Unrealized loss on foreign currency forward contracts			–				7				–
Written options, at value			–				5	⁽²⁾			–
Payable for investments purchased			5,356				685				–
Payable for fund shares redeemed			319				–				749
Payable for operating expenses			379				35				276
Payable for deferred director’s compensation			26				–	⁽¹⁾			19
Payable for foreign taxes			–				–				27
Total liabilities			6,080				732				1,071
Total net assets		$	1,284,091			$	15,293			$	652,190
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	649,314			$	13,183			$	447,991
Net unrealized appreciation (depreciation) on:
Investments, from unaffiliated issuers			487,187				1,030				167,254
Written options			–				(2	)			–
Foreign currency forward contracts			–				6				–
Accumulated undistributed net investment income (loss)			(7,896	)			(6	)			3,216
Accumulated undistributed net realized gains on investments and foreign currency related transactions			155,486				1,082				33,729
Total net assets		$	1,284,091			$	15,293			$	652,190
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	461,398			$	15,293			$	216,981
Advisor Shares		$	324,762							$	181,340
Institutional Shares		$	497,931							$	253,869
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			13,727,889				1,296,793				14,228,820
Advisor Shares			9,656,883								11,915,584
Institutional Shares			14,654,186								16,634,942
Net asset value per share
Investor Shares		$	33.61			$	11.79			$	15.25
Advisor Shares		$	33.63							$	15.22
Institutional Shares		$	33.98							$	15.26
Cost of securities of unaffiliated issuers held		$	791,873			$	14,324			$	484,874

⁽¹⁾	Amount rounds to less than $1

⁽²⁾	Written options, premiums received $3

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, 2017

Dollar values in thousands


	DEVELOPING WORLD				EMERGING MARKETS				GLOBAL DISCOVERY⁽¹⁾				GLOBAL EQUITY
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾		$	20,560			$	889			$	8			$	3,104
Interest			96				1				–	⁽³⁾			3
Total investment income			20,656				890				8				3,107
EXPENSES:
Management fees			13,015				439				12				2,595
Transfer agent fees
Investor Shares			938				148				7				358
Advisor Shares			455
Institutional Shares			21				20								19
Custodian fees			480				61				2				71
Accounting fees			109				106				2				91
Professional fees			122				105				20				110
Offering fees			–				–				3				–
Registration fees
Investor Shares			51				23				2				25
Advisor Shares			60
Institutional Shares			19				18								27
Director’s fees			42				6				–				9
Other operating expenses			120				3				6				22
Total operating expenses			15,432				929				54				3,327
Less amounts waived or paid by the Adviser			–				(295	)			(36	)			–
Net expenses			15,432				634				18				3,327
Net investment income (loss)			5,224				256				(10	)			(220	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽⁴⁾			54,080				1,665				(25	)			20,120
Foreign currency related transactions			(243	)			(1	)			(1	)			(89	)
Total realized gain (loss)			53,837				1,664				(26	)			20,031
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽⁵⁾			238,939				7,503				375				25,918
Foreign currency related transactions			(69	)			(1	)			–				11
Total increase in unrealized appreciation or depreciation			238,870				7,502				375				25,929
Net gain on investments and foreign currency related transactions			292,707				9,166				349				45,960
Net increase in net assets resulting from operations		$	297,931			$	9,422			$	339			$	45,740
⁽¹⁾ For the period from commencement of operations (August 21, 2017) through September 30, 2017.
⁽²⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,128			$	123			$	–	⁽³⁾		$	302
⁽³⁾ Amount rounds to less than $1
⁽⁴⁾ Net of foreign taxes on realized gains			–				(1	)			–				–
⁽⁵⁾ Net of increase (decrease) in foreign taxes on unrealized gains			(1,499	)			122				–				–

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, 2017 (Continued)

Dollar values in thousands


	GLOBAL OPPORTUNITIES				GLOBAL VALUE				HIGH INCOME				INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾		$	17,302			$	48,189			$	–			$	269,409
Dividends, from affiliated issuers⁽²⁾			–				–				–				761
Interest			104				256				144,106				254
Total investment income			17,406				48,445				144,106				270,424
EXPENSES:
Management fees			18,935				25,675				14,927				129,478
Transfer agent fees
Investor Shares			1,992				1,856				1,408				14,064
Advisor Shares			252				504				1,130				2,036
Institutional Shares			22				23				16				135
Custodian fees			242				315				41				2,536
Accounting fees			109				109				146				111
Professional fees			151				155				117				613
Registration fees
Investor Shares			45				31				41				89
Advisor Shares			39				28				97				108
Institutional Shares			100				53				32				68
Director’s fees			75				92				74				517
Other operating expenses			63				82				117				522
Total operating expenses			22,025				28,923				18,146				150,277
Net investment income (loss)			(4,619	)			19,522				125,960				120,147
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽³⁾			128,629				18,452				60,042				193,492
Investments, from affiliated issuers			–				–				–				9,897
Foreign currency forward contracts			6,592				1,761				92				–
Foreign currency related transactions			66				(321	)			(36	)			(6,091	)
Total realized gain			135,287				19,892				60,098				197,298
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			251,517				452,558				17,379				1,592,736
Investments, from affiliated issuers			–				–				–				(49,388	)
Foreign currency forward contracts			94				(4,493	)			–				–
Foreign currency related transactions			47				149				–				2,325
Futures contracts			–				–				418				–
Total increase in unrealized appreciation or depreciation			251,658				448,214				17,797				1,545,673
Net gain on investments and foreign currency related transactions			386,945				468,106				77,895				1,742,971
Net increase in net assets resulting from operations		$	382,326			$	487,628			$	203,855			$	1,863,118

⁽¹⁾Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,228			$	3,260			$	–			$	49,458
⁽²⁾Net of foreign taxes withheld on dividends, affiliated issuers			–				–				–				134
⁽³⁾Net of foreign taxes on realized gains			–				1				–				–

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, 2017 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP				INTERNATIONAL VALUE				MID CAP				MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾		$	9,284			$	249,380			$	36,662			$	60,756
Dividends, from affiliated issuers⁽²⁾			–				12,146				–				–
Interest			16				1,446				161				275
Total investment income			9,300				262,972				36,823				61,031
EXPENSES:
Management fees			7,746				120,862				68,454				39,708
Transfer agent fees
Investor Shares			856				11,152				6,202				4,774
Advisor Shares							2,952				479				949
Institutional Shares			18				111				32				20
Custodian fees			236				2,213				176				69
Accounting fees			90				109				80				78
Professional fees			183				499				276				199
Registration fees
Investor Shares			54				135				54				40
Advisor Shares							134				34				79
Institutional Shares			23				76				55				28
Director’s fees			23				465				271				155
Other operating expenses			27				612				364				588
Total operating expenses			9,256				139,320				76,477				46,687
Net investment income (loss)			44				123,652				(39,654	)			14,344
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			82,584				230,217				1,022,279				453,327
Investments, from affiliated issuers			(2	)			58,638				–				–
Foreign currency forward contracts			–				29,315				–				–
Foreign currency related transactions			(187	)			1,051				69				–
Total realized gain			82,395				319,221				1,022,348				453,327
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽³⁾			(22,061	)			2,431,151				(150,163	)			125,836
Investments, from affiliated issuers			(1,027	)			(395,257	)			–				–
Foreign currency forward contracts			–				(20,377	)			–				–
Foreign currency related transactions			82				1,405				(11	)			–
Total increase (decrease) in unrealized appreciation or depreciation			(23,006	)			2,016,922				(150,174	)			125,836
Net gain on investments and foreign currency related transactions			59,389				2,336,143				872,174				579,163
Net increase in net assets resulting from operations		$	59,433			$	2,459,795			$	832,520			$	593,507

⁽¹⁾Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,062			$	32,358			$	278			$	405
⁽²⁾Net of foreign taxes withheld on dividends, affiliated issuers			–				1,549				–				–
⁽³⁾Net of decrease in foreign taxes on unrealized gains			–				(2,121	)			–				–

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, 2017 (Continued)

Dollar values in thousands


	SMALL CAP				THEMATIC⁽¹⁾				VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾		$	3,114			$	57			$	12,186
Interest			54				–	⁽³⁾			31
Total investment income			3,168				57				12,217
EXPENSES:
Management fees			12,115				56				5,653
Transfer agent fees
Investor Shares			1,258				25				970
Advisor Shares			152								284
Institutional Shares			21								20
Custodian fees			33				8				54
Accounting fees			71				9				78
Dividends on securities sold short			–				1				–
Professional fees			87				26				84
Offering fees			–				11				–
Registration fees
Investor Shares			27				8				39
Advisor Shares			28								31
Institutional Shares			45								28
Director’s fees			46				2				30
Other operating expenses			71				4				27
Total operating expenses			13,954				150				7,298
Less amounts waived or paid by the Adviser			–				(66	)			–
Net expenses			13,954				84				7,298
Net investment income (loss)			(10,786	)			(27	)			4,919
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			190,509				1,172				113,069
Foreign currency forward contracts			–				(21	)			–
Foreign currency related transactions			–				(3	)			(12	)
Written options			–				(55	)			–
Securities sold short			–				–	⁽³⁾			–
Total realized gain			190,509				1,093				113,057
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(19,498	)			1,030				7,112
Foreign currency forward contracts			–				6				–
Foreign currency related transactions			–				–				30
Written options			–				(2	)			–
Total increase in unrealized appreciation or depreciation			(19,498	)			1,034				7,142
Net gain on investments and foreign currency related transactions			171,011				2,127				120,199
Net increase in net assets resulting from operations		$	160,225			$	2,100			$	125,118

⁽¹⁾ For the period from commencement of operations (April 24, 2017) through September 30, 2017.
⁽²⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	–			$	1			$	808
⁽³⁾ Amount rounds to less than $1

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


80		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands


	DEVELOPING WORLD								EMERGING MARKETS
	Year Ended 9/30/2017				Year Ended 9/30/2016				Year Ended 9/30/2017				Year Ended 9/30/2016
OPERATIONS:
Net investment income		$	5,224			$	1,745			$	256			$	461
Net realized gain (loss) on:
Investments, from unaffiliated issuers			54,080				2,068				1,665				(1,612	)
Foreign currency related transactions			(243	)			(27	)			(1	)			(71	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			238,939				125,023				7,503				8,127
Foreign currency related transactions			(69	)			14				(1	)			4
Net increase in net assets resulting from operations			297,931				128,823				9,422				6,909
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			(171	)			–				(288	)			–
Advisor Shares			(753	)			–
Institutional Shares			(827	)			–				(47	)			–
Net realized gains on investment transactions:
Investor Shares			(1,087	)			–				–				–
Advisor Shares			(1,409	)			–
Institutional Shares			(1,160	)			–				–				–
Total distributions paid to shareholders			(5,407	)			–				(335	)			–
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			791,404				636,990				5,361				(21,022	)
Total increase (decrease) in net assets			1,083,928				765,813				14,448				(14,113	)
Net assets, beginning of period			884,644				118,831				36,690				50,803
Net assets, end of period		$	1,968,572			$	884,644			$	51,138			$	36,690
Accumulated undistributed net investment income		$	4,433			$	1,553			$	15			$	95

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


Artisan Partners Funds		81

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL DISCOVERY				GLOBAL EQUITY
	Period Ended 9/30/2017⁽¹⁾				Year Ended 9/30/2017				Year Ended 9/30/2016
OPERATIONS:
Net investment income (loss)		$	(10	)		$	(220	)		$	180
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(25	)			20,120				(17,343	)
Investments, from affiliated issuers			–				–				(1,339	)
Foreign currency related transactions			(1	)			(89	)			4
Net increase in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			375				25,918				30,978
Investments, from affiliated issuers			–				–				3,090
Foreign currency related transactions			–				11				1
Net increase in net assets resulting from operations			339				45,740				15,571
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				–				–
Institutional Shares							(186	)			–
Net realized gains on investment transactions:
Investor Shares			–				–				(4,572	)
Institutional Shares							–				(2,290	)
Total distributions paid to shareholders			–				(186	)			(6,862	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			12,822				(11,750	)			(47,515	)
Total increase (decrease) in net assets			13,161				33,804				(38,806	)
Net assets, beginning of period			–				257,574				296,380
Net assets, end of period		$	13,161			$	291,378			$	257,574
Accumulated undistributed net investment income (loss)		$	6			$	(28	)		$	181

⁽¹⁾	For the period from commencement of operations (August 21, 2017) through September 30, 2017.

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 OPPORTUNITIES								GLOBAL VALUE
	Year Ended 9/30/2017				Year Ended 9/30/2016				Year Ended 9/30/2017				Year Ended 9/30/2016
OPERATIONS:
Net investment income (loss)		$	(4,619	)		$	(3,044	)		$	19,522			$	14,221
Net realized gain (loss) on:
Investments, from unaffiliated issuers			128,629				13,619				18,452				49,170
Investments, from affiliated issuers			–				4,396				–				(4,125	)
Foreign currency forward contracts			6,592				–				1,761				–
Foreign currency related transactions			66				(8,581	)			(321	)			71
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			251,517				276,088				452,558				156,731
Investments, from affiliated issuers			–				(3,451	)			–				(12,575	)
Foreign currency forward contracts			94				–				(4,493	)			–
Foreign currency related transactions			47				1,426				149				448
Net increase in net assets resulting from operations			382,326				280,453				487,628				203,941
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				(686	)			(4,872	)			(2,818	)
Advisor Shares			–				(106	)			(3,108	)			(1,461	)
Institutional Shares			–				(1,743	)			(8,504	)			(3,594	)
Net realized gains on investment transactions:
Investor Shares			(1,289	)			(4,507	)			(14,632	)			(43,889	)
Advisor Shares			(311	)			(360	)			(8,179	)			(11,719	)
Institutional Shares			(1,335	)			(3,955	)			(19,874	)			(26,885	)
Total distributions paid to shareholders			(2,935	)			(11,357	)			(59,169	)			(90,366	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities			486,587				212,419				582,380				430,386
Total increase in net assets			865,978				481,515				1,010,839				543,961
Net assets, beginning of period			1,837,437				1,355,922				2,069,267				1,525,306
Net assets, end of period		$	2,703,415			$	1,837,437			$	3,080,106			$	2,069,267
Accumulated undistributed net investment income (loss)		$	(64	)		$	(8,025	)		$	15,538			$	12,682

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


	HIGH INCOME								INTERNATIONAL
	Year Ended 9/30/2017				Year Ended 9/30/2016				Year Ended 9/30/2017				Year Ended 9/30/2016
OPERATIONS:
Net investment income		$	125,960			$	88,731			$	120,147			$	189,354
Net realized gain (loss) on:
Investments, from unaffiliated issuers			60,042				1,980				193,492				(194,516	)
Investments, from affiliated issuers			–				–				9,897				(14,393	)
Foreign currency forward contracts			92				–				–				–
Foreign currency related transactions			(36	)			–				(6,091	)			(2,591	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			17,379				82,863				1,592,736				900,103
Investments, from affiliated issuers			–				–				(49,388	)			49,388
Foreign currency related transactions			–				–				2,325				–
Futures contracts			418				–				–				–
Net increase in net assets resulting from operations			203,855				173,574				1,863,118				927,345
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			(32,485	)			(31,811	)			(77,560	)			(47,225	)
Advisor Shares			(86,094	)			(56,920	)			(38,758	)			(18,156	)
Institutional Shares			(7,381	)			–				(70,935	)			(38,522	)
Net realized gains on investment transactions:
Investor Shares			(1,365	)			(1,721	)			–				–
Advisor Shares			(3,041	)			(2,208	)			–				–
Institutional Shares			(6	)			–				–				–
Total distributions paid to shareholders			(130,372	)			(92,660	)			(187,253	)			(103,903	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			581,058				794,028				(3,626,913	)			(2,433,050	)
Total increase (decrease) in net assets			654,541				874,942				(1,951,048	)			(1,609,608	)
Net assets, beginning of period			1,789,001				914,059				15,985,475				17,595,083
Net assets, end of period		$	2,443,542			$	1,789,001			$	14,034,427			$	15,985,475
Accumulated undistributed net investment income (loss)		$	(1,756	)		$	(1,610	)		$	113,442			$	186,639

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


	INTERNATIONAL SMALL CAP								INTERNATIONAL VALUE
	Year Ended 9/30/2017				Year Ended 9/30/2016				Year Ended 9/30/2017				Year Ended 9/30/2016
OPERATIONS:
Net investment income (loss)		$	44			$	(318	)		$	123,652			$	123,528
Net realized gain (loss) on:
Investments, from unaffiliated issuers			82,584				14,861				230,217				323,011
Investments, from affiliated issuers			(2	)			12,247				58,638				(58,105	)
Foreign currency forward contracts			–				–				29,315				–
Foreign currency related transactions			(187	)			244				1,051				(45,667	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(22,061	)			(20,319	)			2,431,151				421,598
Investments, from affiliated issuers			(1,027	)			14,920				(395,257	)			234,917
Foreign currency forward contracts			–				–				(20,377	)			–
Foreign currency related transactions			82				10				1,405				12,996
Net increase in net assets resulting from operations			59,433				21,645				2,459,795				1,012,278
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				(1,285	)			(42,007	)			(43,280	)
Advisor Shares											(33,270	)			(29,338	)
Institutional Shares			–				–				(30,068	)			(27,773	)
Net realized gains on investment transactions:
Investor Shares			(27,861	)			(31,795	)			(120,836	)			(263,808	)
Advisor Shares											(79,802	)			(144,431	)
Institutional Shares			(10,687	)			–				(68,145	)			(132,236	)
Total distributions paid to shareholders			(38,548	)			(33,080	)			(374,128	)			(640,866	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(252,488	)			(155,064	)			794,380				1,085,464
Total increase (decrease) in net assets			(231,603	)			(166,499	)			2,880,047				1,456,876
Net assets, beginning of period			794,536				961,035				12,075,865				10,618,989
Net assets, end of period		$	562,933			$	794,536			$	14,955,912			$	12,075,865
Accumulated undistributed net investment income (loss)		$	(363	)		$	(376	)		$	108,768			$	73,433

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


	MID CAP								MID CAP VALUE
	Year Ended 9/30/2017				Year Ended 9/30/2016				Year Ended 9/30/2017				Year Ended 9/30/2016
OPERATIONS:
Net investment income (loss)		$	(39,654	)		$	(51,450	)		$	14,344			$	33,034
Net realized gain (loss) on:
Investments, from unaffiliated issuers			1,022,279				628,623				453,327				187,060
Investments, from affiliated issuers			–				112,227				–				(19,253	)
Foreign currency related transactions			69				–				–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(150,163	)			69,027				125,836				481,001
Investments, from affiliated issuers			–				(107,530	)			–				(22,061	)
Foreign currency related transactions			(11	)			–				–				–
Net increase in net assets resulting from operations			832,520				650,897				593,507				659,781
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				–				(17,209	)			(16,855	)
Advisor Shares			–				–				(8,466	)			(6,131	)
Institutional Shares			–				–				(7,041	)			(8,894	)
Net realized gains on investment transactions:
Investor Shares			(243,702	)			(558,234	)			(47,996	)			(633,415	)
Advisor Shares			(41,123	)			(60,916	)			(20,609	)			(132,262	)
Institutional Shares			(325,841	)			(615,647	)			(15,243	)			(185,540	)
Total distributions paid to shareholders			(610,666	)			(1,234,797	)			(116,564	)			(983,097	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities			(1,308,554	)			(172,619	)			(608,599	)			(2,012,842	)
Total decrease in net assets			(1,086,700	)			(756,519	)			(131,656	)			(2,336,158	)
Net assets, beginning of period			8,067,289				8,823,808				4,183,602				6,519,760
Net assets, end of period		$	6,980,589			$	8,067,289			$	4,051,946			$	4,183,602
Accumulated undistributed net investment income (loss)		$	(13,653	)		$	(36,664	)		$	5,224			$	29,675

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


	SMALL CAP								THEMATIC
	Year Ended 9/30/2017				Year Ended 9/30/2016				Period Ended 9/30/2017⁽¹⁾
OPERATIONS:
Net investment loss		$	(10,786	)		$	(10,961	)		$	(27	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers			190,509				12,003				1,172
Foreign currency forward contracts			–				–				(21	)
Foreign currency related transactions			–				–				(3	)
Written options			–				–				(55	)
Securities sold short			–				–				–	⁽²⁾
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(19,498	)			172,409				1,030
Foreign currency forward contracts			–				–				6
Written options			–				–				(2	)
Net increase in net assets resulting from operations			160,225				173,451				2,100
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net realized gains on investment transactions:
Investor Shares			(8,357	)			(81,079	)			–
Institutional Shares			(5,632	)			(36,970	)
Total distributions paid to shareholders			(13,989	)			(118,049	)			–
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(144,667	)			(26,140	)			13,193
Total increase in net assets			1,569				29,262				15,293
Net assets, beginning of period			1,282,522				1,253,260				–
Net assets, end of period		$	1,284,091			$	1,282,522			$	15,293
Accumulated undistributed net investment loss		$	(7,896	)		$	(7,965	)		$	(6	)

⁽¹⁾	For the period from commencement of operations (April 24, 2017) through September 30, 2017.

⁽²⁾	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


	VALUE
	Year Ended 9/30/2017				Year Ended 9/30/2016
OPERATIONS:
Net investment income		$	4,919			$	7,541
Net realized gain (loss) on:
Investments, from unaffiliated issuers			113,069				(33,155	)
Investments, from affiliated issuers			–				(4,698	)
Foreign currency related transactions			(12	)			(59	)
Net increase in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			7,112				213,568
Investments, from affiliated issuers			–				13,519
Foreign currency related transactions			30				1
Net increase in net assets resulting from operations			125,118				196,717
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			(3,087	)			(1,731	)
Advisor Shares			(1,699	)			(5,135	)
Institutional Shares			(761	)			(1,725	)
Net realized gains on investment transactions:
Investor Shares			–				(30,415	)
Advisor Shares			–				(44,468	)
Institutional Shares			–				(14,645	)
Total distributions paid to shareholders			(5,547	)			(98,119	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities			(274,994	)			(279,682	)
Total decrease in net assets			(155,423	)			(181,084	)
Net assets, beginning of period			807,613				988,697
Net assets, end of period		$	652,190			$	807,613
Accumulated undistributed net investment income		$	3,216			$	4,781

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


88		Artisan Partners Funds

[THIS PAGE INTENTIONALLY LEFT BLANK]

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 five 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
9/30/2017		$	10.51		0.03			2.34			2.37			(0.01	)		(0.04	)		(0.05	)		$	12.83
9/30/2016		$	8.39		0.02			2.10			2.12			—			—			—			$	10.51
9/30/2015⁽⁵⁾		$	10.00		—	⁽⁶⁾		(1.61	)		(1.61	)		—			—			—			$	8.39
Advisor Shares
9/30/2017		$	10.54		0.05			2.35			2.40			(0.03	)		(0.04	)		(0.07	)		$	12.87
9/30/2016		$	8.39		0.03			2.12			2.15			—			—			—			$	10.54
9/30/2015⁽⁵⁾		$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—			$	8.39
Institutional Shares
9/30/2017		$	10.56		0.06			2.34			2.40			(0.03	)		(0.04	)		(0.07	)		$	12.89
9/30/2016		$	8.39		0.04			2.13			2.17			—			—			—			$	10.56
9/30/2015⁽⁵⁾		$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—			$	8.39
EMERGING MARKETS FUND
Investor Shares⁽⁷⁾
9/30/2017		$	12.75		0.08			2.87			2.95			(0.12	)		—			(0.12	)		$	15.58
9/30/2016⁽¹⁷⁾		$	9.90		0.19			2.66			2.85			—			—			—			$	12.75
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
Institutional Shares
9/30/2017		$	12.65		0.08			2.86			2.94			(0.09	)		—			(0.09	)		$	15.50
9/30/2016⁽¹⁷⁾		$	9.83		0.03			2.79			2.82			—			—			—			$	12.65
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
GLOBAL DISCOVERY FUND
Investor Shares
9/30/2017⁽⁸⁾		$	10.00		(0.01	)		0.33			0.32			—			—			—			$	10.32
GLOBAL EQUITY FUND
Investor Shares
9/30/2017		$	16.54		(0.03	)		3.09			3.06			—			—			—			$	19.60
9/30/2016		$	15.73		(0.01	)		1.17			1.16			—			(0.35	)		(0.35	)		$	16.54
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
Institutional Shares
9/30/2017		$	16.58		0.01			3.10			3.11			(0.03	)		—			(0.03	)		$	19.66
9/30/2016⁽⁹⁾		$	16.44		0.06			0.43			0.49			—			(0.35	)		(0.35	)		$	16.58

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⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
DEVELOPING WORLD FUND
Investor Shares
9/30/2017		22.70	%		$	520,406		1.40	%		n/a			0.26	%		45.04	%
9/30/2016		25.27	%		$	266,122		1.50	%		1.52	%		0.25	%		47.59	%
9/30/2015⁽⁵⁾		(16.10	)%		$	20,642		1.50	%		2.23	%		(0.20	)%		9.00	%
Advisor Shares
9/30/2017		22.94	%		$	763,998		1.21	%		n/a			0.47	%		45.04	%
9/30/2016		25.63	%		$	340,831		1.25	%		n/a			0.28	%		47.59	%
9/30/2015⁽⁵⁾		(16.10	)%		$	58,196		1.40	%		1.96	%		(0.37	)%		9.00	%
Institutional Shares
9/30/2017		22.99	%		$	684,168		1.12	%		n/a			0.50	%		45.04	%
9/30/2016		25.86	%		$	277,691		1.15	%		n/a			0.44	%		47.59	%
9/30/2015⁽⁵⁾		(16.10	)%		$	39,993		1.40	%		2.03	%		(0.44	)%		9.00	%
EMERGING MARKETS FUND
Investor Shares⁽⁷⁾
9/30/2017		23.47	%		$	42,429		1.50	%		2.19	%		0.61	%		26.22	%
9/30/2016^*		28.79	%		$	30,135		0.94	%		1.85	%		1.68	%		45.79	%
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	%
Institutional Shares
9/30/2017		23.47	%		$	8,709		1.50	%		2.23	%		0.57	%		26.22	%
9/30/2016^*		28.69	%		$	6,555		1.26	%		1.79	%		0.29	%		45.79	%
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	%
GLOBAL DISCOVERY FUND
Investor Shares
9/30/2017⁽⁸⁾		3.20	%		$	13,161		1.50	%		4.55	%		(0.83	)%		1.85	%
GLOBAL EQUITY FUND
Investor Shares
9/30/2017		18.50	%		$	131,813		1.40	%		n/a			(0.20	)%		109.89	%
9/30/2016		7.40	%		$	145,817		1.37	%		n/a			(0.09	)%		96.23	%
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	%
Institutional Shares
9/30/2017		18.78	%		$	159,565		1.16	%		n/a			0.03	%		109.89	%
9/30/2016⁽⁹⁾		3.01	%		$	111,757		1.11	%		n/a			0.37	%		96.23	%

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
9/30/2017		$	21.74		(0.08	)		4.06				3.98			—			(0.03	)		(0.03	)		$	25.69
9/30/2016		$	18.35		(0.06	)		3.59				3.53			(0.02	)		(0.12	)		(0.14	)		$	21.74
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
Advisor Shares
9/30/2017		$	21.76		(0.05	)		4.07				4.02			—			(0.03	)		(0.03	)		$	25.75
9/30/2016		$	18.37		(0.03	)		3.58				3.55			(0.04	)		(0.12	)		(0.16	)		$	21.76
9/30/2015⁽¹⁰⁾		$	19.16		0.02			(0.81	)			(0.79	)		—			—			—			$	18.37
Institutional Shares
9/30/2017		$	21.89		(0.03	)		4.09				4.06			—			(0.03	)		(0.03	)		$	25.92
9/30/2016		$	18.46		(0.01	)		3.61				3.60			(0.05	)		(0.12	)		(0.17	)		$	21.89
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
GLOBAL VALUE FUND
Investor Shares
9/30/2017		$	15.30		0.10			2.88				2.98			(0.11	)		(0.30	)		(0.41	)		$	17.87
9/30/2016		$	14.47		0.10			1.58				1.68			(0.05	)		(0.80	)		(0.85	)		$	15.30
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
Advisor Shares
9/30/2017		$	15.28		0.13			2.87				3.00			(0.12	)		(0.30	)		(0.42	)		$	17.86
9/30/2016		$	14.48		0.13			1.57				1.70			(0.10	)		(0.80	)		(0.90	)		$	15.28
9/30/2015⁽¹⁰⁾		$	15.60		0.05			(1.17	)			(1.12	)		—			—			—			$	14.48
Institutional Shares
9/30/2017		$	15.32		0.14			2.87				3.01			(0.13	)		(0.30	)		(0.43	)		$	17.90
9/30/2016		$	14.50		0.14			1.59				1.73			(0.11	)		(0.80	)		(0.91	)		$	15.32
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

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⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2017		18.36	%	$	974,286		1.15	%		n/a			(0.35	)%		34.13	%
9/30/2016		19.29	%	$	781,877		1.17	%		n/a			(0.33	)%		34.62	%
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	%
Advisor Shares
9/30/2017		18.53	%	$	398,375		1.03	%		n/a			(0.20	)%		34.13	%
9/30/2016		19.37	%	$	193,230		1.08	%		n/a			(0.16	)%		34.62	%
9/30/2015⁽¹⁰⁾		(4.12	)%	$	54,172		1.10	%		1.46	%		0.24	%		55.53	%
Institutional Shares
9/30/2017		18.60	%	$	1,330,754		0.93	%		n/a			(0.11	)%		34.13	%
9/30/2016		19.60	%	$	862,330		0.92	%		n/a			(0.07	)%		34.62	%
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	%
GLOBAL VALUE FUND
Investor Shares
9/30/2017		19.95	%	$	811,771		1.25	%		n/a			0.59	%		12.67	%
9/30/2016		11.86	%	$	748,254		1.26	%		n/a			0.70	%		20.52	%
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	%
Advisor Shares
9/30/2017		20.16	%	$	796,869		1.10	%		n/a			0.78	%		12.67	%
9/30/2016		12.00	%	$	403,036		1.14	%		n/a			0.88	%		20.52	%
9/30/2015⁽¹⁰⁾		(7.18	)%	$	185,741		1.20	%		1.23	%		0.70	%		19.41	%
Institutional Shares
9/30/2017		20.23	%	$	1,471,466		1.02	%		n/a			0.84	%		12.67	%
9/30/2016		12.18	%	$	917,977		1.03	%		n/a			0.97	%		20.52	%
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	%

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
9/30/2017		$	9.85		0.59			0.37			0.96			(0.59	)		(0.02	)		(0.61	)		—		$	10.20
9/30/2016		$	9.49		0.63			0.40			1.03			(0.63	)		(0.04	)		(0.67	)		—		$	9.85
9/30/2015		$	9.97		0.61			(0.44	)		0.17			(0.61	)		(0.04	)		(0.65	)		—		$	9.49
9/30/2014⁽¹¹⁾		$	10.00		0.27			(0.07	)		0.20			(0.24	)		—			(0.24	)		0.01		$	9.97
Advisor Shares
9/30/2017		$	9.85		0.60			0.38			0.98			(0.61	)		(0.02	)		(0.63	)		—		$	10.20
9/30/2016		$	9.49		0.64			0.41			1.05			(0.65	)		(0.04	)		(0.69	)		—		$	9.85
9/30/2015		$	9.97		0.63			(0.44	)		0.19			(0.63	)		(0.04	)		(0.67	)		—		$	9.49
9/30/2014⁽¹¹⁾		$	10.00		0.28			(0.08	)		0.20			(0.24	)		—			(0.24	)		0.01		$	9.97
Institutional Shares
9/30/2017⁽¹²⁾		$	9.85		0.59			0.36			0.95			(0.59	)		(0.02	)		(0.61	)		—		$	10.19
INTERNATIONAL FUND
Investor Shares
9/30/2017		$	28.30		0.20			4.08			4.28			(0.30	)		—			(0.30	)		—		$	32.28
9/30/2016		$	26.97		0.27			1.19			1.46			(0.13	)		—			(0.13	)		—		$	28.30
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
Advisor Shares
9/30/2017		$	28.31		0.23			4.08			4.31			(0.37	)		—			(0.37	)		—		$	32.25
9/30/2016		$	27.00		0.34			1.17			1.51			(0.20	)		—			(0.20	)		—		$	28.31
9/30/2015⁽¹⁰⁾		$	31.25		0.07			(4.32	)		(4.25	)		—			—			—			—		$	27.00
Institutional Shares
9/30/2017		$	28.51		0.30			4.08			4.38			(0.39	)		—			(0.39	)		—		$	32.50
9/30/2016		$	27.19		0.36			1.17			1.53			(0.21	)		—			(0.21	)		—		$	28.51
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
INTERNATIONAL SMALL CAP FUND
Investor Shares
9/30/2017		$	23.17		(0.03	)		2.75			2.72			—			(1.20	)		(1.20	)		—		$	24.69
9/30/2016		$	23.37		(0.02	)		0.63			0.61			(0.03	)		(0.78	)		(0.81	)		—		$	23.17
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
Institutional Shares
9/30/2017		$	23.18		0.06			2.71			2.77			—			(1.20	)		(1.20	)		—		$	24.75
9/30/2016⁽¹³⁾		$	22.54		0.04			0.60			0.64			—			—			—			—		$	23.18

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⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
HIGH INCOME FUND
Investor Shares
9/30/2017		10.07	%	$	632,387		1.00	%		n/a			5.88	%		92.44	%
9/30/2016		11.40	%	$	544,969		1.03	%		n/a			6.66	%		69.41	%
9/30/2015		1.73	%	$	424,685		1.09	%		n/a			6.20	%		91.33	%
9/30/2014⁽¹¹⁾		2.08	%	$	278,360		1.11	%		n/a			5.01	%		56.46	%
Advisor Shares
9/30/2017		10.27	%	$	1,548,786		0.82	%		n/a			6.04	%		92.44	%
9/30/2016		11.61	%	$	1,244,032		0.84	%		n/a			6.81	%		69.41	%
9/30/2015		1.88	%	$	489,374		0.93	%		n/a			6.38	%		91.33	%
9/30/2014⁽¹¹⁾		2.12	%	$	227,631		0.99	%		n/a			5.20	%		56.46	%
Institutional Shares
9/30/2017⁽¹²⁾		9.94	%	$	262,369		0.78	%		n/a			5.94	%		92.44	%
INTERNATIONAL FUND
Investor Shares
9/30/2017		15.39	%	$	5,808,005		1.18	%		n/a			0.70	%		57.60	%
9/30/2016		5.39	%	$	7,930,361		1.19	%		n/a			0.98	%		64.65	%
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	%
Advisor Shares
9/30/2017		15.56	%	$	2,357,528		1.04	%		n/a			0.82	%		57.60	%
9/30/2016		5.58	%	$	2,782,189		1.01	%		n/a			1.23	%		64.65	%
9/30/2015⁽¹⁰⁾		(13.60	)%	$	2,465,135		1.07	%		1.07	%		0.47	%		45.02	%
Institutional Shares
9/30/2017		15.66	%	$	5,868,894		0.96	%		n/a			1.05	%		57.60	%
9/30/2016		5.64	%	$	5,272,925		0.95	%		n/a			1.27	%		64.65	%
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	%
INTERNATIONAL SMALL CAP FUND
Investor Shares
9/30/2017		13.09	%	$	307,580		1.57	%		n/a			(0.16	)%		79.09	%
9/30/2016		2.50	%	$	585,000		1.51	%		n/a			(0.07	)%		69.82	%
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	%
Institutional Shares
9/30/2017		13.31	%	$	255,353		1.37	%		n/a			0.29	%		79.09	%
9/30/2016⁽¹³⁾		2.84	%	$	209,536		1.37	%		n/a			0.41	%		69.82	%

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
9/30/2017		$	33.55		0.27			6.27			6.54			(0.26	)		(0.75	)		(1.01	)		$	39.08
9/30/2016		$	32.62		0.32			2.57			2.89			(0.28	)		(1.68	)		(1.96	)		$	33.55
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
Advisor Shares
9/30/2017		$	33.57		0.33			6.27			6.60			(0.31	)		(0.75	)		(1.06	)		$	39.11
9/30/2016		$	32.66		0.39			2.54			2.93			(0.34	)		(1.68	)		(2.02	)		$	33.57
9/30/2015⁽¹⁰⁾		$	35.54		0.15			(3.03	)		(2.88	)		—			—			—			$	32.66
Institutional Shares
9/30/2017		$	33.71		0.42			6.23			6.65			(0.33	)		(0.75	)		(1.08	)		$	39.28
9/30/2016		$	32.77		0.40			2.57			2.97			(0.35	)		(1.68	)		(2.03	)		$	33.71
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
MID CAP FUND
Investor Shares
9/30/2017		$	41.34		(0.27	)		4.85			4.58			—			(3.34	)		(3.34	)		$	42.58
9/30/2016		$	44.42		(0.30	)		3.78			3.48			—			(6.56	)		(6.56	)		$	41.34
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
Advisor Shares
9/30/2017		$	41.43		(0.22	)		4.88			4.66			—			(3.34	)		(3.34	)		$	42.75
9/30/2016		$	44.46		(0.24	)		3.77			3.53			—			(6.56	)		(6.56	)		$	41.43
9/30/2015⁽¹⁰⁾		$	46.88		(0.17	)		(2.25	)		(2.42	)		—			—			—			$	44.46
Institutional Shares
9/30/2017		$	44.15		(0.19	)		5.22			5.03			—			(3.34	)		(3.34	)		$	45.84
9/30/2016		$	46.92		(0.22	)		4.01			3.79			—			(6.56	)		(6.56	)		$	44.15
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

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⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
INTERNATIONAL VALUE FUND
Investor Shares
9/30/2017		20.19	%	$	4,350,119		1.19	%		n/a			0.78	%		11.67	%
9/30/2016		9.02	%	$	5,500,119		1.18	%		n/a			0.98	%		17.79	%
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	%
Advisor Shares
9/30/2017		20.41	%	$	4,323,659		1.04	%		n/a			0.93	%		11.67	%
9/30/2016		9.17	%	$	3,537,587		1.02	%		n/a			1.21	%		17.79	%
9/30/2015⁽¹⁰⁾		(8.10	)%	$	2,782,652		1.06	%		1.07	%		0.87	%		23.74	%
Institutional Shares
9/30/2017		20.48	%	$	6,282,134		0.97	%		n/a			1.18	%		11.67	%
9/30/2016		9.27	%	$	3,038,159		0.96	%		n/a			1.26	%		17.79	%
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	%
MID CAP FUND
Investor Shares
9/30/2017		12.19	%	$	2,277,750		1.18	%		n/a			(0.68	)%		42.59	%
9/30/2016		8.08	%	$	3,232,399		1.18	%		n/a			(0.75	)%		40.35	%
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	%
Advisor Shares
9/30/2017		12.36	%	$	583,658		1.05	%		n/a			(0.54	)%		42.59	%
9/30/2016		8.19	%	$	445,648		1.05	%		n/a			(0.62	)%		40.35	%
9/30/2015⁽¹⁰⁾		(5.16	)%	$	431,658		1.10	%		1.12	%		(0.73	)%		51.39	%
Institutional Shares
9/30/2017		12.45	%	$	4,119,181		0.95	%		n/a			(0.45	)%		42.59	%
9/30/2016		8.33	%	$	4,389,242		0.95	%		n/a			(0.52	)%		40.35	%
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	%

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
9/30/2017		$	21.41		0.06			3.11			3.17			(0.16	)		(0.44	)		(0.60	)		$	23.98
9/30/2016		$	22.22		0.12			2.70			2.82			(0.09	)		(3.54	)		(3.63	)		$	21.41
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
Advisor Shares
9/30/2017		$	21.37		0.09			3.10			3.19			(0.18	)		(0.44	)		(0.62	)		$	23.94
9/30/2016		$	22.23		0.14			2.70			2.84			(0.16	)		(3.54	)		(3.70	)		$	21.37
9/30/2015⁽¹⁰⁾		$	25.12		0.12			(3.01	)		(2.89	)		—			—			—			$	22.23
Institutional Shares
9/30/2017		$	21.40		0.11			3.11			3.22			(0.20	)		(0.44	)		(0.64	)		$	23.98
9/30/2016		$	22.25		0.16			2.70			2.86			(0.17	)		(3.54	)		(3.71	)		$	21.40
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
SMALL CAP FUND
Investor Shares
9/30/2017		$	29.93		(0.29	)		4.30			4.01			—			(0.33	)		(0.33	)		$	33.61
9/30/2016		$	28.55		(0.27	)		4.36			4.09			—			(2.71	)		(2.71	)		$	29.93
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
Advisor Shares
9/30/2017⁽¹⁴⁾		$	29.23		(0.18	)		4.58			4.40			—			—			—			$	33.63
Institutional Shares
9/30/2017		$	30.19		(0.23	)		4.35			4.12			—			(0.33	)		(0.33	)		$	33.98
9/30/2016		$	28.72		(0.20	)		4.38			4.18			—			(2.71	)		(2.71	)		$	30.19
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
THEMATIC FUND
Investor Shares
9/30/2017⁽¹⁵⁾		$	10.00		(0.02	)		1.81			1.79			—			—			—			$	11.79

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⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
MID CAP VALUE FUND
Investor Shares
9/30/2017		15.08	%	$	1,957,786		1.17	%		n/a			0.25	%		23.92	%
9/30/2016		14.10	%	$	2,416,461		1.16	%		1.16	%		0.59	%		26.62	%
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	%
Advisor Shares
9/30/2017		15.23	%	$	1,053,640		1.06	%		n/a			0.40	%		23.92	%
9/30/2016		14.22	%	$	1,025,855		1.05	%		1.06	%		0.70	%		26.62	%
9/30/2015⁽¹⁰⁾		(11.50	)%	$	938,389		1.09	%		1.11	%		1.00	%		31.18	%
Institutional Shares
9/30/2017		15.37	%	$	1,040,520		0.97	%		n/a			0.48	%		23.92	%
9/30/2016		14.29	%	$	741,286		0.95	%		0.95	%		0.81	%		26.62	%
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	%
SMALL CAP FUND
Investor Shares
9/30/2017		13.56	%	$	461,398		1.21	%		n/a			(0.96	)%		35.37	%
9/30/2016		15.27	%	$	764,298		1.25	%		n/a			(1.00	)%		27.00	%
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	%
Advisor Shares
9/30/2017⁽¹⁴⁾		15.05	%	$	324,762		1.12	%		n/a			(0.86	)%		35.37	%
Institutional Shares
9/30/2017		13.81	%	$	497,931		1.01	%		n/a			(0.75	)%		35.37	%
9/30/2016		15.51	%	$	518,224		1.01	%		n/a			(0.76	)%		27.00	%
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	%
THEMATIC FUND
Investor Shares
9/30/2017⁽¹⁵⁾		18.00	%	$	15,293		1.52	%⁽¹⁶⁾		2.70	%⁽¹⁶⁾		(0.49	)%		170.19	%

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 (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
VALUE FUND
Investor Shares
9/30/2017		$	13.10		0.07		2.17			2.24			(0.09	)		—			(0.09	)		$	15.25
9/30/2016		$	11.56		0.09		2.61			2.70			(0.06	)		(1.10	)		(1.16	)		$	13.10
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
Advisor Shares
9/30/2017		$	13.05		0.10		2.15			2.25			(0.08	)		—			(0.08	)		$	15.22
9/30/2016		$	11.57		0.10		2.61			2.71			(0.13	)		(1.10	)		(1.23	)		$	13.05
9/30/2015⁽¹⁰⁾		$	13.41		0.07		(1.91	)		(1.84	)		—			—			—			$	11.57
Institutional Shares
9/30/2017		$	13.09		0.12		2.15			2.27			(0.10	)		—			(0.10	)		$	15.26
9/30/2016		$	11.60		0.11		2.61			2.72			(0.13	)		(1.10	)		(1.23	)		$	13.09
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

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⁾⁽⁴⁾				Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
VALUE FUND
Investor Shares
9/30/2017		17.16	%		$	216,981			1.01	%		n/a		0.50	%		44.17	%
9/30/2016		24.64	%		$	457,969			0.96	%		n/a		0.75	%		52.05	%
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	%
Advisor Shares
9/30/2017		17.37	%		$	181,340			0.85	%		n/a		0.71	%		44.17	%
9/30/2016		24.73	%		$	251,643			0.84	%		n/a		0.89	%		52.05	%
9/30/2015⁽¹⁰⁾		(13.72	)%		$	466,702			0.86	%		n/a		1.12	%		74.07	%
Institutional Shares
9/30/2017		17.46	%		$	253,869			0.80	%		n/a		0.82	%		44.17	%
9/30/2016		24.78	%		$	98,001		��	0.77	%		n/a		0.95	%		52.05	%
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	%

^	Unless otherwise indicated, amount rounds to less than $0.01 per share, if applicable.

⁽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⁾	Includes the effect of expenses waived or paid by the Adviser, 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, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽⁸⁾	For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽⁹⁾	For the period from commencement of operations (October 15, 2015) through September 30, 2016.

⁽¹⁰⁾	For the period from commencement of operations (April 1, 2015) through September 30, 2015.

⁽¹¹⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.

⁽¹²⁾	For the period from commencement of operations (October 3, 2016) through September 30, 2017.

⁽¹³⁾	For the period from commencement of operations (April 12, 2016) through September 30, 2016.

⁽¹⁴⁾	For the period from commencement of operations (February 1, 2017) through September 30, 2017.

⁽¹⁵⁾	For the period from commencement of operations (April 24, 2017) through September 30, 2017.

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


Artisan Partners Funds		101

ARTISAN PARTNERS FUNDS

Financial Highlights – continued

⁽¹⁶⁾	Includes interest expense and dividend payments for securities sold short. The ratios excluding such expenses are listed below.


	Ratio of Expenses to Average Net Assets^@ (annualized)		Ratio of Expenses to Average Net Assets Excluding Waivers (annualized)
THEMATIC FUND
Investor Shares
9/30/2017^#		1.50%		2.69%

^@	Includes the effect of expenses waived or paid by the Adviser, if applicable.

^#	For the period from commencement of operations (April 24, 2017) through September 30, 2017.

⁽¹⁷⁾

In the fiscal year ended September 30, 2016, Emerging Markets Fund recognized a non-recurring reimbursement from the Fund’s custodian of approximately $172,000 in connection with certain out-of-pocket expenses the custodian charged the Fund between 1998 and 2015. The reimbursement represented 0.5% of the Fund’s net assets of September 30, 2016. The impact of the reimbursement is as follows for the September 30, 2016 Net Investment Income per share, Total Return, Ratio of Expenses to Average Net Assets, Ratio of Expenses to Average Net Assets Excluding Waivers and Ratio of Net Investment Income to Average Net Assets:


	Impact On Net Investment Income			Impact On Total Return		Impact On Ratio of Expenses to Average Net Assets			Impact On Ratio of Expenses to Average Net Assets Excluding Waivers			Impact On Ratio of Net Investment Income to Average Net Assets
EMERGING MARKETS FUND
Investor Shares		$	0.07		0.61%		(0.56	)%		(0.56	)%		0.56%
Institutional Shares		$	0.03		0.61%		(0.24	)%		(0.25	)%		0.24%

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


102		Artisan Partners Funds

ARTISAN Partners FUNDS

Notes to Financial Statements – September 30, 2017

(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”). As of September 30, 2017, Artisan Partners Funds is a series company comprised of fifteen series and 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

Advisor Shares

Inception Date

Institutional Shares

Inception Date

Artisan Developing World Fund (“Developing World Fund”)

June 29, 2015

Artisan Emerging Markets Fund (“Emerging Markets Fund”)

June 2, 2008

N/A

June 26, 2006

Artisan Global Discovery Fund (“Global Discovery Fund”)

August 21, 2017

N/A

Artisan Global Equity Fund (“Global Equity Fund”)

March 29, 2010

N/A

October 15, 2015

Artisan Global Opportunities Fund (“Global Opportunities Fund”)

September 22, 2008

April 1, 2015

July 26, 2011

Artisan Global Value Fund (“Global Value Fund”)

December 10, 2007

April 1, 2015

July 17, 2012

Artisan High Income Fund (“High Income Fund”)

March 19, 2014

October 3, 2016

Artisan International Fund (“International Fund”)

December 28, 1995

April 1, 2015

July 1, 1997

Artisan International Small Cap Fund (“International Small Cap Fund”)

December 21, 2001

N/A

April 12, 2016

Artisan International Value Fund (“International Value Fund”)

September 23, 2002

April 1, 2015

October 1, 2006

Artisan Mid Cap Fund (“Mid Cap Fund”)

June 27, 1997

April 1, 2015

July 1, 2000

Artisan Mid Cap Value Fund (“Mid Cap Value Fund”)

March 28, 2001

April 1, 2015

February 1, 2012

Artisan Small Cap Fund (“Small Cap Fund”)

March 28, 1995

February 1, 2017

May 7, 2012

Artisan Thematic Fund (“Thematic Fund”)

April 24, 2017

N/A

Artisan Value Fund (“Value Fund”)

March 27, 2006

April 1, 2015

July 26, 2011

Each Fund is an open-end, diversified mutual fund except Thematic Fund, which is an open-end, non-diversified mutual fund. The investment objective of each Fund (except Developing World Fund, High Income Fund and Thematic 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. Thematic Fund’s investment objective is to seek maximum long-term capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Advisor Shares and Institutional Shares, as applicable, since the inception dates listed above. Advisor Shares of the Funds are generally available for investment only by employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and other investors that meet the minimum investment requirements. Institutional Shares are designed for certain employee benefit plans, clients of certain financial intermediaries that trade through omnibus accounts and institutional and other investors who are able to meet the minimum investment requirements.


Artisan Partners Funds		103

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. The classes of a Fund pay pro rata the costs of management of that Fund’s portfolio, including the management fee. Each class of a Fund bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which will result in differing expenses by class. Because of the different expenses, the Advisor Shares or Institutional Shares of a Fund typically will have a lower expense ratio and correspondingly higher total return than the Investor Shares of the same Fund.

The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is managed by its general partner, Artisan Investments GP LLC, a Delaware limited liability company wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”). Artisan Holdings is a limited partnership under the laws of Delaware whose sole general partner is Artisan Partners Asset Management Inc., a publicly traded Delaware corporation.

(2)

Summary of significant accounting policies:

The following is a summary of significant accounting policies of the 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 each Fund’s NAV for financial reporting purposes, each equity security and exchange traded fund (“ETF”) traded on a securities exchange, including the Nasdaq Stock Market, or over-the-counter was valued at the closing price 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 an equity security from the principal exchange, 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. Equity-linked securities, such as participation certificates, participation notes or access notes, are valued by referencing the underlying security. Repurchase agreements were valued at cost plus accrued interest. Exchange traded option contracts were valued at the mid price


104		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(average of the bid price and ask price) as provided by the pricing vendor at the close of trading on the contract’s principal exchange. Exchange traded futures contracts were valued at the settlement price as provided by the pricing vendor at the close of trading on the principal exchange.

Fixed income securities were valued at market value. Market values were generally evaluations based on the judgment of the Funds’ pricing vendors, which may consider, among other factors, the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to investments or securities with similar characteristics and/or discounted cash flow models that might be applicable.

Securities or other assets for which market quotations were not readily available were valued by the Fund’s valuation committee at a fair value determined in good faith under procedures established by and under the general supervision of the board of directors of the Funds. A market quotation was considered to be not readily available, and a Fund therefore used fair value pricing, if, among other things, there were no quotations, pricing data was 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 asset, or the value of the security or asset might have been materially affected by events occurring after the close of the market in which the security or asset was principally traded but before the time for determination of NAV (a “subsequent event”). A subsequent event could 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. The Funds monitored for subsequent events using several tools. In fair valuing non-U.S. equity securities and equity-linked securities, the Funds have used adjustment factors provided by a third party research service when there were subsequent events or expected or unexpected market closures. The third party research service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value.

When fair value pricing is employed, the value of a security or asset used by a Fund to calculate its NAV may differ from quoted or published prices for the same security or asset. Estimates of fair values utilized by the Funds as described above could differ in the future from the value realized on the sale of those securities or assets and the differences could be material to the NAV of the applicable Fund.

(b)

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 2014 through 2017) and have concluded that, as of September 30, 2017, no provision for income tax would be required in the Funds’


Artisan Partners Funds		105

NOTES TO FINANCIAL STATEMENTS

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 Wisconsin Department of Revenue.

As of and during the year ended September 30, 2017, the Funds did not have any liabilities for 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, 2017, the Funds did not incur any interest or penalties.

The Funds may be subject to taxes imposed on realized and unrealized gains on securities traded in 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.

(c)	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.

(d)

Restricted securities – The Funds may invest in securities that are subject to restrictions on resale and there may be no liquid secondary market or ready purchaser for such securities. These securities generally may be resold in transactions exempt from registration or to the public if the securities are registered. Disposal of these securities may involve time consuming negotiations and expenses, and prompt sale at an acceptable price may be difficult. Information regarding restricted securities, if any, is included in the footnotes to each Fund’s Schedule of Investments.

(e)

Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for foreign 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, which the Funds may face as a result of direct or indirect exposure to particular currencies (including through U.S. dollar denominated


106		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

depositary receipts and equity-linked securities). 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 unrealized gains and losses on foreign currency forward contracts are presented separately on 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, 2017, Global Value Fund, International Value Fund and Thematic Fund 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 taxes accrued 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.

(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 cost 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 cost plus accrued interest. At September 30, 2017, 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 securities – Developing World Fund, Emerging Markets Fund, Global Discovery Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund, Thematic Fund and Value Fund may invest in equity-linked securities. Equity-linked securities are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked security 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 securities 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.


Artisan Partners Funds		107

NOTES TO FINANCIAL STATEMENTS

(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 – The Funds indemnify its officers and directors for certain liabilities that may arise from the performance of their duties to Artisan Partners Funds. In the normal course of business, the Funds may also 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 September 30, 2017, 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 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)

Unfunded Commitments – Pursuant to the terms of certain term loan agreements, High Income Fund is obligated to fund term loan commitments at the borrower’s discretion. High Income Fund reserves against such contingent obligations by segregating liquid assets. Unfunded loan commitments do not constitute an investment and, as such, will be treated as off-balance-sheet instruments. High Income Fund had unfunded loan commitments during the period, and the total amount it segregated in connection with unfunded commitments was $77,533,000 as of September 30, 2017.

(m)

Redemption Fees – Artisan High Income Fund generally imposed a 2% redemption fee on shares owned for 90 days or less. Prior to February 1, 2016, Developing World Fund, Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Small Cap Fund and International Value Fund also generally imposed a 2% redemption fee on shares held 90 days or less. 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. Each Fund also waived the redemption fee for shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Funds’ prospectus.

(n)	Securities Sold Short – The Funds may sell securities short or maintain a short position in anticipation of the decline in the market value of a particular security (a short sale),


108		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

including securities that the Funds do not own. To complete a short sale, the Funds must borrow the security to make delivery to the buyer. The Funds are required to pay the lender any dividends or interest on the security, which accrues during the period of the loan.

In order to terminate the short sale the Funds are obligated to return the security borrowed by purchasing it at market price at the time of termination. The price of the security at termination may differ from the price at which the security was sold. The Funds will incur a loss, as a result of the short sale, if the price of the security increases between the date of the short sale and when the Funds terminate the short sale. This loss may be unlimited. The Funds will realize a gain if the security declines in price between those dates. The amount of any gain will be decreased, and the amount of any loss increased, by the amount of any premium, dividends or interest the Funds may be required to pay in connection with a short sale.

The Funds may reinvest short sale proceeds. Because the Funds may invest the proceeds of a short sale, the effect of short selling is similar to the effect of leverage. The Funds generally must segregate cash or other liquid assets for the benefit of its custodian to secure the Funds’ obligation to replace the security, so that the total of the amounts segregated is equal to the market value of the securities sold short.

Artisan Partners Funds has an agreement with State Street Bank and Trust Company (“SSB”), the Fund’s custodian, in order to execute short sales. The Funds incur expenses as a result of executing short sales.

During the period ended September 30, 2017, only Thematic Fund engaged in short sales and paid dividends on securities sold short, as shown in the Statements of Operations. For the period ended September 30, 2017, Thematic Fund incurred fees and expenses on short sales, which is included in other operating expenses in the Statements of Operations. As of September 30, 2017, there were no open short sale positions for any of the Funds.

(o)

Other – Dividend income less foreign taxes accrued or withheld, if any, was generally recorded on the ex-dividend date. In some cases, the information was not available to the Funds 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 the 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. Income and 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 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


Artisan Partners Funds		109

NOTES TO FINANCIAL STATEMENTS

differences among certain capital accounts to more appropriately conform financial accounting to tax characterizations of dividend and capital gain distributions.

(3)

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, depositary receipts and equity-linked securities) 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.

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 change in response to various factors, including, for example, market related factors, such as changes in interest rates or changes in the actual or perceived ability of an issuer to meet its obligations. In general, the values of debt securities fall in response to increases in interest rates. The value of a security with a longer duration will generally be more sensitive to changes in interest rates than a similar security with a shorter duration. As a result, changes in interest rates in the U.S. and outside the U.S. may affect the Fund’s debt investments unfavorably. Given the 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.


110		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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 other instrument of 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 or other instrument’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 in which a Fund invests may be rated below investment grade by the major rating agencies, or may be unrated securities that are determined by the Adviser to be of comparable quality. Debt securities of below investment grade 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.

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 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 certain loans and other forms of direct indebtedness.

As a non-diversified fund, Thematic Fund may invest a larger portion of its assets in securities of a smaller number of issues than a diversified fund, which means a single issuer’s


Artisan Partners Funds		111

NOTES TO FINANCIAL STATEMENTS

performance may affect Fund performance more than if the Fund were invested in a larger number of issuers.

See the Funds’ prospectus and statement of additional information regarding the risks of investing in shares of the Funds.

(4)

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 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 – unadjusted 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. where the applicable trading market was closed or factors applied to prices 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 for the Funds’ major classes of assets are found in footnote 2(a). A description of the fair value leveling techniques are described below:

Equity securities, exchange traded options contracts and exchange traded futures contracts are generally categorized as Level 1. Bank loans, corporate bonds, foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, repurchase agreements, equity-linked securities and foreign currency forward contracts are generally categorized as Level 2. 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.


112		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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, 2017 (in thousands):


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs				Total
Developing World
Common Stocks⁽¹⁾
Developed Markets		$	511,087		$	-		$	-			$	511,087
Emerging Asia			688,606			-			-				688,606
Europe, Middle East & Africa			207,809			35,949			-				243,758
Latin America			353,789			-			-				353,789
Equity-Linked Securities⁽¹⁾
Europe, Middle East & Africa			-			9,435			-				9,435
Repurchase Agreement			-			166,116			-				166,116
Total Investments		$	1,761,291		$	211,500		$	-			$	1,972,791
Emerging Markets
Common Stocks⁽¹⁾
Developed Markets		$	3,763		$	-		$	-	⁽³⁾		$	3,763
Emerging Asia			24,337			-			-				24,337
Europe, Middle East & Africa			8,055			-			-				8,055
Latin America			7,866			-			-				7,866
Preferred Stocks⁽¹⁾
Emerging Asia			3,648			-			-				3,648
Europe, Middle East & Africa			1,036			-			-				1,036
Latin America			1,143			-			-				1,143
Repurchase Agreement			-			1,165			-				1,165
Total Investments		$	49,848		$	1,165		$	-	⁽³⁾		$	51,013
Global Discovery
Common Stocks⁽¹⁾
Americas		$	7,276		$	-		$	-			$	7,276
Emerging Markets			1,272			-			-				1,272
Europe			2,563			-			-				2,563
Pacific Basin			839			-			-				839
Preferred Stocks⁽¹⁾
Europe			102			-			-				102
Repurchase Agreement			-			851			-				851
Total Investments		$	12,052		$	851		$	-			$	12,903


Artisan Partners Funds		113

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs			Total
Global Equity
Common Stocks⁽¹⁾
Americas		$	158,743		$	-			$	-		$	158,743
Emerging Markets			35,624			-				-			35,624
Europe			81,142			-				-			81,142
Pacific Basin			13,418			-				-			13,418
Equity-Linked Securities⁽¹⁾
Europe			-			2,409				-			2,409
Repurchase Agreement			-			3,470				-			3,470
Total Investments		$	288,927		$	5,879			$	-		$	294,806
Global Opportunities
Common Stocks⁽¹⁾
Americas		$	1,323,930		$	-			$	-		$	1,323,930
Emerging Markets			181,433			-				-			181,433
Europe			578,074			-				-			578,074
Pacific Basin			444,651			-				-			444,651
Repurchase Agreement			-			170,121				-			170,121
Total Investments		$	2,528,088		$	170,121			$	-		$	2,698,209
Global Value
Common Stocks⁽¹⁾
Americas		$	1,431,031		$	-			$	-		$	1,431,031
Emerging Markets			394,695			-				-			394,695
Europe			871,672			-				-			871,672
Pacific Basin			55,021			-				-			55,021
Preferred Stocks⁽¹⁾
Emerging Markets			2,792			-				-			2,792
Repurchase Agreement			-			317,805				-			317,805
Total Investments			2,755,211			317,805				-			3,073,016
Foreign Currency Forward Contracts⁽²⁾			-			(4,067	)			-			(4,067	)
Total		$	2,755,211		$	313,738			$	-		$	3,068,949


114		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs				Total
High Income
Corporate Bonds⁽¹⁾		$	-		$	1,734,403		$	-			$	1,734,403
Bank Loans⁽¹⁾			-			532,281			-				532,281
Convertible Debentures⁽¹⁾			-			8,988			-				8,988
Preferred Stocks⁽¹⁾			-			1,780			4,863				6,643
Common Stock⁽¹⁾			-			406			-				406
Corporate Bond Escrows⁽¹⁾			-			-			-	⁽⁴⁾			-	⁽⁴⁾
Repurchase Agreement			-			151,580			-				151,580
Total Investments			-			2,429,438			4,863				2,434,301
Futures Contracts⁽²⁾			418			-			-				418
Total		$	418		$	2,429,438		$	4,863			$	2,434,719
International
Common Stocks⁽¹⁾
Americas		$	2,510,111		$	-		$	-			$	2,510,111
Emerging Markets			1,822,584			-			-				1,822,584
Europe			7,400,718			-			-				7,400,718
Pacific Basin			1,512,591			-			-				1,512,591
Equity-Linked Securities⁽¹⁾
Europe			-			408,908			-				408,908
Preferred Stocks⁽¹⁾
Europe			191,691			-			-				191,691
Repurchase Agreement			-			177,936			-				177,936
Total Investments		$	13,437,695		$	586,844		$	-			$	14,024,539
International Small Cap
Common Stocks⁽¹⁾
Americas		$	13,867		$	-		$	-			$	13,867
Emerging Markets			40,565			-			-				40,565
Europe			449,453			-			-				449,453
Pacific Basin			22,225			-			-				22,225
Repurchase Agreement			-			25,150			-				25,150
Total Investments		$	526,110		$	25,150		$	-			$	551,260


Artisan Partners Funds		115

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices				Level 2 - Other Significant Observable Inputs				Level 3 - Significant Unobservable Inputs			Total
International Value
Common Stocks⁽¹⁾
Americas		$	2,150,870			$	-			$	-		$	2,150,870
Emerging Markets			2,140,903				-				-			2,140,903
Europe			7,716,916				-				-			7,716,916
Pacific Basin			691,320				-				-			691,320
Preferred Stocks⁽¹⁾
Emerging Markets			92,068				-				-			92,068
Repurchase Agreement			-				2,110,879				-			2,110,879
Total Investments			12,792,077				2,110,879				-			14,902,956
Foreign Currency Forward Contracts⁽²⁾			-				(17,269	)			-			(17,269	)
Total		$	12,792,077			$	2,093,610			$	-		$	14,885,687
Mid Cap
Common Stocks⁽¹⁾
Americas		$	6,453,081			$	-			$	-		$	6,453,081
Emerging Markets			54,537				-				-			54,537
Europe			146,357				-				-			146,357
Pacific Basin			105,407				-				-			105,407
Repurchase Agreement			-				224,034				-			224,034
Total Investments		$	6,759,382			$	224,034			$	-		$	6,983,416
Mid Cap Value
Common Stocks⁽¹⁾		$	3,745,223			$	-			$	-		$	3,745,223
Repurchase Agreement			-				303,942				-			303,942
Total Investments		$	3,745,223			$	303,942			$	-		$	4,049,165
Small Cap
Common Stocks⁽¹⁾		$	1,229,544			$	-			$	-		$	1,229,544
Repurchase Agreement			-				49,516				-			49,516
Total Investments		$	1,229,544			$	49,516			$	-		$	1,279,060
Thematic
Common Stocks⁽¹⁾		$	15,205			$	-			$	-		$	15,205
Repurchase Agreement			-				139				-			139
Purchased Options Contracts			10				-				-			10
Written Options Contracts			(5	)			-				-			(5	)
Total Investments			15,210				139				-			15,349
Foreign Currency Forward Contracts⁽²⁾			-				6				-			6
Total		$	15,210			$	145			$	-		$	15,355


116		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 - Significant Unobservable Inputs			Total
Value
Common Stocks⁽¹⁾
Americas		$	573,489		$	-		$	-		$	573,489
Europe			22,719			-			-			22,719
Preferred Stocks⁽¹⁾
Emerging Markets			20,610			-			-			20,610
Repurchase Agreement			-			35,310			-			35,310
Total Investments		$	616,818		$	35,310		$	-		$	652,128

⁽¹⁾ See the Fund’s Schedule of Investments for sector or country classifications. ⁽²⁾ Foreign currency forward contracts and futures contracts are valued at unrealized appreciation (depreciation). ⁽³⁾ Common stock, valued at $0. ⁽⁴⁾ Corporate bond escrows, valued at $0.

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, 2017, 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 local market holidays, which resulted in their Level 2 classification. There were securities classified as Level 2 at September 30, 2016 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. There were no such developments at September 30, 2017, which resulted in transfers from Level 2 to Level 1. The following table summarizes security transfers from Level 2 to Level 1 for each applicable Fund as of September 30, 2017 (in thousands):


	Transfers from Level 2 to Level 1
Developing World		$	644,050
Emerging Markets			29,398
Global Equity			58,256
Global Opportunities			706,755
Global Value			995,729
International			5,430,766
International Small Cap			236,167
International Value			8,909,269
Value			43,329


Artisan Partners Funds		117

NOTES TO FINANCIAL STATEMENTS

Information about Level 3 fair value measurements (dollar values in thousands):

Assets

Fair Value at
September 30, 2017

Valuation
Technique(s)

Unobservable
Input(s)

Impact to Fair
Value from an
Increase in
Input

Emerging Markets Fund

Common Stock

⁽¹⁾

Discounts for illiquidity and uncertainty

Last quote in inactive market less 100% discount

N/A

High Income Fund

Corporate Bond Escrows

⁽¹⁾

Discounts for uncertainty of collectability

Last quote in

inactive market less 100% discount

N/A

Preferred Stock

4,863

Market multiples approach with discount for uncertainty of collectability⁽²⁾

Enterprise Value/Earnings before interest, taxes, depreciation and amortization multiple of 8.52x determined from comparable companies less 25% discount

Valuation
decrease
as
discount
increased

⁽¹⁾Includes one or more securities valued at $0.

⁽²⁾During the period, valuation technique was changed from intrinsic value post reorganization to a market multiples approach upon receipt of daily valuation from an approved pricing vendor.

As of September 30, 2017, 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				High Income Fund
Balance as of September 30, 2016		$	-	⁽¹⁾		$	-	⁽¹⁾
Transfers into Level 3			-				-
Net change in unrealized depreciation			-				(1,683	)
Purchases			-				6,546	⁽²⁾
Sales			-				-
Realized Gain/Loss			-				-
Transfers out of Level 3			-				-

Balance as of September 30, 2017		$	-	⁽¹⁾		$	4,863	⁽¹⁾

Net change in unrealized depreciation for investments held as of September 30, 2017		$	-			$	(1,683	)


⁽¹⁾Includes one or more securities valued at $0. ⁽²⁾Includes escrow shares received at cost of $0.

(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 on the Funds’ behalf. For Investor Shares and Advisor Shares of the Funds, some authorized agents charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf.


118		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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 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. Institutional Shares of the Funds do not pay fees to intermediaries in connection with recordkeeping, transaction processing for shareholders’ accounts or any other services that an intermediary may provide to its clients. The Funds’ expenses incurred for services provided by authorized agents are 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, 2017 (in thousands):


	Year Ended 9/30/2017
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan Developing World Fund - Investor Shares		$	68		$	870		$	938
Artisan Developing World Fund - Advisor Shares			64			391			455
Artisan Developing World Fund - Institutional Shares			21			-			21
Artisan Emerging Markets Fund - Investor Shares			63			85			148
Artisan Emerging Markets Fund - Institutional Shares			20			-			20
Artisan Global Discovery Fund - Investor Shares⁽¹⁾			5			2			7
Artisan Global Equity Fund - Investor Shares			69			289			358
Artisan Global Equity Fund - Institutional Shares			19			-			19
Artisan Global Opportunities Fund - Investor Shares			84			1,908			1,992
Artisan Global Opportunities Fund - Advisor Shares			64			188			252
Artisan Global Opportunities Fund - Institutional Shares			22			-			22
Artisan Global Value Fund - Investor Shares			90			1,766			1,856
Artisan Global Value Fund - Advisor Shares			66			438			504
Artisan Global Value Fund - Institutional Shares			23			-			23
Artisan High Income Fund - Investor Shares			67			1,341			1,408
Artisan High Income Fund - Advisor Shares			70			1,060			1,130
Artisan High Income Fund - Institutional Shares⁽²⁾			16			-			16
Artisan International Fund - Investor Shares			294			13,770			14,064
Artisan International Fund - Advisor Shares			204			1,832			2,036
Artisan International Fund - Institutional Shares			135			-			135
Artisan International Small Cap Fund - Investor Shares			81			775			856
Artisan International Small Cap Fund - Institutional Shares			18			-			18
Artisan International Value Fund - Investor Shares			113			11,039			11,152
Artisan International Value Fund - Advisor Shares			169			2,783			2,952
Artisan International Value Fund - Institutional Shares			111			-			111


Artisan Partners Funds		119

NOTES TO FINANCIAL STATEMENTS


	Year Ended 9/30/2017
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan Mid Cap Fund - Investor Shares		$	127		$	6,075		$	6,202
Artisan Mid Cap Fund - Advisor Shares			67			412			479
Artisan Mid Cap Fund - Institutional Shares			32			-			32
Artisan Mid Cap Value Fund - Investor Shares			132			4,642			4,774
Artisan Mid Cap Value Fund - Advisor Shares			73			876			949
Artisan Mid Cap Value Fund - Institutional Shares			20			-			20
Artisan Small Cap Fund - Investor Shares			108			1,150			1,258
Artisan Small Cap Fund - Advisor Shares⁽³⁾			29			123			152
Artisan Small Cap Fund - Institutional Shares			21			-			21
Artisan Thematic Fund - Investor Shares⁽⁴⁾			15			10			25
Artisan Value Fund - Investor Shares			78			892			970
Artisan Value Fund - Advisor Shares			66			218			284
Artisan Value Fund - Institutional Shares			20			-			20

⁽¹⁾For the period from commencement of operations (August 21, 2017) through September 30, 2017. ⁽²⁾For the period from commencement of operations (October 3, 2016) through September 30, 2017. ⁽³⁾For the period from commencement of operations (February 1, 2017) through September 30, 2017. ⁽⁴⁾For the period from commencement of operations (April 24, 2017) through September 30, 2017.

(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, 2017 as follows (in thousands):


Developing World	$	12
Emerging Markets		-	⁽¹⁾
Global Discovery		-	⁽²⁾
Global Equity		1
Global Opportunities		21
Global Value		-
High Income		-
International		68
International Small Cap		2
International Value		-
Mid Cap		43
Mid Cap Value		113
Small Cap		8
Thematic		-	⁽³⁾
Value		27

⁽¹⁾ Amount rounds to less than $1 ⁽²⁾ For the period from commencement of operations (August 21, 2017) through September 30, 2017. ⁽³⁾ For the period from commencement of operations (April 24, 2017) through September 30, 2017.


120		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(7)

Derivative Transactions:

A Fund may invest in derivatives for any purpose consistent with its investment objective and guidelines, as set forth in its then-current prospectus and statement of additional information including, without limitation, to improve expected risk-adjusted returns, to reduce exposure to certain risks, for hedging purposes and to obtain economic exposure to certain issuers.

Foreign Currency Forward Contracts

Foreign currency forward contracts are contractual agreements to purchase or sell a specified currency at a specified future date (or within a specified time period) and at a price set at the time of the contract. Forward contracts usually are entered into with banks and broker-dealers and are not exchange traded.

Forward currency transactions may involve currencies of the different countries to which a Fund may have exposure and serve as hedges against possible variations in the exchange rate between these currencies. Currency transactions may be used for transaction hedging and portfolio hedging involving either specific transactions or portfolio positions (including positions obtained through, among other instruments, participation certificates and depositary receipts that may be denominated in U.S. dollar or foreign currencies). A Fund may not engage in speculative currency exchange transactions.

At the maturity of a forward contract to deliver a particular currency, a Fund may either sell the portfolio security related to such contract and make delivery of the currency, or it may retain the security and either acquire the currency on the spot market or terminate its contractual obligation to deliver the currency by purchasing an offsetting contract with the same currency trader obligating it to purchase on the same maturity date the same amount of the currency.

Futures Transactions

A Fund may invest in futures contracts for hedging, risk management or portfolio management purposes, including to offset changes in the value of securities held or expected to be acquired or be disposed of, to minimize fluctuations in foreign currencies, or to gain exposure to a particular market or instrument.

A futures contract provides for the future sale by one party and purchase by another party of a specified amount of a financial instrument or money at a specified time and price. To the extent it uses futures contracts, a Fund will be required to deposit margin and other assets with its futures clearing brokers, shown as unrealized gain on futures contracts in the Statement of Assets and Liabilities.

There are risks associated with a Fund’s transactions in futures contracts, including that the success of an investment strategy may depend on the ability of the Fund’s portfolio managers to predict movements in the prices of individual securities, fluctuations in markets and movement in interest rates.

When a Fund invests in futures contracts, it will cover its position by earmarking or segregating an amount of cash or liquid securities, equal to the market value of the futures positions held less margin deposits, and that amount will be marked-to-market on a daily basis.


Artisan Partners Funds		121

NOTES TO FINANCIAL STATEMENTS

Options Transactions

A Fund may purchase and write (sell) put options and call options on securities or indexes.

An option on a security (or index) is a contract that gives the purchaser (holder) of the option, in return for a premium, the right to buy from or sell to the seller of the option the security underlying the option at a specified exercise price at any time during the term of the option. Premiums paid on options purchased and premiums received on options written, as well as the daily fluctuation in market value, are included in investments, at value and written options, at value, respectively, in the Statement of Assets and Liabilities.

If an option written expires, a Fund realizes a gain equal to the premium received at the time the option was written. If an option purchased expires, the Fund realizes a loss equal to the premium paid. A Fund will realize a gain from a closing purchase transaction if the cost of the closing option is less than the premium received from writing the option, or if it is more, the Fund will realize a loss. If the premium received from a closing sale transaction is more than the premium paid to purchase the option, the Fund will realize a gain, or if it is less, the Fund will realize a loss. Realized gain or loss on options purchased and options written are included in net realized gain (loss) on investments and net realized gain (loss) on written options, respectively, in the Statement of Operations.

There are risks associated with a Fund investing in options contracts including significant differences between the securities markets, the currency markets, and the options markets that could result in an imperfect correlation between these markets, causing a given transaction not to achieve its objective.

The fair value of derivative instruments as reported in the Statement of Assets and Liabilities as of September 30, 2017 was as follows (in thousands):

Fund

Risk Exposure Category

Derivative Instrument

Statements of Assets and Liabilities location

Value

Global Value

Foreign currency

Foreign currency forward contracts

Unrealized loss on foreign currency
forward contracts

(4,067

)

High Income

Interest rate

Futures contracts

Unrealized gain on futures contracts

418

International Value

Foreign currency

Foreign currency forward contracts

Unrealized gain on foreign currency
forward contracts

7,831

Foreign currency

Foreign currency forward contracts

Unrealized loss on foreign currency
forward contracts

(25,100

)

Thematic

Foreign currency

Foreign currency forward contracts

Unrealized gain on foreign currency
forward contracts

Foreign currency

Foreign currency forward contracts

Unrealized loss on foreign currency
forward contracts

)

Equity

Purchased options contracts

Investments, at value

Equity

Written options contracts

Written options, at value

)


122		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

The effect of derivative instruments in the amount of realized gain (loss) and change in net unrealized appreciation (depreciation) recognized in income on the Statement of Operations for the year ended September 30, 2017 was as follows (in thousands):


Fund	Risk Exposure Category	Derivative Instrument	Statements of Operations location	Net Realized Gain (Loss)				Statements of Operations location	Unrealized Appreciation (Depreciation)
Global Opportunities	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	6,592		Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	94
Global Value	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	1,761		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(4,493	)
High Income	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	92
	Interest rate	Futures contracts						Net increase in unrealized appreciation or depreciation on futures contracts		$	418
International Value	Foreign currency	Foreign currency forward contracts	Net realized gain on foreign currency forward contracts		$	29,315		Net decrease in unrealized appreciation or depreciation on foreign currency forward contracts		$	(20,377	)
Thematic⁽¹⁾	Foreign currency	Foreign currency forward contracts	Net realized loss on foreign currency forward contracts		$	(21	)	Net increase in unrealized appreciation or depreciation on foreign currency forward contracts		$	6
	Equity	Purchased options contracts	Net realized gain on investments, from unaffiliated issuers		$	45		Net decrease in unrealized appreciation or depreciation on investments, from unaffiliated issuers		$	(9	)
	Equity	Written options contracts	Net realized loss on written options		$	(55	)	Net decrease in unrealized appreciation or depreciation on written options		$	(2	)

⁽¹⁾	For the period from commencement of operations (April 24, 2017) through September 30, 2017.


Artisan Partners Funds		123

NOTES TO FINANCIAL STATEMENTS

The average monthly amount outstanding for each derivative type as of September 30, 2017 was as follows (dollar value in thousands):

Volume of derivative activity


Fund	Derivative Type	Average Monthly Principal Amount
Global Opportunities	Foreign currency forward contracts		$	38,993
Global Value	Foreign currency forward contracts		$	69,135
High Income	Foreign currency forward contracts		$	1,372
International Value	Foreign currency forward contracts		$	767,347
Thematic⁽¹⁾	Foreign currency forward contracts		$	1,130

Fund	Derivative Type	Average Monthly Notional Amount
High Income	Futures contracts		$	2,167

Fund	Derivative Type	Average Monthly Notional Amount
Thematic⁽¹⁾	Purchased options contracts			13,000
	Written options contracts			4,000

⁽¹⁾	For the period from commencement of operations (April 24, 2017) through September 30, 2017.

Master Netting Agreements

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.

The following tables present information about the offsetting of derivative instruments and collateral amounts (in thousands):


	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Portfolio	Counterparty	Gross Asset Amounts Presented in Statements of Assets and Liabilities				Financial Instrument				Collateral Received			Net Amount (Not Less Than $0)
International Value	State Street Bank and Trust Company		$	7,831			$	(7,831	)		$	-		$	-
Thematic	State Street Bank and Trust Company			13				(7	)			-			6

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Portfolio	Counterparty	Gross Liability Amounts Presented in Statements of Assets and Liabilities				Financial Instrument				Collateral Pledged			Net Amount (Not Less Than $0)
Developing World	State Street Bank and Trust Company		$	-	⁽¹⁾		$	-			$	-		$	-	⁽¹⁾
Global Value	State Street Bank and Trust Company			4,067				-				-			4,067
International Value	State Street Bank and Trust Company			25,100				(7,831	)			-			17,269
Thematic	State Street Bank and Trust Company			7				(7	)			-			-

⁽¹⁾	Amount rounds to less than $1.


124		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(8)

Related Party Transactions:

(a)

Investment Advisory Agreement – The Adviser, with which the officers and a director of the Funds are affiliated, provided investment advisory and administrative services to the Funds during the year ended September 30, 2017. In exchange for those services, each Fund pays a monthly management fee to the Adviser as follows:

Developing World Fund and Emerging Markets Fund (10/1/2016 - 6/30/2017)


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

Emerging Markets Fund (7/1/2017 - 9/30/2017) and Thematic Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.000	%
$1 billion to $2 billion		0.975
$2 billion to $3.5 billion		0.950
$3.5 billion to $5 billion		0.925
Greater than $5 billion		0.900

Global Discovery Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.975	%
$1 billion to $2 billion		0.950
$2 billion to $3.5 billion		0.925
$3.5 billion to $5 billion		0.900
Greater than $5 billion		0.875

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


Artisan Partners Funds		125

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, and Small Cap 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

(b)

Expense Waivers and Reimbursements – The Adviser has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause total annual fund operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, acquired fund fees and expenses, borrowing costs such as dividends on securities sold short, and extraordinary charges such as litigation costs, but including management fees paid to the Adviser) not to exceed the percentages of average daily net assets indicated below. This contract continues through January 31, 2019, at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the


126		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the year ended September 30, 2017 (dollar values in thousands):


Fund	Expense Limit as a % of Average Daily Net Assets			Expenses Waived
Artisan Developing World Fund - Investor Shares		1.50	%		$	-
Artisan Developing World Fund - Advisor Shares		1.40	%			-
Artisan Developing World Fund - Institutional Shares		1.40	%			-
Artisan Emerging Markets Fund - Investor Shares		1.50	%			242
Artisan Emerging Markets Fund - Institutional Shares		1.50	%			53
Artisan Global Discovery Fund - Investor Shares		1.50	%			36	⁽¹⁾
Artisan Global Equity Fund - Investor Shares		1.50	%			-
Artisan Global Equity Fund - Institutional Shares		1.50	%			-
Artisan Global Opportunities Fund - Advisor Shares		1.10	%			-
Artisan Global Value Fund - Advisor Shares		1.20	%			-
Artisan High Income Fund - Investor Shares		1.25	%			-
Artisan High Income Fund - Advisor Shares		1.25	%			-
Artisan High Income Fund - Institutional Shares		1.25	%			-
Artisan International Fund - Advisor Shares		1.07	%			-
Artisan International Value Fund - Advisor Shares		1.06	%			-
Artisan Mid Cap Fund - Advisor Shares		1.10	%			-
Artisan Mid Cap Value Fund - Advisor Shares		1.09	%			-
Artisan Small Cap Fund - Advisor Shares		1.15	%			-
Artisan Thematic Fund - Investor Shares		1.50	%			66	⁽²⁾
Artisan Value Fund - Advisor Shares		0.88	%			-

⁽¹⁾ For the period from commencement of operations (August 21, 2017) through September 30, 2017. ⁽²⁾ For the period from commencement of operations (April 24, 2017) through September 30, 2017.

For the year ended September 30, 2017, no operating expenses were reimbursed by the Adviser. The Funds had no material receivables from or payables to the Adviser as of September 30, 2017.

(c)

Officers and Directors – The officers and directors of the Funds who are affiliated with the Adviser receive no compensation from the Funds. The compensation paid to directors of the Funds who are not affiliated persons of the Adviser (“independent directors”) receive compensation for their services based on an annual fee of $260,000, subject to an additional increase of $10,000 upon commencement of operations of any new series of Artisan Partners Funds and a decrease of $10,000 for any terminated series of Artisan Partners Funds. During the year ended September 30, 2017, the compensation paid to independent directors was based on an annual fee as follows:


Period	Amount
10/1/2016 - 3/31/2017		$	260,000
4/1/2017 - 6/30/2017		$	250,000	⁽¹⁾
7/1/2017 - 9/30/2017		$	260,000	⁽²⁾

⁽¹⁾ Due to the termination of Artisan Global Small Cap Fund ⁽²⁾ Due to the commencement of operations of Thematic Fund


Artisan Partners Funds		127

NOTES TO FINANCIAL STATEMENTS

In addition, the independent chair and each committee chair receives additional compensation based on an annual fee as follows:


	Amount
Independent board chair		$	60,000
Audit committee chair		$	45,000
Governance and nominating committee chair		$	30,000
Education committee chair		$	30,000

If more than seven in-person meetings or four telephonic meetings are held in a calendar year, each director is paid an additional meeting attendance fee of $5,000 for each such in-person meeting and $1,000 for each such telephonic meeting. Additionally, each director is entitled to reimbursement of expenses related to his or her duties as a director of the Funds. These fees were generally allocated to each of the 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 the Funds as selected by the individual directors. Each Fund purchased shares of the 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.

(d)	Distribution – Shares of the 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:

Artisan Partners Funds is 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 2018. Under the 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 the Funds may not exceed $150 million. The Funds paid a commitment fee at the annual rate of 0.20% (0.18% prior to June 14, 2017) on the unused portion of the line of credit and interest was charged on any borrowings at the higher of (i) the current overnight Federal Funds rate (but, in any event, not less than 0.00%) plus


128		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

1.25% or (ii) the one month LIBOR rate (but, in any event, not less than 0.00%) plus 1.25%. The Funds also paid an agent’s fee to SSB, an up-front fee to the lenders and the Funds’ and SSB’s legal expenses in connection with the line of credit, each as incurred. The fees are allocated to each Fund based on average 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, 2017, there were no borrowings under the line of credit for any of the Funds, except for Global Equity Fund, International Fund, International Small Cap Fund and Thematic Fund, which had maximum borrowings of approximately $2,850,000, $1,050,000, $9,450,000 and $250,000, respectively. Fees and interest expense, if any, related to the line of credit are included in other operating expenses in the Statements of Operations.

(10)

Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding securities sold short, derivatives and short-term securities) for the year ended September 30, 2017 were as follows (in thousands):


Fund	Security Purchases			Security Sales
Developing World		$	1,221,422		$	522,442
Emerging Markets			15,157			10,862
Global Discovery⁽¹⁾			11,906			204
Global Equity			281,763			289,236
Global Opportunities			1,145,709			686,812
Global Value			733,071			289,649
High Income			2,359,417			1,827,470
International			7,827,183			11,438,966
International Small Cap			467,227			772,672
International Value			1,315,943			1,441,653
Mid Cap			3,014,873			4,835,715
Mid Cap Value			928,593			1,635,197
Small Cap			417,202			520,858
Thematic⁽²⁾			34,422			21,382
Value			328,660			596,450

⁽¹⁾	For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽²⁾	For the period from commencement of operations (April 24, 2017) through September 30, 2017.

(11)

Transactions in securities of affiliates:

The table below shows information about securities of Fund “affiliates” (as defined below) that were held by a Fund, purchased or sold by a Fund, or from which dividends were received by a Fund during the year ended September 30, 2017 (dollar values in thousands). Each Fund identifies a company as an affiliate for the purpose of this report if the Fund owned 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, 2017.


Artisan Partners Funds		129

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/2016								Net Realized Gain (Loss)				Net Increase (Decrease) in Unrealized Appreciation (Depreciation)							As of 9/30/2017
Fund	Security	Share Balance		Purchase Cost			Sales Proceeds			Net Realized Gain (Loss)								Dividend Income^@			Share Balance		Value
International
	Wirecard AG^§		6,298,195		$	14,435		$	105,179		$	9,897			$	181,326			$	761		4,673,849		$	427,615
	Total^#				$	14,435		$	105,179		$	9,897			$	181,326			$	761		-		$	-
International Small Cap
	SyntheticMR AB		-		$	9,144		$	17		$	(2	)		$	(1,027	)		$	-		235,564		$	8,098
	Total^#				$	9,144		$	17		$	(2	)		$	(1,027	)		$	-				$	8,098
International Value
	Arch Capital Group Ltd.^§		6,462,064		$	22,261		$	35,543		$	3,593			$	117,624			$	-		6,295,616		$	620,118
	Panalpina Welttransport Holding AG		2,261,132			17,470			2,290			(754	)			19,721				7,569		2,385,384			349,549
	Stanley Electric Co., Ltd.^§		9,167,804			2,549			124,210			54,260				(7,144	)			1,917		5,022,004			172,049
	Vesuvius plc^§		28,706,714			-			118,651			1,539				48,139				2,660		7,808,134			61,731
	Total^#				$	42,280		$	280,694		$	58,638			$	178,340			$	12,146				$	349,549

@	Net of foreign taxes withheld, if any.

#	Total value as of September 30, 2017 is presented for only those issuers that were affiliates as of September 30, 2017.

§	Issuer was no longer an affiliate as of September 30, 2017.

(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 on investments as of September 30, 2017 was as follows (in thousands):


Fund	Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation on Investments
Developing World		$	1,621,839		$	384,999		$	(34,047	)		$	350,952
Emerging Markets			42,783			16,862			(8,632	)			8,230
Global Discovery			12,540			534			(171	)			363
Global Equity			236,020			63,971			(5,185	)			58,786
Global Opportunities			2,014,105			711,195			(27,091	)			684,104
Global Value			2,469,650			707,672			(104,306	)			603,366
High Income			2,383,002			71,919			(20,202	)			51,717
International			10,637,796			3,469,719			(82,976	)			3,386,743
International Small Cap			426,352			142,770			(17,862	)			124,908
International Value			11,407,457			4,038,100			(542,601	)			3,495,499
Mid Cap			5,110,535			1,948,700			(75,819	)			1,872,881
Mid Cap Value			2,860,424			1,267,524			(78,783	)			1,188,741
Small Cap			796,419			492,025			(9,384	)			482,641
Thematic			14,393			1,005			(49	)			956
Value			504,503			158,523			(10,898	)			147,625


130		Artisan Partners Funds

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, 2017 and the year ended September 30, 2016 were as follows (in thousands):


	Year Ended 9/30/2017								Year Ended 9/30/2016
Fund	Ordinary Income Dividends				Long-Term Capital Gain Distributions				Ordinary Income Dividends			Long-Term Capital Gain Distributions
Developing World		$	5,339			$	68			$	-		$	-
Emerging Markets			335				-				-			-
Global Discovery			-	⁽¹⁾			-	⁽¹⁾
Global Equity			186				-				5,313			1,549
Global Opportunities			-				2,935				2,530			8,827
Global Value			25,778				33,391				10,008			80,358
High Income			130,372				-				92,447			213
International			187,253				-				103,903			-
International Small Cap			-				38,548				1,554			31,526
International Value			133,521				240,607				100,391			540,475
Mid Cap			-				610,666				-			1,234,797
Mid Cap Value			39,080				77,484				31,880			951,217
Small Cap			-				13,989				-			118,049
Thematic			-	⁽²⁾			-	⁽²⁾
Value			5,547				-				8,634			89,485

⁽¹⁾	For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽²⁾	For the period from commencement of operations (April 24, 2017) through September 30, 2017.

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.

In addition, the Funds may periodically record reclassifications among certain capital accounts to reflect differences between financial reporting and income tax basis distributions. The reclassifications were reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and US GAAP. The reclassifications generally relate to net operating losses, Section 988 currency gains and losses, PFIC gains and losses, and utilization of earnings and profits distributed to shareholders on redemption of shares. These reclassifications have no impact on the net asset values of the Funds.


Artisan Partners Funds		131

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, 2017. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2017.

Additional tax information as of and for the year ended September 30, 2017 follows (in thousands):


Fund	Undistributed Ordinary Income			Undistributed Long-Term Gain			Qualified Late Year Capital Losses				Qualified Late Year Ordinary Losses				Other Deferred Gains (Losses)⁽¹⁾
Developing World		$	39,667		$	17,858		$	-			$	-			$	(79	)
Emerging Markets			282			-			-				-				(135	)
Global Discovery			7			-			13	⁽²⁾			-	⁽²⁾			(1	)⁽²⁾
Global Equity			-			1,214			-				24				(17	)
Global Opportunities			2,036			113,007			-				-				(75	)
Global Value			39,342			13,491			-				-				82
High Income			39,979			8,687			-				-				(1,756	)
International			113,664			-			-				-				(21,666	)
International Small Cap			-			49,362			-				151				(5	)
International Value			214,632			255,803			-				-				493
Mid Cap			-			731,325			-				13,517				(166	)
Mid Cap Value			30,310			349,551			-				-				(200	)
Small Cap			-			160,032			-				7,875				(21	)
Thematic			1,188			-			-	⁽³⁾			-	⁽³⁾			(34	)⁽³⁾
Value			14,239			42,358			-				-				(23	)

⁽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, 2017 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 (August 21, 2017) through September 30, 2017.

⁽³⁾	For the period from commencement of operations (April 24, 2017) through September 30, 2017.

As of September 30, 2017, 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.


Fund	Unlimited – ST			Unlimited – LT				Utilized in CY
Emerging Markets		$	5,799		$	129,588	⁽¹⁾		$	1,608
Global Equity			-			-				2,336
International			307,753			-				216,245

⁽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.


132		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(13)

Fund share activities:

Capital share transactions for the Funds were as follows (dollar values in thousands):


	DEVELOPING WORLD
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		26,428,621			$	295,803			25,510,958			$	235,668
Advisor Shares		34,103,097				378,816			27,577,662				257,536
Institutional Shares		28,946,054				345,202			23,398,700				207,318
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		128,759				1,248			-				-
Advisor Shares		220,529				2,139			-				-
Institutional Shares		180,951				1,757			-				-
Cost of shares redeemed⁽¹⁾
Investor Shares		(11,306,434	)			(126,690	)		(2,654,618	)			(25,741	)
Advisor Shares		(7,275,937	)			(80,966	)		(2,177,959	)			(20,029	)
Institutional Shares		(2,339,986	)			(25,905	)		(1,857,381	)			(17,762	)
Net increase from fund share transactions
Investor Shares		15,250,946				170,361			22,856,340				209,927
Advisor Shares		27,047,689				299,989			25,399,703				237,507
Institutional Shares		26,787,019				321,054			21,541,319				189,556
Redemption Fee⁽²⁾
Investor Shares		-				-			-				3
Advisor Shares		-				-			-				11
Institutional Shares		-				-			-				8

	EMERGING MARKETS
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		822,001			$	10,978			556,699			$	6,394
Institutional Shares		66,831				917			442,477				4,804
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		24,100				285			-				-
Institutional Shares		4,031				47			-				-
Cost of shares redeemed⁽¹⁾
Investor Shares		(485,152	)			(6,515	)		(501,250	)			(5,560	)
Institutional Shares		(27,023	)			(351	)		(2,770,213	)			(26,660	)
Net increase (decrease) from fund share transactions
Investor Shares		360,949				4,748			55,449				834
Institutional Shares		43,839				613			(2,327,736	)			(21,856	)
Redemption Fee⁽²⁾
Investor Shares		-				-			-				–	⁽³⁾
Institutional Shares		-				-			-				–	⁽³⁾


Artisan Partners Funds		133

NOTES TO FINANCIAL STATEMENTS


	GLOBAL DISCOVERY
	Period Ended 9/30/2017⁽⁴⁾
	Shares			Amount
Proceeds from shares issued
Investor Shares		1,275,281			$	12,822
Net increase from fund share transactions
Investor Shares		1,275,281				12,822

	GLOBAL EQUITY
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		1,713,058			$	28,866			3,634,815			$	57,870
Institutional Shares⁽⁵⁾		1,649,836				29,365			7,405,905				121,004
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-				-			279,484				4,536
Institutional Shares⁽⁵⁾		11,717				186			125,405				2,035
Cost of shares redeemed⁽¹⁾
Investor Shares		(3,802,085	)			(65,048	)		(13,938,823	)			(220,239	)
Institutional Shares⁽⁵⁾		(285,675	)			(5,119	)		(792,296	)			(12,721	)
Net increase (decrease) from fund share transactions
Investor Shares		(2,089,027	)			(36,182	)		(10,024,524	)			(157,833	)
Institutional Shares⁽⁵⁾		1,375,878				24,432			6,739,014				110,318
Redemption Fee⁽²⁾
Investor Shares		-				-			-				15
Institutional Shares⁽⁶⁾		-				-			-				3


134		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	GLOBAL OPPORTUNITIES
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		14,705,328			$	335,539			11,034,782			$	216,158
Advisor Shares		8,685,957				203,202			8,125,784				153,704
Institutional Shares		18,475,484				441,676			8,347,726				165,431
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		59,403				1,240			234,399				4,660
Advisor Shares		10,718				224			19,955				397
Institutional Shares		59,918				1,259			261,065				5,213
Cost of shares redeemed⁽¹⁾
Investor Shares		(12,802,431	)			(292,540	)		(11,806,409	)			(222,635	)
Advisor Shares		(2,102,757	)			(47,039	)		(2,215,682	)			(41,703	)
Institutional Shares		(6,596,250	)			(156,974	)		(3,442,200	)			(68,806	)
Net increase (decrease) from fund share transactions
Investor Shares		1,962,300				44,239			(537,228	)			(1,817	)
Advisor Shares		6,593,918				156,387			5,930,057				112,398
Institutional Shares		11,939,152				285,961			5,166,591				101,838
Redemption Fee⁽²⁾
Investor Shares		-				-			-				18
Advisor Shares		-				-			-				2
Institutional Shares		-				-			-				17

	GLOBAL VALUE
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		13,715,916			$	220,919			16,731,457			$	240,631
Advisor Shares		27,522,474				444,152			19,177,721				270,051
Institutional Shares		34,106,980				548,575			30,026,308				435,264
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,261,399				18,946			2,899,237				42,416
Advisor Shares		671,815				10,064			898,964				13,116
Institutional Shares		1,697,055				25,473			1,850,984				27,061
Cost of shares redeemed⁽¹⁾
Investor Shares		(18,466,031	)			(298,989	)		(27,881,197	)			(398,314	)
Advisor Shares		(9,948,250	)			(163,074	)		(6,524,720	)			(93,401	)
Institutional Shares		(13,540,853	)			(223,686	)		(7,289,587	)			(106,438	)
Net increase (decrease) from fund share transactions
Investor Shares		(3,488,716	)			(59,124	)		(8,250,503	)			(115,267	)
Advisor Shares		18,246,039				291,142			13,551,965				189,766
Institutional Shares		22,263,182				350,362			24,587,705				355,887
Redemption Fee⁽²⁾
Investor Shares		-				-			-				11
Advisor Shares		-				-			-				3
Institutional Shares		-				-			-				7


Artisan Partners Funds		135

NOTES TO FINANCIAL STATEMENTS


	HIGH INCOME
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares				Amount
Proceeds from shares issued
Investor Shares		42,750,361			$	429,384				49,101,971			$	455,138
Advisor Shares		94,508,740				945,535				92,250,798				860,209
Institutional Shares⁽⁷⁾		28,879,132				289,662
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,339,763				33,454				3,331,270				31,441
Advisor Shares		7,194,728				72,133				4,836,987				45,817
Institutional Shares⁽⁷⁾		390,775				3,959
Cost of shares redeemed⁽¹⁾
Investor Shares		(39,383,067	)			(394,655	)			(41,889,746	)			(389,022	)
Advisor Shares		(76,090,116	)			(762,796	)			(22,406,478	)			(209,555	)
Institutional Shares⁽⁷⁾		(3,533,139	)			(35,618	)
Net increase from fund share transactions
Investor Shares		6,707,057				68,183				10,543,495				97,557
Advisor Shares		25,613,352				254,872				74,681,307				696,471
Institutional Shares⁽⁷⁾		25,736,768				258,003
Redemption Fee⁽²⁾
Investor Shares		-				43				-				48
Advisor Shares		-				112				-				75
Institutional Shares⁽⁷⁾		-				11

	INTERNATIONAL
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares				Amount
Proceeds from shares issued
Investor Shares		21,460,122			$	602,069				51,661,914			$	1,434,057
Advisor Shares		48,914,988				1,363,187				47,637,297				1,305,844
Institutional Shares		59,879,249				1,705,624				33,419,767				935,902
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,689,359				69,278				1,401,879				41,103
Advisor Shares		932,992				23,987				345,252				10,112
Institutional Shares		2,196,282				56,840			��	993,447				29,297
Cost of shares redeemed⁽¹⁾
Investor Shares		(124,488,489	)			(3,442,647	)			(149,318,292	)			(4,137,577	)
Advisor Shares		(75,036,265	)			(2,087,702	)			(40,977,617	)			(1,140,807	)
Institutional Shares		(66,398,817	)			(1,917,549	)			(32,404,078	)			(910,981	)
Net increase (decrease) from fund share transactions
Investor Shares		(100,339,008	)			(2,771,300	)			(96,254,499	)			(2,662,417	)
Advisor Shares		(25,188,285	)			(700,528	)			7,004,932				175,149
Institutional Shares		(4,323,286	)			(155,085	)			2,009,136				54,218
Redemption Fee⁽²⁾
Investor Shares		-				-				-				207
Advisor Shares		-				-				-				56
Institutional Shares		-				-				-				110


136		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	INTERNATIONAL SMALL CAP
	Year Ended 9/30/2017							Year Ended 9/30/2016⁽⁸⁾
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		3,045,315			$	63,754			5,051,377			$	115,977
Institutional Shares		2,832,343				59,117			9,341,916				214,450
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,265,034				24,719			1,255,016				30,070
Institutional Shares		546,362				10,687			-				-
Cost of shares redeemed⁽¹⁾
Investor Shares		(17,100,158	)			(363,478	)		(22,185,163	)			(508,625	)
Institutional Shares		(2,100,506	)			(47,287	)		(303,651	)			(6,936	)
Net increase (decrease) from fund share transactions
Investor Shares		(12,789,809	)			(275,005	)		(15,878,770	)			(362,578	)
Institutional Shares		1,278,199				22,517			9,038,265				207,514
Redemption Fee⁽²⁾
Investor Shares		-				-			-				8

	INTERNATIONAL VALUE
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		19,331,747			$	667,997			47,088,149			$	1,500,660
Advisor Shares		75,231,098				2,647,867			35,011,493				1,121,238
Institutional Shares		78,788,196				2,852,869			17,411,794				545,932
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,757,493				150,527			8,459,988				275,965
Advisor Shares		2,574,951				81,420			3,361,638				109,589
Institutional Shares		2,800,424				88,857			4,580,121				149,816
Cost of shares redeemed⁽¹⁾
Investor Shares		(76,719,390	)			(2,672,357	)		(51,914,531	)			(1,660,103	)
Advisor Shares		(72,611,034	)			(2,602,777	)		(18,209,215	)			(584,652	)
Institutional Shares		(11,769,461	)			(420,023	)		(11,395,479	)			(372,981	)
Net increase (decrease) from fund share transactions
Investor Shares		(52,630,150	)			(1,853,833	)		3,633,606				116,522
Advisor Shares		5,195,015				126,510			20,163,916				646,175
Institutional Shares		69,819,159				2,521,703			10,596,436				322,767
Redemption Fee⁽²⁾
Investor Shares		-				-			-				51
Advisor Shares		-				-			-				29
Institutional Shares		-				-			-				26


Artisan Partners Funds		137

NOTES TO FINANCIAL STATEMENTS


	MID CAP
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		7,198,026			$	285,411			12,274,626			$	483,930
Advisor Shares		9,871,483				388,631			5,531,740				215,168
Institutional Shares		14,114,027				605,273			20,866,664				865,759
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		6,401,868				239,878			13,498,668				548,721
Advisor Shares		1,065,775				40,052			1,454,647				59,204
Institutional Shares		6,589,481				265,293			11,820,328				512,175
Cost of shares redeemed
Investor Shares		(38,304,423	)			(1,515,448	)		(35,594,332	)			(1,405,056	)
Advisor Shares		(8,039,927	)			(323,763	)		(5,940,104	)			(233,998	)
Institutional Shares		(30,271,026	)			(1,293,881	)		(28,782,660	)			(1,218,522	)
Net increase (decrease) from fund share transactions
Investor Shares		(24,704,529	)			(990,159	)		(9,821,038	)			(372,405	)
Advisor Shares		2,897,331				104,920			1,046,283				40,374
Institutional Shares		(9,567,518	)			(423,315	)		3,904,332				159,412

	MID CAP VALUE
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		10,156,070			$	230,379			21,012,810			$	421,158
Advisor Shares		33,907,058				770,303			31,045,727				624,233
Institutional Shares		20,798,443				484,986			9,468,071				192,098
Net assets of shares issued in connection with reorganization (Note 15)
Investor Shares		-				-			7,811,036				158,252
Advisor Shares		-				-			-				-
Institutional Shares		-				-			1,132,957				22,942
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,721,981				59,258			30,822,218				608,122
Advisor Shares		1,278,251				27,751			6,940,383				136,656
Institutional Shares		930,551				20,221			9,166,146				180,573
Cost of shares redeemed
Investor Shares		(44,130,457	)			(999,637	)		(142,312,936	)			(2,880,371	)
Advisor Shares		(39,182,800	)			(907,931	)		(32,185,555	)			(652,584	)
Institutional Shares		(12,971,915	)			(293,929	)		(40,692,466	)			(823,921	)
Net increase (decrease) from fund share transactions
Investor Shares		(31,252,406	)			(710,000	)		(82,666,872	)			(1,692,839	)
Advisor Shares		(3,997,491	)			(109,877	)		5,800,555				108,305
Institutional Shares		8,757,079				211,278			(20,925,292	)			(428,308	)


138		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	SMALL CAP
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,312,058			$	69,074			3,529,128			$	93,275
Advisor Shares⁽⁹⁾		10,516,823				323,387
Institutional Shares		3,521,581				107,985			6,619,254				176,255
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		281,769				8,225			2,914,671				79,454
Advisor Shares⁽⁹⁾		-				-
Institutional Shares		146,960				4,329			975,362				26,764
Cost of shares redeemed
Investor Shares		(14,402,774	)			(437,740	)		(11,148,753	)			(294,375	)
Advisor Shares⁽⁹⁾		(859,940	)			(27,209	)
Institutional Shares		(6,178,690	)			(192,718	)		(4,000,656	)			(107,513	)
Net increase (decrease) from fund share transactions
Investor Shares		(11,808,947	)			(360,441	)		(4,704,954	)			(121,646	)
Advisor Shares⁽⁹⁾		9,656,883				296,178
Institutional Shares		(2,510,149	)			(80,404	)		3,593,960				95,506

	THEMATIC
	Period Ended 9/30/2017⁽¹⁰⁾
	Shares			Amount
Proceeds from shares issued
Investor Shares		1,369,142			$	14,004
Cost of shares redeemed
Investor Shares		(72,349	)			(811	)
Net increase from fund share transactions
Investor Shares		1,296,793				13,193


Artisan Partners Funds		139

NOTES TO FINANCIAL STATEMENTS


	VALUE
	Year Ended 9/30/2017							Year Ended 9/30/2016
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		7,349,205			$	101,689			18,521,071			$	226,573
Advisor Shares		10,448,919				146,805			10,882,442				123,696
Institutional Shares		10,575,755				157,421			1,408,356				15,603
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		227,083				3,036			2,697,247				31,342
Advisor Shares		126,771				1,690			4,281,589				49,538
Institutional Shares		51,982				694			1,334,487				15,480
Cost of shares redeemed
Investor Shares		(28,312,024	)			(403,666	)		(15,821,093	)			(185,610	)
Advisor Shares		(17,941,677	)			(261,653	)		(36,227,623	)			(430,315	)
Institutional Shares		(1,478,593	)			(21,010	)		(10,788,989	)			(125,989	)
Net increase (decrease) from fund share transactions
Investor Shares		(20,735,736	)			(298,941	)		5,397,225				72,305
Advisor Shares		(7,365,987	)			(113,158	)		(21,063,592	)			(257,081	)
Institutional Shares		9,149,144				137,105			(8,046,146	)			(94,906	)

⁽¹⁾	Net of redemption fees.

⁽²⁾	Effective, February 1, 2016, the board of directors of the Funds approved eliminating the redemption fee for all Funds except High Income Fund.

⁽³⁾	Amount rounds to less than $1

⁽⁴⁾	For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽⁵⁾	For the period from commencement of operations (October 15, 2015) through September 30, 2016.

⁽⁶⁾	For the period from commencement of operations (October 15, 2015) through January 31, 2016. See footnote (2) above.

⁽⁷⁾	For the period from commencement of operations (October 3, 2016) through September 30, 2017.

⁽⁸⁾	For the period from commencement of operations (April 12, 2016) through September 30, 2016.

⁽⁹⁾	For the period from commencement of operations (February 1, 2017) through September 30, 2017.

⁽¹⁰⁾	For the period from commencement of operations (April 24, 2017) through September 30, 2017.

(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.


140		Artisan Partners Funds

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 Discovery Fund, Artisan Global Equity Fund, Artisan Global Opportunities 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 Thematic Fund, and Artisan Value Fund (the “Funds”)) as of September 30, 2017, and the related statements of operations for the year or period then ended, and the statements of changes in net assets and the financial 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, 2017, 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, 2017, the results of their operations for the year or period then ended, and the 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 22, 2017


Artisan Partners Funds		141

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 year ended September 30, 2017 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 year ended September 30, 2017 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		$	68			89.04	%		5.09	%
Emerging Markets			-			99.00	%		0.00	%
Global Discovery			-	⁽¹⁾		n/a			n/a
Global Equity			28			99.91	%		99.91	%
Global Opportunities			10,474			n/a			n/a
Global Value			33,390			100.00	%		52.05	%
High Income			7,601			n/a			n/a
International			-			100.00	%		3.96	%
International Small Cap			47,289			n/a			n/a
International Value			241,137			100.00	%		0.00	%
Mid Cap			687,091			n/a			n/a
Mid Cap Value			121,457			99.20	%		96.17	%
Small Cap			28,286			n/a			n/a
Thematic			-	⁽²⁾		n/a			n/a
Value			22,093			92.19	%		86.35	%

⁽¹⁾	For the period from commencement of operations (August 21, 2017) through September 30, 2017.

⁽²⁾	For the period from commencement of operations (April 24, 2017) through September 30, 2017.


142		Artisan Partners Funds

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, 2017 to September 30, 2017.

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, 2017 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 4/1/2017			Ending Account Value 9/30/2017			Expenses Paid During Period 4/1/2017-9/30/2017⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Developing World Fund
Investor Shares
Actual		$	1,000.00		$	1,176.00		$	7.69		1.41	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.00		$	7.13		1.41	%
Advisor Shares
Actual		$	1,000.00		$	1,177.50		$	6.71		1.23	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.90		$	6.23		1.23	%
Institutional Shares
Actual		$	1,000.00		$	1,178.20		$	6.17		1.13	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.40		$	5.72		1.13	%


Artisan Partners Funds		143

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2017			Ending Account Value 9/30/2017			Expenses Paid During Period 4/1/2017-9/30/2017⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Emerging Markets Fund
Investor Shares
Actual		$	1,000.00		$	1,154.90		$	8.10		1.50	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.55		$	7.59		1.50	%
Institutional Shares
Actual		$	1,000.00		$	1,155.00		$	8.10		1.50	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.55		$	7.59		1.50	%
Artisan Global Discovery Fund⁽⁴⁾
Investor Shares
Actual		$	1,000.00		$	1,032.00		$	1.67		1.50	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,003.84		$	1.65		1.50	%
Artisan Global Equity Fund
Investor Shares
Actual		$	1,000.00		$	1,162.50		$	7.54		1.39	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.10		$	7.03		1.39	%
Institutional Shares
Actual		$	1,000.00		$	1,163.30		$	6.29		1.16	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.87		1.16	%
Artisan Global Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	1,139.20		$	6.22		1.16	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.87		1.16	%
Advisor Shares
Actual		$	1,000.00		$	1,140.40		$	5.53		1.03	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.22		1.03	%
Institutional Shares
Actual		$	1,000.00		$	1,140.30		$	4.99		0.93	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.41		$	4.71		0.93	%


144		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2017			Ending Account Value 9/30/2017			Expenses Paid During Period 4/1/2017-9/30/2017⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Global Value Fund
Investor Shares
Actual		$	1,000.00		$	1,107.90		$	6.66		1.26	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.75		$	6.38		1.26	%
Advisor Shares
Actual		$	1,000.00		$	1,109.30		$	5.87		1.11	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.50		$	5.62		1.11	%
Institutional Shares
Actual		$	1,000.00		$	1,109.00		$	5.39		1.02	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.95		$	5.17		1.02	%
Artisan High Income Fund
Investor Shares
Actual		$	1,000.00		$	1,047.40		$	5.08		0.99	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.10		$	5.01		0.99	%
Advisor Shares
Actual		$	1,000.00		$	1,048.20		$	4.21		0.82	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.96		$	4.15		0.82	%
Institutional Shares
Actual		$	1,000.00		$	1,047.50		$	3.90		0.76	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.26		$	3.85		0.76	%
Artisan International Fund
Investor Shares
Actual		$	1,000.00		$	1,156.60		$	6.22		1.15	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.30		$	5.82		1.15	%
Advisor Shares
Actual		$	1,000.00		$	1,157.20		$	5.62		1.04	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.27		1.04	%
Institutional Shares
Actual		$	1,000.00		$	1,157.80		$	5.25		0.97	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.21		$	4.91		0.97	%
Artisan International Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,177.40		$	8.68		1.59	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.10		$	8.04		1.59	%
Institutional Shares
Actual		$	1,000.00		$	1,178.00		$	7.53		1.38	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.15		$	6.98		1.38	%


Artisan Partners Funds		145

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2017			Ending Account Value 9/30/2017			Expenses Paid During Period 4/1/2017-9/30/2017⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan International Value Fund
Investor Shares
Actual		$	1,000.00		$	1,130.80		$	6.36		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.10		$	6.02		1.19	%
Advisor Shares
Actual		$	1,000.00		$	1,131.70		$	5.61		1.05	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.80		$	5.32		1.05	%
Institutional Shares
Actual		$	1,000.00		$	1,132.30		$	5.18		0.97	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.21		$	4.91		0.97	%
Artisan Mid Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,084.60		$	6.11		1.17	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.92		1.17	%
Advisor Shares
Actual		$	1,000.00		$	1,085.30		$	5.54		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.37		1.06	%
Institutional Shares
Actual		$	1,000.00		$	1,086.00		$	4.97		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.31		$	4.81		0.95	%
Artisan Mid Cap Value Fund
Investor Shares
Actual		$	1,000.00		$	1,044.00		$	5.94		1.16	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.25		$	5.87		1.16	%
Advisor Shares
Actual		$	1,000.00		$	1,044.50		$	5.43		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.37		1.06	%
Institutional Shares
Actual		$	1,000.00		$	1,045.30		$	4.97		0.97	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.21		$	4.91		0.97	%


146		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2017			Ending Account Value 9/30/2017			Expenses Paid During Period 4/1/2017-9/30/2017⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾
Artisan Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,096.20		$	6.25		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.10		$	6.02		1.19	%
Advisor Shares
Actual		$	1,000.00		$	1,096.50		$	5.89		1.12	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.45		$	5.67		1.12	%
Institutional Shares
Actual		$	1,000.00		$	1,097.20		$	5.31		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.00		$	5.11		1.01	%
Artisan Thematic Fund⁽⁵⁾
Investor Shares
Actual		$	1,000.00		$	1,180.00		$	7.22		1.52	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,015.16		$	6.67		1.52	%
Artisan Value Fund
Investor Shares
Actual		$	1,000.00		$	1,061.20		$	5.48		1.06	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.75		$	5.37		1.06	%
Advisor Shares
Actual		$	1,000.00		$	1,062.10		$	4.50		0.87	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.71		$	4.41		0.87	%
Institutional Shares
Actual		$	1,000.00		$	1,062.70		$	4.24		0.82	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.96		$	4.15		0.82	%

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended September 30, 2017, 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, 2017.

⁽³⁾	Expense ratio includes the effect of expenses waived or paid by the Adviser, if applicable.

⁽⁴⁾

The account value and the expenses paid for Global Discovery Fund have been presented for the period from commencement of operations (August 21, 2017) through September 30, 2017. Assuming a six-month period, and the actual account values as of September 30, 2017, and the expenses paid during the period 4/1/2017-9/30/2017 would have been as follows:


	Beginning Account Value 4/1/2017			Ending Account Value 9/30/2017			Expenses Paid During Period 4/1/2017-9/30/2017
Artisan Global Discovery Fund
Investor Shares
Actual		$	1,000.00		$	1,032.00		$	7.64
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.55		$	7.59


Artisan Partners Funds		147

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

⁽⁵⁾

The account value and the expenses paid for Thematic Fund have been presented for the period from commencement of operations (April 24, 2017) through September 30, 2017. Assuming a six-month period, and the actual account values as of September 30, 2017, and the expenses paid during the period 4/1/2017-9/30/2017 would have been as follows:


	Beginning Account Value 4/1/2017			Ending Account Value 9/30/2017			Expenses Paid During Period 4/1/2017-9/30/2017
Artisan Thematic Fund
Investor Shares
Actual		$	1,000.00		$	1,180.00		$	8.31
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.45		$	7.69


148		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners is responsible for management of the Funds’ (as defined below) 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 and Artisan Partners. With respect to each series of Artisan Partners Funds, the Advisory Agreement, after an initial two-year term, may be continued from year to year only so long as the continuation is approved at least 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 meeting on May 11, 2017 (the “May 11 Meeting”), at which they gave preliminary consideration to information bearing on the continuation of the Advisory Agreement with respect to each of the series of Artisan Partners Funds other than Artisan Thematic Fund (for purpose of this discussion, the “Funds”) for the period from July 1, 2017 through June 30, 2018. The primary purpose of the May 11 Meeting was to allow the directors ample opportunity to consider matters they deemed relevant in connection with the continuation of the Advisory Agreement (in addition to materials they review at meetings throughout the year), and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints.

At their regular quarterly meeting held on May 31, 2017 (the “May 31 Meeting”), the directors, including the independent directors, considered and unanimously approved the continuation through June 30, 2018 of the Advisory Agreement with respect to each of the 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 May 11 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 as well as other information Artisan Partners believed was useful in evaluating the approval of the Advisory Agreement. Artisan Partners provided extensive reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source of investment company data, which included information relating to each Fund’s performance, expenses and fees compared to the performance, expenses and fees of a relatively small peer group and a larger peer universe of mutual funds. Artisan Partners also provided additional reports prepared by Broadridge 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 Broadridge. These supplemental reports were provided for Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Value Fund, Mid Cap Fund and Value Fund.

The directors also received and reviewed a memorandum from independent counsel regarding the directors’ responsibilities in evaluating the Advisory Agreement. The directors


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recognized that the management and fee arrangements for the 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 Fund’s operations; the nature, extent and quality of the advisory and other services provided by Artisan Partners to the Funds; the management fees and total expense ratios of each class of shares of the Funds; possible economies of scale; 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 Broadridge and the memorandum from independent counsel, the directors reviewed information provided prior to and presented at the May 11 Meeting and the May 31 Meeting, concerning, among other things, the following:

•

Artisan Partners’ organization and operations, financial condition and stability and ownership structure;

•

Artisan Partners’ personnel, business and financial model, 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; Artisan Partners’ liquidity management tools, policies and procedures; and steps taken or expected to be taken to comply with regulatory changes related to liquidity risk management;

•

The terms of the Advisory Agreement, including the scope 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 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;

•

The Funds’ experience applying valuation procedures, including fair valuation of assets for which market quotations are not readily available;

•

Any litigation pending, threatened or settled involving Artisan Partners, and the results of any inspections, investigations or examinations thereof by the Securities and Exchange Commission or other governmental or regulatory authorities;

•

Information regarding fee arrangements, including a comparison of the total expense ratio of each share class of each Fund with other mutual funds; the structure of the advisory fees, including the method of computing fees and the frequency of payment of fees; a comparison of the advisory fees with fees charged by other advisory organizations for managing mutual funds with similar investment objectives; and information regarding expense limitation arrangements and the expenses other than advisory fees that the Funds bear, either at the level of the Fund as a whole or on a class-specific basis;


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FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

•

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 (reduced fee levels on assets in excess of stated thresholds) in advisory fees and whether further breakpoints are appropriate;

•

A comparison of the fee arrangements for the Funds with fees charged by Artisan Partners for subadvising other U.S. mutual funds and for managing other accounts, and trends in fees charged by Artisan Partners for such services;

•

Information regarding third-party intermediary and service arrangements and related payments by the Funds and Artisan Partners, including, among other information, information on amounts paid to financial intermediaries during the year ended December 31, 2016, the nature of services provided by such intermediaries, any caps or limitations placed on related payments, and the process employed by Artisan Partners for entering into and overseeing such intermediary arrangements;

•

Potential “fall-out” benefits to Artisan Partners or its affiliates from their relationships with the Funds, in addition to advisory fees, including any benefits to Artisan Partners or its affiliates in selling other products, 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 estimated profitability to Artisan Partners of its relationship with each Fund on both a pre-tax and post-tax basis for the three most recent 12-month periods; and the assumptions and allocation methodologies utilized for such profitability analysis;

•

Potential for conflicts of interest between the Funds and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest; and

•

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 May 11 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 31 Meeting. At the May 31 Meeting, Artisan Partners presented certain additional information to the directors regarding the Funds, and the independent directors and their independent counsel reviewed with the full board the information discussed at the May 11 Meeting and during their executive sessions. The directors then considered whether any further discussion or review was necessary, concluding that the May 11 Meeting and the information reviewed by the independent directors prior to and at the May 31 Meeting provided a sufficient basis for taking action on the continuation of the Advisory Agreement with respect to each Fund for


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FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

an additional year. 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 Funds 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 has been consistently high, with no material deficiencies.

The investment performance of each Fund. With respect to each 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 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 either or both 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; and (2) that the Fund’s more recent or long-term performance, as applicable, was competitive when compared to relevant performance benchmarks or peer groups. With respect to Global Equity Fund, International Fund and International Small Cap Fund, following extensive discussion, the directors determined that the Funds’ performance supported renewal of the Funds’ advisory arrangement, but that the board would continue to monitor closely the performance of the Funds. The directors noted that Artisan Partners had discussed steps for improving performance and responded to questions regarding those efforts. The directors noted that Artisan Partners had provided thorough and thoughtful analysis regarding its continued confidence in the Funds’ investment team. The directors also noted Artisan Partners’ past record of improving the performance of other Funds that experienced periods of underperformance.

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 estimated profitability it realizes, are reasonable in relation to the nature and quality of services provided with respect to each Fund, based on the assumptions and methodology for calculating such costs and profitability presented to the directors by Artisan Partners.

Comparisons of the services rendered and the amounts payable under the Advisory Agreement with those under other investment advisory agreements. The directors concluded that the fees payable by the Funds to Artisan Partners are reasonable in relation to the nature and quality of the services provided. In reaching this conclusion, the directors compared the fees payable by the Funds to the fees paid by other mutual funds that are in the same Broadridge peer category or universe. The directors also considered the fees Artisan Partners receives from, and the scope of services it provides to, other Artisan Partners clients, including its separate account clients and UCITS funds, and the U.S. mutual funds and collective investment trusts for which it serves as sub-adviser, noting the significantly broader scope of services that Artisan Partners provides to the Funds as compared to the other types of clients. In reaching their conclusion, the directors also took


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FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

into account the costs and risks assumed by Artisan Partners in connection with launching and maintaining publicly-offered mutual funds, and how those costs and risks differ from those associated with other components of Artisan Partners’ business. In addition, the directors noted that Artisan Partners has contractually agreed to maintain certain expense limitations through January 31, 2019, for Developing World Fund, Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund (Advisor Shares), Global Value Fund (Advisor Shares), High Income Fund, International Fund (Advisor Shares), International Value Fund (Advisor Shares), Mid Cap Fund (Advisor Shares), Mid Cap Value Fund (Advisor Shares), Small Cap Fund (Advisor Shares) and Value Fund (Advisor Shares). The directors also noted that Artisan Partners had contractually agreed to reduce its fee for Emerging Markets Fund by five basis points at each breakpoint.

The extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The directors concluded that the shareholders of Developing World Fund, Global Opportunities Fund, Global Value Fund, High Income Fund, International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap 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 and Global Equity Fund would likely benefit from economies of scale if the Fund’s assets reach the level at which it will be able to take advantage of the investment advisory fee breakpoints in the Advisory Agreement. They 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.

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, and the ability otherwise to attract new clients and investment talent, (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 research obtained through soft dollars generated with respect to its other clients, and from reputational benefits as a result of their association with Artisan Partners.

At the conclusion of the foregoing discussions, the board approved the Advisory Agreement for the period from July 1, 2017 through June 30, 2018 for each Fund by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.


Artisan Partners Funds		153

FACTORS CONSIDERED IN APPROVING ARTISAN GLOBAL DISCOVERY FUND’S ADVISORY AGREEMENT

At their regular quarterly meeting held on August 18, 2017 (the “Meeting”), the board of directors of Artisan Partners Funds, including a quorum of the independent directors, formally considered the approval of an initial investment advisory agreement between Artisan Partners Funds, on behalf of Artisan Global Discovery Fund (for purposes of this discussion, the “Fund”), and Artisan Partners, dated August 18, 2017, for an initial two-year term from August 18, 2017 through August 17, 2019 (for purposes of this discussion, the “Advisory Agreement”). 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 meeting.

Prior to the Meeting, independent counsel to the independent directors sent Artisan Partners a request for information to be provided to the directors in connection with their consideration of the initial approval of the Advisory Agreement. Artisan Partners provided materials to the directors in response to that request as well as other information Artisan Partners believed was useful in evaluating the approval of the Advisory Agreement and an extensive report prepared by Broadridge, an independent source of investment company data, which included information relating to the 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 Broadridge to be comparable to the Fund. The directors also received and reviewed a memorandum from independent counsel regarding the directors’ responsibilities in evaluating the Advisory Agreement.

In evaluating the Advisory Agreement, the directors also reviewed information provided in response to requests for information in connection with the Board’s consideration earlier in 2017 (the “2017 Requests”) of the continuation of the Investment Advisory Agreement (the “Current Agreement”) between Artisan Partners Funds and Artisan Partners with respect to then-existing series of Artisan Partners Funds (the “Current Funds”). The directors discussed with representatives of Artisan Partners the nature, extent and quality of the advisory and other services proposed to be provided by Artisan Partners to the Fund, the anticipated overall expense ratio of the Fund, the prospect for achievement of economies of scale if the Fund grows to substantial size and other benefits (in addition to advisory fee revenues) that Artisan Partners might potentially derive from its relationship with the Fund. In addition to the third-party report by Broadridge and the memorandum from independent counsel, the directors reviewed information provided prior to the Meeting concerning, among other things, the following:

•

The terms of the Advisory Agreement, including the scope of services to be provided by Artisan Partners;

•

Information on Artisan Partners’ advisory personnel and methods, including differences between the Fund and the Current Funds;

•

Information regarding the performance of any other accounts of Artisan Partners and/or other mutual funds having similar investment objectives to the Fund, together with a comparison to the appropriate market indices since inception (or 10 years, if shorter);

•

Information on potential limits on the growth of the Fund or Artisan Partners’ ability to manage the Fund, limits on its ability to hire and train personnel or other factors;


154		Artisan Partners Funds

FACTORS CONSIDERED IN APPROVING ARTISAN GLOBAL DISCOVERY FUND’S ADVISORY AGREEMENT

•

A comparison of the total projected expense ratio of the Fund with other mutual funds; information regarding the adequacy of proposed management fee breakpoints and whether further breakpoints are appropriate; and Artisan Partners’ contractual advisory fee/expense limitation for the initial period of the Fund’s operations and the relationship of expected fees/expenses to the limitation; and

•

Information relating to material resource needs (facilities, personnel, information systems etc.) and conflicts of interest (including but not limited to any considerations relating to allocations of investment opportunities between the Fund and other accounts managed by the same investment team).

The directors also reviewed information provided in response to the 2017 Requests, which included, among other things, the following:

•

Artisan Partners’ organization and operations, financial condition, expenses and stability, ownership structure;

•

Information regarding persons controlling Artisan Partners, including anticipated timing and effects of the expected change in voting power of the stockholders committee with respect to Artisan Partners Asset Management Inc.;

•

Information regarding the profitability, performance, fees and expenses of the Current Funds;

•

The Current Funds’ experience applying valuation procedures, including fair valuation of assets for which market quotations are not readily available;

•

Any litigation pending, threatened or settled involving Artisan Partners, and the results of any audits, investigations or examinations thereof by the Securities and Exchange Commission or other governmental or regulatory authorities;

•

Information regarding third-party intermediary and service arrangements, including, among other information, information on amounts paid to financial intermediaries during the year ended December 31, 2016, the nature of services provided by such intermediaries, any caps or limitations placed on related payments, and the process employed by Artisan Partners for entering into and overseeing such intermediary arrangements;

•

Information regarding the extent to which Artisan Partners relies upon the facilities or services of third parties in connection with its provision of services to the Current Funds;


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FACTORS CONSIDERED IN APPROVING ARTISAN GLOBAL DISCOVERY FUND’S ADVISORY AGREEMENT

•

Potential “fall-out” benefits to Artisan Partners or its affiliates from their relationships with the Current Funds, in addition to advisory fees, including any benefits to Artisan Partners or its affiliates in selling other products, and the method of estimating the value of any such benefits;

•

Information regarding Artisan Partners’ policies, procedures and practices with respect to short selling by other accounts of securities the Current Funds expect to hold or seek to buy;

•

Artisan Partners’ insurance coverage, including the name of its carrier, coverage amounts and policy limits for cybersecurity breaches; and

•

The board noted that, because the Fund had not yet commenced operations, Artisan Partners had not yet derived any profits from its relationship to the Fund and was not expected to do so until the Fund has achieved a meaningful level of assets.

At the Meeting, after discussion and consideration of the information presented, the independent directors met in executive session with their independent counsel to discuss the materials presented. The independent directors and their independent counsel reviewed with the full board the information discussed at the Meeting and during the executive session. The directors then considered whether any further discussion or review was necessary. The directors then reviewed and affirmed each of the following conclusions:

The nature, extent and quality of Artisan Partners’ proposed services. The directors concluded that the nature and extent of Artisan Partners’ services proposed to be provided to the Fund would be appropriate and consistent with, and in some cases more advantageous to the Fund than, the terms of the Advisory Agreement. The directors noted that the Fund’s proposed portfolio management team provides services for Artisan Global Opportunities Fund, Artisan Mid Cap Fund and Artisan Small Cap Fund. The directors considered that Artisan Partners contemplates providing the same service level for the Fund as it provides for the Current Funds. The directors concluded that Artisan Partners has sufficient and well-qualified personnel, with appropriate education and experience, to serve the Fund effectively and that key personnel would not be undesirably overextended in assuming management responsibilities for the Fund.

Investment performance. The directors noted that, because the Fund was not yet in operation, it had no performance history. However, the directors reviewed the performance of other Artisan Partners Funds managed by the Fund’s proposed portfolio managers, and noted that the proposed portfolio managers had produced successful results using an investment process similar to that proposed for the Fund.


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FACTORS CONSIDERED IN APPROVING ARTISAN GLOBAL DISCOVERY FUND’S ADVISORY AGREEMENT

Cost of services, economies of scale and benefits derived by Artisan Partners. The directors concluded that the nature, extent and quality of services proposed to be provided to the Fund by Artisan Partners were appropriate and that the fees proposed to be paid to Artisan Partners were reasonable. In this connection, the directors took into account the fees paid by mutual funds considered by Broadridge to be within the same peer group or universe as the Fund. The directors also noted that the Fund’s proposed advisory fee was set at a level consistent with Artisan Partners’ approach to advisory fees for the Current Funds. In addition, the directors considered that Artisan Partners has contractually agreed to limit certain expenses through January 31, 2019. The directors also noted that the proposed management fee schedule includes breakpoints (reduced fee levels on assets above stated thresholds) 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 Fund or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the proposed Advisory Agreement and the proposed management fees to be paid in return, the Fund and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded that potential fall-out benefits would include: (1) the potential conversion of Fund shareholders to separate account clients, and the ability otherwise to attract new clients and investment talent, (2) the acquisition of research products and services in return for brokerage commissions paid by the Fund (“soft dollars”) and (3) reputational benefits as a result of its association with the Fund. The directors concluded that, although Artisan Partners may derive such additional benefits, the Fund also could benefit from potential institutional shareholders who might choose to invest in the Fund because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum separate account size requirements. The directors noted that the Fund might benefit in the future from Artisan Partners’ use of research obtained through soft dollars generated with respect to its other clients, and from reputational benefits as a result of its association with Artisan Partners.

Following those discussions, the board approved the Fund’s Advisory Agreement by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.


Artisan Partners Funds		157

FACTORS CONSIDERED IN APPROVING ARTISAN THEMATIC FUND’S ADVISORY AGREEMENT

At their regular quarterly meeting held on February 16, 2017 (the “Meeting”), the board of directors of Artisan Partners Funds, including a quorum of the independent directors, formally considered the approval of an initial investment advisory agreement between Artisan Partners Funds, on behalf of Artisan Thematic Fund (for purposes of this discussion, the “Fund”), and Artisan Partners, dated February 16, 2017, for an initial two-year term from February 16, 2017 through February 15, 2019 (for purposes of this discussion, the “Advisory Agreement”). 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 meeting.

In evaluating the Advisory Agreement, the directors also reviewed information provided in response to requests for information in connection with the Board’s consideration in 2016 (the “2016 Requests”) of the continuation of the Investment Advisory Agreement (the “Current Agreement”) between Artisan Partners Funds and Artisan Partners with respect to then-existing series of Artisan Partners Funds (the “Current Funds”). The directors discussed with representatives of Artisan Partners the nature, extent and quality of the advisory and other services proposed to be provided by Artisan Partners to the Fund, the anticipated overall expense ratio of the Fund, the prospect for achievement of economies of scale if the Fund grows to substantial size and other benefits (in addition to advisory fee revenues) that Artisan Partners might potentially derive from its relationship with the Fund. In addition to the third-party report by Broadridge and the memorandum from independent counsel, the directors reviewed information provided prior to the Meeting concerning, among other things, the following:

•

The terms of the Advisory Agreement, including the scope of services to be provided by Artisan Partners;

•

Information on the Artisan Partners’ advisory personnel and methods, including differences between the Fund and the Current Funds with respect to Artisan Partners’ personnel, business and financial model, and methods;

•

Information regarding the Fund’s proposed portfolio manager and his experience in managing other accounts prior to his affiliation with the Artisan Partners;

•

Information on potential limits on the growth of the Fund or Artisan Partners’ ability to manage the Fund, limits on its ability to hire and train personnel or other factors;


158		Artisan Partners Funds

FACTORS CONSIDERED IN APPROVING ARTISAN THEMATIC FUND’S ADVISORY AGREEMENT

•

A comparison of the total projected expenses and total projected expense ratio of the Fund with other mutual funds; information regarding the adequacy of proposed management fee breakpoints and whether further breakpoints are appropriate; and Artisan Partners’ contractual advisory fee/expense limitation for the initial period of the Fund’s operations and the relationship of expected fees/expenses to the limitation;

•

Information regarding Artisan Partners’ policies, procedures and practices with respect to short selling by other accounts of securities the Fund expects to hold or seek to buy;

•

Artisan Partners’ policies and procedures for ensuring that differences in fee structure, as between the Fund and other accounts managed by Artisan Partners, do not adversely affect the Fund’s allocation of limited investment opportunities;

•

Any internal information barriers that Artisan Partners maintains between the Fund’s proposed portfolio management team and other investment teams within the firm; and

•

Matters relating to brokerage and portfolio transactions for the Fund, 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 directors also reviewed information provided in response to the 2016 Requests, which included, among other things, the following:

•

Information regarding the profitability, performance, fees and expenses of the Current Funds;

•

The Current Funds’ experience applying valuation procedures, including fair valuation of assets for which market quotations are not readily available;

•

Information regarding third-party intermediary and service arrangements, including, among other information, information on amounts paid to financial intermediaries during the year ended December 31, 2015, the nature of services provided by such intermediaries, any caps or limitations placed on related payments, and the process employed by Artisan Partners for entering into and overseeing such intermediary arrangements;

•


Artisan Partners Funds		159

FACTORS CONSIDERED IN APPROVING ARTISAN THEMATIC FUND’S ADVISORY AGREEMENT

•

Artisan Partners’ organization and operations, financial condition and stability, ownership structure; and

•

The nature, extent and quality of Artisan Partners’ services. The directors concluded that the nature and extent of Artisan Partners’ services proposed to be provided to the Fund would be appropriate and consistent with, and in some cases more advantageous to the Fund than, the terms of the Advisory Agreement. The directors considered that Artisan Partners had hired new investment personnel in preparation for managing the Fund, and that it otherwise contemplates providing the same service level for the Fund as it provides for the Current Funds. The directors concluded that Artisan Partners has sufficient and well-qualified personnel, with appropriate education and experience, to serve the Fund effectively and that key personnel would not be undesirably overextended in assuming management responsibilities for the Fund.

Investment performance. The directors noted that, because the Fund was not yet in operation, it had no performance history. However, the directors considered that Artisan Partners had reviewed information on the investment record of the Fund’s proposed portfolio manager in hiring him. The directors also considered his background and experience managing similar investment strategies.

Cost of services, economies of scale and benefits derived by Artisan Partners. The directors concluded that the nature, extent and quality of services proposed to be provided to the Fund by Artisan Partners were appropriate and that the fees proposed to be paid to Artisan Partners were reasonable. In this connection, the directors took into account the fees paid by mutual funds considered by Broadridge to be within the same peer group or universe as the Fund. The directors noted that since the Fund does not currently have any assets, there are no material benefits from economies of scale with respect to the Fund at present. The directors also noted that the proposed management fee schedule includes breakpoints (reduced fee levels on assets above stated thresholds) 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.


160		Artisan Partners Funds

FACTORS CONSIDERED IN APPROVING ARTISAN THEMATIC FUND’S ADVISORY AGREEMENT

Following those discussions, the board approved the Fund’s Advisory Agreement by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.


Artisan Partners Funds		161

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, 2017. 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 (except for Artisan Thematic Fund, the Adviser uses Bloomberg Industry Classification Systems (BICS) developed by Bloomberg Finance L.P.) 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.


162		Artisan Partners Funds

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 Discovery Fund, Artisan Global Equity, Artisan Global Opportunities 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 High Income Fund – ICE BofAML 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. Effective October 2017, the Index was renamed ICE BofAML U.S. High Yield Master II Total Return Index from BofA Merrill Lynch U.S. High Yield Master II Total Return Index.

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 Fund – Russell 2000^® Index is a market-weighted index of about 2,000 small U.S. companies.

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 Partners Funds		163

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

Artisan Thematic Fund – S&P 500^® Index – The S&P 500^® is a market-cap-weighted index that measures the performance of 500 U.S. companies focused on the Large-cap sector of the market.

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 ICE BofAML U.S. High Yield Master II Total Return Index the source is ICE Data Indices, LLC, used with permission. ICE Data Indices, LLC permits use of the ICE BofAML indices and related data on an “as is” basis, makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the ICE BofAML 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.

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.


164		Artisan Partners Funds

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

The S&P 500^® Index is a product of S&P Dow Jones Indices LLC (“S&P DJI”) and/or its affiliates and has been licensed for use. Copyright ^© 2017 S&P Dow Jones Indices LLC, a division of S&P Global, Inc. All rights reserved. Redistribution or reproduction in whole or in part are prohibited without written permission of S&P Dow Jones Indices LLC. S&P^® is a registered trademark of S&P Global and Dow Jones^® is a registered trademark of Dow Jones Trademark Holdings LLC (“Dow Jones”). None of S&P DJI, Dow Jones, their affiliates or third party licensors makes any representation or warranty, express or implied, as to the ability of any index to accurately represent the asset class or market sector that it purports to represent and none shall have any liability for any errors, omissions, or interruptions of any index or the data included therein.

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.


Artisan Partners Funds		165

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 15, 2017, 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 11/15/17	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 – 74	Director	3/27/95	Of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI.	None.
Gail L. Hanson – 61	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 – 70	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.


166		Artisan Partners Funds

DIRECTORS AND OFFICERS



Name and Age at 11/15/17	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 – 62	Director	7/1/14	Managing Partner, Harkness Partners, LLC (provider of strategic consulting to investment management firms).	None.
Patrick S. Pittard – 71	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) and Lincoln New York (an affiliate of Lincoln National Corporation).
R. Scott Trumbull – 69	Director	11/13/12	Director, Trackabout, Inc. (private software company); 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, Schneider National Inc. (transportation and logistics services company).
Director who is an “interested person” of Artisan Partners Funds and Officer:
Eric R. Colson – 48*	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.

*	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		167

DIRECTORS AND OFFICERS



Name and Age at 11/15/17	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 – 63	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.	None.
Gregory K. Ramirez – 47	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.	None.
Sarah A. Johnson – 45	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.	None.
Laura E. Simpson – 41	Vice President and Assistant Secretary	2/10/15	Deputy General Counsel (since January 2015) of Artisan Partners; prior thereto, Associate Counsel.	None.
Shannon K. Jagodinski – 40	Vice President and Assistant Treasurer	Vice President since 2/10/15; Assistant Treasurer since 2/14/12	Director (since January 2016) of Vehicle Administration of Artisan Partners; prior thereto, Senior Manager.	None.
Blake A. Rigel – 46	Assistant Treasurer	2/9/16	Director of Global Taxation of Artisan Partners since September 2015; until September 2015, Special Tax Counsel, Kramer, Levin, Naftalis & Frankel.	None.

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.


168		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, 2017		Fiscal Year Ended September 30, 2016
Audit Fees (a)	$	404,700	$	377,500
Audit-Related Fees (b)	$	71,000	$	73,800
Tax Fees (c)	$	616,826	$	366,970
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 2017, 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, 2017 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 Artisan Thematic Fund and Artisan Global Discovery Fund and in conjunction with the initial offering of Advisor Shares of Artisan Small Cap Fund. The fees billed during the fiscal year ended September 30, 2016 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 Institutional Shares of Artisan International Small Cap Fund and Artisan High Income Fund.

(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, 2017 and September 30, 2016 include fees incurred for services for review procedures performed in conjunction with the semiannual reports to shareholders as of March 31, 2017 and March 31, 2016.

(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, 2017 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2017, 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, 2017, 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, 2016 and the excise year ended December 31, 2016, and the semiannual period ended March 31, 2017; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2016; (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2017; and (6) the filing of reclaims of tax amounts withheld by foreign countries.

The fees shown in the table above for the fiscal year ended September 30, 2016 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2016; (2) the review of excise tax calculations and preparations of excise tax returns for the calendar year ended December 31, 2016; (3) the use of a PFIC database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2015 and the excise year ended December 31, 2015, and the semiannual period ended March 31, 2016; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2015; (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2016; and (6) the filing of reclaims of tax amounts withheld by foreign 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, 2017 and September 30, 2016 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, 2017 and September 30, 2016, 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 that provides ongoing services to the registrant.

(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, 2017 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. Disclosure of Securities Lending Activities for Closed-End Management Investment Companies.

Not applicable.

Item 13. Exhibits.

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 5, 2017

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 5, 2017

By:		/s/ Gregory K. Ramirez
		Gregory K. Ramirez
		Principal Financial Officer

Date:		December 5, 2017

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)

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)

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)