Artisan Partners Funds, Inc.

N-CSR 1 d809643dncsr.htm ARTISAN PARTNERS FUNDS, INC. Artisan Partners Funds, Inc.

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, WI 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: 9/30/14

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

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

Item 1. Reports to Shareholders.

LOGO

TABLE OF CONTENTS


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

		SCHEDULES OF INVESTMENTS
30		Artisan Emerging Markets Fund
33		Artisan Global Equity Fund
36		Artisan Global Opportunities Fund
39		Artisan Global Small Cap Fund
42		Artisan Global Value Fund
44		Artisan High Income Fund
49		Artisan International Fund
52		Artisan International Small Cap Fund
55		Artisan International Value Fund
58		Artisan Mid Cap Fund
61		Artisan Mid Cap Value Fund
64		Artisan Small Cap Fund
67		Artisan Small Cap Value Fund
70		Artisan Value Fund

72		STATEMENTS OF ASSETS AND LIABILITIES

76		STATEMENTS OF OPERATIONS

80		STATEMENTS OF CHANGES IN NET ASSETS

88		FINANCIAL HIGHLIGHTS

98		NOTES TO FINANCIAL STATEMENTS

132		REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

134		SHAREHOLDER EXPENSE EXAMPLE

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

141		PROXY VOTING POLICIES AND PROCEDURES

141		INFORMATION ABOUT PORTFOLIO SECURITIES

142		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, which contains that information and more information about each Fund, please call 800.344.1770 or visit our website at www.artisanfunds.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, 2014. 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 EMERGING MARKETS FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Emerging Markets Fund employs a fundamental research process to construct a diversified portfolio of emerging market companies. The team’s investment process focuses on identifying companies that are priced at a discount relative to the team’s estimate of their sustainable earnings.

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

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (6/26/2006 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Emerging Markets Fund – Institutional Shares (6/26/2006)		2.65	%		4.54	%		0.30	%		4.23	%
Artisan Emerging Markets Fund – Investor Shares (6/2/2008)¹		2.29			4.18			0.01			(4.24	)
MSCI Emerging Markets Index		4.30			7.19			4.42			7.01	*

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

*	As of Institutional Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance information call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information 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%, which has been in effect since the Fund’s inception and has had a material impact on the Fund’s 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

Emerging markets equities substantially underperformed their developed market counterparts over the past twelve months. Global markets were under a cloud of economic and geopolitical worries. Ongoing developments in Russia/Ukraine, concerns about growth in China and tapering expectations in the US weighed on emerging markets equities. The US dollar strengthened against a number of currencies, creating an additional headwind for USD-based investors.

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		14.0	%		14.3	%
Consumer Staples		4.0			4.8
Energy		10.1			9.0
Financials		22.7			22.4
Healthcare		3.5			5.4
Industrials		8.6			8.5
Information Technology		16.9			20.4
Materials		9.5			8.3
Telecommunication Services		5.0			4.1
Utilities		2.8			1.1
Other assets less liabilities		2.9			1.7
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan Emerging Markets Fund – Investor Shares gained 2.29% and Artisan Emerging Markets Fund – Institutional Shares gained 2.65%, underperforming the MSCI Emerging Markets Index, which advanced 4.30% over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: Indian antibiotic manufacturer and marketer Aurobindo Pharma Ltd.; Taiwanese electronic manufacturing services provider Hon Hai Precision Industry Co., Ltd.; Indian computer software developer and marketer Tech Mahindra Ltd.; Egyptian securities brokerage operator Egyptian Financial Group-Hermes Holding; and Taiwanese integrated circuit manufacturer Taiwan Semiconductor Manufacturing Co., Ltd.

Relative detractors to the portfolio included: Russian commercial bank Sberbank of Russia; Brazilian iron ore producer Vale S.A.; Korean electronics producer Samsung Electronics Co., Ltd.; Korean naval and commercial ship manufacturer Daewoo Shipbuilding & Marine Engineering Co., Ltd.; and Russian telecommunications group Mobile Telesystems OJSC.

REGION ALLOCATION


Region	9/30/2013			9/30/2014
Emerging Asia		53.6	%		59.1	%
Latin America		22.1			17.9
Europe, Middle East & Africa		16.3			16.2
Developed Markets		5.1			5.1

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Chinese holding company Alibaba Group Holding Ltd.; Panamanian international airline Copa Holdings S.A.; South African retail group Woolworths Holdings Ltd.; Brazilian retail drugstore chain Raia Drogasil S.A.; and Indian banking and financial services provider State Bank of India. We funded these purchases in part by selling our positions in America Movil S.A.B. de C.V., Grupo de Inversiones Suramericana S.A., Banco do Brasil S.A., BM&FBovespa S.A. and China Resources Power Holdings Co., Ltd.


Artisan Partners Funds		3

ARTISAN GLOBAL EQUITY FUND

INVESTMENT PROCESS HIGHLIGHTS

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

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

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/29/2010 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			Since Inception
Artisan Global Equity Fund – Investor Shares (3/29/2010)		7.94	%		22.42	%		14.31	%
MSCI ACWI Index		11.32			16.61			9.39*

*	As of Investor Shares inception date.

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

Global equities climbed for much of the twelve-month period ended September 30, 2014, with positive sentiment partially attributable to accommodative central bank policies. In the latter part of the period, markets retreated as weakening economic conditions in Europe, Japan and China impacted sentiment. By contrast, the US accelerated its pace of growth.

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		29.3	%		27.1	%
Consumer Staples		16.6			6.6
Energy		1.3			1.5
Financials		10.6			12.7
Healthcare		13.1			23.8
Industrials		9.9			2.7
Information Technology		8.1			10.6
Materials		5.8			4.6
Telecommunication Services		—			2.7
Utilities		3.0			4.9
Other assets less liabilities		2.3			2.8
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan Global Equity Fund – Investor Shares gained 7.94%, underperforming the MSCI All Country World Index, which advanced 11.32% over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: Indian hybrid seed company Kaveri Seed Co., Ltd.; US biopharmaceutical company Gilead Sciences, Inc.; US biomedical technology company Medivation, Inc.; US cable and satellite company Comcast Corp.; and Chinese water treatment company Beijing Enterprises Water Group Ltd.

Relative detractors to the portfolio included: US oncology company Ariad Pharmaceuticals, Inc.; Chinese snack food provider Labixiaoxin Snacks Group Ltd.; Chinese spirits distiller Dukang Distillers Holdings Ltd.; Philippines beverage company LT Group, Inc.; and Taiwanese contact lens manufacturer Ginko International Co., Ltd.

REGION ALLOCATION


Region	9/30/2013			9/30/2014
Americas		42.7	%		49.0	%
Europe		25.4			22.4
Emerging Markets		23.2			19.6
Pacific Basin		6.4			6.2

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Taiwanese contact lens manufacturer Ginko International Co., Ltd.; US biopharmaceutical company Celgene Corp.; Netherlands-based semiconductor equipment provider ASML Holding N.V.; Mexican media company Grupo Televisa S.A.B.; and US household products producer Church & Dwight Co., Inc. We funded these purchases in part by selling our positions in Ariad Pharmaceuticals, Inc., PetSmart, Inc., UBS AG, Dangote Cement plc and B/E Aerospace, Inc.


Artisan Partners Funds		5

ARTISAN GLOBAL OPPORTUNITIES FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Global Opportunities Fund employs a fundamental investment process to construct a diversified portfolio of U.S. and non-U.S. growth companies across a broad capitalization range. The Fund’s investment process focuses on two distinct areas – security selection and capital allocation.

The Fund’s investment team attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle.

Franchise Characteristics. These are characteristics that the team believes help to protect a company’s stream of cash flow from the effects of competition. The team looks for companies with at least two of the following characteristics: low cost production capability, possession of a proprietary asset, dominant market share, or a defensible brand name.

Attractive Valuations. Through its own fundamental research, the team estimates the amount a private market buyer would pay to buy the entire company (the company’s “intrinsic value” or “private market value”) and considers whether to purchase a stock if it sells at a discount to that estimate.

Accelerating Profit Cycle. The team tries to invest in companies that are well positioned for long-term growth, at an early enough stage in their profit cycle to benefit from the increased cash flows produced by the emerging profit cycle.

Based on the investment team’s fundamental analysis of a company’s profit cycle, portfolio holdings develop through three stages. Garden^SM investments are small positions in the early part of their profit cycle that will warrant a more sizeable allocation once their profit cycle accelerates. Crop^SM investments are positions that are being increased to a full weight because they are moving through the strongest part of their profit cycle. Harvest^SM investments are positions that are being reduced as they near the team’s estimate of full valuation or their profit cycle begins to decelerate.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/22/2008 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Opportunities Fund – Investor Shares (9/22/2008)		9.43	%		20.62	%		16.14	%		11.55	%
Artisan Global Opportunities Fund – Institutional Shares (7/26/2011)		9.74			20.91			n/a			12.09
MSCI ACWI Index		11.32			16.61			10.07			7.06	*

*	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.artisanfunds.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ contractual agreement, in effect from the Fund’s inception through January 31, 2014, to limit the Fund’s expenses to no more than 1.50%, which has had a material impact on the Fund’s performance, which would have been lower in its absence. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


6		Artisan Partners Funds

INVESTING ENVIRONMENT

The US economy accelerated through 2014, while much of the developed world and emerging markets showed signs of softening. For the twelve-month period ended September 30, 2014, the MSCI All Country World Index (ACWI) returned 11.32% (all returns in USD). The MSCI USA Index outperformed the ACWI, returning 18.60%. The MSCI Europe Index trailed the ACWI, returning 5.82%. The MSCI Emerging Markets Index also trailed, returning 4.30%.

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		10.5	%		8.8	%
Consumer Staples		2.7			4.5
Energy		4.5			5.3
Financials		13.9			9.9
Healthcare		19.7			16.9
Industrials		12.4			12.9
Information Technology		28.3			30.7
Materials		3.5			3.7
Utilities		0.4			1.5
Other assets less liabilities		4.1			5.8
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan Global Opportunities Fund – Investor Shares gained 9.43% and Artisan Global Opportunities Fund – Institutional Shares gained 9.74%, underperforming the MSCI All Country World Index, which advanced 11.32% over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: US Internet search provider Google, Inc.; US semiconductor equipment provider Applied Materials, Inc.; US biopharmaceutical company Biogen Idec, Inc.; UK personal and commercial insurance provider Direct Line Insurance Group plc; and US social networking website Facebook, Inc.

Relative detractors to the portfolio included: Chinese truck and SUV manufacturer Great Wall Motor Co., Ltd.; Hong Kong based casino operator Sands China Ltd.; German sports apparel and equipment manufacturer Adidas AG; UK inspection services provider Intertek Group plc; and Japanese search and shopping website Yahoo Japan Corp.

REGION ALLOCATION


Region	9/30/2013			9/30/2014
Americas		56.0	%		56.0	%
Europe		23.5			17.2
Emerging Markets		8.3			12.8
Pacific Basin		8.1			8.2

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including US genetic analysis systems provider Illumina, Inc.; US cloud-based enterprise applications provider Workday, Inc.; US global payments network operator Visa, Inc.; US computers, software and peripherals designer and manufacturer Apple, Inc.; and US specialty coffee and coffee-brewer provider Keurig Green Mountain, Inc. We funded these purchases in part by selling our positions in eBay, Inc., Gilead Sciences, Inc., Citigroup, Inc., Cerner Corp. and ARM Holdings plc.


Artisan Partners Funds		7

ARTISAN GLOBAL SMALL CAP FUND

INVESTMENT PROCESS HIGHLIGHTS

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/25/2013 to 9/30/2014)

LOGO

Average annual TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			Since Inception
Artisan Global Small Cap Fund – Investor Shares (6/25/2013)		4.62	%		8.60	%
MSCI ACWI Small Cap Index		6.82			16.15	*

*	As of Investor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. The Fund’s investments in initial public offerings (IPOs) made a material contribution to the Fund’s performance. IPO investments are not an integral component of the Fund’s investment process and may not be available in the future. For current to most recent month-end performance information, visit www.artisanfunds.com or call 800.344.1770. The graph and table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.50%, which has been in effect since the Fund’s inception and has had a material impact on the Fund’s 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	9/30/2013			9/30/2014
Consumer Discretionary		31.4	%		18.6	%
Consumer Staples		18.3			12.5
Energy		2.4			1.3
Financials		2.6			5.3
Healthcare		12.7			14.9
Industrials		15.5			13.4
Information Technology		1.8			3.4
Materials		10.1			10.4
Utilities		3.4			10.1
Other assets less liabilities		1.8			10.1
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan Global Small Cap Fund – Investor Shares gained 4.62%, underperforming the MSCI All Country World Small Cap Index, which advanced 6.82% over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: Indian hybrid seed company Kaveri Seed Co., Ltd.; Israeli diamond measurement tools manufacturer Sarine Technologies Ltd.; Singapore-based wastewater treatment company SIIC Environment Holdings Ltd.; German advertising company Stroeer Media AG; and Finland-based packaging products manufacturer Huhtamaki Oyj.

Relative detractors to the portfolio included: US oncology company Ariad Pharmaceuticals, Inc.; UK carpet retailer Carpetright plc; Chinese data center services provider 21Vianet Group, Inc.; Chinese pediatric nutrition company Biostime International Holdings Ltd.; and Chinese snack food company Labixiaoxin Snacks Group Ltd.

REGION ALLOCATION


Region	9/30/2013			9/30/2014
Europe		31.7	%		37.9	%
Emerging Markets		24.8			25.7
Americas		26.3			13.7
Pacific Basin		13.0			9.6
Middle East		2.4			3.0

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Singapore-based wastewater treatment company SIIC Environment Holdings Ltd.; Taiwanese contact lens manufacturer Ginko International Co., Ltd.; Chinese data center services provider 21Vianet Group, Inc.; UK health care services company Cambian Group plc; and Brazilian insurance company Qualicorp S.A. We funded these purchases in part by selling our positions in PetSmart, Inc., Brunel International N.V., N Brown Group plc, ZON OPTIMUS SGPS S.A. and Don Quijote Co., Ltd.


Artisan Partners Funds		9

ARTISAN GLOBAL VALUE FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Global Value Fund employs a fundamental investment process to construct a diversified portfolio of securities of undervalued U.S. and non-U.S. companies. The Fund’s investment process focuses on identifying what the investment team considers to be high- quality, undervalued businesses that offer the potential for superior risk/reward outcomes. The team’s in-depth research process focuses on four key investment characteristics:

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

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

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Value Fund – Investor Shares (12/10/2007)		10.75	%		20.88	%		14.36	%		8.13	%
Artisan Global Value Fund – Institutional Shares (7/17/2012)		11.05			n/a			n/a			20.44
MSCI ACWI Index		11.32			16.61			10.07			2.27	*

*	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.artisanfunds.com or call 800.344.1770. The graph and table above do not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ contractual agreement, in effect from the Fund’s inception through January 31, 2014, to limit the Fund’s expenses to no more than 1.50%, which has had a material impact on the Fund’s 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

Asset values of global equities in several regions rose over the past twelve months. Broadly speaking developed markets advanced more than emerging markets, and the US rose substantially more than Europe. Sentiment turned decidedly negative, however, in the final three months of the period on the back of weakening economic conditions in Europe, Japan and China. Negative sentiment, a stronger US dollar and deteriorating supply/demand conditions also placed pressure on commodity prices.

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		6.2	%		3.9	%
Consumer Staples		8.8			8.5
Energy		4.3			4.0
Financials		27.9			32.1
Healthcare		10.2			9.1
Industrials		6.6			4.4
Information Technology		21.7			26.5
Materials		2.9			0.4
Telecommunication Services		—			1.0
Other assets less liabilities		11.4			10.1
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan Global Value Fund – Investor Shares gained 10.75% and Artisan Global Value Fund – Institutional Shares gained 11.05%, underperforming the MSCI All Country World Index, which advanced 11.32% over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: US software developer Microsoft Corp.; US financial services provider Bank of New York Mellon Corp.; US Internet search provider Google, Inc.; US software supplier Oracle Corp.; and US health care products company Johnson & Johnson.

Relative detractors to the portfolio included: UK food retailer TESCO plc; Korean electronics producer Samsung Electronics Co., Ltd.; Korean automobile manufacturer Kia Motors Corp.; Denmark-based brewing company Carlsberg AS; and Denmark-based facility services provider ISS AS.

REGION ALLOCATION


Region	9/30/2013			9/30/2014
Americas		53.9	%		55.0	%
Europe		30.6			29.4
Emerging Markets		2.0			4.4
Pacific Basin		2.1			1.1

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including US financial services company Citigroup, Inc.; US wireless communications equipment manufacturer QUALCOMM, Inc.; Korean electronics producer Samsung Electronics Co., Ltd.; US semiconductor equipment provider Applied Materials, Inc.; and US banking company Citizens Financial Group, Inc. We funded these purchases in part by selling our positions in 3M Co., AstraZeneca plc, Vodafone Group plc, Apple, Inc. and Parker Hannifin Corp.


Artisan Partners Funds		11

ARTISAN HIGH INCOME FUND

INVESTMENT PROCESS HIGHLIGHTS

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

Business Quality. The team uses a variety of sources to understand an issuer’s business model resiliency. The team analyzes the general health of the industry in which an issuer operates, the issuer’s competitive position, the dynamics of industry participants, and the decision-making history of the issuer’s management.

Financial Strength and Flexibility. The team believes that analyzing the history and trend of free cash flow generation are critical to understanding an issuer’s financial health. The team’s financial analysis also considers an issuer’s capital structure, refinancing options, financial covenants, amortization schedules and overall financial transparency.

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

Value Identification. The team uses multiple metrics to determine the value of an investment opportunity. The team looks for credit improvement potential, relative value within an issuer’s capital structure, catalysts for business improvement and potential value stemming from market or industry dislocations.


12		Artisan Partners Funds

PERFORMANCE HISTORY

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

LOGO

TOTAL RETURNS (as of 9/30/2014)


Fund / Index	Since Inception⁽¹⁾
Artisan High Income Fund – Investor Shares (3/19/2014)		2.08	%
Artisan High Income Fund – Advisor Shares (3/19/2014)		2.12
BofA Merrill Lynch U.S. High Yield Master II Total Return		0.85	*

⁽¹⁾	For the period from commencement of operations 3/19/2014 through 9/30/2014; not annualized.

*	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 information, visit www.artisanfunds.com or call 800.344.1770. The graph and table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. The Fund’s performance information reflects Artisan Partners’ contractual agreement to limit the Fund’s expenses to no more than 1.25%, which has been in effect since the Fund’s inception and has had a material impact on the Fund’s performance, which would have been lower in its absence. Unlike the Index, the Fund may hold loans and other security types. At times, this can cause material differences in relative performance. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.

INVESTING ENVIRONMENT

During the period March 19, 2014 through September 30, 2014, trading in the non-investment grade credit market was choppy. Early in the period, positive sentiment was driven by accommodative central bank policies. Later in the period, sentiment was challenged by deterioration in technical factors such as fund outflows and substantial new issue volume.

PERFORMANCE DISCUSSION

During the period March 19, 2014 through September 30, 2014, Artisan High Income Fund – Investor Shares advanced 2.08% and Artisan High Income Fund – Advisor Shares advanced 2.12%, outperforming the BofA Merrill Lynch U.S. High Yield Master II Index, which gained 0.85% over the same period.

Performance of the following holdings had a positive impact relative to the performance of the portfolio during the period: Opal Acquisition, Inc.; WP Mustang Holdings LLC; First Cash Financial Services, Inc.; Infor Software Parent LLC/Infor Software Parent, Inc.; and Altice S.A.

Performance of the following holdings had a negative impact relative to the performance of the portfolio during the period: Phosphorus Holdco plc; Play Topco S.A.; SunGard Availability Services Capital, Inc.; Rayonier AM Products, Inc.; Cooper, Gay, Swett & Crawford Ltd.


Artisan Partners Funds		13

ARTISAN INTERNATIONAL FUND

INVESTMENT PROCESS HIGHLIGHTS

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Fund – Investor Shares (12/28/1995)		5.85	%		19.22	%		9.52	%		8.53	%		10.11	%
Artisan International Fund – Institutional Shares (7/1/1997)		6.10			19.49			9.78			8.78			8.86
MSCI EAFE Index		4.25			13.65			6.56			6.32			4.97	*
MSCI ACWI Ex U.S. Index^†		4.77			11.79			6.03			7.06			5.56	*

*	As of Investor Shares inception date.

^†	A custom index that links the gross index for periods beginning before 1/01/2001 to the net index.


14		Artisan Partners Funds

INVESTING ENVIRONMENT

International equities climbed for much of the twelve-month period ended September 30, 2014, with positive sentiment partially attributable to accommodative central bank policies. In the latter part of the period, markets retreated as weakening economic conditions in Europe, Japan and China impacted sentiment. By contrast, the US accelerated its pace of growth.

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		11.8	%		15.6	%
Consumer Staples		22.3			12.0
Energy		2.2			1.9
Financials		18.8			5.7
Healthcare		11.8			16.5
Industrials		16.0			17.4
Information Technology		5.9			11.8
Materials		7.6			7.9
Telecommunication Services		0.9			7.1
Other assets less liabilities		2.7			4.1
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan International Fund – Investor Shares gained 5.85% and Artisan International Fund – Institutional Shares gained 6.10%, outperforming the MSCI EAFE and MSCI All Country World ex-US indices, which advanced 4.25% and 4.77%, respectively over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: Chinese Internet search provider Baidu, Inc.; Japanese environmental systems manufacturer NGK Insulators Ltd.; US health care products developer Covidien plc; German health care products company Bayer AG; and Chinese Internet services provider Tencent Holdings Ltd.

Relative detractors to the portfolio included: Hong Kong based casino operator Sands China Ltd.; UK engine manufacturer Rolls-Royce Holdings plc; Swiss watch manufacturer Swatch Group AG; Chinese property developer China Resources Land Ltd.; and Japanese housing materials producer LIXIL Group Corp.

REGION ALLOCATION


Region	9/30/2013			9/30/2014
Europe		64.4	%		51.7	%
Pacific Basin		16.3			20.0
Emerging Markets		9.9			16.3
Americas		6.7			7.9

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Netherlands-based semiconductor equipment producer ASML Holding N.V.; Mexican media company Grupo Televisa S.A.B.; Japanese optoelectronics producer Olympus Corp.; Chinese telecom services provider China Mobile Ltd.; and Japanese telecom services provider Softbank Corp. We funded these purchases in part by selling our positions in Japan Tobacco, Inc., Muenchener Rueckversicherungs AG, Honda Motor Co., Ltd., Imperial Tobacco Group plc and HSBC Holdings plc.


Artisan Partners Funds		15

ARTISAN INTERNATIONAL SMALL CAP FUND

INVESTMENT PROCESS HIGHLIGHTS

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/2001 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Small Cap Fund – Investor Shares (12/21/2001)		-1.66	%		17.01	%		9.76	%		11.33	%		13.39	%
MSCI EAFE Index		4.25			13.65			6.56			6.32			6.72
MSCI EAFE Small Cap Index		3.00			14.49			8.91			8.02			10.68	*

*	As of Investor Shares inception date.


16		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		14.6	%		9.2	%
Consumer Staples		29.4			15.7
Financials		3.8			4.7
Healthcare		8.1			10.9
Industrials		18.6			20.6
Information Technology		10.9			12.9
Materials		2.5			5.7
Utilities		7.9			11.0
Other assets less liabilities		4.2			9.3
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan International Small Cap Fund – Investor Shares declined 1.66%, underperforming the MSCI EAFE Small Cap and MSCI EAFE indices, which advanced 3.00% and 4.25%, respectively, over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: Chinese water treatment company Beijing Enterprises Water Group Ltd.; Chinese environmental protection services provider China Everbright International Ltd.; German Internet payment company Wirecard AG; UK soft drink company Britvic plc; and UK self-storage company Big Yellow Group plc.

Relative detractors to the portfolio included: Chinese pediatric nutrition company Biostime International Holdings Ltd.; Singapore-based convenience food producer Super Group Ltd.; Chinese snack food provider Labixiaoxin Snacks Group Ltd.; German engine manufacturer Deutz AG; and Chinese data services provider 21Vianet Group, Inc.

REGION ALLOCATION


Region	9/30/2013			9/30/2014
Europe		51.2	%		45.1	%
Emerging Markets		30.9			57.2
Pacific Basin		10.4			4.3
Americas		3.3			4.1

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including Taiwanese contact lens manufacturer Ginko International Co., Ltd.; Swiss financial services provider Cembra Money Bank AG; Swiss high-tech products manufacturer Comet Holding AG; UK staffing company Hays plc; and Finland-based packaging products manufacturer Huhtamaki Oyj. We funded these purchases in part by selling our positions in Big Yellow Group plc, Schindler Holding AG, MARR S.p.A., SIA Engineering Co., Ltd. and Global Mediacom Tbk PT.


Artisan Partners Funds		17

ARTISAN INTERNATIONAL VALUE FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan International Value Fund employs a fundamental investment process to construct a diversified portfolio of stocks of undervalued non-U.S. companies of all sizes. The Fund’s investment process focuses on identifying what the investment team considers to be high-quality, undervalued businesses that offer the potential for superior risk/reward outcomes. The team’s in-depth research process focuses on four key investment characteristics:

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Value Fund – Investor Shares (9/23/2002)		6.50	%		19.62	%		12.64	%		10.79	%		14.88	%
Artisan International Value Fund – Institutional Shares (10/1/2006)		6.73			19.84			12.87			n/a			7.91
MSCI EAFE Index		4.25			13.65			6.56			6.32			9.10	*
MSCI EAFE Value Index		5.65			13.91			5.52			5.92			9.44	*

*	As of Investor Shares inception date.


18		Artisan Partners Funds

INVESTING ENVIRONMENT

Asset values of global equities in several regions rose over the past twelve months. Broadly speaking, developed markets advanced more than emerging markets, and the US rose substantially more than Europe. Sentiment turned decidedly negative, however, in the final three months of the period on the back of weakening economic conditions in Europe, Japan and China. Negative sentiment, a stronger US dollar and deteriorating supply/demand conditions also placed pressure on commodity prices.

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		17.3	%		15.6	%
Consumer Staples		12.4			10.8
Energy		4.2			5.6
Financials		21.2			20.9
Healthcare		8.6			7.2
Industrials		8.7			9.3
Information Technology		10.6			15.4
Materials		1.0			1.2
Telecommunications		2.8			1.0
Other assets less liabilities		13.2			13.0
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan International Value Fund – Investor Shares gained 6.50% and Artisan International Value Fund – Institutional Shares gained 6.73%, outperforming the MSCI EAFE and MSCI EAFE Value indices, which advanced 4.25% and 5.65%, respectively, over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: US health

care products developer Covidien plc; UK catering company Compass Group plc; Chinese Internet search provider Baidu, Inc.; Netherlands-based financial services company ING Groep N.V.; and UK publisher Reed Elsevier plc.*

Relative detractors to the portfolio included: UK food retailer TESCO plc; Japanese consumer credit company Credit Saison Co., Ltd.; Korean electronics producer Samsung Electronics Co., Ltd.; Korean automobile manufacturer Kia Motors Corp.; and Swiss logistics services company Panalpina Welttransport Holding AG.

REGION ALLOCATION


Region	9/30/2013			9/30/2014
Europe		55.0	%		52.2	%
Americas		18.5			20.3
Emerging Markets		5.9			8.0
Pacific Basin		7.4			6.5

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including US semiconductor equipment provider Applied Materials, Inc.; Denmark-based facility services provider ISS AS; Norwegian oil and gas services and equipment company Aker Solutions ASA; Swiss power and automation company ABB Ltd.; and UK outsourcing services provider Serco Group plc. We funded these purchases in part by selling our positions in Vodafone Group plc, AstraZeneca plc, Mallinckrodt plc, Total S.A. and Michael Page International plc.

*	During the reporting period, the portfolio owned both Reed Elsevier plc and Reed Elsevier N.V. , which are separate legal entities with jointly owned operating companies. Holdings of Reed Elsevier plc and Reed Elsevier N.V. were aggregated to determine Reed Elsevier’s contribution to return.


Artisan Partners Funds		19

ARTISAN MID CAP FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Mid Cap Fund employs a fundamental investment process to construct a diversified portfolio of U.S. mid-cap growth companies. The Fund’s investment process focuses on two distinct areas – security selection and capital allocation.

The Fund’s investment team attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/1997 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Fund – Investor Shares (6/27/1997)		6.04	%		20.24	%		17.39	%		11.30	%		14.16	%
Artisan Mid Cap Fund – Institutional Shares (7/1/2000)		6.30			20.55			17.69			11.59			7.94
Russell Midcap^® Index		15.83			23.79			17.19			10.34			9.83	*
Russell Midcap^® Growth Index		14.43			22.74			17.12			10.24			8.16	*

*	As of Investor Shares inception date.


20		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		20.2	%		19.3	%
Consumer Staples		—			2.4
Energy		5.6			3.7
Financials		4.7			6.1
Healthcare		23.4			21.4
Industrials		16.7			18.5
Information Technology		26.2			23.8
Telecommunication Services		—			0.8
Other assets less liabilities		3.2			4.0
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan Mid Cap Fund – Investor Shares gained 6.04% and Artisan Mid Cap Fund – Institutional Shares gained 6.30%, underperforming the Russell Midcap^® Growth and Russell Midcap^® indices, which advanced 14.43% and 15.83%, respectively, over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: genetic analysis systems provider Illumina, Inc.; fast-casual Mexican restaurant operator Chipotle Mexican Grill, Inc.; credit card issuer and electronic payments services company Discover Financial Services; biopharmaceutical firm Alexion Pharmaceuticals, Inc.; and branded sports apparel marketer Under Armour, Inc.

Relative detractors to the portfolio included: professional networking website LinkedIn Corp.; industrial gases storage equipment provider Chart Industries, Inc.; data management software applications provider CommVault Systems, Inc.; Chinese travel website Ctrip.com International Ltd.; and casino owner and operator Melco Crown Entertainment Ltd.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including specialty coffee and coffee-brewer provider Keurig Green Mountain, Inc.; industrial sensors and controls manufacturer Sensata Technologies Holding N.V.; multimodal transportation services provider CH Robinson Worldwide, Inc.; over-the-counter and generic prescription drugs manufacturer Perrigo Co. plc; and jewelry retailer Signet Jewelers Ltd. We funded these purchases in part by selling our positions in ARM Holdings plc, Salesforce.com, Inc., Ctrip.com International Ltd., Mettler-Toledo International, Inc. and Chart Industries, Inc.


Artisan Partners Funds		21

ARTISAN MID CAP VALUE FUND

INVESTMENT PROCESS HIGHLIGHTS

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

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

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Value Fund – Investor Shares (3/28/2001)		7.18	%		19.63	%		14.54	%		10.71	%		11.63	%
Artisan Mid Cap Value Fund – Institutional Shares (2/1/2012)		7.44			n/a			n/a			n/a			14.46
Russell Midcap^® Index		15.83			23.79			17.19			10.34			9.80	*
Russell Midcap^® Value Index		17.46			24.72			17.24			10.17			10.51	*

*	As of Investor Shares inception date.


22		Artisan Partners Funds

INVESTING ENVIRONMENT

US equities hit all-time highs during the twelve-month period ended September 30, 2014, aided by easy monetary policy and gains in corporate profits. US stocks outperformed non-US developed and emerging markets stocks as the US economy continued to expand while China’s economy slowed and the economies of Europe and Japan stagnated. Large caps outperformed mid-cap stocks, which in turn outgained small-cap stocks.

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		11.8	%		13.5	%
Consumer Staples		2.8			3.2
Energy		12.1			10.5
Financials		21.2			21.8
Healthcare		3.8			3.2
Industrials		14.4			12.7
Information Technology		24.0			21.6
Materials		1.2			1.0
Utilities		1.7			4.9
Other assets less liabilities		7.0			7.6
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan Mid Cap Value Fund – Investor Shares gained 7.18% and Artisan Mid Cap Value Fund – Institutional Shares gained 7.44%, underperforming the Russell Midcap^® and Midcap^® Value indices, which advanced 15.83% and 17.46%, respectively, over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: land-based driller Patterson-UTI Energy, Inc.; semiconductor equipment maker Lam Research Corp.; food retailer Kroger Co.; oil and gas exploration and production company Cimarex Energy Co.; and property insurance provider Allstate Corp.

Relative detractors to the portfolio included: real-time information and analysis provider NeuStar, Inc.; handbags and accessories designer Coach, Inc.; gold producer Kinross Gold Corp.; offshore driller Ensco plc; and toy company Mattel, Inc.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including oil and gas producer Denbury Resources, Inc.; database management company Teradata Corp.; media company Gannett Co., Inc.; Internet company IAC/InterActiveCorp; and electric and natural gas utility company Xcel Energy, Inc. We funded these purchases in part by selling our positions in Cimarex Energy Co., Open Text Corp., Broadridge Financial Solutions, Inc., Becton Dickinson and Co. and Autodesk, Inc.


Artisan Partners Funds		23

ARTISAN SMALL CAP FUND

INVESTMENT PROCESS HIGHLIGHTS

Artisan Small Cap Fund employs a fundamental investment process to construct a diversified portfolio of primarily U.S. small-cap growth companies. The Fund’s investment process focuses on two distinct areas – security selection and capital allocation.

The Fund’s investment team attempts to identify companies that possess franchise characteristics that are selling at attractive valuations and benefiting from an accelerating profit cycle.

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/1995 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Small Cap Fund – Investor Shares (3/28/1995)		-3.22	%		18.68	%		15.75	%		7.92	%		8.45	%
Artisan Small Cap Fund – Institutional Shares (5/7/2012)		-3.07			n/a			n/a			n/a			13.96
Russell 2000^® Index		3.93			21.26			14.29			8.19			9.13	*
Russell 2000^® Growth Index		3.79			21.91			15.51			9.03			7.19	*

*	As of Investor Shares inception date.


24		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		11.7	%		17.2	%
Consumer Staples		3.1			1.1
Energy		4.5			3.5
Healthcare		20.0			21.0
Industrials		18.4			16.5
Information Technology		37.2			35.8
Other assets less liabilities		5.1			4.9
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan Small Cap Fund – Investor Shares declined 3.22% and Artisan Small Cap Fund – Institutional Shares declined 3.07%, underperforming the Russell 2000^® Growth and Russell 2000^® indices, which advanced 3.79% and 3.93%, respectively, over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: heating and cooling systems manufacturer Gentherm, Inc.; biopharmaceutical firm Incyte Corp.; medical device firm DexCom, Inc.; machine-vision systems designer Cognex Corp.; and branded footwear and accessories marketer Deckers Outdoor Corp.

Relative detractors to the portfolio included: data management software applications provider CommVault Systems, Inc.; industrial gases storage equipment provider Chart Industries, Inc.; residential and non-residential roofing materials distributor Beacon Roofing Supply, Inc.; fast-casual restaurant chain operator Noodles & Co; and marketing services company Acxiom Corp.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including electrical weapons manufacturer Taser International, Inc.; identity theft protection services provider LifeLock, Inc.; freight transportation services provider Forward Air Corp.; online supply-chain management provider SPS Commerce, Inc.; and fast-casual restaurant chain operator Noodles & Co. We funded these purchases in part by selling our positions in CommVault Systems, Inc., RealPage, Inc., Fortinet, Inc., Fresh Market, Inc. and Dril-Quip, Inc.


Artisan Partners Funds		25

ARTISAN SMALL CAP VALUE FUND

INVESTMENT PROCESS HIGHLIGHTS

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/29/1997 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Small Cap Value Fund – Investor Shares (9/29/1997)		-2.33	%		11.64	%		8.01	%		7.39	%		9.51	%
Artisan Small Cap Value Fund – Institutional Shares (2/1/2012)		-2.11			n/a			n/a			n/a			4.79
Russell 2000^® Index		3.93			21.26			14.29			8.19			6.77	*
Russell 2000^® Value Index		4.13			20.61			13.02			7.25			8.02	*

*	As of Investor Shares inception date.


26		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		13.1	%		6.5	%
Consumer Staples		1.2			3.2
Energy		13.9			17.1
Financials		6.6			9.9
Healthcare		2.8			3.0
Industrials		25.6			24.3
Information Technology		21.2			18.4
Materials		6.4			8.4
Telecommunication Services		0.9			1.2
Utilities		—			0.1
Other assets less liabilities		8.3			7.9
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan Small Cap Value Fund – Investor Shares declined 2.33% and Artisan Small Cap Value Fund – Institutional Shares declined 2.11%, underperforming the Russell 2000^® and Russell 2000^® Value indices, which advanced 3.93% and 4.13%, respectively, over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: supply chain and transportation solutions provider Ryder System, Inc.; self-service kiosk retailer Outerwall Inc; oil and gas producer Unit Corp.; business intelligence software provider MicroStrategy, Inc.; and oilfield services company Superior Energy Services, Inc.

Relative detractors to the portfolio included: offshore energy services company Gulfmark Offshore, Inc.; offshore energy services company Tidewater, Inc.; oil and gas exploration and production company Approach Resources, Inc.; digital transmission products manufacturer ADTRAN, Inc.; and semiconductor equipment maker Ultratech, Inc.

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including specialty cellulose fibers producer Rayonier Advanced Materials Inc.; fresh produce company Fresh Del Monte Produce, Inc.; oil and gas exploration and production company Approach Resources, Inc.; electrical energy infrastructure manufacturer Powell Industries, Inc.; and used car dealer America’s Car-Mart, Inc. We funded these purchases in part by selling our positions in Outerwall Inc, WMS Industries, Inc., Kaydon Corp., Sykes Enterprises, Inc. and Towers Watson & Co.


Artisan Partners Funds		27

ARTISAN VALUE FUND

INVESTMENT PROCESS HIGHLIGHTS

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

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

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/2006 to 9/30/2014)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2014)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Value Fund – Investor Shares (3/27/2006)		11.52	%		18.50	%		13.58	%		6.63	%
Artisan Value Fund – Institutional Shares (7/26/2011)		11.77			18.81			n/a			12.22
Russell 1000^® Index		19.01			23.23			15.90			7.44	*
Russell 1000^® Value Index		18.89			23.93			15.26			6.35	*

*	As of Investor Shares inception date.


28		Artisan Partners Funds

INVESTING ENVIRONMENT

SECTOR DIVERSIFICATION


Sector	9/30/2013			9/30/2014
Consumer Discretionary		3.6	%		4.9	%
Consumer Staples		2.0			4.7
Energy		17.6			16.1
Financials		17.2			20.3
Healthcare		3.4			6.1
Industrials		3.7			2.3
Information Technology		31.0			27.9
Materials		11.8			9.3
Other assets less liabilities		9.7			8.4
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

During the twelve-month period ended September 30, 2014, Artisan Value Fund – Investor Shares gained 11.52% and Artisan Value Fund – Institutional Shares gained 11.77%, underperforming the Russell 1000^® and 1000^® Value indices, which advanced 19.01% and 18.89%, respectively, over the same period.

Performance of the following stocks had a positive impact relative to the performance of the portfolio during the period: computers, software and peripherals designer and manufacturer Apple, Inc.; energy services provider Baker Hughes, Inc.; chemicals manufacturer LyondellBasell Industries N.V.; railroad operator Union Pacific Corp.; and software developer Microsoft Corp.

Relative detractors to the portfolio included: offshore driller Noble Corp. plc; gold producer Kinross Gold Corp.; gold producer Newmont Mining Corp.; tire manufacturer Cie Generale des Establissements Michelin; and oil and gas exploration and production company Devon Energy Corp.

REGION ALLOCATION


Region	9/30/2013			9/30/2014
Americas		80.0	%		81.4	%
Europe		3.6			5.6
Emerging Markets		6.7			4.6

FUND CHANGES

We identified several new investment opportunities for the portfolio during the period, including oil and gas exploration and production company Devon Energy Corp.; oil and gas producer Denbury Resources, Inc.; gold producer Goldcorp, Inc.; pharmacy benefit manager Express Scripts Holding Co.; and investment banking firm Goldman Sachs Group, Inc. We funded these purchases in part by selling our positions in Baker Hughes, Inc., CSX Corp., Cimarex Energy Co., Chevron Corp. and Newmont Mining Corp.


Artisan Partners Funds		29

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 94.9%

ARGENTINA - 1.2%
Grupo Financiero Galicia S.A. (DR)		159,781	$	2,271
YPF S.A. (DR)		66,187		2,448

				4,719
BRAZIL - 8.4%
BR Properties S.A.		412,720		2,192
Cosan S.A. Industria e Comercio		168,500		2,708
GAEC Educacao S.A.⁽¹⁾⁽²⁾		205,600		2,485
GAEC Educacao S.A.		8,900		108
Hypermarcas S.A.⁽³⁾		671,138		4,820
Magnesita Refratarios S.A.		656,100		844
Mills Estruturas e Servicos de Engenharia S.A.		280,590		2,052
Petroleo Brasileiro S.A.		1,216,189		8,571
Raia Drogasil S.A.		456,800		3,908
Vale S.A.		594,013		6,516

				34,204
CHILE - 1.6%
ENTEL Chile S.A.		216,438		2,452
SACI Falabella		542,627		4,087

				6,539
CHINA - 17.8%
Ajisen China Holdings Ltd.		5,036,913		3,996
Alibaba Group Holding Ltd. (DR)⁽³⁾		76,812		6,825
Chaoda Modern Agriculture Holdings Ltd.^(2)(3)(4)		12,474,536		19
China High Precision Automation Group Ltd.^(2)(3)(4)		9,066,000		72
China Huishan Dairy Holdings Co., Ltd.		8,893,000		1,970
China Life Insurance Co., Ltd., Class H		3,009,800		8,353
China Petroleum & Chemical Corp., Class H		7,335,453		6,424
China Unicom Hong Kong Ltd.		2,583,500		3,860
Digital China Holdings Ltd.		2,747,460		2,456
GOME Electrical Appliances Holding Ltd.		26,301,288		4,302
Huabao International Holdings Ltd.		8,141,322		6,280
Mindray Medical International Ltd. (DR)		108,006		3,258
Noah Holdings Ltd. (DR)⁽³⁾		267,313		3,587
PW Medtech Group Ltd.⁽³⁾		6,207,000		3,325
Sino Biopharmaceutical Ltd.		2,496,000		2,494
Sinopharm Group Co., Ltd., Class H		1,390,100		5,075
Zhuzhou CSR Times Electric Co., Ltd., Class H		2,532,015		9,799

				72,095
EGYPT - 1.2%
Commercial International Bank Egypt S.A.E.		282,746		1,985
Egyptian Financial Group-Hermes Holding⁽³⁾		1,178,927		3,064

				5,049

GREECE - 1.5%
Alpha Bank AE⁽³⁾		3,460,216	$	2,683
JUMBO S.A.⁽³⁾		256,938		3,249

				5,932
HONG KONG - 1.2%
AIA Group Ltd.		926,865		4,792

INDIA - 8.4%
Aurobindo Pharma Ltd.		207,317		3,254
Hindalco Industries Ltd.		1,472,037		3,722
ICICI Bank Ltd.		221,428		5,135
Mahindra & Mahindra Ltd.		188,073		4,139
Reliance Industries Ltd.		391,808		5,989
State Bank of India		88,120		3,487
Tech Mahindra Ltd.		204,750		8,241

				33,967
INDONESIA - 3.2%
Astra International Tbk PT		7,732,170		4,474
Bank Negara Indonesia Persero Tbk PT		11,192,118		5,075
Indofood CBP Sukses Makmur Tbk PT		3,696,800		3,443

				12,992
ITALY - 1.0%
Tenaris S.A. (DR)		87,853		4,002

KENYA - 0.9%
Safaricom Ltd.		23,884,800		3,464

KOREA - 11.4%
Daewoo Shipbuilding & Marine Engineering Co., Ltd.		131,995		2,539
E-Mart Co., Ltd.		17,059		3,726
KB Financial Group, Inc.		180,147		6,581
Kia Motors Corp.		143,594		7,308
Samsung Electronics Co., Ltd.		12,230		13,722
Samsung Heavy Industries Co., Ltd.		136,776		3,273
Shinhan Financial Group Co., Ltd.		197,785		9,109

				46,258
MALAYSIA - 0.7%
AirAsia BHD		3,852,000		2,971

MEXICO - 3.9%
Alsea S.A.B. de C.V.⁽³⁾		838,348		2,647
Grupo Televisa S.A.B., Series CPO		734,899		4,987
Infraestructura Energetica Nova S.A.B. de C.V.		720,293		4,400
OHL Mexico S.A.B. de C.V.⁽³⁾		1,387,521		3,766

				15,800


30		Artisan Partners Funds


	Shares Held		Value

PANAMA - 1.0%
Copa Holdings S.A., Class A⁽⁵⁾		39,045	$	4,189

PERU - 0.9%
Cementos Pacasmayo SAA (DR)		88,248		790
Grana y Montero S.A. (DR)		200,439		3,010

				3,800
PORTUGAL - 0.8%
Mota-Engil SGPS S.A.		470,890		3,041

RUSSIA - 6.2%
Alrosa AO⁽⁴⁾		2,958,762		2,653
DIXY Group⁽³⁾⁽⁴⁾		156,508		1,644
LSR Group (DR)		616,244		2,256
Lukoil OAO (DR)		127,419		6,498
MMC Norilsk Nickel OJSC (DR)		204,575		3,815
Mobile Telesystems OJSC⁽²⁾⁽⁴⁾		548,101		3,363
Polymetal International plc		357,584		2,991
Sberbank of Russia⁽⁴⁾		1,012,249		1,931

				25,151
SOUTH AFRICA - 4.5%
FirstRand Ltd.		797,567		3,041
Impala Platinum Holdings Ltd.⁽³⁾		432,881		3,338
Naspers Ltd., Class N		70,357		7,764
Woolworths Holdings Ltd.		660,488		4,092

				18,235
SWITZERLAND - 1.1%
Dufry AG⁽³⁾		28,672		4,373

TAIWAN - 12.8%
CTBC Financial Holding Co., Ltd.		11,817,653		7,944
E Ink Holdings, Inc.⁽³⁾		3,061,000		1,731
Hon Hai Precision Industry Co., Ltd.		4,421,238		13,953
MediaTek, Inc.		537,794		7,964
Taiwan Fertilizer Co., Ltd.		1,594,000		2,636
Taiwan Semiconductor Manufacturing Co., Ltd.		4,453,647		17,569

				51,797
THAILAND - 2.3%
Advanced Info Service PCL (DR)		431,500		2,994
Bangkok Bank PCL (DR)		1,022,200		6,431

				9,425
TURKEY - 0.8%
Turkiye Sinai Kalkinma Bankasi AS		3,929,955		3,314

UNITED ARAB EMIRATES - 1.0%
DAMAC Real Estate Development Ltd. 144A (DR)⁽⁴⁾		172,143		3,271

Emaar Malls Group PJSC⁽³⁾⁽⁴⁾		1,244,503		982

				4,253

UNITED KINGDOM - 1.1%
Al Noor Hospitals Group plc		259,562	$	4,284

Total common stocks (Cost $350,155)				384,646

PREFERRED STOCKS - 3.3%

BRAZIL - 0.8%
Itau Unibanco Holding S.A.⁽⁵⁾		231,314		3,201

KOREA - 2.5%
Samsung Electronics Co., Ltd.⁽⁵⁾		12,022		10,230

Total preferred stocks (Cost $14,433)				13,431
	Principal Amount
CONVERTIBLE DEBENTURES - 0.0%^†

BRAZIL - 0.0%^†
PDG Realty S.A. Empreendimentos e Participacoes (0.0%, 9/19/16)^(2)(3)(4)	$	372	$	2

Total convertible debentures (Cost $127)				2

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $10,195 (Cost $10,195)⁽⁶⁾		10,195		10,195

Total investments - 100.7% (Cost $374,910)				408,274

Other assets less liabilities - (0.7)%				(2,923	)


Total net assets - 100.0%⁽⁷⁾			$	405,351

^†	Amount rounds to less than 0.1%.

⁽¹⁾	Security was acquired in a private placement. The shares are freely tradable outside the United States where the Fund expects to trade them.


Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
GAEC Educacao S.A.		10/25/13	$	1,739	$	2,485		0.6	%

⁽²⁾	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 $5,941, or 1.5% of total net assets.

⁽³⁾	Non-income producing security.


Artisan Partners Funds		31

⁽⁴⁾	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 $13,937, or 3.4% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁵⁾	Non-voting shares.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		1.750	%		9/30/2019	$	10,399

⁽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, 2014
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	58,013		14.3	%
Consumer Staples		19,530		4.8
Energy		36,640		9.0
Financials		90,685		22.4
Health Care		21,690		5.4
Industrials		34,640		8.5
Information Technology		82,763		20.4
Materials		33,585		8.3
Telecommunication Services		16,133		4.0
Utilities		4,400		1.1
Short-term investments		10,195		2.5

Total investments	$	408,274		100.7	%

CURRENCY EXPOSURE - September 30, 2014
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	37,407		9.2	%
British pound		7,275		1.8
Chilean peso		6,539		1.6
Egyptian pound		5,049		1.2
Euro		8,973		2.2
Hong Kong dollar		63,217		15.5
Indian rupee		33,967		8.3
Indonesian rupiah		12,992		3.2
Kenyan shilling		3,464		0.8
Korean won		56,488		13.8
Malaysian ringgit		2,971		0.7
Mexican peso		15,800		3.9
South African rand		18,235		4.5
Swiss franc		4,373		1.1
Taiwan dollar		51,797		12.7
Thai baht		9,425		2.3
Turkish lira		3,314		0.8
U.S. dollar		66,006		16.2
UAE dirham		982		0.2

Total investments	$	408,274		100.0	%


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country		Percentage of Total Net Assets
Samsung Electronics Co., Ltd.		Korea		5.9	%
Taiwan Semiconductor Manufacturing Co., Ltd.		Taiwan		4.3
Hon Hai Precision Industry Co., Ltd.		Taiwan		3.4
Zhuzhou CSR Times Electric Co., Ltd.		China		2.4
Shinhan Financial Group Co., Ltd.		Korea		2.3
Petroleo Brasileiro S.A.		Brazil		2.1
China Life Insurance Co., Ltd.		China		2.1
Tech Mahindra Ltd.		India		2.0
MediaTek, Inc.		Taiwan		2.0
CTBC Financial Holding Co., Ltd.		Taiwan		2.0

Total				28.5	%

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.


32		Artisan Partners Funds

ARTISAN GLOBAL EQUITY FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 97.2%

CAMBODIA - 1.5%
NagaCorp Ltd.		4,828,000	$	3,469

CHINA - 11.0%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		1,802		160
Baidu, Inc. (DR)⁽¹⁾		11,267		2,459
Beijing Enterprises Water Group Ltd.⁽¹⁾		6,574,000		4,419
China Everbright International Ltd.		2,683,000		3,545
China Mobile Ltd.		405,000		4,676
China Oil & Gas Group Ltd.⁽²⁾		44,698,000		7,196
Industrial & Commercial Bank of China Ltd., Class H		3,920,000		2,438
Labixiaoxin Snacks Group Ltd.⁽¹⁾		7,248,557		1,018

				25,911
FINLAND - 3.2%
Huhtamaki Oyj		274,922		7,549

FRANCE - 0.5%
Technip S.A.		13,257		1,115

GERMANY - 4.3%
Bayer AG		3,707		519
CTS Eventim AG & Co., KGaA		131,755		3,723
Linde AG		13,442		2,583
Wirecard AG		91,621		3,386

				10,211
HONG KONG - 4.3%
AIA Group Ltd.		1,000,595		5,174
Sands China Ltd.		504,800		2,633
SPT Energy Group, Inc.		6,772,000		2,363

				10,170
INDIA - 0.7%
Kaveri Seed Co., Ltd.		127,268		1,677

IRELAND - 0.1%
Glanbia plc		24,180		349

JAPAN - 1.9%
Toyota Motor Corp.		74,400		4,384

MEXICO - 2.2%
Grupo Televisa S.A.B. (DR)		153,065		5,186

NETHERLANDS - 2.4%
ASML Holding N.V.		57,315	$	5,706

PHILIPPINES - 0.8%
LT Group, Inc.		5,760,500		2,008

SWEDEN - 0.4%
Sanitec Corp.⁽¹⁾		91,912		850

SWITZERLAND - 4.1%
Cembra Money Bank AG		76,411		4,362
Nestle S.A.		27,113		1,995
Swatch Group AG		3,192		1,518
Tecan Group AG		17,571		1,850

				9,725
TAIWAN - 3.4%
Ginko International Co., Ltd.		602,000		8,114

UNITED KINGDOM - 7.4%
Barratt Developments plc		712,870		4,578
BT Group plc		264,141		1,625
Diageo plc		17,648		511
Johnson Matthey plc		13,546		641
Rolls-Royce Holdings plc⁽¹⁾		132,915		2,078
SABMiller plc		52,589		2,923
Synergy Health plc		215,498		5,118

				17,474
UNITED STATES - 49.0%
Advance Auto Parts, Inc.		20,743		2,703
Alkermes plc⁽¹⁾		26,549		1,138
American Express Co.		52,362		4,584
Biogen Idec, Inc.⁽¹⁾		7,496		2,480
BioMarin Pharmaceutical, Inc.⁽¹⁾		51,552		3,720
Bristol-Myers Squibb Co.		75,881		3,884
Celgene Corp.⁽¹⁾		85,331		8,088
Church & Dwight Co., Inc.		72,634		5,096
Cognizant Technology Solutions Corp., Class A⁽¹⁾		53,016		2,373
Comcast Corp., Class A		181,451		9,758
Cooper Cos., Inc.		15,139		2,358
Discovery Communications, Inc.⁽¹⁾⁽³⁾		46,322		1,727
Discovery Communications, Inc., Class A⁽¹⁾		63,263		2,391
Gilead Sciences, Inc.⁽¹⁾		87,320		9,295
Google, Inc. Class A⁽¹⁾		5,134		3,021
Google, Inc. Class C⁽¹⁾⁽³⁾		5,134		2,964
Intercept Pharmaceuticals, Inc.⁽¹⁾		10,811		2,559
JPMorgan Chase & Co.		51,758		3,118


Artisan Partners Funds		33


	Shares Held		Value
UNITED STATES (CONTINUED)
Liberty Global plc, Class A⁽¹⁾		74,618	$	3,174
Liberty Global plc, Series C⁽¹⁾⁽³⁾		76,815		3,151
Marsh & McLennan Cos., Inc.		163,739		8,570
Mastercard, Inc., Class A		68,906		5,094
Medivation, Inc.⁽¹⁾		71,190		7,039
Michael Kors Holdings Ltd.⁽¹⁾		79,051		5,643
TJX Cos., Inc.		93,350		5,523
Walt Disney Co.		50,477		4,494
Willis Group Holdings plc		44,571		1,845

				115,790

Total common stocks (Cost $215,759)				229,688
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $4,560 (Cost $4,560)⁽⁴⁾	$	4,560	$	4,560


Total investments - 99.1% (Cost $220,319)				234,248

Other assets less liabilities - 0.9%				2,022


Total net assets - 100.0%⁽⁵⁾			$	236,270

⁽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:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		2.125	%		6/30/2021	$	4,655

⁽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, 2014
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	64,055		27.1	%
Consumer Staples		15,577		6.6
Energy		3,478		1.5
Financials		30,091		12.7
Health Care		56,162		23.8
Industrials		6,473		2.7
Information Technology		25,163		10.6
Materials		10,773		4.6
Telecommunication Services		6,301		2.7
Utilities		11,615		4.9
Short-term investments		4,560		1.9

Total investments	$	234,248		99.1	%


CURRENCY EXPOSURE - September 30, 2014
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	17,474		7.5	%
Euro		24,930		10.6
Hong Kong dollar		36,931		15.8
Indian rupee		1,677		0.7
Japanese yen		4,384		1.9
Philippine peso		2,008		0.8
Swedish krona		850		0.4
Swiss franc		9,725		4.1
Taiwan dollar		8,114		3.5
U.S. dollar		128,155		54.7

Total investments	$	234,248		100.0	%


34		Artisan Partners Funds


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
Comcast Corp.	United States		4.1	%
Gilead Sciences, Inc.	United States		3.9
Marsh & McLennan Cos., Inc.	United States		3.6
Ginko International Co., Ltd.	Taiwan		3.5
Celgene Corp.	United States		3.4
Huhtamaki Oyj	Finland		3.2
China Oil & Gas Group Ltd.	China		3.1
Medivation, Inc.	United States		3.0
Liberty Global plc	United States		2.7
Google, Inc.	United States		2.5

Total			33.0	%

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		35

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 94.2%

AUSTRALIA - 2.0%
James Hardie Industries plc (DR)		2,217,035	$	23,235

BRAZIL - 2.7%
BR Malls Participacoes S.A.		1,925,100		15,203
Raia Drogasil S.A.		1,841,000		15,749

				30,952
CANADA - 1.5%
Tourmaline Oil Corp.⁽¹⁾		391,297		17,340

CHINA - 4.8%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		108,640		9,653
Baidu, Inc. (DR)⁽¹⁾		106,244		23,185
Tencent Holdings Ltd.		1,577,900		23,430

				56,268
FRANCE - 4.0%
Eurofins Scientific SE		56,912		14,736
Sanofi		276,140		31,237

				45,973
GERMANY - 0.1%
Zalando SE⁽¹⁾⁽²⁾		39,556		1,074

HONG KONG - 3.0%
Hong Kong Exchanges and Clearing Ltd.		967,077		20,837
Sands China Ltd.		2,596,400		13,542

				34,379
ITALY - 0.8%
Moncler S.p.A.		615,755		8,788

JAPAN - 3.2%
FANUC Corp.		205,802		37,173

MEXICO - 2.6%
Infraestructura Energetica Nova S.A.B. de C.V.		2,836,147		17,324
TF Administradora Industrial S de RL de C.V.⁽¹⁾		5,797,781		12,774

				30,098
RUSSIA - 0.9%
Magnit OJSC (DR)		182,599		10,547

SWEDEN - 4.4%
Hexagon AB, Class B		1,596,834		50,676

TAIWAN - 1.7%
Hermes Microvision, Inc.		350,000	$	14,613
MediaTek, Inc.		387,600		5,740

				20,353
UNITED KINGDOM - 8.0%
Associated British Foods plc		149,607		6,498
Direct Line Insurance Group plc		5,954,894		28,401
Intertek Group plc		310,496		13,193
Markit Ltd.⁽¹⁾		360,044		8,407
Rotork plc		547,745		24,553
Weir Group plc		299,032		12,129

				93,181
UNITED STATES - 54.5%
Abbott Laboratories		426,021		17,718
Amazon.com, Inc.⁽¹⁾		36,910		11,901
Anadarko Petroleum Corp.		332,339		33,712
Apple, Inc.		192,167		19,361
Applied Materials, Inc.		2,531,213		54,699
Biogen Idec, Inc.⁽¹⁾		131,706		43,570
Chipotle Mexican Grill, Inc.⁽¹⁾		21,341		14,226
Discover Financial Services		587,878		37,853
EQT Corp.		117,577		10,763
Facebook, Inc., Class A⁽¹⁾		358,196		28,312
Google, Inc. Class A⁽¹⁾		66,532		39,148
Google, Inc. Class C⁽¹⁾⁽³⁾		66,532		38,413
IHS, Inc., Class A⁽¹⁾⁽⁴⁾		496,795		62,194
Illumina, Inc.⁽¹⁾		156,238		25,610
Keurig Green Mountain, Inc.		147,938		19,251
Monsanto Co.		174,961		19,685
Regeneron Pharmaceuticals, Inc.⁽¹⁾		174,356		62,859
Starbucks Corp.		392,959		29,653
Visa, Inc., Class A		109,499		23,364
Walt Disney Co.		169,874		15,124
Workday, Inc., Class A⁽¹⁾		303,442		25,034

				632,450

Total common stocks (Cost $898,983)				1,092,487


36		Artisan Partners Funds


	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.8%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $66,725 (Cost $66,725)⁽⁵⁾	$	66,725	$	66,725


Total investments - 100.0% (Cost $965,708)				1,159,212

Other assets less liabilities - 0.0%^†				496


Total net assets - 100.0%⁽⁶⁾			$	1,159,708

^†	Amount rounds to less than 0.1%.

⁽¹⁾	Non-income producing security.

⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $1,074, or 0.1% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽³⁾	Non-voting shares.

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

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		2.250	%		3/31/2021	$	68,063

⁽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, 2014
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	102,715		8.8	%
Consumer Staples		52,045		4.5
Energy		61,815		5.3
Financials		115,068		9.9
Health Care		195,730		16.9
Industrials		149,242		12.9
Information Technology		355,628		30.7
Materials		42,920		3.7
Utilities		17,324		1.5
Short-term investments		66,725		5.8

Total investments	$	1,159,212		100.0	%


CURRENCY EXPOSURE - September 30, 2014
Dollar values in thousands
	Value		Percentage of Total Investments
Australian dollar	$	23,235		2.0	%
Brazilian real		30,952		2.7
British pound		84,774		7.3
Canadian dollar		17,340		1.5
Euro		55,835		4.8
Hong Kong dollar		57,809		5.0
Japanese yen^*		37,173		3.2
Mexican peso		30,098		2.6
Swedish krona		50,676		4.4
Taiwan dollar		20,353		1.7
U.S. dollar		750,967		64.8

Total investments	$	1,159,212		100.0	%

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

Counterparty

Contract
Settlement
Date

Contract Amount

Unrealized
Appreciation

Deliver

Receive

State Street Bank and Trust Company

2/13/2015

JPY

1,988,630

USD

19,477

1,319

State Street Bank and Trust Company

2/13/2015

JPY

70,182

USD

664

1,342

JPY - Japanese yen

USD - U.S. dollar


Artisan Partners Funds		37


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
Google, Inc.	United States		6.7	%
Regeneron Pharmaceuticals, Inc.	United States		5.4
IHS, Inc.	United States		5.4
Applied Materials, Inc.	United States		4.7
Hexagon AB	Sweden		4.4
Biogen Idec, Inc.	United States		3.7
Discover Financial Services	United States		3.3
FANUC Corp.	Japan		3.2
Anadarko Petroleum Corp.	United States		2.9
Sanofi	France		2.7

Total			42.4	%

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.


38		Artisan Partners Funds

ARTISAN GLOBAL SMALL CAP FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 89.9%

BRAZIL - 2.5%
Qualicorp S.A.⁽¹⁾		423,500	$	4,191

CAMBODIA - 2.2%
NagaCorp Ltd.		5,050,000		3,629

CHINA - 10.7%
21Vianet Group, Inc. (DR)⁽¹⁾		311,325		5,604
Beijing Enterprises Water Group Ltd.⁽¹⁾		3,130,000		2,104
Biostime International Holdings Ltd.		790,500		2,474
China Oil & Gas Group Ltd.⁽²⁾		39,460,000		6,353
CT Environmental Group Ltd.		482,630		413
Labixiaoxin Snacks Group Ltd.⁽¹⁾		5,792,000		813

				17,761
COLOMBIA - 0.7%
Cemex Latam Holdings S.A.⁽¹⁾		125,171		1,113

FINLAND - 4.6%
Huhtamaki Oyj		275,912		7,576

FRANCE - 4.8%
Akka Technologies S.A.		26,091		883
Innate Pharma S.A.⁽¹⁾		274,380		2,679
Naturex		66,009		4,377

				7,939
GERMANY - 8.1%
Bertrandt AG		30,952		3,960
Stroeer Media AG		427,869		9,431

				13,391
GREECE - 1.0%
JUMBO S.A.⁽¹⁾		134,723		1,703

HONG KONG - 1.3%
SPT Energy Group, Inc.		6,322,000		2,206

INDIA - 1.5%
Cera Sanitaryware Ltd., Equity-Linked Security^(3)(4)(5)(6)		37,988		993
Kaveri Seed Co., Ltd., Equity-Linked Security^(3)(4)(5)(6)		120,452		1,588

				2,581
ISRAEL - 2.9%
Sarine Technologies Ltd.		2,041,000		4,880
JAPAN - 0.3%
Sugi Holdings Co., Ltd.		10,700	$	449

MALAYSIA - 2.5%
Oldtown Bhd⁽²⁾		4,636,475		2,516
Power Root Bhd		2,821,200		1,608

				4,124
SINGAPORE - 8.0%
Overseas Education Ltd.		7,564,000		5,336
SIIC Environment Holdings Ltd.⁽¹⁾		59,016,000		7,911

				13,247
SWEDEN - 1.3%
Sanitec Corp.⁽¹⁾		233,776		2,163

SWITZERLAND - 5.0%
Burckhardt Compression Holding AG		4,876		2,255
Cembra Money Bank AG		65,143		3,719
Tecan Group AG		22,853		2,405

				8,379
TAIWAN - 4.5%
Cleanaway Co., Ltd.		162,000		812
Ginko International Co., Ltd.		494,000		6,658

				7,470
THAILAND - 0.1%
Big C Supercenter PCL (DR)		25,200		180

UNITED KINGDOM - 14.2%
Cambian Group plc⁽¹⁾		1,334,811		4,522
Carpetright plc⁽¹⁾		521,091		3,126
Rathbone Brothers plc		92,083		2,847
Synergy Health plc		305,656		7,259
Victrex plc		222,576		5,795

				23,549
UNITED STATES - 13.7%
Church & Dwight Co., Inc.		47,468		3,330
Headwaters, Inc.⁽¹⁾		226,917		2,846
Interpublic Group of Cos., Inc.		170,510		3,124
MusclePharm Corp.⁽¹⁾		259,532		3,426
Norcraft Cos., Inc.⁽¹⁾		128,709		2,053
PerkinElmer, Inc.		34,897		1,521
SLM Corp.		264,041		2,260
Wesco Aircraft Holdings, Inc.⁽¹⁾		241,909		4,209

				22,769

Total common stocks and equity-linked securities (Cost $159,223)				149,300


Artisan Partners Funds		39


	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 8.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $13,464 (Cost $13,464)⁽⁷⁾	$	13,464	$	13,464


Total investments - 98.0% (Cost $172,687)				162,764

Other assets less liabilities - 2.0%				3,348


Total net assets - 100.0%⁽⁸⁾			$	166,112

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


Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Cera Sanitaryware Ltd.		7/25/14- 8/12/14	$	865	$	993		0.6	%
Kaveri Seed Co., Ltd.		6/26/13- 5/8/14		586		1,588		0.9

Total					$	2,581		1.5	%

⁽⁴⁾	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 $2,581, or 1.5% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

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

⁽⁶⁾	Non-voting shares.

⁽⁷⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		2.250	%		4/30/2021	$	13,738

⁽⁸⁾	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, 2014
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	30,871		18.6	%
Consumer Staples		20,761		12.5
Energy		2,206		1.3
Financials		8,826		5.3
Health Care		24,713		14.9
Industrials		22,208		13.4
Information Technology		5,604		3.4
Materials		17,330		10.4
Utilities		16,781		10.1
Short-term investments		13,464		8.1

Total investments	$	162,764		98.0	%


CURRENCY EXPOSURE - September 30, 2014
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	4,191		2.6	%
British pound		23,549		14.5
Colombian peso		1,113		0.7
Euro		30,609		18.8
Hong Kong dollar		17,992		11.1
Japanese yen		449		0.3
Malaysian ringgit		4,124		2.5
Singapore dollar		18,127		11.1
Swedish krona		2,163		1.3
Swiss franc		8,379		5.1
Taiwan dollar		7,470		4.6
Thai baht		180		0.1
U.S. dollar		44,418		27.3

Total investments	$	162,764		100.0	%


40		Artisan Partners Funds


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
Stroeer Media AG	Germany		5.7	%
SIIC Environment Holdings Ltd.	Singapore		4.8
Huhtamaki Oyj	Finland		4.5
Synergy Health plc	United Kingdom		4.4
Ginko International Co., Ltd.	Taiwan		4.0
China Oil & Gas Group Ltd.	China		3.8
Victrex plc	United Kingdom		3.5
21Vianet Group, Inc.	China		3.4
Overseas Education Ltd.	Singapore		3.2
Sarine Technologies Ltd.	Israel		2.9

Total			40.2	%

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

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


Artisan Partners Funds		41

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 89.9%

BELGIUM - 1.7%
Groupe Bruxelles Lambert S.A.		352,432	$	32,299

CANADA - 2.4%
Imperial Oil Ltd.		970,746		45,861

CHINA - 0.4%
Tianhe Chemicals Group Ltd.^(1)(2)(3)		29,898,000		7,116

DENMARK - 2.9%
Carlsberg AS, Class B		318,409		28,310
ISS AS⁽¹⁾		984,056		26,682

				54,992
FRANCE - 1.0%
Vivendi S.A.⁽¹⁾		741,848		17,915

JAPAN - 1.2%
Kao Corp.		502,900		19,610
Tokyo Electron Ltd.		30,800		2,010

				21,620
KOREA - 4.0%
Kia Motors Corp.		605,496		30,813
Samsung Electronics Co., Ltd.		39,320		44,117

				74,930
NETHERLANDS - 2.4%
ING Groep N.V. (DR)⁽¹⁾		2,940,130		42,000
TNT Express N.V.		517,543		3,278

				45,278
NORWAY - 1.3%
Orkla ASA		2,610,395		23,606

SWITZERLAND - 5.5%
ABB Ltd.⁽¹⁾		540,840		12,168
Adecco S.A.⁽¹⁾		498,697		33,875
Novartis AG		601,007		56,752
Pargesa Holding S.A.		7,583		604

				103,399
UNITED KINGDOM - 14.5%
AMEC plc		1,561,781		27,952
Compass Group plc		2,544,519		41,106
Diageo plc		784,130		22,691
Lloyds Banking Group plc⁽¹⁾		28,988,342		36,124
Royal Bank of Scotland Group plc⁽¹⁾		11,419,335		68,163
UNITED KINGDOM (CONTINUED)
Serco Group plc		1,395,590	$	6,473
TESCO plc		12,904,504		38,953
TSB Banking Group plc⁽¹⁾		790,116		3,561
Unilever plc (DR)		614,699		25,756

				270,779
UNITED STATES - 52.6%
Accenture plc, Class A		233,439		18,983
American Express Co.		504,535		44,167
Aon plc		442,143		38,763
Applied Materials, Inc.		1,874,256		40,503
ARAMARK		45,142		1,187
Arch Capital Group Ltd.⁽¹⁾⁽⁴⁾		958,157		52,430
Bank of New York Mellon Corp.		1,912,663		74,077
Chubb Corp.		447,176		40,729
Cisco Systems, Inc.		2,105,878		53,005
Citigroup, Inc.		1,093,964		56,689
Citizens Financial Group, Inc.⁽¹⁾		1,309,584		30,671
Flextronics International Ltd.⁽¹⁾		1,521,104		15,698
Google, Inc. Class A⁽¹⁾		30,047		17,680
Google, Inc. Class C⁽¹⁾⁽⁵⁾		20,400		11,778
Johnson & Johnson		566,572		60,391
Marsh & McLennan Cos., Inc.		964,469		50,480
Mastercard, Inc., Class A		491,724		36,348
Medtronic, Inc.		863,837		53,515
Microsoft Corp.		1,567,679		72,678
Oracle Corp.		2,296,270		87,901
Progressive Corp.		1,141,905		28,867
QUALCOMM, Inc.		628,663		47,005
TE Connectivity Ltd.		865,284		47,842

				981,387

Total common stocks (Cost $1,472,133)				1,679,182

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 10.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $193,139 (Cost $193,139)⁽⁶⁾	$	193,139	$	193,139

Total investments - 100.3% (Cost $1,665,272)				1,872,321

Other assets less liabilities - (0.3)%				(5,141	)


Total net assets - 100.0%⁽⁷⁾			$	1,867,180


42		Artisan Partners Funds

⁽¹⁾	Non-income producing security.

⁽²⁾	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 $7,116, or 0.4% of total net assets.

⁽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 $7,116, or 0.4% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

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

⁽⁵⁾	Non-voting shares.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		3.625	%		2/15/2021	$	197,007

⁽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, 2014
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	73,106		3.9	%
Consumer Staples		158,926		8.5
Energy		73,813		4.0
Financials		599,624		32.1
Health Care		170,658		9.1
Industrials		82,476		4.4
Information Technology		495,548		26.5
Materials		7,116		0.4
Telecommunication Services		17,915		1.0
Short-term investments		193,139		10.4

Total investments	$	1,872,321		100.3	%


CURRENCY EXPOSURE - September 30, 2014
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	245,023		13.1	%
Canadian dollar		45,861		2.4
Danish krone		54,992		2.9
Euro		95,492		5.1
Hong Kong dollar		7,116		0.4
Japanese yen^*		21,620		1.2
Korean won		74,930		4.0
Norwegian krone		23,606		1.3
Swiss franc		103,399		5.5
U.S. dollar		1,200,282		64.1

Total investments	$	1,872,321		100.0	%

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


Counterparty	Contract Settlement Date	Contract Amount					Unrealized Appreciation/ (Depreciation)
Counterparty	Contract Settlement Date	Deliver		Receive			Unrealized Appreciation/ (Depreciation)
State Street Bank and Trust Company	2/13/2015	JPY	2,124,042		USD	20,803	$	1,409
State Street Bank and Trust Company	2/13/2015	JPY	131,411		USD	1,266		66
State Street Bank and Trust Company	2/13/2015	USD	1,246		JPY	132,526		(36	)
State Street Bank and Trust Company	2/13/2015	USD	1,208		JPY	131,113		(10	)

							$	1,429

JPY - Japanese yen

USD - U.S. dollar


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
Oracle Corp.	United States		4.7	%
Bank of New York Mellon Corp.	United States		4.0
Microsoft Corp.	United States		3.9
Royal Bank of Scotland Group plc	United Kingdom		3.7
Johnson & Johnson	United States		3.2
Novartis AG	Switzerland		3.0
Citigroup, Inc.	United States		3.0
Medtronic, Inc.	United States		2.9
Cisco Systems, Inc.	United States		2.8
Arch Capital Group Ltd.	United States		2.8

Total			34.0	%

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		43

ARTISAN HIGH INCOME FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Principal Amount (000s)		Value
CORPORATE BONDS - 67.4%

AGRICULTURE - 1.2%
Pinnacle Operating Corp., 9.00%, 11/15/2020⁽¹⁾	$	5,600	$	5,978

AUTO MANUFACTURERS - 0.9%
General Motors Co., 6.25%, 10/02/2043		4,000		4,680

BEVERAGES - 1.3%
Constellation Brands, Inc., 6.00%, 5/01/2022		6,000		6,540

BUILDING MATERIALS - 4.4%
Ply Gem Industries, Inc., 6.50%, 2/01/2022		9,500		9,025
6.50%, 2/01/2022⁽¹⁾		4,000		3,800
Roofing Supply Group LLC / Roofing Supply Finance, Inc., 10.00%, 6/01/2020⁽¹⁾		9,000		9,450

				22,275
CHEMICALS - 2.2%
Momentive Performance Materials, Inc., 10.00%, 10/15/2020		2,000		1,725
Rayonier AM Products, Inc., 5.50%, 6/01/2024⁽¹⁾		9,915		9,444

				11,169
COMMERCIAL SERVICES - 5.4%
Alliance Data Systems Corp., 5.38%, 8/01/2022⁽¹⁾		5,000		4,850
6.38%, 4/01/2020⁽¹⁾		5,000		5,150
Anna Merger Sub, Inc., 7.75%, 10/01/2022⁽¹⁾		12,000		12,060
Hertz Corp., 6.25%, 10/15/2022		5,000		5,062

				27,122
COMPUTERS - 0.2%
SunGard Availability Services Capital, Inc., 8.75%, 4/01/2022⁽¹⁾		1,500		1,118

DIVERSIFIED FINANCIAL SERVICES - 1.1%
General Motors Financial Co., Inc., 4.38%, 9/25/2021		1,000		1,023
Infinity Acquisition LLC / Infinity Acquisition Finance Corp., 7.25%, 8/01/2022⁽¹⁾		5,000		4,825

				5,848
ELECTRONICS - 2.4%
Zebra Technologies Corp., 7.25%, 10/15/2022⁽¹⁾⁽²⁾		12,000		12,000

ENGINEERING & CONSTRUCTION - 1.6%
AECOM Technology Corp., 5.75%, 10/15/2022⁽¹⁾⁽³⁾		2,000		2,020
5.88%, 10/15/2024⁽¹⁾⁽³⁾		2,000		2,030
MasTec, Inc., 4.88%, 3/15/2023		4,500		4,241

				8,291
ENTERTAINMENT - 0.1%
Cinemark USA, Inc., 5.13%, 12/15/2022		408		401

FOOD - 1.2%
Simmons Foods, Inc., 7.88%, 10/01/2021⁽¹⁾⁽³⁾		4,000		3,960
WhiteWave Foods Co., 5.38%, 10/01/2022		2,000		2,020

				5,980
HEALTHCARE-PRODUCTS - 1.7%
Biomet, Inc., 6.50%, 10/01/2020		8,000		8,400

HEALTHCARE-SERVICES - 2.7%
Envision Healthcare Corp., 5.13%, 7/01/2022⁽¹⁾		1,000		985
HCA, Inc., 6.50%, 2/15/2020		2,500		2,728
MedImpact Holdings, Inc., 10.50%, 2/01/2018⁽¹⁾		7,000		7,489
WellCare Health Plans, Inc., 5.75%, 11/15/2020		2,500		2,544

				13,746
HOLDING COMPANIES-DIVERSIFIED - 5.4%
Opal Acquisition, Inc., 8.88%, 12/15/2021⁽¹⁾		26,315		27,170

INSURANCE - 6.2%
Onex York Acquisition Corp., 8.50%, 10/01/2022⁽¹⁾⁽³⁾		22,000		21,862
USI, Inc., 7.75%, 1/15/2021⁽¹⁾		9,500		9,453

				31,315
MEDIA - 9.4%
CCO Holdings LLC / CCO Holdings Capital Corp., 5.25%, 3/15/2021		10,500		10,290
5.75%, 9/01/2023		8,020		7,980
6.50%, 4/30/2021		2,000		2,085
6.63%, 1/31/2022		2,000		2,100
Clear Channel Worldwide Holdings, Inc., Series B, 7.63%, 3/15/2020		2,000		2,075
CSC Holdings LLC, 5.25%, 6/01/2024⁽¹⁾		2,000		1,920
DISH DBS Corp., 5.00%, 3/15/2023		3,000		2,878
5.88%, 7/15/2022		5,000		5,100
6.75%, 6/01/2021		1,000		1,075
7.88%, 9/01/2019		1,000		1,130


44		Artisan Partners Funds


	Principal Amount (000s)		Value
MEDIA (CONTINUED)
Gannett Co., Inc., 4.88%, 9/15/2021⁽¹⁾	$	1,000	$	967
5.50%, 9/15/2024⁽¹⁾		1,000		985
Numericable Group S.A., 4.88%, 5/15/2019⁽¹⁾		2,000		1,975
6.25%, 5/15/2024⁽¹⁾		4,000		3,990
Sinclair Television Group, Inc., 5.63%, 8/01/2024⁽¹⁾		1,000		963
Sirius XM Radio, Inc., 4.25%, 5/15/2020⁽¹⁾		2,000		1,915

				47,428
MINING - 0.1%
FMG Resources Pty Ltd., 6.88%, 4/01/2022⁽¹⁾		750		763

OIL & GAS - 5.0%
Antero Resources Corp., 5.13%, 12/01/2022⁽¹⁾		7,000		6,807
California Resources Corp.,
5.50%, 9/15/2021⁽¹⁾⁽³⁾		2,000		2,030
6.00%, 11/15/2024⁽¹⁾⁽³⁾		5,000		5,138
Ultra Petroleum Corp., 6.13%, 10/01/2024⁽¹⁾		8,000		7,640
Warren Resources, Inc., 9.00%, 8/01/2022⁽¹⁾		4,000		3,910

				25,525
PHARMACEUTICALS - 3.4%
Catamaran Corp., 4.75%, 3/15/2021		4,725		4,545
Valeant Pharmaceuticals International, 6.38%, 10/15/2020⁽¹⁾		5,000		5,137
Valeant Pharmaceuticals International, Inc., 6.75%, 8/15/2018⁽¹⁾		7,000		7,385

				17,067
RETAIL - 2.4%
Group 1 Automotive, Inc., 5.00%, 6/01/2022⁽¹⁾		6,000		5,805
Sonic Automotive, Inc., 5.00%, 5/15/2023		6,500		6,208

				12,013
SOFTWARE - 1.5%
Infor Software Parent LLC / Infor Software Parent, Inc., PIK, 7.13%, 5/01/2021⁽¹⁾		7,500		7,425

TELECOMMUNICATIONS - 7.6%
Altice S.A., 7.75%, 5/15/2022⁽¹⁾		12,500		12,906
Intelsat Jackson Holdings S.A.,
5.50%, 8/01/2023		4,500		4,298
6.63%, 12/15/2022		1,000		1,015
Play Topco S.A., PIK, 7.75%, 2/28/2020⁽¹⁾	EUR	7,000		8,665
Sprint Communications, Inc., 7.00%, 8/15/2020	$	5,000		5,212
TELECOMMUNICATIONS (CONTINUED)
T-Mobile USA, Inc.,
6.00%, 3/01/2023		2,000		2,000
6.38%, 3/01/2025		4,500		4,489

				38,585

Total Corporate Bonds (Cost $346,980)				340,839

BANK LOANS - 28.3%⁽⁴⁾

AEROSPACE/DEFENSE - 1.4%
Jazz Acquisition, Inc. Second Lien Term Loan, 7.75%, 6/19/2022		7,000		6,947

BUILDING MATERIALS - 0.4%
GYP Holdings III Corp. Second Lien Term Loan, 7.75%, 4/01/2022		2,250		2,239

CHEMICALS - 1.2%
Emerald Performance Materials, LLC Second Lien Term Loan, 7.75%, 8/01/2022		2,000		1,984
Verdesian Life Sciences, LLC Term Loan, 6.00%, 7/01/2020⁽⁵⁾		3,950		3,920

				5,904
COMMERCIAL SERVICES - 1.7%
Envision Acquisition Co., LLC Second Lien Term Loan, 11.00%, 11/04/2021		4,000		4,000
Laureate Education, Inc., 5.00%, 6/16/2016		5,320		4,785

				8,785
DIVERSIFIED FINANCIAL SERVICES - 3.5%
RCS Capital Corp. Second Lien Term Loan, 10.50%, 4/29/2021⁽⁵⁾		1,000		1,015
WP Mustang Holdings LLC Second Lien Term Loan B, 8.50%, 5/29/2022		17,000		16,816

				17,831
FOREST PRODUCTS & PAPER - 0.2%
Ranpak Corp. Second Lien Term Loan, 8.25%, 9/17/2022		1,000		995

HEALTHCARE-PRODUCTS - 1.4%
Phillips-Medisize Corp. Second Lien Term Loan, 8.25%, 6/16/2022		7,000		6,912

HEALTHCARE-SERVICES - 1.3%
CDRH Parent, Inc. Second Lien Term Loan, 9.00%, 7/01/2022		5,000		4,850
Healogics, Inc. First Lien Term Loan, 5.25%, 7/01/2021		2,000		1,980

				6,830


Artisan Partners Funds		45


	Principal Amount (000s)				Value
INTERNET - 1.5%
iParadigms Holdings, LLC Second Lien Term Loan, 8.25%, 7/31/2022⁽⁵⁾	$	7,500			$	7,425

INVESTMENT COMPANIES - 1.5%
AssuredPartners Capital, Inc. Second Lien Term Loan, 7.75%, 4/02/2022		8,000				7,880

OIL & GAS SERVICES - 3.3%
Cactus Wellhead, LLC Term Loan, 7.00%, 7/31/2020⁽⁵⁾		8,000				7,840
RGL Reservoir Operations Inc. First Lien Term Loan, 6.00%, 8/14/2021		9,000				8,895

						16,735
PACKAGING & CONTAINERS - 0.6%
CD&R Millennium Holdco 6 S.a.r.l. Second Lien Term Loan, 8.25%, 7/31/2022		3,000				2,965

PHARMACEUTICALS - 1.0%
PharMedium Healthcare Corp. Second Lien Term Loan, 7.75%, 1/28/2022		5,360				5,293

RETAIL - 0.9%
Portillo’s Holdings, LLC Second Lien Term Loan, 8.00%, 8/01/2022⁽⁵⁾		2,500				2,481
TGI Friday’s Inc. Second Lien Term Loan, 9.25%, 7/15/2021		2,000				1,988

						4,469
SOFTWARE - 8.4%
Ascend Learning, LLC Second Lien Term Loan, 9.50%, 11/30/2020⁽⁵⁾		7,000				7,000
Flexera Software LLC Second Lien Term Loan, 8.00%, 4/02/2021		7,500				7,275
Renaissance Learning, Inc. Second Lien Term Loan, 8.00%, 4/09/2022		23,500				22,942
TriZetto Group, Inc. Second Lien Term Loan D, 8.50%, 3/28/2019		5,073				5,099

						42,316

Total Bank Loans (Cost $144,303)						143,526
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 11.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $59,282 (Cost $59,282)⁽⁶⁾		59,282				59,282


Total investments - 107.4% (Cost $550,565)						543,647

Other assets less liabilities - (7.4)%				(37,656	)


Total net assets - 100.0%⁽⁷⁾			$	505,991

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


Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
AECOM Technology Corp., 5.75%, 10/15/2022		9/17/14	$	2,020	$	2,020		0.4	%
5.88%, 10/15/2024		9/17/14		2,020		2,030		0.4
Alliance Data Systems Corp. 5.38%, 8/01/2022		7/24/14		5,000		4,850		1.0
6.38%, 4/01/2020		8/14/14- 8/21/14		5,258		5,150		1.0
Altice S.A., 7.75%, 5/15/2022		4/23/14- 9/12/14		12,950		12,906		2.6
Anna Merger Sub, Inc., 7.75%, 10/01/2022		9/15/14- 9/18/14		12,010		12,060		2.3
Antero Resources Corp., 5.13%, 12/01/2022		9/04/14- 9/26/14		6,955		6,807		1.3
California Resources Corp., 5.50%, 9/15/2021		9/11/14		2,000		2,030		0.4
6.00%, 11/15/2024		9/11/14		5,045		5,138		1.0
CSC Holdings LLC, 5.25%, 6/01/2024		5/20/14- 5/23/14		1,996		1,920		0.4
Envision Healthcare Corp., 5.13%, 7/01/2022		6/12/14		1,000		985		0.2
FMG Resources Pty Ltd., 6.88%, 4/01/2022		3/27/14		807		763		0.1
Gannett Co., Inc., 4.88%, 9/15/2021		9/03/14		985		967		0.2
5.50%, 9/15/2024		9/03/14		990		985		0.1
Group 1 Automotive, Inc., 5.00%, 6/01/2022		5/15/14- 9/04/14		5,963		5,805		1.2
Infinity Acquisition LLC / Infinity Acquisition Finance Corp., 7.25%, 8/01/2022		7/15/14		5,000		4,825		0.9
Infor Software Parent LLC / Infor Software Parent, Inc., 7.13%, 5/01/2021		4/03/14- 7/21/14		7,506		7,425		1.5
MedImpact Holdings, Inc., 10.50%, 2/01/2018		7/24/14		7,535		7,489		1.5


46		Artisan Partners Funds


Security	Acquisition Date(s)		Cost		Value		Percentage of Total Net Assets
Numericable Group S.A., 4.88%, 5/15/2019		4/23/14	$	2,000	$	1,975		0.4	%
6.25%, 5/15/2024		4/23/14- 9/29/14		3,990		3,990		0.8
Onex York Acquisition Corp., 8.50%, 10/01/2022		9/17/14- 9/30/14		22,023		21,862		4.3
Opal Acquisition, Inc., 8.88%, 12/15/2021		4/15/14- 8/04/14		27,324		27,170		5.4
Pinnacle Operating Corp., 9.00%, 11/15/2020		3/28/14- 5/02/14		6,064		5,978		1.2
Play Topco S.A., 7.75%, 2/28/2020		8/13/14- 9/12/14		9,320		8,665		1.7
Ply Gem Industries, Inc., 6.50%, 2/01/2022		9/15/14		3,731		3,800		0.7
Rayonier AM Products, Inc., 5.50%, 6/01/2024		5/08/14- 7/22/14		9,984		9,444		1.9
Roofing Supply Group LLC / Roofing Supply Finance, Inc., 10.00%, 6/01/2020		6/10/14- 6/26/14		9,729		9,450		1.9
Simmons Foods, Inc., 7.88%, 10/01/2021		9/18/14		4,000		3,960		0.8
Sinclair Television Group, Inc., 5.63%, 8/01/2024		7/09/14		1,000		963		0.2
Sirius XM Radio, Inc., 4.25%, 5/15/2020		3/24/14		1,963		1,915		0.4
SunGard Availability Services Capital, Inc., 8.75%, 4/01/2022		3/26/14- 4/29/14		1,486		1,118		0.2
Ultra Petroleum Corp., 6.13%, 10/01/2024		9/04/14- 9/30/14		7,920		7,640		1.5
USI, Inc., 7.75%, 1/15/2021		3/24/14- 5/07/14		9,856		9,453		1.8
Valeant Pharmaceuticals International, 6.38%, 10/15/2020		4/29/14- 5/07/14		5,358		5,137		1.0
Valeant Pharmaceuticals International, Inc., 6.75%, 8/15/2018		7/23/14		7,454		7,385		1.5
Warren Resources, Inc., 9.00%, 8/01/2022		8/06/14		3,945		3,910		0.8
Zebra Technologies Corp., 7.75%, 10/15/2022		9/30/14		12,000		12,000		2.4

Total					$	229,970		45.4	%

⁽²⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds, Inc. In total, securities valued at a fair value were $12,000, or 2.4% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽³⁾	When-Issued security. In total, the value of when-Issued securities was $37,040, or 7.3% of total net assets.

⁽⁴⁾	Floating rate instruments. The rate disclosed was as of September 30, 2014.

⁽⁵⁾	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 $29,681, or 5.9% of total net assets.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		1.750	%		9/30/2019	$	60,468

⁽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.

Principal amounts are denominated in the indicated currency, where applicable. (EUR - Euro currency)

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

Pursuant to the terms of the following bank loan agreements, the portfolio had unfunded loan commitments of $41,680 or 8.2 % of the total net assets as of September 30, 2014, which could be extended at the option of the borrower:


Borrower	Unfunded Principal Amount		Unrealized Appreciation (Depreciation)
Laureate Education, Inc. Extended Revolver	$	1,680	$	(49	)
Onex York Acquisition Corp. Bridge Term Loan		10,000		-
Zebra Technologies Corp. Bridge Term Loan		30,000		-

	$	41,680	$	(49	)


Artisan Partners Funds		47


CREDIT DIVERSIFICATION - September 30, 2014 (Unaudited)
	Percentage of Total Investments
BBB		1.0	%
BB		20.0
B		22.4
CCC		43.4
Unrated		2.3
Short-term investments		10.9

		100.0	%

Credit quality ratings apply to the underlying holdings of the Fund and not to the Fund itself. The credit quality ratings shown above reflect the highest rating assigned by either Standard & Poor’s or Moody’s Investor Services. 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.


CURRENCY EXPOSURE - September 30, 2014
Dollar values in thousands
	Value		Percentage of Total Investments
Euro^*	$	8,665		1.6	%
U.S. dollar		534,982		98.4

Total investments	$	543,647		100.0	%

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

Counterparty

Contract
Settlement
Date

Contract Amount

Unrealized
Appreciation

Deliver

Receive

State Street Bank and Trust Company

10/16/2014

EUR

6,950

USD

9,004

225

EUR - Euro currency

USD - U.S. dollar


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
Opal Acquisition, Inc.	United States		5.4	%
Renaissance Learning, Inc.	United States		4.5
CCO Holdings LLC / CCO Holdings Capital Corp.	United States		4.4
Onex York Acquisition Corp.	United States		4.3
WP Mustang Holdings LLC	United States		3.3
Altice S.A.	Luxembourg		2.6
Ply Gem Industries, Inc.	United States		2.5
Anna Merger Sub, Inc.	United States		2.4
Zebra Technologies Corp.	United States		2.4
DISH DBS Corp.	United States		2.0

Total			33.8	%

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.


48		Artisan Partners Funds

ARTISAN INTERNATIONAL FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 94.7%

BELGIUM - 4.2%
Anheuser-Busch InBev N.V.		3,345,690	$	372,375
Telenet Group Holding N.V.⁽¹⁾		2,598,645		149,341
UCB S.A.		2,295,825		208,434

				730,150
BRAZIL - 0.2%
AMBEV S.A. (DR)		4,853,314		31,789

CHINA - 12.0%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		132,706		11,791
Baidu, Inc. (DR)⁽¹⁾		4,367,499		953,119
Beijing Enterprises Holdings Ltd.		35,699,037		306,425
China Mobile Ltd.		29,758,852		343,585
Industrial & Commercial Bank of China Ltd., Class H		290,100,378		180,452
Tencent Holdings Ltd.		20,596,734		305,840

				2,101,212
DENMARK - 0.5%
Rockwool International AS, Class B		557,243		80,652

FRANCE - 4.9%
L’Oreal S.A.		769,321		122,141
LVMH Moet Hennessy Louis Vuitton S.A.		776,599		126,240
Pernod-Ricard SA		79,798		9,035
Publicis Groupe S.A.⁽¹⁾		12,029		826
Schneider Electric SA		2,294,544		176,206
Technip S.A.		971,372		81,723
Zodiac Aerospace		10,698,324		341,259

				857,430
GERMANY - 11.6%
Bayer AG		5,098,352		714,138
Beiersdorf AG		2,666,422		222,748
Deutsche Post AG		9,891,498		317,209
Linde AG		3,255,907		625,698
MTU Aero Engines AG		1,917,091		163,685

				2,043,478
HONG KONG - 4.6%
AIA Group Ltd.		110,272,607		570,191
Sands China Ltd.		46,883,072		244,533

				814,724
INDIA - 0.3%
Coal India Ltd.		9,771,885		53,978
IRELAND - 1.3%
CRH plc		5,183,215	$	118,479
Ryanair Holdings plc, Equity-Linked Security^(2)(3)(4)(5)		12,474,866		118,614

				237,093
JAPAN - 15.4%
IHI Corp.⁽⁶⁾		81,032,963		419,665
KDDI Corp.		3,839,428		230,803
LIXIL Group Corp.		6,986,732		149,258
NGK Insulators Ltd.⁽⁶⁾		17,247,482		410,763
Olympus Corp.⁽¹⁾		12,541,141		449,960
Ono Pharmaceutical Co., Ltd.		2,157,427		191,597
Softbank Corp.		4,258,716		298,566
Toyota Motor Corp.		9,280,189		546,869

				2,697,481
KOREA - 0.9%
Naver Corp.		128,338		98,146
Orion Corp.		78,895		65,419

				163,565
MEXICO - 2.9%
Grupo Televisa S.A.B. (DR)		14,955,472		506,692

NETHERLANDS - 5.3%
ASML Holding N.V.		5,226,879		520,355
Unilever N.V. (DR)		5,460,287		217,450
Ziggo N.V.⁽¹⁾		3,966,780		185,830

				923,635
SPAIN - 1.0%
Grifols S.A.		2,399,383		98,311
Grifols S.A. (DR)		2,100,190		73,780

				172,091
SWITZERLAND - 8.7%
Actelion Ltd.⁽¹⁾		2,012,043		236,674
Nestle S.A.		6,666,093		490,513
Roche Holding AG⁽³⁾		1,791,705		531,299
Swatch Group AG		328,597		156,296
Syngenta AG		337,325		107,519

				1,522,301
UNITED KINGDOM - 13.0%
Babcock International Group plc		637,869		11,292
BT Group plc		31,143,069		191,651
Croda International plc		6,074,041		202,158
Diageo plc		566,999		16,408
InterContinental Hotels Group plc		4,233,323		163,267
Johnson Matthey plc		6,859,602		324,606


Artisan Partners Funds		49


	Shares Held		Value
UNITED KINGDOM (CONTINUED)
Prudential plc		9,076,307	$	202,465
Rolls-Royce Holdings plc⁽¹⁾		26,185,271		409,433
SABMiller plc		6,176,297		343,235
Saga plc⁽¹⁾		13,515,392		38,299
Smiths Group plc		4,556,749		93,374
WPP plc		13,775,462		276,918

				2,273,106
UNITED STATES - 7.9%
Cognizant Technology Solutions Corp., Class A⁽¹⁾		3,931,071		175,994
Covidien plc		4,582,540		396,436
Liberty Global plc, Class A⁽¹⁾		5,370,495		228,461
Liberty Global plc, Series C⁽¹⁾⁽³⁾		8,189,872		335,908
Nielsen Holdings NV		1,285,250		56,975
Schlumberger Ltd.		1,964,856		199,806

				1,393,580

Total common stocks and equity-linked securities (Cost $13,719,086)				16,602,957

PREFERRED STOCKS - 1.2%

GERMANY - 1.2%
Henkel AG & Co. KGaA⁽³⁾		2,181,748		217,862

Total preferred stocks (Cost $178,332)				217,862
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $642,096 (Cost $642,096)⁽⁷⁾	$	642,096	$	642,096


Total investments - 99.6% (Cost $14,539,514)				17,462,915

Other assets less liabilities - 0.4%				70,911


Total net assets - 100.0%⁽⁸⁾			$	17,533,826

⁽¹⁾	Non-income producing security.

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

⁽³⁾	Non-voting shares.

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


Security	Acquisition Dates		Cost		Value		Percentage of Total Net Assets
Ryanair Holdings plc		11/14/13- 9/23/14	$	106,455	$	118,614		0.7	%

⁽⁵⁾	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 $118,614, or 0.7% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

⁽⁶⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 11 in Notes to Financial Statements for additional information

⁽⁷⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		1.375	%		1/31/2020	$	5,277
U.S.Treasury Note		1.875	%		6/30/2020		250,312
U.S.Treasury Note		2.000	%		7/31/2020		291,450
U.S.Treasury Note		2.000	%		11/30/2020		107,900

						$	654,939

⁽⁸⁾	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, 2014
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	2,735,351		15.6	%
Consumer Staples		2,108,975		12.0
Energy		335,507		1.9
Financials		991,407		5.7
Health Care		2,900,629		16.5
Industrials		3,054,810		17.4
Information Technology		2,065,245		11.8
Materials		1,378,460		7.9
Telecommunication Services		1,250,435		7.1
Short-term investments		642,096		3.7

Total investments	$	17,462,915		99.6	%


50		Artisan Partners Funds


CURRENCY EXPOSURE - September 30, 2014
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	2,391,585		13.7	%
Danish krone		80,652		0.5
Euro		4,870,866		27.9
Hong Kong dollar		1,951,026		11.2
Indian rupee		53,978		0.3
Japanese yen		2,697,481		15.4
Korean won		163,565		0.9
Swiss franc		1,522,301		8.7
U.S. dollar		3,731,461		21.4

Total investments	$	17,462,915		100.0	%


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
Baidu, Inc.	China		5.4	%
Bayer AG	Germany		4.1
Linde AG	Germany		3.6
AIA Group Ltd.	Hong Kong		3.3
Liberty Global plc	United States		3.2
Toyota Motor Corp.	Japan		3.1
Roche Holding AG	Switzerland		3.0
ASML Holding N.V.	Netherlands		3.0
Grupo Televisa S.A.B.	Mexico		2.9
Nestle S.A.	Switzerland		2.8

Total			34.4	%

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.


Artisan Partners Funds		51

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 90.7%

BRAZIL - 2.8%
Arezzo Industria e Comercio S.A.		208,080	$	2,482
International Meal Co. Holdings S.A.		1,969,700		14,324
M Dias Branco S.A.		280,200		11,175
Qualicorp S.A.⁽¹⁾		246,700		2,441

				30,422
CANADA - 4.1%
CAE, Inc.		3,725,307		45,171

CHINA - 22.8%
21Vianet Group, Inc. (DR)⁽¹⁾		1,987,367		35,773
AMVIG Holdings Ltd.		6,284,000		2,865
Beijing Enterprises Water Group Ltd.⁽¹⁾		117,292,000		78,851
Biostime International Holdings Ltd.		4,852,000		15,184
China Everbright International Ltd.		35,056,000		46,321
China Oil & Gas Group Ltd.⁽²⁾		261,120,000		42,035
Labixiaoxin Snacks Group Ltd.⁽¹⁾		32,587,000		4,574
Yingde Gases Group Co., Ltd.		23,965,500		22,562

				248,165
DENMARK - 3.4%
Rockwool International AS, Class B		62,870		9,100
Royal Unibrew⁽¹⁾		166,300		27,681

				36,781
FINLAND - 1.9%
Huhtamaki Oyj		753,188		20,682

FRANCE - 2.8%
Eurofins Scientific SE		105,949		27,433
IPSOS		132,733		3,387

				30,820
GERMANY - 10.3%
Bertrandt AG		152,062		19,456
CTS Eventim AG & Co., KGaA		93,328		2,637
Deutz AG		1,156,020		6,130
Stroeer Media AG		117,807		2,596
Wirecard AG		2,212,588		81,756

				112,575
GREECE - 1.3%
JUMBO S.A.⁽¹⁾		1,160,667		14,675

HONG KONG - 0.9%
SJM Holdings Ltd.		5,031,932		9,591

INDONESIA - 2.3%
Ace Hardware Indonesia Tbk PT		169,014,700	$	12,276
Mayora Indah Tbk PT		1,601,800		4,009
Nippon Indosari Corpindo Tbk PT		93,787,000		8,775

				25,060
IRELAND - 2.5%
Glanbia plc		1,862,911		26,894

ITALY - 1.1%
Davide Campari-Milano S.p.A.		1,676,471		12,101

JAPAN - 0.9%
Sugi Holdings Co., Ltd.		227,600		9,556

KOREA - 2.4%
S-1 Corp.		335,725		25,929

MALAYSIA - 1.0%
Oldtown Bhd⁽²⁾		20,419,525		11,080

PHILIPPINES - 0.4%
Megaworld Corp.		41,917,400		4,698

SINGAPORE - 2.6%
Petra Foods Ltd.		7,501,000		23,755
Super Group Ltd.		4,503,000		4,500

				28,255
SWEDEN - 0.9%
Sanitec Corp.⁽¹⁾		1,025,088		9,482

SWITZERLAND - 7.4%
Cembra Money Bank AG		556,372		31,761
Comet Holding AG⁽¹⁾		35,808		22,692
Tecan Group AG		247,454		26,049

				80,502
TAIWAN - 4.1%
Ginko International Co., Ltd.		3,349,000		45,139

UNITED KINGDOM - 14.8%
Babcock International Group plc		2,378,228		42,102
Barratt Developments plc		3,330,316		21,385
Britvic plc		1,120,634		12,136
Dignity plc⁽¹⁾		564,921		13,417
Hays plc		11,171,312		21,062
Rathbone Brothers plc		485,718		15,016
Synergy Health plc		731,839		17,381


52		Artisan Partners Funds


	Shares Held		Value
UNITED KINGDOM (CONTINUED)
UBM plc		372,636	$	3,522
Victrex plc		597,413		15,554

				161,575

Total common stocks (Cost $809,468)				989,153
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 8.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $91,604 (Cost $91,604)⁽³⁾	$	91,604	$	91,604


Total investments - 99.1% (Cost $901,072)				1,080,757

Other assets less liabilities - 0.9%				9,334


Total net assets - 100.0%⁽⁴⁾			$	1,090,091

⁽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⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		2.000	%		5/31/2021	$	93,437

⁽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, 2014
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	100,292		9.2	%
Consumer Staples		171,420		15.7
Financials		51,475		4.7
Health Care		118,443		10.9
Industrials		224,753		20.6
Information Technology		140,221		12.9
Materials		61,663		5.7
Utilities		120,886		11.0
Short-term investments		91,604		8.4

Total investments	$	1,080,757		99.1	%


CURRENCY EXPOSURE - September 30, 2014
Dollar values in thousands
	Value		Percentage of Total Investments
Brazilian real	$	30,422		2.8	%
British pound		161,575		15.0
Canadian dollar		45,171		4.2
Danish krone		36,781		3.4
Euro		217,747		20.1
Hong Kong dollar		221,983		20.5
Indonesian rupiah		25,060		2.3
Japanese yen		9,556		0.9
Korean won		25,929		2.4
Malaysian ringgit		11,080		1.0
Philippine peso		4,698		0.4
Singapore dollar		28,255		2.6
Swedish krona		9,482		0.9
Swiss franc		80,502		7.5
Taiwan dollar		45,139		4.2
U.S. dollar		127,377		11.8

Total investments	$	1,080,757		100.0	%


Artisan Partners Funds		53


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		7.5	%
Beijing Enterprises Water Group Ltd.	China		7.2
China Everbright International Ltd.	China		4.3
CAE, Inc.	Canada		4.1
Ginko International Co., Ltd.	Taiwan		4.1
Babcock International Group plc	United Kingdom		3.9
China Oil & Gas Group Ltd.	China		3.9
21Vianet Group, Inc.	China		3.3
Cembra Money Bank AG	Switzerland		2.9
Royal Unibrew	Denmark		2.5

Total			43.7	%

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.


54		Artisan Partners Funds

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 86.7%

BELGIUM - 2.4%
Groupe Bruxelles Lambert S.A.		2,992,756	$	274,277

CANADA - 2.6%
Imperial Oil Ltd.		6,295,617		297,425

CHINA - 3.2%
Baidu, Inc. (DR)⁽¹⁾		1,480,762		323,147
Tianhe Chemicals Group Ltd.^(1)(2)(3)		188,460,000		44,852

				367,999
DENMARK - 3.4%
Carlsberg AS, Class B		2,231,156		198,374
ISS AS⁽¹⁾		6,841,635		185,507

				383,881
FRANCE - 3.1%
Societe Television Francaise 1		9,831,366		132,619
Sodexo		1,117,112		109,322
Vivendi S.A.⁽¹⁾		4,592,856		110,915

				352,856
GERMANY - 1.2%
Deutsche Boerse AG		1,996,523		134,483

JAPAN - 6.5%
Aderans Co., Ltd.		109,895		1,369
Credit Saison Co., Ltd.		7,685,563		148,070
Kao Corp.		6,882,421		268,363
Nifco, Inc.		1,936,148		59,669
Sankyo Co., Ltd.		921,301		33,013
Stanley Electric Co., Ltd.⁽⁴⁾		9,993,200		216,128
Tokyo Electron Ltd.		204,154		13,324

				739,936
KOREA - 4.5%
Kia Motors Corp.		3,362,139		171,094
Samsung Electronics Co., Ltd.		303,417		340,437

				511,531
NETHERLANDS - 5.0%
ING Groep N.V. (DR)⁽¹⁾		30,997,319		442,800
Reed Elsevier N.V.		2,503,038		56,811
TNT Express N.V.		10,811,920		68,471

				568,082
NORWAY - 3.1%
Akastor ASA⁽⁴⁾		14,415,446		58,001
Aker Solutions ASA⁽¹⁾		14,415,446		143,599
Orkla ASA		16,616,986		150,270

				351,870
SWITZERLAND - 8.7%
ABB Ltd.⁽¹⁾		3,304,235	$	74,343
Adecco S.A.⁽¹⁾		2,985,656		202,807
Novartis AG		4,230,412		399,467
Panalpina Welttransport Holding AG⁽⁴⁾		1,722,398		216,675
Pargesa Holding S.A.		1,338,069		106,589

				999,881
UNITED KINGDOM - 25.3%
Alent plc⁽⁴⁾		18,377,001		97,717
AMEC plc		8,090,220		144,795
Compass Group plc		33,257,767		537,271
Diageo plc		4,962,931		143,615
Lloyds Banking Group plc⁽¹⁾		207,156,026		258,153
QinetiQ Group plc		28,047,913		102,080
Reed Elsevier plc		29,138,958		466,718
Royal Bank of Scotland Group plc⁽¹⁾		70,538,940		421,052
Savills plc		1,607,582		15,937
Serco Group plc		13,333,597		61,842
TESCO plc		86,696,726		261,701
TSB Banking Group plc⁽¹⁾		4,777,701		21,532
Unilever plc (DR)		4,883,459		204,617
Vesuvius plc⁽⁴⁾		20,662,360		151,339

				2,888,369
UNITED STATES - 17.7%
Accenture plc, Class A		1,997,120		162,406
Aon plc		2,624,522		230,092
Applied Materials, Inc.		14,070,386		304,061
Arch Capital Group Ltd.⁽¹⁾⁽⁴⁾		6,031,602		330,049
Covidien plc		4,846,607		419,280
Flextronics International Ltd.⁽¹⁾		18,818,066		194,202
TE Connectivity Ltd.		6,969,048		385,319

				2,025,409

Total common stocks (Cost $7,504,210)				9,895,999

PREFERRED STOCKS - 0.3%

KOREA - 0.3%
Samsung Electronics Co., Ltd.⁽⁵⁾		35,993		30,629

Total preferred stocks (Cost $31,400)				30,629


Artisan Partners Funds		55


	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 12.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $1,422,094 (Cost $1,422,094)⁽⁶⁾	$	1,422,094	$	1,422,094


Total investments - 99.5% (Cost $8,957,704)				11,348,722

Other assets less liabilities - 0.5%				61,114


Total net assets - 100.0%⁽⁷⁾			$	11,409,836

⁽¹⁾	Non-income producing security.

⁽²⁾	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 $44,852, or 0.4% of total net assets.

⁽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 $44,852, or 0.4% of total net assets. See notes 2(a) and 3 in Notes to Financial Statements for additional information.

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

⁽⁵⁾	Non-voting shares.

⁽⁶⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		1.125	%		12/31/2019	$	121,905
U.S.Treasury Note		1.125	%		3/31/2020		14,381
U.S.Treasury Note		1.375	%		1/31/2020		72,823
U.S.Treasury Note		1.750	%		9/30/2019		1,142,073
U.S.Treasury Note		2.250	%		4/30/2021		17,676
U.S.Treasury Note		3.375	%		11/15/2019		81,680

						$	1,450,538

⁽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, 2014
Dollar values in thousands
	Value		Percentage of Total Net Assets
Consumer Discretionary	$	1,782,645		15.6	%
Consumer Staples		1,228,309		10.8
Energy		643,820		5.6
Financials		2,383,034		20.9
Health Care		818,747		7.2
Industrials		1,063,064		9.3
Information Technology		1,753,525		15.4
Materials		142,569		1.2
Telecommunication Services		110,915		1.0
Short-term investments		1,422,094		12.5

Total investments	$	11,348,722		99.5	%


CURRENCY EXPOSURE - September 30, 2014
Dollar values in thousands
	Value		Percentage of Total Investments
British pound	$	2,683,752		23.7	%
Canadian dollar		297,425		2.6
Danish krone		383,881		3.4
Euro		1,329,698		11.7
Hong Kong dollar		44,852		0.4
Japanese yen^*		739,936		6.5
Korean won		542,160		4.8
Norwegian krone		351,870		3.1
Swiss franc		999,881		8.8
U.S. dollar		3,975,267		35.0

Total investments	$	11,348,722		100.0	%

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

Counterparty

Contract
Settlement
Date

Contract Amount

Unrealized
Appreciation/
(Depreciation)

Deliver

Receive

State Street Bank and Trust Company

2/13/2015

JPY

70,594,601

USD

691,426

46,839

State Street Bank and Trust Company

2/13/2015

USD

39,822

JPY

4,322,955

(350

)

46,489

JPY - Japanese yen

USD - U.S. dollar


56		Artisan Partners Funds


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
Compass Group plc	United Kingdom		4.7	%
Reed Elsevier plc	United Kingdom		4.1
ING Groep N.V.	Netherlands		3.9
Royal Bank of Scotland Group plc	United Kingdom		3.7
Covidien plc	United States		3.7
Novartis AG	Switzerland		3.5
TE Connectivity Ltd.	United States		3.4
Samsung Electronics Co., Ltd.	Korea		3.2
Arch Capital Group Ltd.	United States		2.9
Baidu, Inc.	China		2.8

Total			35.9	%

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

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


Artisan Partners Funds		57

ARTISAN MID CAP FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 96.0%

CONSUMER DISCRETIONARY - 19.3%
Auto Components - 1.6%
BorgWarner, Inc.		2,854,883	$	150,195

Distributors - 2.7%
LKQ Corp.⁽¹⁾		9,670,923		257,150

Hotels, Restaurants & Leisure - 4.0%
Chipotle Mexican Grill, Inc.⁽¹⁾		369,107		246,043
Panera Bread Co., Class A⁽¹⁾		483,026		78,598
Wynn Resorts Ltd.		290,919		54,425

				379,066
Household Durables - 1.0%
Garmin Ltd.		907,896		47,201
Tempur Sealy International, Inc.⁽¹⁾		808,829		45,432

				92,633
Internet & Catalog Retail - 1.1%
TripAdvisor, Inc.⁽¹⁾		1,176,316		107,539

Specialty Retail - 5.8%
Cabela’s, Inc.⁽¹⁾		2,777,503		163,595
Signet Jewelers Ltd.		971,833		110,702
Tractor Supply Co.		2,546,664		156,645
Ulta Salon Cosmetics & Fragrance, Inc.⁽¹⁾		420,233		49,659
Williams-Sonoma, Inc.		1,084,955		72,225

				552,826
Textiles, Apparel & Luxury Goods - 3.1%
Fossil Group, Inc.⁽¹⁾		718,206		67,440
Kate Spade & Co.⁽¹⁾		2,435,782		63,891
Michael Kors Holdings Ltd.⁽¹⁾		788,433		56,286
Under Armour, Inc., Class A⁽¹⁾		1,519,542		105,000

				292,617
CONSUMER STAPLES - 2.5%
Beverages - 0.2%
Monster Beverage Corp.⁽¹⁾		192,442		17,641

Food Products - 2.3%
Keurig Green Mountain, Inc.		1,264,382		164,534
WhiteWave Foods Co., Class A⁽¹⁾		1,497,855		54,417

				218,951
ENERGY - 3.7%
Energy Equipment & Services - 0.8%
Core Laboratories N.V.		123,328		18,049
Oceaneering International, Inc.		841,475		54,839

				72,888
ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels - 2.9%
Cabot Oil & Gas Corp.		2,856,471	$	93,378
Noble Energy, Inc.		2,703,767		184,830

				278,208
FINANCIALS - 6.1%
Banks - 1.0%
PacWest Bancorp		2,212,824		91,235

Capital Markets - 0.9%
LPL Financial Holdings, Inc.		1,439,458		66,287
TD Ameritrade Holding Corp.		602,343		20,100

				86,387
Consumer Finance - 3.0%
Discover Financial Services		4,489,173		289,058

Diversified Financial Services - 1.2%
Intercontinental Exchange, Inc.		250,641		48,887
McGraw Hill Financial, Inc.		748,414		63,204

				112,091
HEALTH CARE - 21.3%
Biotechnology - 10.4%
Alexion Pharmaceuticals, Inc.⁽¹⁾		875,310		145,144
Alkermes plc⁽¹⁾		1,059,480		45,420
Cepheid, Inc.⁽¹⁾		2,462,403		108,419
Incyte Corp.⁽¹⁾		1,799,023		88,242
Isis Pharmaceuticals, Inc.⁽¹⁾		3,255,236		126,401
Regeneron Pharmaceuticals, Inc.⁽¹⁾		1,317,841		475,108

				988,734
Health Care Providers & Services - 2.7%
Catamaran Corp.⁽¹⁾⁽²⁾		1,614,328		68,044
Cigna Corp.		2,144,731		194,506

				262,550
Health Care Technology - 3.8%
athenahealth, Inc.⁽¹⁾		1,166,148		153,570
Cerner Corp.⁽¹⁾		3,526,273		210,060

				363,630
Life Sciences Tools & Services - 3.1%
Illumina, Inc.⁽¹⁾		1,787,725		293,044

Pharmaceuticals - 1.3%
Perrigo Co. plc		803,953		120,746

INDUSTRIALS - 18.5%
Air Freight & Logistics - 1.4%
CH Robinson Worldwide, Inc.		1,958,743		129,904


58		Artisan Partners Funds


	Shares Held		Value
INDUSTRIALS (CONTINUED)
Building Products - 2.4%
Fortune Brands Home & Security, Inc.		5,454,630	$	224,240

Commercial Services & Supplies - 2.1%
Waste Connections, Inc.		4,181,745		202,898

Electrical Equipment - 4.9%
AMETEK, Inc.		5,640,150		283,192
Rockwell Automation, Inc.		424,097		46,600
Sensata Technologies Holding N.V.⁽¹⁾		2,982,178		132,796

				462,588
Machinery - 1.4%
Pall Corp.		1,613,912		135,084

Professional Services - 5.5%
IHS, Inc., Class A⁽¹⁾⁽³⁾		3,450,813		432,007
Nielsen Holdings NV		1,207,303		53,520
Verisk Analytics, Inc., Class A⁽¹⁾		677,116		41,230

				526,757
Trading Companies & Distributors - 0.8%
WW Grainger, Inc.		297,815		74,945

INFORMATION TECHNOLOGY - 23.8%
Electronic Equipment, Instruments & Components - 3.0%
FLIR Systems, Inc.⁽³⁾		2,753,836		86,305
IPG Photonics Corp.⁽¹⁾		907,777		62,437
National Instruments Corp.		1,539,537		47,618
Trimble Navigation Ltd.⁽¹⁾		2,962,911		90,369

				286,729
Internet Software & Services - 4.3%
LinkedIn Corp., Class A⁽¹⁾		534,284		111,019
Pandora Media, Inc.⁽¹⁾		4,486,963		108,405
Qihoo 360 Technology Co., Ltd. (DR)⁽¹⁾⁽²⁾		625,573		42,207
Twitter, Inc.⁽¹⁾		1,972,182		101,725
Yelp, Inc.⁽¹⁾		653,152		44,578

				407,934
IT Services - 1.6%
Gartner, Inc.⁽¹⁾		2,043,782		150,157

Semiconductors & Semiconductor Equipment - 4.3%
Applied Materials, Inc.		15,185,196		328,152
Freescale Semiconductor Ltd.⁽¹⁾		4,157,721		81,200

				409,352
Software - 10.6%
Aspen Technology, Inc.⁽¹⁾		2,540,896		95,843
Autodesk, Inc.⁽¹⁾		3,761,119		207,238
Concur Technologies, Inc.⁽¹⁾		1,798,666		228,107
Electronic Arts, Inc.⁽¹⁾		2,632,105		93,729
Guidewire Software, Inc.⁽¹⁾		1,639,362		72,689
INFORMATION TECHNOLOGY (CONTINUED)
Software (Continued)
Mobileye N.V.⁽¹⁾⁽²⁾		107,695	$	5,771
ServiceNow, Inc.⁽¹⁾		1,629,448		95,779
Workday, Inc., Class A⁽¹⁾		2,573,220		212,291

				1,011,447
TELECOMMUNICATION SERVICES - 0.8%
Diversified Telecommunication Services - 0.8%
Level 3 Communications, Inc.⁽¹⁾		1,647,806		75,354

Total common stocks (Cost $6,180,329)				9,124,578
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 3.6%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $336,424 (Cost $336,424)⁽⁴⁾	$	336,424	$	336,424


Total investments - 99.6% (Cost $6,516,753)				9,461,002

Other assets less liabilities - 0.4%				40,415


Total net assets - 100.0%⁽⁵⁾			$	9,501,417

⁽¹⁾	Non-income producing security.

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


Security	Country	Trading Currency
Catamaran Corp.	Canada		U.S. dollar
Mobileye N.V.	Israel		U.S. dollar
Qihoo 360 Technology Co., Ltd. (DR)	China		U.S. dollar

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

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		2.000	%		5/31/2021	$	72,574
U.S.Treasury Note		2.125	%		6/30/2021		270,580

						$	343,154

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


Artisan Partners Funds		59

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, 2014
Company Name	Country	Percentage of Total Net Assets
Regeneron Pharmaceuticals, Inc.	United States		5.0	%
IHS, Inc.	United States		4.5
Applied Materials, Inc.	United States		3.5
Illumina, Inc.	United States		3.1
Discover Financial Services	United States		3.0
AMETEK, Inc.	United States		3.0
LKQ Corp.	United States		2.7
Chipotle Mexican Grill, Inc.	United States		2.6
Concur Technologies, Inc.	United States		2.4
Fortune Brands Home & Security, Inc.	United States		2.4

Total			32.2	%

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.


60		Artisan Partners Funds

ARTISAN MID CAP VALUE FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 92.4%

CONSUMER DISCRETIONARY - 13.5%
Diversified Consumer Services - 2.0%
H&R Block, Inc.		7,057,437	$	218,851

Internet & Catalog Retail - 1.6%
Liberty Interactive Corp., Class A⁽¹⁾		6,016,258		171,584

Leisure Equipment & Products - 1.6%
Mattel, Inc.		5,589,446		171,315

Media - 3.4%
Gannett Co., Inc.		6,043,824		179,320
Omnicom Group, Inc.		2,807,121		193,298

				372,618
Multiline Retail - 1.6%
Nordstrom, Inc.		2,615,741		178,838

Specialty Retail - 1.9%
Bed Bath & Beyond, Inc.⁽¹⁾		3,262,686		214,783

Textiles, Apparel & Luxury Goods - 1.4%
Coach, Inc.		4,267,066		151,950

CONSUMER STAPLES - 3.2%
Food & Staples Retailing - 3.2%
Kroger Co.		6,846,009		355,993

ENERGY - 10.5%
Energy Equipment & Services - 4.4%
Ensco plc, Class A		5,859,198		242,044
McDermott International, Inc.⁽¹⁾⁽²⁾		13,345,344		76,336
Patterson-UTI Energy, Inc.		5,123,988		166,683

				485,063
Oil, Gas & Consumable Fuels - 6.1%
Denbury Resources, Inc.		13,918,877		209,201
Hess Corp.		900,635		84,948
SM Energy Co.		2,826,905		220,498
Southwestern Energy Co.⁽¹⁾		4,361,707		152,442

				667,089
FINANCIALS - 21.8%
Banks - 1.2%
M&T Bank Corp.		1,091,035	$	134,514

Capital Markets - 1.0%
Northern Trust Corp.		1,634,443		111,191

Diversified Financial Services - 1.6%
Intercontinental Exchange, Inc.		901,238		175,787

Insurance - 15.4%
Alleghany Corp.⁽¹⁾		668,312		279,455
Allied World Assurance Co. Holdings AG		4,177,114		153,885
Allstate Corp.		4,714,059		289,302
Aon plc		2,453,115		215,065
Arch Capital Group Ltd.⁽¹⁾⁽²⁾		3,818,624		208,955
Loews Corp.		3,936,274		163,985
Progressive Corp.		7,450,088		188,338
Torchmark Corp.		3,658,899		191,616

				1,690,601
Real Estate Investment Trusts (REITs) - 2.6%
American Capital Agency Corp.		7,215,843		153,337
Hatteras Financial Corp.⁽²⁾		7,662,175		137,613

				290,950
HEALTH CARE - 3.2%
Health Care Providers & Services - 3.2%
Cigna Corp.		3,838,803		348,141

INDUSTRIALS - 12.7%
Aerospace & Defense - 2.8%
L-3 Communications Holdings, Inc.		1,064,261		126,562
Rockwell Collins, Inc.		2,274,133		178,519

				305,081
Commercial Services & Supplies - 1.3%
Republic Services, Inc.		3,502,339		136,661

Construction & Engineering - 1.7%
Jacobs Engineering Group, Inc.⁽¹⁾		3,900,032		190,400

Electrical Equipment - 1.6%
Hubbell, Inc., Class B		1,468,651		177,017


Artisan Partners Funds		61


	Shares Held		Value
INDUSTRIALS (CONTINUED)
Machinery - 2.5%
Joy Global, Inc.		2,759,243	$	150,489
Kennametal, Inc.		3,128,658		129,245

				279,734
Professional Services - 2.1%
Manpowergroup, Inc.		2,291,193		160,613
Towers Watson & Co., Class A		708,770		70,522

				231,135
Road & Rail - 0.7%
Ryder System, Inc.		903,217		81,262

INFORMATION TECHNOLOGY - 21.6%
Computers & Peripherals - 0.1%
Lexmark International, Inc., Class A		377,430		16,041

Electronic Equipment, Instruments & Components - 7.9%
Arrow Electronics, Inc.⁽¹⁾⁽²⁾		5,282,526		292,388
Avnet, Inc.⁽²⁾		6,940,710		288,039
FLIR Systems, Inc.⁽²⁾		7,923,855		248,333
Ingram Micro, Inc., Class A⁽¹⁾		1,457,716		37,624

				866,384
Internet Software & Services - 1.6%
IAC/InterActiveCorp		2,621,906		172,784

IT Services - 3.9%
NeuStar, Inc., Class A⁽¹⁾⁽²⁾		3,539,006		87,874
Teradata Corp.⁽¹⁾		4,942,369		207,184
Western Union Co.		8,412,345		134,934

				429,992
Semiconductors & Semiconductor Equipment - 7.0%
Analog Devices, Inc.		5,915,754		292,770
KLA-Tencor Corp.		2,961,042		233,271
Lam Research Corp.		3,317,950		247,851

				773,892
Software - 1.1%
Synopsys, Inc.⁽¹⁾		2,909,319		115,485

MATERIALS - 1.0%
Metals & Mining - 1.0%
Kinross Gold Corp.⁽¹⁾⁽³⁾		34,472,996		113,761

UTILITIES - 4.9%
Electric Utilities - 3.9%
Edison International		4,713,531		263,581
Xcel Energy, Inc.		5,545,261		168,576

				432,157
UTILITIES (CONTINUED)
Multi-Utilities - 1.0%
SCANA Corp.		2,189,589	$	108,625


Total common stocks (Cost $7,642,482)				10,169,679
	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 7.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $868,907 (Cost $868,907)⁽⁴⁾	$	868,907	$	868,907


Total investments - 100.3% (Cost $8,511,389)				11,038,586

Other assets less liabilities - (0.3)%				(30,535	)


Total net assets - 100.0%⁽⁵⁾			$	11,008,051

⁽¹⁾	Non-income producing security.

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

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


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

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		2.000	%		11/30/2020	$	495,469
U.S.Treasury Note		2.125	%		1/31/2021		180,578
U.S.Treasury Note		2.250	%		3/31/2021		133,187
U.S.Treasury Note		3.625	%		2/15/2021		77,055

						$	886,289

⁽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.


62		Artisan Partners Funds


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
Kroger Co.	United States		3.2	%
Cigna Corp.	United States		3.2
Analog Devices, Inc.	United States		2.7
Arrow Electronics, Inc.	United States		2.7
Allstate Corp.	United States		2.6
Avnet, Inc.	United States		2.6
Alleghany Corp.	United States		2.5
Edison International	United States		2.4
FLIR Systems, Inc.	United States		2.3
Lam Research Corp.	United States		2.2

Total			26.4	%

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.


Artisan Partners Funds		63

ARTISAN SMALL CAP FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.1%

CONSUMER DISCRETIONARY - 17.2%
Auto Components - 2.1%
Gentherm, Inc.⁽¹⁾		724,473	$	30,595

Distributors - 1.4%
LKQ Corp.⁽¹⁾		762,705		20,280

Diversified Consumer Services - 1.2%
LifeLock, Inc.⁽¹⁾		1,180,111		16,864

Hotels, Restaurants & Leisure - 4.1%
Dunkin’ Brands Group, Inc.		1,021,962		45,805
Noodles & Co⁽¹⁾		668,275		12,824
Zoe’s Kitchen, Inc.⁽¹⁾		53,611		1,649

				60,278
Internet & Catalog Retail - 2.1%
HomeAway, Inc.⁽¹⁾		689,929		24,493
MakeMyTrip Ltd.⁽¹⁾⁽²⁾		221,828		6,173

				30,666
Media - 0.6%
Imax Corp.⁽¹⁾⁽²⁾		284,385		7,809

Specialty Retail - 1.8%
Five Below, Inc.⁽¹⁾		303,861		12,036
Restoration Hardware Holdings, Inc.⁽¹⁾		185,159		14,729

				26,765
Textiles, Apparel & Luxury Goods - 3.9%
Deckers Outdoor Corp.⁽¹⁾		435,293		42,302
Tumi Holdings, Inc.⁽¹⁾		735,969		14,977

				57,279
CONSUMER STAPLES - 1.1%
Food & Staples Retailing - 1.1%
PriceSmart, Inc.		192,693		16,502

ENERGY - 3.5%
Oil, Gas & Consumable Fuels - 3.5%
Oasis Petroleum, Inc.⁽¹⁾		531,566		22,225
Rosetta Resources, Inc.⁽¹⁾		493,909		22,008
Solazyme, Inc.⁽¹⁾		897,463		6,695

				50,928
HEALTH CARE - 21.0%
Biotechnology - 9.7%
Agios Pharmaceuticals, Inc.⁽¹⁾		84,812		5,203
Alnylam Pharmaceuticals, Inc.⁽¹⁾		306,933		23,971
HEALTH CARE (CONTINUED)
Biotechnology (Continued)
Cepheid, Inc.⁽¹⁾		956,600	$	42,119
Exact Sciences Corp.⁽¹⁾		265,322		5,142
Incyte Corp.⁽¹⁾		538,286		26,403
Isis Pharmaceuticals, Inc.⁽¹⁾		1,013,279		39,346

				142,184
Health Care Equipment & Supplies - 4.7%
DexCom, Inc.⁽¹⁾		1,499,334		59,958
GenMark Diagnostics, Inc.⁽¹⁾		978,882		8,781

				68,739
Health Care Providers & Services - 0.5%
Surgical Care Affiliates, Inc.⁽¹⁾		276,343		7,387

Health Care Technology - 2.9%
athenahealth, Inc.⁽¹⁾		316,017		41,616

Life Sciences Tools & Services - 3.2%
Bruker Corp.⁽¹⁾		2,257,671		41,801
NeoGenomics, Inc.⁽¹⁾		1,076,582		5,609

				47,410
INDUSTRIALS - 16.5%
Aerospace & Defense - 5.0%
Taser International, Inc.⁽¹⁾		1,465,938		22,634
Teledyne Technologies, Inc.⁽¹⁾		533,637		50,167

				72,801
Air Freight & Logistics - 1.0%
Forward Air Corp.		314,928		14,118

Electrical Equipment - 4.0%
Acuity Brands, Inc.		496,461		58,439

Machinery - 2.9%
Chart Industries, Inc.⁽¹⁾		116,645		7,130
IDEX Corp.		395,352		28,612
Proto Labs, Inc.⁽¹⁾		99,292		6,851

				42,593
Professional Services - 1.5%
Advisory Board Co.⁽¹⁾		474,874		22,124

Trading Companies & Distributors - 2.1%
Beacon Roofing Supply, Inc.⁽¹⁾		1,181,901		30,115


64		Artisan Partners Funds


	Shares Held		Value
INFORMATION TECHNOLOGY - 35.8%
Electronic Equipment, Instruments & Components - 6.8%
Cognex Corp.⁽¹⁾		1,451,151	$	58,438
Control4 Corp.⁽¹⁾		280,390		3,625
FEI Co.		240,903		18,169
Hollysys Automation Technologies Ltd.⁽¹⁾		130,377		2,932
IPG Photonics Corp.⁽¹⁾		242,800		16,700

				99,864
Internet Software & Services - 12.2%
Benefitfocus, Inc.⁽¹⁾		187,243		5,044
CoStar Group, Inc.⁽¹⁾		265,937		41,364
Demandware, Inc.⁽¹⁾		417,914		21,280
Marketo, Inc.⁽¹⁾		171,627		5,543
MercadoLibre, Inc.		172,415		18,733
Pandora Media, Inc.⁽¹⁾		1,752,073		42,330
Shutterstock, Inc.⁽¹⁾		163,345		11,660
SPS Commerce, Inc.⁽¹⁾		244,594		13,000
Textura Corp.⁽¹⁾		727,372		19,203

				178,157
IT Services - 0.7%
Acxiom Corp.⁽¹⁾		634,853		10,507

Semiconductors & Semiconductor Equipment - 1.7%
Cavium, Inc.⁽¹⁾		300,174		14,928
Ultratech, Inc.⁽¹⁾⁽³⁾		440,409		10,019

				24,947
Software - 14.4%
Concur Technologies, Inc.⁽¹⁾		434,037		55,044
Guidewire Software, Inc.⁽¹⁾		953,247		42,267
Informatica Corp.⁽¹⁾		601,777		20,605
Interactive Intelligence Group, Inc.⁽¹⁾		174,392		7,290
Tableau Software, Inc., Class A⁽¹⁾		248,210		18,032
Tyler Technologies, Inc.⁽¹⁾		332,541		29,397
Ultimate Software Group, Inc.⁽¹⁾		218,047		30,856
Zendesk, Inc.⁽¹⁾		278,828		6,020

				209,511

Total common stocks (Cost $1,002,746)				1,388,478
	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $75,843 (Cost $75,843)⁽⁴⁾	$	75,843	$	75,843


Total investments - 100.3% (Cost $1,078,589)				1,464,321

Other assets less liabilities - (0.3)%				(4,628	)


Total net assets - 100.0%⁽⁵⁾			$	1,459,693

⁽¹⁾	Non-income producing security.

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


Security	Country	Trading Currency
Imax Corp.	Canada		U.S. dollar
MakeMyTrip Ltd.	India		U.S. dollar

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

⁽⁴⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		2.000	%		5/31/2021	$	77,363

⁽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.


Artisan Partners Funds		65


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
DexCom, Inc.	United States		4.1	%
Acuity Brands, Inc.	United States		4.0
Cognex Corp.	United States		4.0
Concur Technologies, Inc.	United States		3.8
Teledyne Technologies, Inc.	United States		3.4
Dunkin’ Brands Group, Inc.	United States		3.1
Pandora Media, Inc.	United States		2.9
Deckers Outdoor Corp.	United States		2.9
Guidewire Software, Inc.	United States		2.9
Cepheid, Inc.	United States		2.9

Total			34.0	%

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.


66		Artisan Partners Funds

ARTISAN SMALL CAP VALUE FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 92.1%

CONSUMER DISCRETIONARY - 6.5%
Auto Components - 0.6%
Remy International, Inc.		449,878	$	9,236

Household Durables - 0.5%
NACCO Industries, Inc., Class A		163,758		8,144

Media - 1.4%
DreamWorks Animation SKG, Inc., Class A⁽¹⁾		820,629		22,378

Specialty Retail - 4.0%
America’s Car-Mart, Inc.⁽¹⁾		309,664		12,260
American Eagle Outfitters, Inc.		832,738		12,091
Rent-A-Center, Inc.		1,272,940		38,634

				62,985
CONSUMER STAPLES - 3.2%
Beverages - 0.6%
Cott Corp.⁽²⁾		1,391,881		9,562

Food Products - 2.6%
Darling Ingredients, Inc.⁽¹⁾		580,568		10,636
Dean Foods Co.		722,224		9,570
Fresh Del Monte Produce, Inc.		637,362		20,332

				40,538
ENERGY - 17.1%
Energy Equipment & Services - 10.8%
C&J Energy Services, Inc.⁽¹⁾		115,139		3,518
Era Group, Inc.⁽¹⁾		862,178		18,752
Gulfmark Offshore, Inc., Class A		760,750		23,850
Key Energy Services, Inc.⁽¹⁾		1,819,339		8,806
McDermott International, Inc.⁽¹⁾⁽³⁾		549,697		3,144
Mitcham Industries, Inc.⁽¹⁾		573,843		6,341
Newpark Resources, Inc.⁽¹⁾		1,650,035		20,526
Parker Drilling Co.⁽¹⁾		3,005,641		14,848
SEACOR Holdings, Inc.⁽¹⁾		120,945		9,047
Superior Energy Services, Inc.		243,262		7,996
Tesco Corp.		328,330		6,517
Tidewater, Inc.		644,362		25,150
Unit Corp.⁽¹⁾		396,392		23,248

				171,743
Oil, Gas & Consumable Fuels - 6.3%
Approach Resources, Inc.⁽¹⁾		1,033,850		14,991
Cloud Peak Energy, Inc.⁽¹⁾		1,660,562		20,956
ENERGY (CONTINUED)
Oil, Gas & Consumable Fuels (Continued)
Emerald Oil, Inc.⁽¹⁾		629,676	$	3,872
Synergy Resources Corp.⁽¹⁾		451,841		5,508
World Fuel Services Corp.		1,339,644		53,479

				98,806
FINANCIALS - 9.9%
Banks - 0.3%
State Bank Financial Corp.		255,325		4,147

Capital Markets - 0.2%
Manning & Napier, Inc.		211,185		3,546

Diversified Financial Services - 1.0%
PICO Holdings, Inc.⁽¹⁾		820,262		16,364

Insurance - 2.7%
Allied World Assurance Co. Holdings AG		455,629		16,785
Platinum Underwriters Holdings Ltd.		435,453		26,506

				43,291
Real Estate Investment Trusts (REITs) - 3.8%
Anworth Mortgage Asset Corp.		2,985,465		14,300
Campus Crest Communities, Inc.		1,969,786		12,607
CYS Investments, Inc.		1,355,908		11,173
Hatteras Financial Corp.⁽³⁾		1,215,213		21,825

				59,905
Thrifts & Mortgage Finance - 1.9%
Berkshire Hills Bancorp, Inc.		515,704		12,114
Dime Community Bancshares, Inc.		527,768		7,600
Oritani Financial Corp.		727,608		10,252

				29,966
HEALTH CARE - 3.0%
Health Care Equipment & Supplies - 1.1%
ICU Medical, Inc.⁽¹⁾		88,856		5,703
Merit Medical Systems, Inc.⁽¹⁾		992,840		11,795

				17,498
Health Care Providers & Services - 1.2%
Landauer, Inc.		310,446		10,248
Owens & Minor, Inc.		285,906		9,360

				19,608
Health Care Technology - 0.7%
Vocera Communications, Inc.⁽¹⁾		1,268,315		10,235


Artisan Partners Funds		67


	Shares Held		Value
INDUSTRIALS - 24.3%
Aerospace & Defense - 2.5%
Cubic Corp.		839,696	$	39,298

Building Products - 1.3%
Quanex Building Products Corp.		1,110,193		20,083

Commercial Services & Supplies - 2.0%
Brady Corp., Class A⁽⁴⁾		35,342		793
Civeo Corp.		529,894		6,152
Quad/Graphics, Inc.		223,383		4,300
Team, Inc.⁽¹⁾		109,347		4,145
Tetra Tech, Inc.		670,724		16,755

				32,145
Construction & Engineering - 6.9%
Aegion Corp.⁽¹⁾		355,023		7,899
Comfort Systems USA, Inc.		742,180		10,057
EMCOR Group, Inc.		1,571,089		62,781
Granite Construction, Inc.		172,125		5,475
MYR Group, Inc.⁽¹⁾		326,212		7,855
Orion Marine Group, Inc.⁽¹⁾		934,385		9,325
Tutor Perini Corp.⁽¹⁾		227,725		6,012

				109,404
Electrical Equipment - 2.9%
AZZ, Inc.		469,289		19,602
Encore Wire Corp.		367,597		13,634
Powell Industries, Inc.		309,307		12,639

				45,875
Machinery - 2.7%
Astec Industries, Inc.		207,261		7,559
Dynamic Materials Corp.		442,514		8,430
Global Brass & Copper Holdings, Inc.		496,598		7,285
Woodward, Inc.		422,518		20,120

				43,394
Professional Services - 2.2%
CRA International, Inc.⁽¹⁾		104,981		2,670
FTI Consulting, Inc.⁽¹⁾		699,417		24,452
TrueBlue, Inc.⁽¹⁾		293,567		7,415

				34,537
Road & Rail - 2.3%
Celadon Group, Inc.		549,522		10,688
Ryder System, Inc.		288,706		25,975

				36,663
Trading Companies & Distributors - 1.5%
Kaman Corp.		550,509		21,635
TAL International Group, Inc.⁽¹⁾		70,344		2,902

				24,537
INFORMATION TECHNOLOGY - 18.4%
Communications Equipment - 1.9%
ADTRAN, Inc.		1,450,610	$	29,781

Electronic Equipment, Instruments & Components - 7.0%
Arrow Electronics, Inc.⁽¹⁾⁽³⁾		629,017		34,816
Benchmark Electronics, Inc.⁽¹⁾		372,565		8,275
Knowles Corp.⁽¹⁾		374,728		9,930
Park Electrochemical Corp.		927,838		21,851
Tech Data Corp.⁽¹⁾		627,631		36,942

				111,814
Internet Software & Services - 1.0%
Blucora, Inc.⁽¹⁾		335,782		5,118
EarthLink Holdings Corp.		3,339,828		11,422

				16,540
Semiconductors & Semiconductor Equipment - 5.0%
MKS Instruments, Inc.		594,307		19,838
Nanometrics, Inc.⁽¹⁾		1,123,159		16,960
Rudolph Technologies, Inc.⁽¹⁾		1,333,632		12,069
Ultratech, Inc.⁽¹⁾⁽³⁾		1,328,650		30,227

				79,094
Software - 3.5%
MicroStrategy, Inc., Class A⁽¹⁾		265,085		34,683
Progress Software Corp.⁽¹⁾		843,320		20,164

				54,847
MATERIALS - 8.4%
Chemicals - 5.9%
American Vanguard Corp.		804,601		9,011
HB Fuller Co.		1,201,254		47,690
Intrepid Potash, Inc.⁽¹⁾		221,316		3,419
Rayonier Advanced Materials Inc.		659,240		21,696
Sensient Technologies Corp.		217,322		11,377

				93,193
Metals & Mining - 2.5%
Alamos Gold, Inc.⁽¹⁾⁽²⁾		1,418,453		11,291
AuRico Gold, Inc.⁽²⁾		2,027,335		7,075
Globe Specialty Metals, Inc.		189,213		3,442
Schnitzer Steel Industries, Inc., Class A		786,204		18,908

				40,716
TELECOMMUNICATION SERVICES - 1.2%
Diversified Telecommunication Services - 1.2%
Atlantic Tele-Network, Inc.		352,513		19,000

UTILITIES - 0.1%
Multi-Utilities - 0.1%
NorthWestern Corp.		50,915		2,309

Total common stocks (Cost $1,234,346)				1,461,182


68		Artisan Partners Funds


	Principal Amount		Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 8.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $128,876 (Cost $128,876)⁽⁵⁾	$	128,876	$	128,876


Total investments - 100.2% (Cost $1,363,222)				1,590,058

Other assets less liabilities - (0.2)%				(3,902	)


Total net assets - 100.0%⁽⁶⁾			$	1,586,156

⁽¹⁾	Non-income producing security.

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


Security	Country		Trading Currency
Alamos Gold, Inc.		Canada		U.S. dollar
AuRico Gold, Inc.		Canada		U.S. dollar
Cott Corp.		Canada		U.S. dollar

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

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		2.000	%		5/31/2021	$	131,458

⁽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.


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
EMCOR Group, Inc.	United States		3.9	%
World Fuel Services Corp.	United States		3.4
HB Fuller Co.	United States		3.0
Cubic Corp.	United States		2.5
Rent-A-Center, Inc.	United States		2.4
Tech Data Corp.	United States		2.3
Arrow Electronics, Inc.	United States		2.2
MicroStrategy, Inc.	United States		2.2
Ultratech, Inc.	United States		1.9
ADTRAN, Inc.	United States		1.9

Total			25.7	%

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

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


Artisan Partners Funds		69

ARTISAN VALUE FUND

Schedule of Investments – September 30, 2014

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 87.0%

CONSUMER DISCRETIONARY - 4.9%
Auto Components - 3.6%
Cie Generale des Etablissements Michelin⁽¹⁾		571,128	$	53,871

Leisure Equipment & Products - 1.3%
Mattel, Inc.		611,477		18,742

CONSUMER STAPLES - 4.7%
Food & Staples Retailing - 4.7%
Kroger Co.		769,333		40,005
Wal-Mart Stores, Inc.		393,350		30,080

				70,085
ENERGY - 16.1%
Energy Equipment & Services - 7.9%
National Oilwell Varco, Inc.		575,331		43,783
Noble Corp. plc		2,010,236		44,667
TGS Nopec Geophysical Co. ASA⁽¹⁾		1,126,624		28,671

				117,121
Oil, Gas & Consumable Fuels - 8.2%
Apache Corp.		311,752		29,264
Denbury Resources, Inc.		3,025,951		45,480
Devon Energy Corp.		669,097		45,619

				120,363
FINANCIALS - 20.3%
Capital Markets - 2.5%
Goldman Sachs Group, Inc.		197,587		36,271

Diversified Financial Services - 2.6%
Berkshire Hathaway, Inc., Class B⁽²⁾		279,432		38,601

Insurance - 11.3%
Alleghany Corp.⁽²⁾		109,678		45,862
Allstate Corp.		533,039		32,713
Arch Capital Group Ltd.⁽²⁾⁽³⁾		476,794		26,090
Chubb Corp.		412,070		37,531
Progressive Corp.		978,491		24,736

				166,932
Real Estate Investment Trusts (REITs) - 3.9%
American Capital Agency Corp.		1,354,538		28,784
Annaly Capital Management, Inc.		2,759,289		29,469

				58,253
HEALTH CARE - 6.1%
Health Care Providers & Services - 6.1%
Cigna Corp.		578,336	$	52,449
Express Scripts Holding Co.⁽²⁾		524,581		37,051

				89,500
INDUSTRIALS - 2.3%
Road & Rail - 2.3%
Union Pacific Corp.		307,974		33,391

INFORMATION TECHNOLOGY - 23.3%
Communications Equipment - 2.1%
Cisco Systems, Inc.		1,246,964		31,386

Computers & Peripherals - 8.5%
Apple, Inc.		896,571		90,330
EMC Corp./MA		1,208,452		35,359

				125,689
Electronic Equipment, Instruments & Components - 2.8%
Avnet, Inc.⁽³⁾		988,293		41,014

IT Services - 4.0%
International Business Machines Corp.		211,498		40,148
Western Union Co.		1,128,786		18,106

				58,254
Software - 5.9%
Microsoft Corp.		467,525		21,674
Oracle Corp.		1,725,275		66,044

				87,718
MATERIALS - 9.3%
Chemicals - 4.3%
LyondellBasell Industries N.V., Class A		167,596		18,211
Mosaic Co.		996,030		44,234

				62,445
Metals & Mining - 5.0%
Goldcorp, Inc.⁽¹⁾		1,959,503		45,127
Kinross Gold Corp.⁽¹⁾⁽²⁾		8,816,226		29,094

				74,221

Total common stocks (Cost $1,090,040)				1,283,857


70		Artisan Partners Funds


	Shares Held		Value
PREFERRED STOCKS - 4.6%

INFORMATION TECHNOLOGY - 4.6%
Semiconductors & Semiconductor Equipment - 4.6%
Samsung Electronics Co., Ltd.⁽¹⁾⁽⁴⁾		79,924	$	68,014

Total preferred stocks (Cost $54,848)				68,014

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 10.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.00%, dated 9/30/14, due 10/1/14, maturity value $153,690 (Cost $153,690)⁽⁵⁾	$	153,690	$	153,690


Total investments - 102.0% (Cost $1,298,578)				1,505,561

Other assets less liabilities - (2.0)%				(28,941	)


Total net assets - 100.0%⁽⁶⁾			$	1,476,620

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


Security	Country	Trading Currency
Cie Generale des Etablissements Michelin	France	Euro
Goldcorp, Inc.	Canada	U.S. dollar
Kinross Gold Corp.	Canada	U.S. dollar
Samsung Electronics Co., Ltd.	Korea	Korean won
TGS Nopec Geophysical Co. ASA	Norway	Norwegian krone

⁽²⁾	Non-income producing security.

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

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:


Issuer	Rate			Maturity		Value
U.S.Treasury Note		2.000	%		5/31/2021	$	2,996
U.S.Treasury Note		2.250	%		4/30/2021		43,432
U.S.Treasury Note		3.125	%		5/15/2021		110,339

						$	156,767

⁽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.


CURRENCY EXPOSURE - September 30, 2014
Dollar values in thousands
	Value		Percentage of Total Investments
Euro	$	53,871		3.6	%
Korean won		68,014		4.5
Norwegian krone		28,671		1.9
U.S. dollar		1,355,005		90.0

Total investments	$	1,505,561		100.0	%


TOP TEN HOLDINGS - September 30, 2014
Company Name	Country	Percentage of Total Net Assets
Apple, Inc.	United States		6.1	%
Samsung Electronics Co., Ltd.	Korea		4.6
Oracle Corp.	United States		4.5
Cie Generale des Etablissements Michelin	France		3.6
Cigna Corp.	United States		3.6
Alleghany Corp.	United States		3.1
Devon Energy Corp.	United States		3.1
Denbury Resources, Inc.	United States		3.1
Goldcorp, Inc.	Canada		3.1
Noble Corp. plc	United States		3.0

Total			37.8	%

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.


Artisan Partners Funds		71

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2014

Dollar values in thousands


	EMERGING MARKETS⁽¹⁾			GLOBAL EQUITY			GLOBAL OPPORTUNITIES			GLOBAL SMALL CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	398,079		$	222,492		$	1,030,293		$	140,431
Investments in securities, affiliated, at value		–			7,196			62,194			8,869
Short-term investments (repurchase agreements), at value		10,195			4,560			66,725			13,464
Total investments		408,274			234,248			1,159,212			162,764
Cash		–	⁽²⁾		1			–	⁽²⁾		–	⁽²⁾
Foreign currency		467			988			386			–
Unrealized gain on foreign currency forward contracts		–			–			1,342			–
Receivable from investments sold		4,761			821			–			2,860
Receivable from fund shares sold		90			257			4,730			500
Dividends and interest receivable		530			193			573			215
Prepaid expenses		1			–	⁽²⁾		1			–	⁽²⁾
Total assets		414,123			236,508			1,166,244			166,339
LIABILITIES:
Payable for investments purchased		6,182			1			5,917			2
Payable for fund shares redeemed		1,585			45			301			18
Payable for operating expenses		275			160			303			135
Payable for foreign taxes*		730			32			15			8
Due to custodian		–			–			–			64
Total liabilities		8,772			238			6,536			227
Total net assets	$	405,351		$	236,270		$	1,159,708		$	166,112
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	525,718		$	216,268		$	942,401		$	173,926
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		32,643			13,896			194,813			(9,931	)
Accumulated undistributed net investment income (loss)		1,649			–			2,097			22
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(154,659	)		6,106			20,397			2,095
Total net assets	$	405,351		$	236,270		$	1,159,708		$	166,112
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	67,065		$	236,270		$	724,237		$	166,112
Institutional Shares	$	338,286					$	435,471
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		5,349,246			14,599,855			38,278,448			15,009,853
Institutional Shares		27,011,102						22,875,715
Net asset value per share
Investor Shares	$	12.54		$	16.18		$	18.92		$	11.07
Institutional Shares	$	12.52					$	19.04
Cost of securities of unaffiliated issuers held	$	374,910		$	212,529		$	912,127		$	163,047
Cost of securities of affiliated issuers held	$	–		$	7,790		$	53,581		$	9,640
Cost of foreign currency	$	472		$	996		$	387		$	–

*Including foreign taxes on unrealized gains	$	710		$	16		$	–		$	–

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

⁽²⁾	Amount rounds to less than $1.

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, 2014 (Continued)

Dollar values in thousands


	GLOBAL VALUE			HIGH INCOME			INTERNATIONAL			INTERNATIONAL SMALL CAP
ASSETS:
Investments in securities, unaffiliated, at value	$	1,626,752		$	484,365		$	15,990,391		$	936,038
Investments in securities, affiliated, at value		52,430			–			830,428			53,115
Short-term investments (repurchase agreements), at value		193,139			59,282			642,096			91,604
Total investments		1,872,321			543,647			17,462,915			1,080,757
Cash		–	⁽¹⁾		1,272	⁽²⁾		1			–	⁽¹⁾
Foreign currency		17			–			11,191			1,136
Unrealized gain on foreign currency forward contracts		1,475			225			–			–
Receivable from investments sold		1,412			34,060			47,692			14,611
Receivable from fund shares sold		5,649			1,341			35,332			4,159
Dividends and interest receivable		1,704			5,973			41,213			1,625
Prepaid offering costs		–			17			–			–
Prepaid expenses		2			–			16			1
Total assets		1,882,580			586,535			17,598,360			1,102,289
LIABILITIES:
Unrealized loss on foreign currency forward contracts		46			–			–			–
Unrealized loss on unfunded loan commitments		–			49			–			–
Dividends declared		–			231			–			–
Payable for investments purchased		8,399			78,912			17,321			22
Payable for fund shares redeemed		6,301			1,176			40,900			11,811
Payable for operating expenses		637			176			4,607			354
Payable for foreign taxes		17			–			1,706			11
Total liabilities		15,400			80,544			64,534			12,198
Total net assets	$	1,867,180		$	505,991		$	17,533,826		$	1,090,091
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	1,603,984		$	511,239		$	14,684,841		$	860,037
Net unrealized appreciation (depreciation) on investments and foreign currency related transactions		208,430			(6,745	)		2,921,809			179,587
Accumulated undistributed net investment income (loss)		5,262			110			137,589			(8	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		49,504			1,387			(210,413	)		50,475
Total net assets	$	1,867,180		$	505,991		$	17,533,826		$	1,090,091
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	1,308,060		$	278,360		$	13,607,488		$	1,090,091
Institutional Shares	$	559,120					$	3,926,338
Advisor Shares				$	227,631
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		83,675,767			27,926,727			453,010,355			44,866,548
Institutional Shares		35,691,288						129,718,955
Advisor Shares					22,837,158
Net asset value per share
Investor Shares	$	15.63		$	9.97		$	30.04		$	24.30
Institutional Shares	$	15.67					$	30.27
Advisor Shares				$	9.97
Cost of securities of unaffiliated issuers held	$	1,618,305		$	550,565		$	13,969,796		$	844,067
Cost of securities of affiliated issuers held	$	46,967		$	–		$	569,718		$	57,005
Cost of foreign currency	$	17		$	–		$	11,218		$	1,138

⁽¹⁾	Amount rounds to less than $1.

⁽²⁾	Includes $252 for segregated cash used as collateral for unfunded loan commitments.

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, 2014 (Continued)

Dollar values in thousands


	INTERNATIONAL VALUE			MID CAP			MID CAP VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	8,856,719		$	8,606,266		$	8,830,141
Investments in securities, affiliated, at value		1,069,909			518,312			1,339,538
Short-term investments (repurchase agreements), at value		1,422,094			336,424			868,907
Total investments		11,348,722			9,461,002			11,038,586
Cash		–	⁽¹⁾		–	⁽¹⁾		1
Foreign currency		1,764			–			–
Unrealized gain on foreign currency forward contracts		46,839			–			–
Receivable from investments sold		35,359			120,899			13,722
Receivable from fund shares sold		12,896			10,627			6,220
Dividends and interest receivable		24,661			221			21,712
Prepaid expenses		12			11			12
Total assets		11,470,253			9,592,760			11,080,253
LIABILITIES:
Unrealized loss on foreign currency forward contracts		350			–			–
Payable for investments purchased		52,062			83,136			49,361
Payable for fund shares redeemed		4,338			5,796			18,840
Payable for operating expenses		3,291			2,411			4,001
Payable for foreign taxes		376			–			–
Total liabilities		60,417			91,343			72,202
Total net assets	$	11,409,836		$	9,501,417		$	11,008,051
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	8,432,121		$	5,749,492		$	7,567,232
Net unrealized appreciation on investments and foreign currency related transactions		2,436,682			2,944,249			2,527,197
Accumulated undistributed net investment income (loss)		91,816			(45,474	)		39,180
Accumulated undistributed net realized gains on investments and foreign currency related transactions		449,217			853,150			874,442
Total net assets	$	11,409,836		$	9,501,417		$	11,008,051
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	8,953,691		$	5,220,973		$	9,305,582
Institutional Shares	$	2,456,145		$	4,280,444		$	1,702,469
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		244,931,316			109,525,548			344,609,858
Institutional Shares		66,909,678			85,643,067			62,930,599
Net asset value per share
Investor Shares	$	36.56		$	47.67		$	27.00
Institutional Shares	$	36.71		$	49.98		$	27.05
Cost of securities of unaffiliated issuers held	$	8,234,778		$	6,153,429		$	7,395,381
Cost of securities of affiliated issuers held	$	722,926		$	363,324		$	1,116,008
Cost of foreign currency	$	1,773		$	–		$	–

⁽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, 2014 (Continued)

Dollar values in thousands


	SMALL CAP			SMALL CAP VALUE			VALUE
ASSETS:
Investments in securities, unaffiliated, at value	$	1,378,459		$	1,371,170		$	1,284,767
Investments in securities, affiliated, at value		10,019			90,012			67,104
Short-term investments (repurchase agreements), at value		75,843			128,876			153,690
Total investments		1,464,321			1,590,058			1,505,561
Cash		1			–	⁽¹⁾		1
Foreign currency		–			–			–	⁽¹⁾
Receivable from investments sold		2,410			11,804			–
Receivable from fund shares sold		1,605			1,050			2,599
Dividends and interest receivable		29			2,894			2,759
Prepaid expenses		2			3			2
Total assets		1,468,368			1,605,809			1,510,922
LIABILITIES:
Payable for investments purchased		6,591			16,490			32,870
Payable for fund shares redeemed		1,564			2,262			914
Payable for operating expenses		520			901			518
Total liabilities		8,675			19,653			34,302
Total net assets	$	1,459,693		$	1,586,156		$	1,476,620
NET ASSETS CONSIST OF:
Fund shares issued and outstanding	$	1,153,129		$	1,141,447		$	1,201,276
Net unrealized appreciation on investments and foreign currency related transactions		385,732			226,836			206,968
Accumulated undistributed net investment income (loss)		(13,057	)		–			9,687
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions		(66,111	)		217,873			58,689
Total net assets	$	1,459,693		$	1,586,156		$	1,476,620
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares	$	1,231,921		$	1,279,518		$	1,172,529
Institutional Shares	$	227,772		$	306,638		$	304,091
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares		46,039,668			75,310,992			82,899,553
Institutional Shares		8,482,173			17,992,657			21,430,205
Net asset value per share
Investor Shares	$	26.76		$	16.99		$	14.14
Institutional Shares	$	26.85		$	17.04		$	14.19
Cost of securities of unaffiliated issuers held	$	1,064,757		$	1,304,473		$	1,250,682
Cost of securities of affiliated issuers held	$	13,832		$	58,749		$	47,896
Cost of foreign currency	$	–		$	–		$	–	⁽¹⁾

⁽¹⁾	Amount rounds to less than $1.

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


Artisan Partners Funds		75

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2014

Dollar values in thousands


	EMERGING MARKETS⁽¹⁾			GLOBAL EQUITY			GLOBAL OPPORTUNITIES			GLOBAL SMALL CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾	$	12,214		$	2,704		$	12,677		$	1,862
Dividends, from affiliated issuers		–			38			–			119
Total investment income		12,214			2,742			12,677			1,981
EXPENSES:
Management fees		5,978			2,087			8,846			1,249
Transfer agent fees
Investor Shares		476			602			1,630			371
Institutional Shares		20						20
Shareholder communications
Investor Shares		21			29			68			19
Institutional Shares		14						7
Custodian fees		447			104			163			96
Accounting fees		88			70			88			55
Professional fees		140			62			73			36
Offering fees		–			–			–			20
Registration fees
Investor Shares		26			68			64			79
Institutional Shares		29						74
Directors’ fees		14			6			23			6
Other operating expenses		23			11			23			2
Total operating expenses		7,276			3,039			11,079			1,933
Less amounts waived or paid by the Advisor		(17	)		–			–			(60	)
Net expenses		7,259			3,039			11,079			1,873
Net investment income (loss)		4,955			(297	)		1,598			108
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽³⁾		(40,579	)		7,333			28,167			2,895
Investments, from affiliated issuers		–			(34	)		(1	)		(763	)
Foreign currency related transactions		(154	)		(35	)		841			(67	)
Total realized gain (loss)		(40,733	)		7,264			29,007			2,065
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽⁴⁾		53,274			6,496			42,635			(9,918	)
Investments, from affiliated issuers		–			(594	)		8,613			(771	)
Foreign currency related transactions		10			(15	)		1,318			(7	)
Total increase in unrealized appreciation or depreciation		53,284			5,887			52,566			(10,696	)
Net gain (loss) on investments and foreign currency related transactions		12,551			13,151			81,573			(8,631	)
Net increase (decrease) in net assets resulting from operations	$	17,506		$	12,854		$	83,171		$	(8,523	)
⁽¹⁾ Effective February 14, 2014, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.
⁽²⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	1,245		$	146		$	599		$	95

⁽³⁾ Net of foreign taxes on realized gains		916			81			–			–
⁽⁴⁾ Net of increase in foreign taxes on unrealized gains		710			16			–			–

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, 2014 (Continued)

Dollar values in thousands


	GLOBAL VALUE			HIGH INCOME⁽¹⁾			INTERNATIONAL			INTERNATIONAL SMALL CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾	$	31,369		$	–		$	316,672		$	16,550
Dividends, from affiliated issuers⁽³⁾		–			–			8,762			731
Interest		–			10,017			–			–
Total investment income		31,369			10,017			325,434			17,281
EXPENSES:
Management fees		16,508			1,182			148,576			14,809
Transfer agent fees
Investor Shares		3,088			219			25,793			2,240
Institutional Shares		21						26
Advisor Shares					71
Shareholder communications
Investor Shares		97			5			767			53
Institutional Shares		6						41
Advisor Shares					3
Custodian fees		216			7			3,595			415
Accounting fees		88			33			89			70
Professional fees		119			72			541			102
Offering fees		–			20			–			–
Registration fees
Investor Shares		172			48			482			76
Institutional Shares		54						59
Advisor Shares					56
Directors’ fees		38			4			377			28
Other operating expenses		27			1			216			23
Total operating expenses		20,434			1,721			180,562			17,816
Net investment income (loss)		10,935			8,296			144,872			(535	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽⁴⁾		58,251			1,286			944,468			78,161
Investments, from affiliated issuers		–			–			12,235			(735	)
Foreign currency related transactions		717			288			(3,296	)		(430	)
Total realized gain		58,968			1,574			953,407			76,996
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽⁵⁾		74,560			(6,967	)		(551,682	)		(100,813	)
Investments, from affiliated issuers		(248	)		–			260,710			(3,890	)
Foreign currency related transactions		1,348			222			(2,425	)		(114	)
Total increase (decrease) in unrealized appreciation or depreciation		75,660			(6,745	)		(293,397	)		(104,817	)
Net gain (loss) on investments and foreign currency related transactions		134,628			(5,171	)		660,010			(27,821	)
Net increase (decrease) in net assets resulting from operations	$	145,563		$	3,125		$	804,882		$	(28,356	)
⁽¹⁾ For the period from commencement of operations (March 19, 2014) through September 30, 2014.
⁽²⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	952		$	–		$	22,444		$	716

⁽³⁾ Net of foreign taxes withheld on dividends, affiliated issuers		–			–			974			–
⁽⁴⁾ Net of foreign taxes on realized gains		193			–			–			–
⁽⁵⁾ Net of decrease in foreign taxes on unrealized gains		(9	)		–			–			–

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, 2014 (Continued)

Dollar values in thousands


	INTERNATIONAL VALUE			MID CAP			MID CAP VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾	$	207,860		$	43,142		$	157,811
Dividends, from affiliated issuers⁽²⁾		26,818			982			34,060
Total investment income		234,678			44,124			191,871
EXPENSES:
Management fees		107,760			89,620			108,384
Transfer agent fees
Investor Shares		17,849			14,004			23,007
Institutional Shares		24			31			24
Shareholder communications
Investor Shares		654			522			1,509
Institutional Shares		18			82			46
Custodian fees		1,959			200			192
Accounting fees		88			59			58
Professional fees		384			295			422
Registration fees
Investor Shares		261			126			161
Institutional Shares		68			121			33
Directors’ fees		275			232			280
Other operating expenses		173			138			167
Total operating expenses		129,513			105,430			134,283
Net investment income (loss)		105,165			(61,306	)		57,588
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain on:
Investments, from unaffiliated issuers⁽³⁾		516,896			1,172,744			841,487
Investments, from affiliated issuers		51,690			49,467			186,104
Foreign currency related transactions		24,383			–			–
Total realized gain		592,969			1,222,211			1,027,591
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽⁴⁾		68,965			(519,345	)		(93,241	)
Investments, from affiliated issuers		(114,770	)		(94,153	)		(180,216	)
Foreign currency related transactions		45,286			–			–
Total decrease in unrealized appreciation or depreciation		(519	)		(613,498	)		(273,457	)
Net gain on investments and foreign currency related transactions		592,450			608,713			754,134
Net increase in net assets resulting from operations	$	697,615		$	547,407		$	811,722
⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	9,867		$	187		$	97
⁽²⁾ Net of foreign taxes withheld on dividends, affiliated issuers		2,857			–			–
⁽³⁾ Net of foreign taxes on realized gains		670			–			–
⁽⁴⁾ Net of decrease in foreign taxes on unrealized gains		(93	)		–			–

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, 2014 (Continued)

Dollar values in thousands


	SMALL CAP			SMALL CAP VALUE			VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽²⁾	$	2,031		$	21,673		$	28,594
Dividends, from affiliated issuers		–			9,732			440
Total investment income		2,031			31,405			29,034
EXPENSES:
Management fees		15,692			23,658			9,908
Transfer agent fees
Investor Shares		3,014			5,292			2,759
Institutional Shares		20			19			20
Shareholder communications
Investor Shares		221			427			200
Institutional Shares		15			20			8
Custodian fees		43			67			95
Accounting fees		58			60			65
Professional fees		92			127			81
Registration fees
Investor Shares		64			56			107
Institutional Shares		31			33			28
Directors’ fees		40			63			34
Other operating expenses		31			42			29
Total operating expenses		19,321			29,864			13,334
Net investment income (loss)		(17,290	)		1,541			15,700
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers		19,466			288,938			95,846
Investments, from affiliated issuers		10,002			81,839			279
Foreign currency related transactions		–			–	⁽¹⁾		(46	)
Total realized gain		29,468			370,777			96,079
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(9,486	)		(287,537	)		38,694
Investments, from affiliated issuers		(63,278	)		(53,385	)		(84	)
Foreign currency related transactions		–			–			(15	)
Total increase (decrease) in unrealized appreciation or depreciation		(72,764	)		(340,922	)		38,595
Net gain (loss) on investments and foreign currency related transactions		(43,296	)		29,855			134,674
Net increase (decrease) in net assets resulting from operations	$	(60,586	)	$	31,396		$	150,374
⁽¹⁾ Amount rounds to less than $1.
⁽²⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers	$	–		$	129		$	429

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


Artisan Partners Funds		79

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands


	EMERGING MARKETS⁽¹⁾						GLOBAL EQUITY
	Year Ended 9/30/2014			Year Ended 9/30/2013			Year Ended 9/30/2014			Year Ended 9/30/2013
OPERATIONS:
Net investment income (loss)	$	4,955		$	7,046		$	(297	)	$	(62	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		(40,579	)		(21,185	)		7,333			7,643
Investments, from affiliated issuers		–			–			(34	)		–
Foreign currency related transactions		(154	)		(663	)		(35	)		6
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		53,274			5,799			6,496			5,538
Investments, from affiliated issuers		–			–			(594	)		–
Foreign currency related transactions		10			(23	)		(15	)		1
Net increase (decrease) in net assets resulting from operations		17,506			(9,026	)		12,854			13,126
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(1,021	)		(3,431	)		–			(47	)
Institutional Shares		(4,377	)		(7,538	)
Net realized gains on investment transactions:
Investor Shares		–			–			(7,484	)		(857	)
Total distributions paid to shareholders		(5,398	)		(10,969	)		(7,484	)		(904	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(269,148	)		(104,870	)		74,809			128,331
Total increase (decrease) in net assets		(257,040	)		(124,865	)		80,179			140,553
Net assets, beginning of period		662,391			787,256			156,091			15,538
Net assets, end of period	$	405,351		$	662,391		$	236,270		$	156,091
Accumulated undistributed net investment income (loss)	$	1,649		$	2,799		$	–		$	2

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

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


80		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL OPPORTUNITIES						GLOBAL SMALL CAP
	Year Ended 9/30/2014			Year Ended 9/30/2013			Year Ended 9/30/2014			Period Ended 9/30/2013⁽¹⁾
OPERATIONS:
Net investment income (loss)	$	1,598		$	(1,184	)	$	108		$	25
Net realized gain (loss) on:
Investments, from unaffiliated issuers		28,167			(22	)		2,895			81
Investments, from affiliated issuers		(1	)		–			(763	)		–
Foreign currency related transactions		841			762			(67	)		13
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		42,635			102,667			(9,918	)		766
Investments, from affiliated issuers		8,613			–			(771	)		–
Foreign currency related transactions		1,318			16			(7	)		(1	)
Net increase (decrease) in net assets resulting from operations		83,171			102,239			(8,523	)		884
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		–			–			(38	)		–
Net realized gains on investment transactions:
Investor Shares		–			–			(85	)		–
Total distributions paid to shareholders		–			–			(123	)		–
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		322,388			339,637			135,180			38,694
Total increase in net assets		405,559			441,876			126,534			39,578
Net assets, beginning of period		754,149			312,273			39,578			–
Net assets, end of period	$	1,159,708		$	754,149		$	166,112		$	39,578
Accumulated undistributed net investment income (loss)	$	2,097		$	(28	)	$	22		$	38

⁽¹⁾	For the period from commencement of operations (June 25, 2013) through September 30, 2013.

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 VALUE						HIGH INCOME
	Year Ended 9/30/2014			Year Ended 9/30/2013			Period Ended 9/30/2014⁽¹⁾
OPERATIONS:
Net investment income	$	10,935		$	2,788		$	8,296
Net realized gain (loss) on:
Investments, from unaffiliated issuers		58,251			17,750			1,286
Investments, from affiliated issuers		–			(29	)		–
Foreign currency related transactions		717			1,979			288
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		74,560			100,398			(6,967	)
Investments, from affiliated issuers		(248	)		3,981			–
Foreign currency related transactions		1,348			96			222
Net increase in net assets resulting from operations		145,563			126,963			3,125
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(5,322	)		(1,216	)		(4,561	)
Institutional Shares		(3,036	)		(386	)
Advisor Shares								(3,737	)
Net realized gains on investment transactions:
Investor Shares		(15,793	)		(639	)		–
Institutional Shares		(7,056	)		(169	)
Advisor Shares								–
Total distributions paid to shareholders		(31,207	)		(2,410	)		(8,298	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		608,003			754,362			511,164
Total increase in net assets		722,359			878,915			505,991
Net assets, beginning of period		1,144,821			265,906			–
Net assets, end of period	$	1,867,180		$	1,144,821		$	505,991
Accumulated undistributed net investment income (loss)	$	5,262		$	3,187		$	110

⁽¹⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.

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


82		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	INTERNATIONAL						INTERNATIONAL SMALL CAP
	Year Ended 9/30/2014			Year Ended 9/30/2013			Year Ended 9/30/2014			Year Ended 9/30/2013
OPERATIONS:
Net investment income (loss)	$	144,872		$	145,716		$	(535	)	$	1,635
Net realized gain (loss) on:
Investments, from unaffiliated issuers		944,468			697,841			78,161			79,981
Investments, from affiliated issuers		12,235			–			(735	)		–
Foreign currency related transactions		(3,296	)		(1,814	)		(430	)		268
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(551,682	)		1,546,232			(100,813	)		126,463
Investments, from affiliated issuers		260,710			–			(3,890	)		–
Foreign currency related transactions		(2,425	)		908			(114	)		27
Net increase (decrease) in net assets resulting from operations		804,882			2,388,883			(28,356	)		208,374
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(104,230	)		(82,687	)		(4,981	)		(7,730	)
Institutional Shares		(42,531	)		(37,967	)
Net realized gains on investment transactions:
Investor Shares		–			–			(64,140	)		–
Total distributions paid to shareholders		(146,761	)		(120,654	)		(69,121	)		(7,730	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		3,454,481			1,502,705			191,418			79,457
Total increase in net assets		4,112,602			3,770,934			93,941			280,101
Net assets, beginning of period		13,421,224			9,650,290			996,150			716,049
Net assets, end of period	$	17,533,826		$	13,421,224		$	1,090,091		$	996,150
Accumulated undistributed net investment income (loss)	$	137,589		$	142,206		$	(8	)	$	2,616

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


	INTERNATIONAL VALUE						MID CAP
	Year Ended 9/30/2014			Year Ended 9/30/2013			Year Ended 9/30/2014			Year Ended 9/30/2013
OPERATIONS:
Net investment income (loss)	$	105,165		$	75,951		$	(61,306	)	$	(41,831	)
Net realized gain on:
Investments, from unaffiliated issuers		516,896			521,533			1,172,744			717,544
Investments, from affiliated issuers		51,690			92,212			49,467			17,313
Foreign currency related transactions		24,383			114,018			–			–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		68,965			1,241,779			(519,345	)		1,294,858
Investments, from affiliated issuers		(114,770	)		234,473			(94,153	)		160,282
Foreign currency related transactions		45,286			5,442			–			–
Net increase in net assets resulting from operations		697,615			2,285,408			547,407			2,148,166
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(141,848	)		(53,270	)		–			–
Institutional Shares		(41,492	)		(19,853	)		–			–
Net realized gains on investment transactions:
Investor Shares		(484,885	)		(25,891	)		(435,868	)		(225,704	)
Institutional Shares		(132,447	)		(8,359	)		(268,248	)		(83,801	)
Total distributions paid to shareholders		(800,672	)		(107,373	)		(704,116	)		(309,505	)
FUND SHARE ACTIVITIES:
Net increase in net assets resulting from fund share activities		1,062,751			1,632,872			581,357			520,163
Total increase in net assets		959,694			3,810,907			424,648			2,358,824
Net assets, beginning of period		10,450,142			6,639,235			9,076,769			6,717,945
Net assets, end of period	$	11,409,836		$	10,450,142		$	9,501,417		$	9,076,769
Accumulated undistributed net investment income (loss)	$	91,816		$	159,263		$	(45,474	)	$	(39,542	)

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


	MID CAP VALUE						SMALL CAP
	Year Ended 9/30/2014			Year Ended 9/30/2013			Year Ended 9/30/2014			Year Ended 9/30/2013
OPERATIONS:
Net investment income (loss)	$	57,588		$	61,476		$	(17,290	)	$	(9,183	)
Net realized gain (loss) on:
Investments, from unaffiliated issuers		841,487			478,655			19,466			34,660
Investments, from affiliated issuers		186,104			(3,029	)		10,002			(1,438	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(93,241	)		1,540,909			(9,486	)		274,668
Investments, from affiliated issuers		(180,216	)		421,781			(63,278	)		40,875
Net increase (decrease) in net assets resulting from operations		811,722			2,499,792			(60,586	)		339,582
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(40,163	)		(43,589	)		–			–
Institutional Shares		(9,155	)		(3,530	)		–			–
Net realized gains on investment transactions:
Investor Shares		(400,451	)		(361,177	)		–			–
Institutional Shares		(60,467	)		(20,573	)		–			–
Total distributions paid to shareholders		(510,236	)		(428,869	)		–			–
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(89,475	)		695,576			(34,679	)		488,483
Total increase (decrease) in net assets		212,011			2,766,499			(95,265	)		828,065
Net assets, beginning of period		10,796,040			8,029,541			1,554,958			726,893
Net assets, end of period	$	11,008,051		$	10,796,040		$	1,459,693		$	1,554,958
Accumulated undistributed net investment income (loss)	$	39,180		$	35,226		$	(13,057	)	$	(8,571	)

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


	SMALL CAP VALUE						VALUE
	Year Ended 9/30/2014			Year Ended 9/30/2013			Year Ended 9/30/2014			Year Ended 9/30/2013
OPERATIONS:
Net investment income	$	1,541		$	12,910		$	15,700		$	9,925
Net realized gain (loss) on:
Investments, from unaffiliated issuers		288,938			52,159			95,846			75,032
Investments, from affiliated issuers		81,839			1,966			279			2,872
Foreign currency related transactions		–	⁽¹⁾		1			(46	)		(54	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers		(287,537	)		392,532			38,694			70,099
Investments, from affiliated issuers		(53,385	)		64,885			(84	)		13,619
Foreign currency related transactions		–			–			(15	)		3
Net increase in net assets resulting from operations		31,396			524,453			150,374			171,496
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares		(5,806	)		(17,878	)		(7,502	)		(5,169	)
Institutional Shares		(1,030	)		(3,395	)		(2,037	)		(1,901	)
Net realized gains on investment transactions:
Investor Shares		(86,756	)		(51,396	)		(56,730	)		–
Institutional Shares		(12,496	)		(7,307	)		(11,945	)		–
Total distributions paid to shareholders		(106,088	)		(79,976	)		(78,214	)		(7,070	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities		(1,103,295	)		(335,404	)		(9,170	)		413,724
Total increase (decrease) in net assets		(1,177,987	)		109,073			62,990			578,150
Net assets, beginning of period		2,764,143			2,655,070			1,413,630			835,480
Net assets, end of period	$	1,586,156		$	2,764,143		$	1,476,620		$	1,413,630
Accumulated undistributed net investment income (loss)	$	–		$	–		$	9,687		$	4,908

⁽¹⁾	Amount rounds to less than $1.

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


86		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 5 years or, if shorter, the period of a Fund’s operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).



												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Net Asset Value, End of Period
EMERGING MARKETS FUND
Investor Shares⁽⁵⁾
9/30/2014	$	12.32		0.08			0.20			0.28			(0.06	)		—			(0.06	)	$	12.54
9/30/2013	$	12.76		0.10			(0.38	)		(0.28	)		(0.16	)		—			(0.16	)	$	12.32
9/30/2012	$	11.38		0.10			1.38			1.48			(0.07	)		(0.03	)		(0.10	)	$	12.76
9/30/2011	$	15.24		0.18			(3.94	)		(3.76	)		(0.10	)		—			(0.10	)	$	11.38
9/30/2010	$	13.03		0.18			2.12			2.30			(0.09	)		—			(0.09	)	$	15.24
Institutional Shares
9/30/2014	$	12.32		0.12			0.20			0.32			(0.12	)		—			(0.12	)	$	12.52
9/30/2013	$	12.75		0.14			(0.37	)		(0.23	)		(0.20	)		—			(0.20	)	$	12.32
9/30/2012	$	11.37		0.15			1.36			1.51			(0.10	)		(0.03	)		(0.13	)	$	12.75
9/30/2011	$	15.23		0.21			(3.93	)		(3.72	)		(0.14	)		—			(0.14	)	$	11.37
9/30/2010	$	13.02		0.17			2.15			2.32			(0.11	)		—			(0.11	)	$	15.23
GLOBAL EQUITY FUND
Investor Shares
9/30/2014	$	15.72		(0.02	)		1.23			1.21			—			(0.75	)		(0.75	)	$	16.18
9/30/2013	$	13.05		(0.01	)		3.23			3.22			(0.03	)		(0.52	)		(0.55	)	$	15.72
9/30/2012	$	9.83		0.05			3.38			3.43			(0.03	)		(0.18	)		(0.21	)	$	13.05
9/30/2011	$	10.23		(0.03	)		(0.23	)		(0.26	)		(0.06	)		(0.08	)		(0.14	)	$	9.83
9/30/2010⁽⁶⁾	$	10.00		0.03			0.20			0.23			—			—			—		$	10.23
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2014	$	17.29		0.01			1.62			1.63			—			—			—		$	18.92
9/30/2013	$	14.27		(0.05	)		3.07			3.02			—			—			—		$	17.29
9/30/2012	$	10.90		(0.06	)		3.54			3.48			—			(0.11	)		(0.11	)	$	14.27
9/30/2011	$	10.99		(0.09	)		0.13			0.04			—			(0.13	)		(0.13	)	$	10.90
9/30/2010	$	9.14		(0.09	)		1.94			1.85			—			—			—		$	10.99
Institutional Shares
9/30/2014	$	17.35		0.07			1.62			1.69			—			—			—		$	19.04
9/30/2013	$	14.29		(0.01	)		3.07			3.06			—			—			—		$	17.35
9/30/2012	$	10.88		0.01			3.51			3.52			—			(0.11	)		(0.11	)	$	14.29
9/30/2011⁽⁷⁾	$	13.38		(0.02	)		(2.48	)		(2.50	)		—			—			—		$	10.88

Footnotes are presented on Page 97.

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


88		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾⁽⁴⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾			Portfolio Turnover Rate⁽²⁾
EMERGING MARKETS FUND
Investor Shares⁽⁵⁾
9/30/2014		2.29	%	$	67,065		1.50	%		1.51	%		0.64	%		32.26	%
9/30/2013		(2.25	)%	$	199,920		1.48	%		n/a			0.76	%		35.89	%
9/30/2012		13.10	%	$	292,420		1.48	%		n/a			0.85	%		38.19	%
9/30/2011		(24.86	)%	$	317,186		1.47	%		n/a			1.19	%		30.86	%
9/30/2010		17.75	%	$	235,609		1.50	%		1.73	%		1.28	%		25.89	%
Institutional Shares
9/30/2014		2.65	%	$	338,286		1.19	%		n/a			0.96	%		32.26	%
9/30/2013		(1.91	)%	$	462,471		1.18	%		n/a			1.15	%		35.89	%
9/30/2012		13.47	%	$	494,836		1.16	%		n/a			1.25	%		38.19	%
9/30/2011		(24.67	)%	$	352,093		1.19	%		n/a			1.41	%		30.86	%
9/30/2010		17.94	%	$	284,187		1.31	%		n/a			1.25	%		25.89	%
GLOBAL EQUITY FUND
Investor Shares
9/30/2014		7.94	%	$	236,270		1.46	%		n/a			(0.14	)%		89.24	%
9/30/2013		25.51	%	$	156,091		1.50	%		1.77	%		(0.08	)%		126.40	%
9/30/2012		35.43	%	$	15,538		1.50	%		3.05	%		0.43	%		98.03	%
9/30/2011		(2.66	)%	$	10,908		1.50	%		3.12	%		0.28	%		150.01	%
9/30/2010⁽⁶⁾		2.30	%	$	10,469		1.50	%		3.66	%		0.69	%		60.81	%
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2014		9.43	%	$	724,237		1.20	%		n/a			0.07	%		45.14	%
9/30/2013		21.16	%	$	542,242		1.28	%		n/a			(0.29	)%		41.76	%
9/30/2012		32.37	%	$	228,090		1.34	%		n/a			(0.46	)%		43.30	%
9/30/2011		0.14	%	$	142,758		1.40	%		n/a			(0.73	)%		76.18	%
9/30/2010		20.24	%	$	72,458		1.50	%		1.54	%		(0.91	)%		79.99	%
Institutional Shares
9/30/2014		9.74	%	$	435,471		0.97	%		n/a			0.35	%		45.14	%
9/30/2013		21.41	%	$	211,907		1.03	%		n/a			(0.05	)%		41.76	%
9/30/2012		32.68	%	$	84,183		1.08	%		n/a			0.07	%		43.30	%
9/30/2011⁽⁷⁾		(18.68	)%	$	12,969		1.50	%		2.22	%		(1.42	)%		76.18	%

Footnotes are presented on Page 97.

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


Artisan Partners Funds		89

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


											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
GLOBAL SMALL CAP FUND
Investor Shares
9/30/2014	$	10.61		0.01		0.48			0.49			(0.01	)		(0.02	)		(0.03	)		—	$	11.07
9/30/2013⁽⁸⁾	$	10.00		0.01		0.60			0.61			—			—			—			—	$	10.61
GLOBAL VALUE FUND
Investor Shares
9/30/2014	$	14.44		0.09		1.45			1.54			(0.09	)		(0.26	)		(0.35	)		—	$	15.63
9/30/2013	$	11.58		0.06		2.89			2.95			(0.06	)		(0.03	)		(0.09	)		—	$	14.44
9/30/2012	$	9.28		0.05		2.42			2.47			—			(0.17	)		(0.17	)		—	$	11.58
9/30/2011	$	9.37		0.06		(0.07	)		(0.01	)		(0.08	)		—			(0.08	)		—	$	9.28
9/30/2010	$	8.64		0.06		0.87			0.93			(0.20	)		—			(0.20	)		—	$	9.37
Institutional Shares
9/30/2014	$	14.46		0.13		1.45			1.58			(0.11	)		(0.26	)		(0.37	)		—	$	15.67
9/30/2013	$	11.58		0.07		2.91			2.98			(0.07	)		(0.03	)		(0.10	)		—	$	14.46
9/30/2012⁽⁹⁾	$	10.75		0.01		0.82			0.83			—			—			—			—	$	11.58
HIGH INCOME FUND
Investor Shares
9/30/2014⁽¹⁰⁾	$	10.00		0.27		(0.07	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
Advisor Shares
9/30/2014⁽¹⁰⁾	$	10.00		0.28		(0.08	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
INTERNATIONAL FUND
Investor Shares
9/30/2014	$	28.66		0.26		1.41			1.67			(0.29	)		—			(0.29	)		—	$	30.04
9/30/2013	$	23.54		0.31		5.08			5.39			(0.27	)		—			(0.27	)		—	$	28.66
9/30/2012	$	18.37		0.28		5.17			5.45			(0.28	)		—			(0.28	)		—	$	23.54
9/30/2011	$	20.57		0.26		(2.28	)		(2.02	)		(0.18	)		—			(0.18	)		—	$	18.37
9/30/2010	$	20.16		0.17		0.49			0.66			(0.25	)		—			(0.25	)		—	$	20.57
Institutional Shares
9/30/2014	$	28.86		0.32		1.43			1.75			(0.34	)		—			(0.34	)		—	$	30.27
9/30/2013	$	23.70		0.38		5.10			5.48			(0.32	)		—			(0.32	)		—	$	28.86
9/30/2012	$	18.50		0.33		5.21			5.54			(0.34	)		—			(0.34	)		—	$	23.70
9/30/2011	$	20.72		0.32		(2.31	)		(1.99	)		(0.23	)		—			(0.23	)		—	$	18.50
9/30/2010	$	20.29		0.22		0.49			0.71			(0.28	)		—			(0.28	)		—	$	20.72

Footnotes are presented on Page 97.

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


90		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾⁽⁴⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾			Portfolio Turnover Rate⁽²⁾
GLOBAL SMALL CAP FUND
Investor Shares
9/30/2014		4.62	%	$	166,112		1.50	%		1.55	%		0.09	%		72.15	%
9/30/2013⁽⁸⁾		6.10	%	$	39,578		1.50	%		2.51	%		0.37	%		9.98	%
GLOBAL VALUE FUND
Investor Shares
9/30/2014		10.75	%	$	1,308,060		1.30	%		n/a			0.59	%		25.41	%
9/30/2013		25.68	%	$	783,265		1.37	%		n/a			0.45	%		30.79	%
9/30/2012		26.90	%	$	217,057		1.50	%		1.51	%		0.50	%		22.34	%
9/30/2011		(0.23	)%	$	65,666		1.50	%		1.72	%		0.56	%		32.32	%
9/30/2010		10.98	%	$	34,754		1.50	%		1.96	%		0.71	%		34.52	%
Institutional Shares
9/30/2014		11.05	%	$	559,120		1.04	%		n/a			0.82	%		25.41	%
9/30/2013		25.98	%	$	361,556		1.10	%		n/a			0.54	%		30.79	%
9/30/2012⁽⁹⁾		7.72	%	$	48,849		1.50	%		2.43	%		0.32	%		22.34	%
HIGH INCOME FUND
Investor Shares
9/30/2014⁽¹⁰⁾		2.08	%	$	278,360		1.11	%		n/a			5.01	%		56.46	%
Advisor Shares
9/30/2014⁽¹⁰⁾		2.12	%	$	227,631		0.99	%		n/a			5.20	%		56.46	%
INTERNATIONAL FUND
Investor Shares
9/30/2014		5.85	%	$	13,607,488		1.17	%		n/a			0.85	%		46.49	%
9/30/2013		23.11	%	$	9,829,540		1.20	%		n/a			1.21	%		42.00	%
9/30/2012		30.05	%	$	6,877,615		1.19	%		n/a			1.32	%		55.39	%
9/30/2011		(9.95	)%	$	5,837,067		1.22	%		n/a			1.18	%		70.36	%
9/30/2010		3.27	%	$	7,294,721		1.23	%		n/a			0.86	%		70.51	%
Institutional Shares
9/30/2014		6.10	%	$	3,926,338		0.95	%		n/a			1.05	%		46.49	%
9/30/2013		23.35	%	$	3,591,684		0.97	%		n/a			1.43	%		42.00	%
9/30/2012		30.37	%	$	2,772,675		0.98	%		n/a			1.52	%		55.39	%
9/30/2011		(9.76	)%	$	1,989,341		0.99	%		n/a			1.42	%		70.36	%
9/30/2010		3.54	%	$	2,353,948		0.98	%		n/a			1.10	%		70.51	%

Footnotes are presented on Page 97.

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
INTERNATIONAL SMALL CAP FUND
Investor Shares
9/30/2014	$	26.39		(0.01	)		(0.35	)		(0.36	)		(0.12	)		(1.61	)		(1.73	)	$	24.30
9/30/2013	$	20.75		0.05			5.82			5.87			(0.23	)		—			(0.23	)	$	26.39
9/30/2012	$	16.44		0.24			4.14			4.38			(0.07	)		—			(0.07	)	$	20.75
9/30/2011	$	18.63		0.07			(2.25	)		(2.18	)		(0.01	)		—			(0.01	)	$	16.44
9/30/2010	$	16.66		0.02			2.07			2.09			(0.12	)		—			(0.12	)	$	18.63
INTERNATIONAL VALUE FUND
Investor Shares
9/30/2014	$	37.01		0.32			2.01			2.33			(0.63	)		(2.15	)		(2.78	)	$	36.56
9/30/2013	$	28.72		0.28			8.44			8.72			(0.29	)		(0.14	)		(0.43	)	$	37.01
9/30/2012	$	23.44		0.29			5.07			5.36			(0.01	)		(0.07	)		(0.08	)	$	28.72
9/30/2011	$	24.74		0.30			(1.25	)		(0.95	)		(0.35	)		—			(0.35	)	$	23.44
9/30/2010	$	22.83		0.31			2.02			2.33			(0.42	)		—			(0.42	)	$	24.74
Institutional Shares
9/30/2014	$	37.12		0.41			2.00			2.41			(0.67	)		(2.15	)		(2.82	)	$	36.71
9/30/2013	$	28.80		0.34			8.46			8.80			(0.34	)		(0.14	)		(0.48	)	$	37.12
9/30/2012	$	23.47		0.34			5.09			5.43			(0.03	)		(0.07	)		(0.10	)	$	28.80
9/30/2011	$	24.76		0.35			(1.24	)		(0.89	)		(0.40	)		—			(0.40	)	$	23.47
9/30/2010	$	22.83		0.36			2.02			2.38			(0.45	)		—			(0.45	)	$	24.76
MID CAP FUND
Investor Shares
9/30/2014	$	48.69		(0.36	)		3.14			2.78			—			(3.80	)		(3.80	)	$	47.67
9/30/2013	$	38.80		(0.26	)		11.97			11.71			—			(1.82	)		(1.82	)	$	48.69
9/30/2012	$	31.14		(0.28	)		7.94			7.66			—			—			—		$	38.80
9/30/2011	$	29.55		(0.26	)		1.85			1.59			—			—			—		$	31.14
9/30/2010	$	24.28		(0.20	)		5.47			5.27			—			—			—		$	29.55
Institutional Shares
9/30/2014	$	50.75		(0.24	)		3.27			3.03			—			(3.80	)		(3.80	)	$	49.98
9/30/2013	$	40.27		(0.17	)		12.47			12.30			—			(1.82	)		(1.82	)	$	50.75
9/30/2012	$	32.23		(0.20	)		8.24			8.04			—			—			—		$	40.27
9/30/2011	$	30.50		(0.16	)		1.89			1.73			—			—			—		$	32.23
9/30/2010	$	25.00		(0.14	)		5.64			5.50			—			—			—		$	30.50

Footnotes are presented on Page 97.

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


92		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾			Portfolio Turnover Rate⁽²⁾
INTERNATIONAL SMALL CAP FUND
Investor Shares
9/30/2014		(1.66	)%	$	1,090,091		1.50	%		n/a		(0.05	)%		57.94	%
9/30/2013		28.50	%	$	996,150		1.51	%		n/a		0.19	%		59.47	%
9/30/2012		26.77	%	$	716,049		1.50	%		n/a		1.27	%		42.01	%
9/30/2011		(11.70	)%	$	554,726		1.50	%		n/a		0.35	%		44.76	%
9/30/2010		12.60	%	$	797,393		1.50	%		n/a		0.14	%		73.90	%
INTERNATIONAL VALUE FUND
Investor Shares
9/30/2014		6.50	%	$	8,953,691		1.16	%		n/a		0.86	%		20.45	%
9/30/2013		30.71	%	$	8,158,057		1.16	%		n/a		0.85	%		32.99	%
9/30/2012		22.94	%	$	5,081,735		1.17	%		n/a		1.08	%		20.42	%
9/30/2011		(4.01	)%	$	3,232,649		1.18	%		n/a		1.10	%		30.90	%
9/30/2010		10.39	%	$	2,688,156		1.21	%		n/a		1.34	%		21.02	%
Institutional Shares
9/30/2014		6.73	%	$	2,456,145		0.96	%		n/a		1.09	%		20.45	%
9/30/2013		30.92	%	$	2,292,085		0.97	%		n/a		1.03	%		32.99	%
9/30/2012		23.19	%	$	1,557,500		0.98	%		n/a		1.29	%		20.42	%
9/30/2011		(3.84	)%	$	1,042,833		0.99	%		n/a		1.30	%		30.90	%
9/30/2010		10.66	%	$	649,558		1.01	%		n/a		1.57	%		21.02	%
MID CAP FUND
Investor Shares
9/30/2014		6.04	%	$	5,220,973		1.20	%		n/a		(0.74	)%		55.19	%
9/30/2013		31.53	%	$	5,525,387		1.22	%		n/a		(0.64	)%		43.72	%
9/30/2012		24.63	%	$	5,115,836		1.22	%		n/a		(0.78	)%		46.21	%
9/30/2011		5.38	%	$	4,500,786		1.24	%		n/a		(0.75	)%		62.87	%
9/30/2010		21.71	%	$	4,375,235		1.23	%		n/a		(0.77	)%		63.46	%
Institutional Shares
9/30/2014		6.30	%	$	4,280,444		0.95	%		n/a		(0.49	)%		55.19	%
9/30/2013		31.89	%	$	3,551,382		0.96	%		n/a		(0.39	)%		43.72	%
9/30/2012		24.95	%	$	1,602,109		0.97	%		n/a		(0.51	)%		46.21	%
9/30/2011		5.67	%	$	509,970		0.96	%		n/a		(0.47	)%		62.87	%
9/30/2010		22.00	%	$	502,446		0.96	%		n/a		(0.51	)%		63.46	%

Footnotes are presented on Page 97.

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			Net Asset Value, End of Period
MID CAP VALUE FUND
Investor Shares
9/30/2014	$	26.34		0.12			1.74			1.86			(0.11	)		(1.09	)		(1.20	)	$	27.00
9/30/2013	$	21.12		0.15			6.22			6.37			(0.12	)		(1.03	)		(1.15	)	$	26.34
9/30/2012	$	18.88		0.14			3.72			3.86			(0.13	)		(1.49	)		(1.62	)	$	21.12
9/30/2011	$	18.86		0.14			0.36			0.50			(0.16	)		(0.32	)		(0.48	)	$	18.88
9/30/2010	$	16.85		0.11			1.97			2.08			(0.07	)		—			(0.07	)	$	18.86
Institutional Shares
9/30/2014	$	26.38		0.20			1.73			1.93			(0.17	)		(1.09	)		(1.26	)	$	27.05
9/30/2013	$	21.15		0.21			6.23			6.44			(0.18	)		(1.03	)		(1.21	)	$	26.38
9/30/2012⁽¹¹⁾	$	20.93		0.21			0.01			0.22			—			—			—		$	21.15
SMALL CAP FUND
Investor Shares
9/30/2014	$	27.65		(0.31	)		(0.58	)		(0.89	)		—			—			—		$	26.76
9/30/2013	$	20.90		(0.20	)		6.95			6.75			—			—			—		$	27.65
9/30/2012	$	16.01		(0.15	)		5.04			4.89			—			—			—		$	20.90
9/30/2011	$	14.40		(0.13	)		1.74			1.61			—			—			—		$	16.01
9/30/2010	$	12.88		(0.09	)		1.61			1.52			—			—			—		$	14.40
Institutional Shares
9/30/2014	$	27.70		(0.25	)		(0.60	)		(0.85	)		—			—			—		$	26.85
9/30/2013	$	20.89		(0.17	)		6.98			6.81			—			—			—		$	27.70
9/30/2012⁽¹²⁾	$	19.62		(0.18	)		1.45			1.27			—			—			—		$	20.89

Footnotes are presented on Page 97.

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


94		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾			Portfolio Turnover Rate⁽²⁾
MID CAP VALUE FUND
Investor Shares
9/30/2014		7.18	%	$	9,305,582		1.19	%		n/a		0.46	%		25.67	%
9/30/2013		31.64	%	$	9,429,674		1.20	%		n/a		0.65	%		25.73	%
9/30/2012		21.35	%	$	7,753,814		1.20	%		n/a		0.67	%		27.86	%
9/30/2011		2.51	%	$	6,200,464		1.20	%		n/a		0.68	%		31.85	%
9/30/2010		12.35	%	$	5,739,627		1.21	%		n/a		0.60	%		37.71	%
Institutional Shares
9/30/2014		7.44	%	$	1,702,469		0.95	%		n/a		0.72	%		25.67	%
9/30/2013		31.97	%	$	1,366,366		0.98	%		n/a		0.86	%		25.73	%
9/30/2012⁽¹¹⁾		1.05	%	$	275,727		1.01	%		n/a		1.04	%		27.86	%
SMALL CAP FUND
Investor Shares
9/30/2014		(3.22	)%	$	1,231,921		1.21	%		n/a		(1.09	)%		38.67	%
9/30/2013		32.30	%	$	1,330,188		1.25	%		n/a		(0.88	)%		42.43	%
9/30/2012		30.54	%	$	676,139		1.28	%		n/a		(0.77	)%		69.56	%
9/30/2011		11.18	%	$	326,700		1.29	%		n/a		(0.73	)%		80.26	%
9/30/2010		11.80	%	$	322,730		1.31	%		n/a		(0.67	)%		62.67	%
Institutional Shares
9/30/2014		(3.07	)%	$	227,772		1.00	%		n/a		(0.88	)%		38.67	%
9/30/2013		32.60	%	$	224,770		1.06	%		n/a		(0.74	)%		42.43	%
9/30/2012⁽¹²⁾		6.47	%	$	50,754		1.42	%		n/a		(0.93	)%		69.56	%

Footnotes are presented on Page 97.

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
SMALL CAP VALUE FUND
Investor Shares
9/30/2014	$	18.06		—		(0.37	)		(0.37	)		(0.04	)		(0.66	)		(0.70	)	$	16.99
9/30/2013	$	15.24		0.08		3.23			3.31			(0.13	)		(0.36	)		(0.49	)	$	18.06
9/30/2012	$	14.30		0.05		2.25			2.30			(0.01	)		(1.35	)		(1.36	)	$	15.24
9/30/2011	$	14.85		0.01		(0.54	)		(0.53	)		(0.02	)		—			(0.02	)	$	14.30
9/30/2010	$	13.56		0.02		1.29			1.31			(0.02	)		—			(0.02	)	$	14.85
Institutional Shares
9/30/2014	$	18.08		0.05		(0.38	)		(0.33	)		(0.05	)		(0.66	)		(0.71	)	$	17.04
9/30/2013	$	15.26		0.11		3.24			3.35			(0.17	)		(0.36	)		(0.53	)	$	18.08
9/30/2012⁽¹¹⁾	$	16.16		0.06		(0.96	)		(0.90	)		—			—			—		$	15.26
VALUE FUND
Investor Shares
9/30/2014	$	13.38		0.15		1.35			1.50			(0.09	)		(0.65	)		(0.74	)	$	14.14
9/30/2013	$	11.32		0.12		2.02			2.14			(0.08	)		—			(0.08	)	$	13.38
9/30/2012	$	9.11		0.08		2.21			2.29			(0.08	)		—			(0.08	)	$	11.32
9/30/2011	$	8.91		0.09		0.19			0.28			(0.08	)		—			(0.08	)	$	9.11
9/30/2010	$	8.12		0.07		0.76			0.83			(0.04	)		—			(0.04	)	$	8.91
Institutional Shares
9/30/2014	$	13.42		0.18		1.35			1.53			(0.11	)		(0.65	)		(0.76	)	$	14.19
9/30/2013	$	11.35		0.15		2.03			2.18			(0.11	)		—			(0.11	)	$	13.42
9/30/2012	$	9.12		0.11		2.21			2.32			(0.09	)		—			(0.09	)	$	11.35
9/30/2011⁽⁷⁾	$	10.60		0.02		(1.50	)		(1.48	)		—			—			—		$	9.12

Footnotes are presented on Page 97.

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


96		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾		Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾			Portfolio Turnover Rate⁽²⁾
SMALL CAP VALUE FUND
Investor Shares
9/30/2014		(2.33	)%	$	1,279,518		1.23	%		n/a		0.02	%		30.72	%
9/30/2013		22.24	%	$	2,421,658		1.24	%		n/a		0.46	%		26.66	%
9/30/2012		16.54	%	$	2,348,847		1.22	%		n/a		0.31	%		28.17	%
9/30/2011		(3.61	)%	$	2,607,263		1.20	%		n/a		0.06	%		47.45	%
9/30/2010		9.64	%	$	2,690,416		1.22	%		n/a		0.11	%		37.14	%
Institutional Shares
9/30/2014		(2.11	)%	$	306,638		0.99	%		n/a		0.30	%		30.72	%
9/30/2013		22.54	%	$	342,485		1.00	%		n/a		0.70	%		26.66	%
9/30/2012⁽¹¹⁾		(5.57	)%	$	306,223		1.00	%		n/a		0.56	%		28.17	%
VALUE FUND
Investor Shares
9/30/2014		11.52	%	$	1,172,529		0.98	%		n/a		1.06	%		53.36	%
9/30/2013		18.97	%	$	1,164,460		1.04	%		n/a		0.94	%		57.90	%
9/30/2012		25.42	%	$	677,753		1.06	%		n/a		0.74	%		66.13	%
9/30/2011		3.10	%	$	408,647		1.10	%		n/a		0.95	%		78.36	%
9/30/2010		10.19	%	$	266,373		1.27	%		n/a		0.86	%		70.69	%
Institutional Shares
9/30/2014		11.77	%	$	304,091		0.74	%		n/a		1.31	%		53.36	%
9/30/2013		19.43	%	$	249,170		0.76	%		n/a		1.21	%		57.90	%
9/30/2012		25.64	%	$	157,727		0.79	%		n/a		1.02	%		66.13	%
9/30/2011⁽⁷⁾		(13.96	)%	$	53,515		1.09	%		n/a		1.02	%		78.36	%

⁽¹⁾	Computed based on average shares outstanding.

⁽²⁾	Periods less than twelve months (where applicable) are not annualized.

⁽³⁾	Periods less than twelve months (where applicable) are annualized.

⁽⁴⁾	The ratios exclude expenses waived or paid by Artisan Partners Limited Partnership.

⁽⁵⁾	Effective February 14, 2014, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽⁶⁾	For the period from commencement of operations (March 29, 2010) through September 30, 2010.

⁽⁷⁾	For the period from commencement of operations (July 26, 2011) through September 30, 2011.

⁽⁸⁾	For the period from commencement of operations (June 25, 2013) through September 30, 2013.

⁽⁹⁾	For the period from commencement of operations (July 17, 2012) through September 30, 2012.

⁽¹⁰⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.

⁽¹¹⁾	For the period from commencement of operations (February 1, 2012) through September 30, 2012.

⁽¹²⁾	For the period from commencement of operations (May 7, 2012) through September 30, 2012.

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


Artisan Partners Funds		97

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – September 30, 2014

(1)

Organization:

Artisan Partners Funds, Inc. (“Artisan Partners Funds”) was incorporated on January 5, 1995, as a Wisconsin corporation and is registered under the Investment Company Act of 1940, as amended (the “1940 Act”). Artisan Partners Funds is a series company comprised of fourteen open-end, diversified mutual funds. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:


Fund Name	Investor Shares Inception Date			Institutional Shares Inception Date		Advisor Shares Inception Date
Artisan Emerging Markets Fund (“Emerging Markets Fund” or “Emerging Markets”)		June 2, 2008	*		June 26, 2006	N/A
Artisan Global Equity Fund (“Global Equity Fund” or “Global Equity”)		March 29, 2010			N/A	N/A
Artisan Global Opportunities Fund (“Global Opportunities Fund” or “Global Opportunities”)		September 22, 2008			July 26, 2011	N/A
Artisan Global Small Cap Fund (“Global Small Cap Fund” or “Global Small Cap”)		June 25, 2013			N/A	N/A
Artisan Global Value Fund (“Global Value Fund” or “Global Value”)		December 10, 2007			July 17, 2012	N/A
Artisan High Income Fund (“High Income Fund” or “High Income”)		March 19, 2014			N/A	March 19, 2014
Artisan International Fund (“International Fund” or “International”)		December 28, 1995			July 1, 1997	N/A
Artisan International Small Cap Fund (“International Small Cap Fund” or “International Small Cap”)		December 21, 2001			N/A	N/A
Artisan International Value Fund (“International Value Fund” or “International Value”)		September 23, 2002			October 1, 2006	N/A
Artisan Mid Cap Fund (“Mid Cap Fund” or “Mid Cap”)		June 27, 1997			July 1, 2000	N/A
Artisan Mid Cap Value Fund (“Mid Cap Value Fund” or “Mid Cap Value”)		March 28, 2001			February 1, 2012	N/A
Artisan Small Cap Fund (“Small Cap Fund” or “Small Cap”)		March 28, 1995			May 7, 2012	N/A
Artisan Small Cap Value Fund (“Small Cap Value Fund” or “Small Cap Value”)		September 29, 1997			February 1, 2012	N/A
Artisan Value Fund (“Value Fund” or “Value”)		March 27, 2006			July 26, 2011	N/A

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

The investment objective of each Fund (except High Income Fund) is to seek long-term capital growth. High Income Fund’s investment objective is to seek to provide total return through a combination of current income and capital appreciation. Each Fund has offered shares of capital stock of the classes designated Investor Shares, Institutional Shares and Advisor Shares, as applicable, since the inception dates listed above. Institutional Shares are sold to investors meeting certain minimum investment requirements. Advisor Shares are sold to employee benefit plans, clients of financial advisors, clients of sponsored fee-based programs and other investors that meet the minimum investment requirements.

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.


98		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Income, expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular class of shares, such as transfer agency fees, shareholder communication expenses and registration fees, were allocated directly to that class.

The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is wholly owned by Artisan Partners Holdings LP (“Artisan Holdings”).

(2)

Summary of significant accounting policies:

The following is a summary of significant accounting policies of Artisan Partners Funds in effect during the period covered by the financial statements, which were in accordance with United States generally accepted accounting principles (“US GAAP”).

(a)

Valuation – The net asset value (“NAV”) of the shares of each class of each Fund was determined as of the close of regular session trading on the New York Stock Exchange (“NYSE”) (usually 4:00 p.m., Eastern Time) each day the NYSE was open for regular session trading. For financial reporting purposes, information available subsequent to the close of NYSE trading and up to the date of the financial statements was considered in determining a fair value for investments held in each Fund and the resulting NAV presented. The NAV of each class of shares was determined by dividing the value of each Fund’s securities and other assets attributed to that class, less its liabilities attributed to that class, by the number of outstanding shares of that class of that Fund.

In determining NAV, each equity security traded on a securities exchange, including the Nasdaq Stock Market, or over-the-counter was valued at the closing price as of the time of valuation on the exchange or market designated by the Funds’ accounting agent or pricing vendor as the principal exchange (each, a “principal exchange”). The closing price provided by the pricing vendor for an exchange may differ from the price quoted elsewhere and may represent information such as last sales price, an official closing price, a closing auction price or other information, depending on exchange or market convention. Absent closing price information for a security from the principal exchange as of the time of valuation, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market. Each fixed income security was valued based on evaluations provided by the Funds’ pricing vendors, which may consider the prices at which securities actually trade, broker-dealer quotations, pricing formulas, estimates of market values obtained from yield data relating to securities with similar characteristics and/or discounted cash flow models that might be applicable. Securities that cannot be priced by the Funds’ pricing vendors may be valued using quotes from dealers that make markets in the securities or pricing models as approved by Artisan Partners Funds’ valuation committee (the “valuation committee”) under procedures established by and under general supervision of Artisan Partners Funds’ board of directors (the “board of directors”).


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NOTES TO FINANCIAL STATEMENTS

Securities for which prices were not available were valued by the valuation committee at a fair value determined in good faith under procedures established by and under the general supervision of the board of directors. A price was considered to be not available, and a Fund may therefore have used fair value pricing, if, among other things, the valuation committee believed that the price that resulted from the Funds’ valuation procedures did not reflect a fair value of the security, or the value of the security might have been materially affected by events occurring after the close of the market in which the security was principally traded but before the time for determination of NAV (a “subsequent event”). A subsequent event might include a company-specific development, a development that might affect an entire market or region, a potentially global development or a significant change in values of market indices, exchange traded funds or other financial instruments in the U.S. or other markets. Artisan Partners Funds monitored for subsequent events using several tools, including for equity securities, the use of a third party research service to assist in determining estimates of fair values for foreign securities. That service utilized statistical data based on historical performance of securities, markets and other data in developing factors used to estimate a fair value. An indication by any of those tools of a potential material change in the value of securities resulted in either a meeting of the valuation committee, which considered whether a subsequent event had occurred and whether local market closing prices continued to represent fair values for potentially affected non-U.S. securities, and/or a valuation based on information provided by the third party research service.

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

(b)	Risks – The value of securities held by a Fund 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 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, political 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. 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


100		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

risks, including a heightened risk of war and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

The values of debt securities held by a Fund may fall in response to increases in interest rates. The value of a security with a longer duration will be more sensitive to changes in interest rates than a similar security with a shorter duration. Given the current historically low interest rate environment, risks associated with rising rates are heightened. If interest rates rise, repayments of principal on certain debt securities, including loans, may occur at a slower rate than expected and the expected length of repayment of those securities could increase as a result.

An issuer or counterparty may fail to pay its obligations to a Fund when they are due. Financial strength and solvency (or the perceived financial strength or solvency) of an issuer are the primary factors influencing credit risk. Changes in the financial condition of an issuer or counterparty, changes in specific economic, social or political conditions that affect a particular type of security or an issuer, and changes in economic, social or political conditions generally can increase the risk of default by an issuer or counterparty, which can affect a security’s credit quality or value and an issuer’s or counterparty’s ability to pay interest and principal when due. The values of lower quality debt, including loans, tend to be particularly sensitive to these changes.

Debt securities rated below investment grade, or unrated securities that are determined by the Adviser to be of comparable quality, are high yield, high risk bonds, commonly known as “junk bonds.” These bonds are predominantly speculative. They are usually issued by companies without long track records of sales and earnings, or by companies with questionable credit strength. These bonds have a higher degree of default risk and may be less liquid than higher-rated bonds. These securities may be subject to greater price volatility due to such factors as specific corporate developments, interest rate sensitivity, negative perceptions of junk bonds generally, and less secondary market liquidity.

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 limited public information available regarding loan investments, High Income Fund is particularly dependent on the analytical abilities of the Adviser. High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the senior loans in which High Income Fund may invest 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 will


Artisan Partners Funds		101

NOTES TO FINANCIAL STATEMENTS

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.

See the Funds’ Prospectus and Statement of Additional Information regarding the risks of investing in shares of the Funds.

(c)

Taxes – No provision was made for federal income taxes or excise taxes since each Fund intends to (i) comply with the provisions of Subchapter M of the Internal Revenue Code applicable to regulated investment companies and (ii) distribute to its shareholders substantially all of its taxable income as well as net realized gains from the sale of investment securities. The Funds may utilize earnings and profits distributed to shareholders on redemptions of Fund shares as part of the dividends paid deduction.

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2008 through 2014) and have concluded that, as of September 30, 2014, no provision for income tax would be required in the Funds’ financial statements. The Funds’ federal and state income and federal excise tax returns for tax years for which the applicable statutes of limitations have not expired are subject to examination by the Internal Revenue Service and each state’s department of revenue.

As of and during the year ended September 30, 2014, the Funds did not have any liabilities for any unrecognized tax benefits. The Funds recognize interest and penalties, if any, related to unrecognized tax benefits as income tax expense in the Statements of Operations. During the year ended September 30, 2014, the Funds did not incur any interest or penalties.

The Funds may be subject to taxes imposed on realized and unrealized gains on securities of certain foreign countries in which the Funds invest. The foreign tax expense, if any, was recorded on an accrual basis and is included in “Net realized gain (loss) on investments” and “Net increase (decrease) in unrealized appreciation or depreciation on investments” on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

(d)	Portfolio transactions – For financial reporting purposes, security transactions and shareholder transactions were recorded on trade date in accordance with US GAAP. Net realized gains and losses on securities were computed on specific security lot identification.

(e)

Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for capital gains taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into U.S. dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on


102		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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 on non-U.S. dollar denominated investment 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 recorded in the Statements of Assets and Liabilities. Realized and unrealized gains and losses were reported as foreign currency related transactions and are recorded in the Statements of Operations. For tax purposes, these foreign exchange gains and losses were treated as ordinary income or loss.

As of September 30, 2014, Global Opportunities, Global Value, High Income and International Value had outstanding foreign currency forward contracts, as shown on the Schedules of Investments. Foreign currency spot contracts are not separately disclosed in the Schedules of Investments.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized on the difference between the amounts of dividends and foreign withholding taxes recorded on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(f)

Repurchase agreements – Each Fund may enter into repurchase agreements with institutions that the Adviser determines are creditworthy pursuant to criteria adopted by the board of directors. Repurchase agreements were recorded at repurchase price plus accrued interest and were collateralized in an amount greater than or equal to the repurchase price plus accrued interest. Collateral (in the form of U.S. government securities) was held by the Funds’ custodian and, in the event of default on the obligation of the counterparty to repurchase, the Funds had the right to liquidate the collateral and apply the proceeds in satisfaction of the obligation.

Repurchase agreements shown on the Schedules of Investments are presented at gross value. At September 30, 2014, 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.


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NOTES TO FINANCIAL STATEMENTS

(h)

Equity-linked participation certificates – Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Small Cap Fund, Global Value Fund, International Fund, International Small Cap Fund, International Value Fund and Value Fund may invest in equity-linked participation certificates. Equity-linked participation certificates are designed to provide synthetic exposure to one or more underlying securities. An investment in an equity-linked participation certificate typically entitles the holder to a return equal to the market return of the underlying security or securities. There is no off-balance sheet risk associated with equity-linked participation certificates and the Funds’ potential loss is limited to the purchase price of the securities. The Funds are exposed to credit risk associated with the counterparty to the transaction.

(i)	Use of estimates – The preparation of financial statements in conformity with US GAAP requires management to make estimates and assumptions that affect the reported amounts and disclosures in the financial statements. Actual results could differ from those estimates.

(j)

Indemnifications – In the normal course of business, the Funds may enter into contracts in which the Funds agree to indemnify the other party or parties against various potential costs or liabilities. A Fund’s maximum exposure under such arrangements is unknown. As of the date of this Report, no claim has been made for indemnification pursuant to any such agreement of the Funds.

(k)

When-Issued/Delayed Delivery Securities – Each Fund may purchase or sell when-issued and delayed delivery securities. Securities purchased on a when-issued or delayed delivery basis are purchased for delivery beyond the normal settlement date at a stated price, and no income accrues to the Fund on such securities prior to delivery date. Payment and delivery for when-issued and delayed delivery securities can take place a month or more after the date of the transaction. When a Fund enters into a purchase transaction on a when-issued or delayed delivery basis, the Fund will hold liquid investments in an amount at least equal in value to the Fund’s commitments to purchase such securities. Purchasing securities on a when issued or delayed delivery basis may involve a risk that the market price at the time of delivery may be lower than the agreed upon purchase price.

(l)

Other – Dividend income less foreign taxes withheld, if any, was generally recorded on the ex-dividend date. In some cases, the information was not available to the Fund on the ex-dividend date. In such cases, which may have included private placements and foreign securities, dividends were recorded as soon after the ex-dividend date as reliable information became available to the Funds. Non-cash dividends included in dividend income, if any, were generally recorded at the fair market value of securities received. Interest income was recorded on the accrual basis and includes accretion of discounts and amortization of premiums. Distributions to shareholders were recorded on the ex-dividend date. Expenses attributable to Artisan Partners Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used, depending on the nature of the expense item. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class, respectively.

The character of income and net realized gains and losses may differ in some instances for financial statement and tax purposes and may result in reclassification of permanent


104		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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

Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Small Cap Fund, Global Value Fund, High Income Fund, International Fund, International Small Cap Fund and International Value Fund generally imposed a 2% redemption fee on shares held 90 days or less. Those redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. Each Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including, but not limited to, when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short-term trading. The Funds waived the fee on redemption of shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Funds’ prospectus.

(m)

Pursuant to the terms of certain Term Loan agreements, High Income Fund held unfunded loan commitments as of September 30, 2014. High Income Fund is obligated to fund these loan commitments at the borrower’s discretion. High Income Fund reserves against such contingent obligations by segregating cash, liquid securities, and liquid bank loans. As of September 30, 2014, the total amount segregated in connection with unfunded commitments was $41,680,000.

(3)

Fair value measurements:

Under US GAAP for fair value measurement, accounting standards clarify the definition of fair value for financial reporting, establish a framework for measuring fair value and require additional disclosures about the use of fair value measurements. In accordance with this standard, fair value is defined as the price that each Fund would receive upon selling an investment in an orderly transaction to an independent buyer in the principal or most advantageous market of the investment. The standard establishes a three-tier hierarchy to distinguish between (1) inputs that reflect the assumptions market participants would use in pricing an asset or liability developed based on the market data obtained from sources independent of the reporting entity (observable inputs) and (2) inputs that reflect the reporting entity’s own assumptions about the assumptions market participants would use in pricing an asset or liability developed based on the best information available in the circumstances (unobservable inputs) and to establish classification of fair value measurements for disclosure purposes. Various inputs are used in determining the value of the Funds’ investments. The three-tier hierarchy of inputs is summarized in three broad levels:

•

Level 1 – quoted prices in active markets for identical investments

•

Level 2 – other significant observable inputs (including but not limited to quoted prices for similar securities, interest rates, credit risks and securities trading primarily outside the U.S. whose value the Fund adjusted as a result of significant market movements following the close of local trading)

•

Level 3 – significant unobservable inputs (including the Funds’ own assumptions in determining a fair value of investments)


Artisan Partners Funds		105

NOTES TO FINANCIAL STATEMENTS

The inputs or methodology used for valuing securities are not necessarily an indication of the risk or liquidity associated with investing in those securities. A description of the valuation techniques and fair value leveling applied to the Funds’ major classes of assets are as follows:

Bank Loans & Corporate Bonds – Prices obtained from pricing vendors may use various observable and unobservable inputs, including, but not limited to, recent trading activity, broker-dealers quotations, pricing formulas, estimates of market values obtained from yield data relating to investments with similar characteristics and/or discounted cash flow models that might be applicable. When the approved pricing vendors do not provide an evaluated price, or the provided price is determined by the valuation committee to not represent a fair value, securities may be valued using quotes from dealers that make markets in the securities or pricing models as approved by the valuation committee, or the valuation committee will determine a fair value in accordance with the Funds’ fair value procedures. Bank loans and corporate bonds are generally categorized as Level 2 of the fair value hierarchy unless key inputs are unobservable, in which case they would be categorized as Level 3.

Equity Securities – Exchange-traded equity securities are valued using the last reported trade on the primary exchange in which the security trades. Absent a current trade price, the securities are valued using the closing price from another exchange on which the security is traded or the most recent bid quotation on the principal exchange. If the valuation committee determines the resulting price does not represent a fair value, the valuation committee will determine a fair value based on the information available.

Foreign equity securities prices may be adjusted for significant events such as company-specific news, regional events or significant market movement subsequent to the close of the local exchange on which the security is traded. The Funds utilize a third party research service to assist in determining fair values of foreign equity securities. Equity securities valued at a current day reported last trade or bid quotation are generally categorized as Level 1 of the fair value hierarchy. Foreign equity securities in which the last trade or bid quotation are adjusted for significant market movement, or local market holidays, are generally categorized as Level 2. Equity securities fair valued in good faith by the valuation committee are generally categorized as Level 2 or 3, depending on the observability of the inputs utilized.

Other Instruments – Foreign currency forward contracts are valued based upon forward currency exchange rates as of the close of regular session trading on the NYSE. Repurchase agreements are valued at cost plus accrued interest. Foreign currency forward contracts and repurchase agreements are generally categorized as Level 2.


106		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, 2014 (in thousands):


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Emerging Markets
Common Stocks⁽¹⁾
Developed Markets	$	20,492	$	-	$	-	$	20,492
Emerging Asia		229,414		-		91		229,505
Europe, Middle East & Africa		61,053		4,345		-		65,398
Latin America		69,251		-		-		69,251
Preferred Stocks⁽¹⁾
Emerging Asia		10,230		-		-		10,230
Latin America		3,201		-		-		3,201
Convertible Debentures⁽¹⁾
Latin America		-		-		2		2
Repurchase Agreement		-		10,195		-		10,195
Total Investments	$	393,641	$	14,540	$	93	$	408,274
Global Equity
Common Stocks⁽¹⁾
Americas	$	115,790	$	-	$	-	$	115,790
Emerging Markets		46,365		-		-		46,365
Europe		52,979		-		-		52,979
Pacific Basin		14,554		-		-		14,554
Repurchase Agreement		-		4,560		-		4,560
Total Investments	$	229,688	$	4,560	$	-	$	234,248
Global Opportunities
Common Stocks⁽¹⁾
Americas	$	649,790	$	-	$	-	$	649,790
Emerging Markets		148,218		-		-		148,218
Europe		198,618		1,074		-		199,692
Pacific Basin		94,787		-		-		94,787
Repurchase Agreement		-		66,725		-		66,725
Total Investments		1,091,413		67,799		-		1,159,212
Foreign Currency Forward Contracts⁽²⁾		-		1,342		-		1,342
Total	$	1,091,413	$	69,141	$	-	$	1,160,554


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NOTES TO FINANCIAL STATEMENTS


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
Global Small Cap
Common Stocks⁽¹⁾
Americas	$	22,769	$	-	$	-	$	22,769
Emerging Markets		40,171		-		-		40,171
Europe		62,997		-		-		62,997
Middle East		4,880		-		-		4,880
Pacific Basin		15,902		-		-		15,902
Equity-Linked Securities⁽¹⁾
Emerging Markets		-		2,581		-		2,581
Repurchase Agreement		-		13,464		-		13,464
Total Investments	$	146,719	$	16,045	$	-	$	162,764
Global Value
Common Stocks⁽¹⁾
Americas	$	1,027,248	$	-	$	-	$	1,027,248
Emerging Markets		74,930		-		7,116		82,046
Europe		548,268		-		-		548,268
Pacific Basin		21,620		-		-		21,620
Repurchase Agreement		-		193,139		-		193,139
Total Investments		1,672,066		193,139		7,116		1,872,321
Foreign Currency Forward Contracts⁽²⁾		-		1,429		-		1,429
Total	$	1,672,066	$	194,568	$	7,116	$	1,873,750
High Income
Corporate Bonds⁽¹⁾	$	-	$	340,839	$	-	$	340,839
Bank Loans⁽¹⁾		-		143,526		-		143,526
Repurchase Agreement		-		59,282		-		59,282
Total Investments		-		543,647		-		543,647
Foreign Currency Forward Contracts⁽²⁾		-		225		-		225
Total	$	-	$	543,872	$	-	$	543,872
International
Common Stocks⁽¹⁾
Americas	$	1,393,580	$	-	$	-	$	1,393,580
Emerging Markets		2,857,236		-		-		2,857,236
Europe		8,721,322		-		-		8,721,322
Pacific Basin		3,512,205		-		-		3,512,205
Equity-Linked Securities⁽¹⁾
Europe		-		118,614		-		118,614
Preferred Stocks⁽¹⁾
Europe		217,862		-		-		217,862
Repurchase Agreement		-		642,096		-		642,096
Total Investments	$	16,702,205	$	760,710	$	-	$	17,462,915


108		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	Level 1 - Quoted Prices		Level 2 - Other Significant Observable Inputs		Level 3 - Significant Unobservable Inputs		Total
International Small Cap
Common Stocks⁽¹⁾
Americas	$	45,171	$	-	$	-	$	45,171
Emerging Markets		405,168		-		-		405,168
Europe		491,412		-		-		491,412
Pacific Basin		47,402		-		-		47,402
Repurchase Agreement		-		91,604		-		91,604
Total Investments	$	989,153	$	91,604	$	-	$	1,080,757
International Value
Common Stocks⁽¹⁾
Americas	$	2,322,834	$	-	$	-	$	2,322,834
Emerging Markets		834,678		-		44,852		879,530
Europe		5,953,699		-		-		5,953,699
Pacific Basin		739,936		-		-		739,936
Preferred Stocks⁽¹⁾
Emerging Markets		30,629		-		-		30,629
Repurchase Agreement		-		1,422,094		-		1,422,094
Total Investments		9,881,776		1,422,094		44,852		11,348,722
Foreign Currency Forward Contracts⁽²⁾		-		46,489		-		46,489
Total	$	9,881,776	$	1,468,583	$	44,852	$	11,395,211
Mid Cap
Common Stocks⁽¹⁾	$	9,124,578	$	-	$	-	$	9,124,578
Repurchase Agreement		-		336,424		-		336,424
Total Investments	$	9,124,578	$	336,424	$	-	$	9,461,002
Mid Cap Value
Common Stocks⁽¹⁾	$	10,169,679	$	-	$	-	$	10,169,679
Repurchase Agreement		-		868,907		-		868,907
Total Investments	$	10,169,679	$	868,907	$	-	$	11,038,586
Small Cap
Common Stocks⁽¹⁾	$	1,388,478	$	-	$	-	$	1,388,478
Repurchase Agreement		-		75,843		-		75,843
Total Investments	$	1,388,478	$	75,843	$	-	$	1,464,321
Small Cap Value
Common Stocks⁽¹⁾	$	1,461,182	$	-	$	-	$	1,461,182
Repurchase Agreement		-		128,876		-		128,876
Total Investments	$	1,461,182	$	128,876	$	-	$	1,590,058
Value
Common Stocks⁽¹⁾	$	1,283,857	$	-	$	-	$	1,283,857
Preferred Stocks⁽¹⁾		68,014		-		-		68,014
Repurchase Agreement		-		153,690		-		153,690
Total Investments	$	1,351,871	$	153,690	$	-	$	1,505,561

⁽¹⁾ See the Fund’s Schedule of Investments for sector or country classifications.
⁽²⁾ Foreign currency forward contracts are valued at unrealized appreciation (depreciation).


Artisan Partners Funds		109

NOTES TO FINANCIAL STATEMENTS

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, 2014, 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, which resulted in their Level 2 classification. The following table summarizes security transfers from Level 2 to Level 1 and from Level 1 to Level 2 for each applicable Fund as of September 30, 2014 (in thousands):


	Transfers from Level 1 to Level 2
Emerging Markets	$	3,363

At September 30, 2013, two securities held in Emerging Markets Fund were classified as Level 3 due to halts in trading. As of September 30, 2014, those securities were still held by the Fund and continue to be classified as Level 3 due to trading halts. Fair market values were determined in good faith by the valuation committee using various inputs, including unobservable inputs of discounts for illiquidity and uncertainty of 95%. At September 30, 2014, Emerging Markets Fund also held one security that was transferred from Level 1 to Level 3 due to illiquidity. Fair market value was determined in good faith by the valuation committee using various inputs, including an unobservable input of a last trade price in an inactive market. At September 30, 2014, one security held by Global Value Fund and International Value Fund was classified as Level 3 due to a halt in trading. Fair market value was determined in good faith by the valuation committee using various inputs, including unobservable inputs of discounts for illiquidity and uncertainty of 20%. Increasing or decreasing the discounts for illiquidity and uncertainty would decrease or increase the calculated fair market value for these prices, respectively. As of September 30, 2014, 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⁽¹⁾			Global Value Fund⁽²⁾
Balance as of September 30, 2013	$	288		$	-
Transfers into Level 3		2			-
Net change in unrealized appreciation (depreciation) for investments held as of September 30, 2014		(197	)		(1,667	)
Purchases		-			8,783
Sales		-			-
Realized Gain/Loss		-			-
Transfers out of Level 3		-			-

Balance as of September 30, 2014	$	93		$	7,116


110		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	International Value Fund⁽²⁾
Balance as of September 30, 2013	$	-
Transfers into Level 3		-
Net change in unrealized appreciation (depreciation) for investments held as of September 30, 2014		(10,505	)
Purchases		55,357
Sales		-
Realized Gain/Loss		-
Transfers out of Level 3		-

Balance as of September 30, 2014	$	44,852

⁽¹⁾

Two of the Level 3 securities in Emerging Markets Fund were equity securities with a regional classification of Emerging Asia and one was a convertible debenture with a regional classification of Latin America.

⁽²⁾

The Level 3 security in Global Value Fund and International Value Fund was an equity security with a regional classification of Emerging Asia.

(4)

Offsetting:

Each Fund is a party to various master netting agreements. While the terms and conditions of these agreements may vary, all transactions under any such agreement constitute a single contractual relationship. Each party’s obligation to make any payments, deliveries or other transfers in respect of any transaction under such an agreement may be netted against the other party’s obligations under such agreement. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from one party to the other.

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


Foreign currency forward contracts
	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Portfolio	Counterparty	Gross Asset Amounts Presented in Statement of Assets and Liabilities		Financial Instrument			Collateral Pledged		Net Amount (Not Less Than $0)
Global Opportunities	State Street Bank and Trust Company	$	1,342	$	-		$	-	$	1,342
Global Value	State Street Bank and Trust Company		1,475		(46	)		-		1,429
High Income	State Street Bank and Trust Company		225		-			-		225
International Value	State Street Bank and Trust Company		46,839		(350	)		-		46,489
	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Portfolio	Counterparty	Gross Liability Amounts Presented in Statement of Assets and Liabilities		Financial Instrument			Collateral Pledged		Net Amount (Not Less Than $0)
Global Value	State Street Bank and Trust Company	$	46	$	(46	)	$	-	$	-
International Value	State Street Bank and Trust Company		350		(350	)		-		-

(5)

Transfer agent and authorized agent fees:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders for Investor Shares and Advisor Shares, as applicable, on the Funds’ behalf. Many authorized agents charged a fee for accounting


Artisan Partners Funds		111

NOTES TO FINANCIAL STATEMENTS

and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage (as of September 30, 2014 up to 0.40% annually for Investor Shares and 0.15% annually for Advisor Shares) of the average value of Fund shares held in such accounts. Each Fund paid a portion of such fees, which are intended to compensate the authorized agent for its provision of services of the type that would be provided by the Funds’ transfer agent or other service providers if the shares were registered on the books of the Funds’ transfer agent. The balance of the fees incurred during the period was paid by the Adviser. The Funds’ expenses incurred for services provided by authorized agents were included in “Transfer agent fees” in the Statements of Operations. The table below shows the fees and expenses to the Funds’ transfer agent and the fees to authorized agents incurred by each class of each Fund during the year ended September 30, 2014 (in thousands):


	Year Ended 9/30/2014
Fund	Fees and Expenses to Transfer Agent		Fees to Authorized Agents		Total
Artisan Emerging Markets Fund - Investor Shares⁽¹⁾	$	62	$	414	$	476
Artisan Emerging Markets Fund - Institutional Shares		20		-		20
Artisan Global Equity Fund - Investor Shares		68		534		602
Artisan Global Opportunities Fund - Investor Shares		78		1,552		1,630
Artisan Global Opportunities Fund - Institutional Shares		20		-		20
Artisan Global Small Cap Fund - Investor Shares		65		306		371
Artisan Global Value Fund - Investor Shares		87		3,001		3,088
Artisan Global Value Fund - Institutional Shares		21		-		21
Artisan High Income Fund - Investor Shares⁽²⁾		23		196		219
Artisan High Income Fund - Advisor Shares⁽²⁾		22		49		71
Artisan International Fund - Investor Shares		867		24,926		25,793
Artisan International Fund - Institutional Shares		26		-		26
Artisan International Small Cap Fund - Investor Shares		90		2,150		2,240
Artisan International Value Fund - Investor Shares		390		17,459		17,849
Artisan International Value Fund - Institutional Shares		24		-		24
Artisan Mid Cap Fund - Investor Shares		126		13,878		14,004
Artisan Mid Cap Fund - Institutional Shares		31		-		31
Artisan Mid Cap Value Fund - Investor Shares		430		22,577		23,007
Artisan Mid Cap Value Fund - Institutional Shares		24		-		24
Artisan Small Cap Fund - Investor Shares		124		2,890		3,014
Artisan Small Cap Fund - Institutional Shares		20		-		20
Artisan Small Cap Value Fund - Investor Shares		84		5,208		5,292
Artisan Small Cap Value Fund - Institutional Shares		19		-		19
Artisan Value Fund - Investor Shares		79		2,680		2,759
Artisan Value Fund - Institutional Shares		20		-		20

⁽¹⁾

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

⁽²⁾

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


112		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(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, 2014 as follows (in thousands):


Emerging Markets	$	5
Global Equity		-	⁽¹⁾
Global Opportunities		18
Global Value		4
International		78
International Small Cap		9
International Value		46
Mid Cap		199
Mid Cap Value		227
Small Cap		28
Small Cap Value		141
Value		25

⁽¹⁾ Amount rounds to less than $1.

(7)

Derivative Transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of September 30, 2014 was as follows (in thousands):


Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
Global Opportunities	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	1,342
Global Value	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	1,475
	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(46	)
High Income	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	225
International Value	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts	$	46,839
	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts	$	(350	)


Artisan Partners Funds		113

NOTES TO FINANCIAL STATEMENTS

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2014 was as follows (in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized in Income


Fund	Risk Exposure Category	Statement of Operations location	Value
Emerging Markets	Foreign currency forward contracts	Net realized loss on foreign currency related transactions	$	-	⁽¹⁾
Global Opportunities	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	879
Global Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	866
High Income	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	298	⁽²⁾
International Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions	$	2,201

⁽¹⁾	Amount rounds to less than $1.

⁽²⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.

Change in Unrealized Appreciation (Depreciation) on Derivatives Recognized in Income


Fund	Risk Exposure Category	Statement of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	1,363
Global Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	1,414
High Income	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	225	⁽¹⁾
International Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions	$	46,508

⁽¹⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.

Volume of derivative activity


Fund	Contracts Closed⁽¹⁾		Contracts Opened⁽¹⁾			Contracts Open at September 30, 2014
Global Opportunities		2		2			2
Global Value		4		4			4
High Income		-		1	⁽²⁾		1
International Value		4		2			2

⁽¹⁾	During the year ended September 30, 2014.

⁽²⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.


114		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(8)

Transactions with affiliates:

The Adviser, with which the officers and a director of Artisan Partners Funds are affiliated, provided investment advisory and administrative services to the Funds. In exchange for those services, each Fund pays a monthly management fee to the Adviser as follows:

Emerging Markets Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.050	%
$1 billion to $2 billion		1.025
$2 billion to $3.5 billion		1.000
$3.5 billion to $5 billion		0.975
Greater than $5 billion		0.950

Global Equity Fund and Global Value Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.000	%
$1 billion to $4 billion		0.975
$4 billion to $8 billion		0.950
$8 billion to $12 billion		0.925
Greater than $12 billion		0.900

Global Opportunities Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		0.900	%
$1 billion to $4 billion		0.875
$4 billion to $8 billion		0.850
$8 billion to $12 billion		0.825
Greater than $12 billion		0.800

Global Small Cap Fund


Average Daily Net Assets	Annual Rate
All		1.000	%

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


Artisan Partners Funds		115

NOTES TO FINANCIAL STATEMENTS

International Small Cap Fund


Average Daily Net Assets	Annual Rate
All		1.250	%

International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund, and Small Cap Value Fund


Average Daily Net Assets	Annual Rate
Less than $500 million		1.000	%
$500 million to $750 million		0.975
$750 million to $1 billion		0.950
Greater than $1 billion		0.925

Value Fund


Average Daily Net Assets	Annual Rate
Less than $50 million		0.800	%
$50 million to $100 million		0.760
$100 million to $500 million		0.720
$500 million to $7.5 billion		0.680
Greater than $7.5 billion		0.640

For each of Emerging Markets Fund, Global Equity Fund, Global Small Cap Fund and High Income Fund, the Adviser has contractually agreed to reimburse the Funds for their management fees and any other ordinary operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, and extraordinary charges such as litigation costs) in excess of 1.50% of average daily net assets for Emerging Markets Fund, Global Equity Fund and Global Small Cap Fund and 1.25% of average daily net assets for High Income Fund. The contracts for Emerging Markets Fund, Global Equity Fund and Global Small Cap Fund continue through February 1, 2015 and the contract for High Income Fund continues through April 1, 2015, at which times the Adviser will determine whether to renew, revise or discontinue the contracts. For periods prior to February 1, 2014, for each of Global Opportunities Fund and Global Value Fund, the Adviser contractually agreed to reimburse the Funds for management fees and any other ordinary operating expenses (excluding taxes, interest, all commissions and other normal charges incident to the purchase and sale of portfolio securities, and extraordinary charges such as litigation costs) in excess of 1.50% of average daily net assets. Such contractual arrangements expired on February 1, 2014. For the year ended September 30, 2014, the Adviser waived management fees of approximately $17,000 and $60,000 for Emerging Markets Fund and Global Small Cap Fund, respectively. For the year ended September 30, 2014, no operating expenses were reimbursed by the Adviser. The Funds had no receivables from or payables to the Adviser as of September 30, 2014.

The officers and director of Artisan Partners Funds who are affiliated with the Adviser receive no compensation from the Funds. Effective January 1, 2014, the compensation paid to the directors of Artisan Partners Funds who are not affiliated persons of the Adviser for their services as such is based on an annual fee of $250,000, payable quarterly, subject to an additional increase of $10,000 upon commencement of operations of any new series of


116		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Artisan Partners Funds. In addition, the independent chair of the board of directors receives an additional $60,000 annually, payable quarterly, the independent chair of the audit committee receives an additional $45,000 annually, payable quarterly and the independent chair of the governance and nominating committee receives an additional $30,000 annually, payable quarterly. (Prior to January 1, 2014, each director who was not an affiliated person of Artisan Partners received an annual retainer of $210,000, the independent chair of the board of directors received $60,000 annually, and the independent chair of the audit and governance and nominating committees received an additional $30,000 annually.) These fees were generally allocated to each of the Artisan Partners Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter.

Artisan Partners Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts would be invested in shares of Artisan Partners Funds as selected by the individual directors. Each Fund would purchase shares of Artisan Partners Funds selected for deferral by the director in amounts equal to his investment, resulting in a Fund asset equal to the deferred compensation liability. As of September 30, 2014, no directors were participating in the deferred compensation plan.

Shares of Artisan Partners Funds are offered for sale by Artisan Partners Distributors LLC (“Distributors”). Distributors is wholly owned by Artisan Holdings. All distribution expenses relating to the Funds are paid by the Adviser.

(9)

Line of credit arrangement:

Artisan Partners Funds is party to a line of credit agreement with State Street Bank and Trust Company (“SSB”), which expires in September 2015, under which each Fund may borrow up to $75 million, provided that such borrowing does not exceed the lesser of (a) 33 1/3% of its adjusted net assets, with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to applicable law, pursuant to the Fund’s prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund is a party; provided that the aggregate borrowings by all Artisan Partners Funds may not exceed $100 million. Artisan Partners Funds paid a commitment fee at the annual rate of 0.125% on the unused portion of the line of credit and interest was charged on any borrowings at the higher of the current Federal Funds or overnight LIBOR rates plus 1.25%. The commitment fee is allocated to each Fund based on net assets. The use of the line of credit was generally restricted to temporary borrowing for extraordinary or emergency purposes. During the year ended September 30, 2014, there were no borrowings under the line of credit for any of the Funds, except for Emerging Markets Fund and Global Equity Fund, which had maximum borrowings of approximately $33,264,000 and $3,366,000, respectively. There were no borrowings under the line of credit at September 30, 2014.


Artisan Partners Funds		117

NOTES TO FINANCIAL STATEMENTS

(10)

Investment transactions:

The cost of securities purchased and the proceeds from the sale of securities (excluding short-term securities) for the year ended September 30, 2014 were as follows (in thousands):


Fund	Security Purchases		Security Sales
Emerging Markets	$	177,796	$	431,805
Global Equity		245,753		182,059
Global Opportunities		706,136		417,540
Global Small Cap		204,790		85,812
Global Value		900,279		368,150
High Income⁽¹⁾		708,164		176,409
International		10,718,675		7,297,132
International Small Cap		700,664		638,595
International Value		2,405,884		2,037,094
Mid Cap		5,095,377		5,093,210
Mid Cap Value		2,732,283		3,282,167
Small Cap		599,690		645,380
Small Cap Value		691,390		1,749,154
Value		697,602		757,132

⁽¹⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.

(11)

Transactions in securities of affiliates:

The table below shows information about securities of the Funds’ “affiliates” (as defined below) that were held by the Funds, purchased or sold by the Funds, or from which dividends were received by the Funds during the year ended September 30, 2014 (dollar values in thousands). The Funds identify a company as an affiliate for the purpose of this report if one or more of the Funds owned, in the aggregate, voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the year ended September 30, 2014.


		As of 9/30/13						Net Realized Gain (Loss)					As of 9/30/14
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds		Net Realized Gain (Loss)			Dividend Income^@		Share Balance		Value
Global Equity
	China Oil & Gas Group Ltd.^†		19,638,000	$	4,402	$	124	$	(34	)	$	38		44,698,000	$	7,196
	Total^#			$	4,402	$	124	$	(34	)	$	38			$	7,196
Global Opportunities
	IHS, Inc., Class A^†		268,357	$	27,366	$	48	$	(1	)	$	-		496,795	$	62,194
	Total^#			$	27,366	$	48	$	(1	)	$	-			$	62,194


118		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/13						Net Realized Gain (Loss)					As of 9/30/14
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds		Net Realized Gain (Loss)			Dividend Income^@		Share Balance		Value
Global Small Cap
	Carpetright plc§^†		-	$	7,285	$	1,628	$	(763	)	$	-		521,091	$	3,126
	China Oil & Gas Group Ltd.^†		9,480,000		5,084		-		-			34		39,460,000		6,353
	Oldtown Bhd^†		1,071,400		1,999		-		-			85		4,636,475		2,516
	Total^#			$	14,368	$	1,628	$	(763	)	$	119			$	8,869
Global Value
	Arch Capital Group Ltd.		645,320	$	17,746	$	-	$	-		$	-		958,157	$	52,430
	Total^#			$	17,746	$	-	$	-		$	-			$	52,430
International
	IHI Corp.^†		24,638,540	$	268,920	$	27,398	$	1,502		$	4,946		81,032,963	$	419,665
	NGK Insulators Ltd.^†		13,578,677		107,429		53,331		10,733			3,816		17,247,482		410,763
	Total^#			$	376,349	$	80,729	$	12,235		$	8,762			$	830,428
International Small Cap
	Carpetright plc§^†		-	$	3,414	$	3,286	$	(128	)	$	-		-	$	-
	China Oil & Gas Group Ltd.^†		67,060,000		33,631		-		-			197		261,120,000		42,035
	Oldtown Bhd^†		12,755,200		5,462		2,517		(607	)		534		20,419,525		11,080
	Total^#			$	42,507	$	5,803	$	(735	)	$	731			$	53,115
International Value
	Akastor ASA^†		-	$	226,376	$	893	$	64		$	6,096		14,415,446	$	58,001
	Alent plc		17,387,295		10,474		456		93			7,386		18,377,001		97,717
	Arch Capital Group Ltd.		5,768,633		16,111		1,603		1,270			-		6,031,602		330,049
	Carpetright plc^§†		2,764,443		18,983		49,576		6,234			-		-		-
	Panalpina Welttransport Holding AG		1,669,654		31,687		24,562		5,375			3,388		1,722,398		216,675
	QinetiQ Group plc^§		55,999,571		21,650		109,726		37,381			1,992		28,047,913		102,080
	Stanley Electric Co., Ltd.		9,759,300		25,221		20,710		1,019			2,833		9,993,200		216,128
	Vesuvius plc		18,827,331		14,863		646		254			5,123		20,662,360		151,339
	Total^#			$	365,365	$	208,172	$	51,690		$	26,818			$	1,069,909
Mid Cap
	athenahealth, Inc.^§		1,482,981	$	46,034	$	105,128	$	44,782		$	-		1,166,148	$	153,570
	Cepheid, Inc.^§		3,719,402		8,367		58,200		3,830			-		2,462,403		108,419
	CommVault Systems, Inc.^§†		597,441		87,446		85,409		(46,530	)		-		-		-
	FLIR Systems, Inc.		3,598,959		16,903		39,749		3,260			982		2,753,836		86,305
	IHS, Inc., Class A^†		2,739,717		108,858		28,125		8,220			-		3,450,813		432,007
	IPG Photonics Corp.^§		2,228,158		5,672		95,593		8,910			-		907,777		62,437
	Isis Pharmaceuticals, Inc.^§		4,726,216		16,068		75,650		26,995			-		3,255,236		126,401
	Total^#			$	289,348	$	487,854	$	49,467		$	982			$	518,312
Mid Cap Value
	Allied World Assurance Co. Holdings AG^§†		1,266,243	$	21,434	$	6,871	$	(385	)	$	3,159		4,177,114	$	153,885
	Arch Capital Group Ltd.		3,963,486		6,362		14,090		(52	)		-		3,818,624		208,955
	Arrow Electronics, Inc.		5,482,961		8,088		20,877		3,950			-		5,282,526		292,388
	Avnet, Inc.		7,204,079		8,453		19,870		1,553			4,446		6,940,710		288,039
	FLIR Systems, Inc.		8,224,522		6,664		17,693		2,146			3,237		7,923,855		248,333
	Hatteras Financial Corp.		7,493,455		10,140		7,401		(3,363	)		15,264		7,662,175		137,613


Artisan Partners Funds		119

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/13						Net Realized Gain (Loss)					As of 9/30/14
Fund	Security	Share Balance		Purchase Cost		Sales Proceeds		Net Realized Gain (Loss)			Dividend Income^@		Share Balance		Value
	Ingram Micro, Inc., Class A^§		9,307,460	$	1,406	$	220,733	$	80,826		$	-		1,457,716	$	37,624
	Lexmark International, Inc., Class A^§		3,344,312		2,823		146,141		31,783			3,614		377,430		16,041
	McDermott International, Inc.		13,830,400		3,236		6,035		(4,099	)		-		13,345,344		76,336
	NeuStar, Inc., Class A^†		-		181,613		6,705		(5,660	)		-		3,539,006		87,874
	Patterson-UTI Energy, Inc.^§		8,617,874		5,938		120,803		48,305			2,436		5,123,988		166,683
	Ryder System, Inc.^§		1,770,323		3,421		74,471		31,100			1,904		903,217		81,262
	Total^#			$	259,578	$	661,690	$	186,104		$	34,060			$	1,339,538
Small Cap
	athenahealth, Inc.^§		361,200	$	12,989	$	22,170	$	4,064		$	-		316,017	$	41,616
	Cepheid, Inc.^§		1,071,300		3,437		7,977		65			-		956,600		42,119
	CommVault Systems, Inc.^§†		661,400		3,238		34,429		(587	)		-		-		-
	IPG Photonics Corp.^§		426,300		1,425		14,443		1,658			-		242,800		16,700
	Isis Pharmaceuticals, Inc.^§		1,326,300		4,602		17,409		5,280			-		1,013,279		39,346
	Ultratech, Inc.		356,600		3,242		1,096		(478	)		-		440,409		10,019
	Total^#			$	28,933	$	97,524	$	10,002		$	-			$	10,019
Small Cap Value
	ADTRAN, Inc.^§		2,877,150	$	2,103	$	36,884	$	167		$	869		1,450,610	$	29,781
	Allied World Assurance Co. Holdings AG^§†		212,500		598		7,251		4,279			450		455,629		16,785
	Arrow Electronics, Inc.		961,450		949		20,840		13,778			-		629,017		34,816
	CRA International, Inc.^§		602,200		116		12,171		1,281			-		104,981		2,670
	EarthLink Holdings Corp.^§		5,406,400		1,170		9,010		(10,274	)		995		3,339,828		11,422
	Era Group, Inc.^§†		292,742		24,388		7,293		(1,053	)		-		862,178		18,752
	Hatteras Financial Corp.		1,706,900		1,121		10,785		(5,086	)		3,107		1,215,213		21,825
	Hawaiian Holdings, Inc.^§		2,625,450		109		29,574		15,123			-		-		-
	Lexmark International, Inc., Class A^§		587,350		664		27,045		17,005			405		-		-
	McDermott International, Inc.^†		-		7,655		3,437		(145	)		-		549,697		3,144
	Mitcham Industries, Inc.^§†		-		9,903		1,916		(384	)		-		573,843		6,341
	Nanometrics, Inc.^§		1,286,750		3,725		6,602		489			-		1,123,159		16,960
	Orion Marine Group, Inc.^§		1,371,750		438		5,117		(789	)		-		934,385		9,325
	Park Electrochemical Corp.^§†		749,700		11,047		6,178		(105	)		2,668		927,838		21,851
	PICO Holdings, Inc.^§		1,150,450		1,068		8,399		(2,180	)		-		820,262		16,364
	Rudolph Technologies, Inc.^§†		1,521,450		4,088		6,105		(921	)		-		1,333,632		12,069
	Ryder System, Inc.^§		1,286,750		2,220		84,887		48,348			1,238		288,706		25,975
	Ultratech, Inc.		1,651,500		7,151		15,327		2,306			-		1,328,650		30,227
	Total^#			$	78,513	$	298,821	$	81,839		$	9,732			$	90,012
Value
	Arch Capital Group Ltd.		510,519	$	1,935	$	3,885	$	189		$	-		476,794	$	26,090
	Avnet, Inc.		714,180		15,451		4,016		90			440		988,293		41,014
	Total^#			$	17,386	$	7,901	$	279		$	440			$	67,104


^@		Net of foreign taxes withheld, if any.
^#		Total value as of September 30, 2014 is presented for only those issuers that were affiliates as of September 30, 2014.
^§		Issuer was no longer an affiliate as of September 30, 2014.
^†		Issuer was not an affiliate as of September 30, 2013.


120		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(12)

Information for Federal income tax purposes:

For Federal income tax purposes, the cost of investments, gross unrealized appreciation, gross unrealized depreciation and net unrealized appreciation (depreciation) on investments as of September 30, 2014 was as follows (in thousands):


Fund	Cost of Investments		Gross Unrealized Appreciation		Gross Unrealized Depreciation			Net Unrealized Appreciation (Depreciation) on Investments
Emerging Markets	$	402,447	$	76,391	$	(70,564	)	$	5,827
Global Equity		221,184		25,583		(12,519	)		13,064
Global Opportunities		968,577		209,261		(18,626	)		190,635
Global Small Cap		172,917		9,553		(19,706	)		(10,153	)
Global Value		1,670,557		249,284		(47,520	)		201,764
High Income		550,655		1,183		(8,191	)		(7,008	)
International		14,569,426		3,346,264		(452,775	)		2,893,489
International Small Cap		903,543		256,944		(79,730	)		177,214
International Value		9,027,191		2,668,721		(347,190	)		2,321,531
Mid Cap		6,528,736		3,029,177		(96,911	)		2,932,266
Mid Cap Value		8,546,423		2,964,165		(472,002	)		2,492,163
Small Cap		1,089,302		426,006		(50,987	)		375,019
Small Cap Value		1,386,145		315,882		(111,969	)		203,913
Value		1,307,681		248,798		(50,918	)		197,880

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).


Artisan Partners Funds		121

NOTES TO FINANCIAL STATEMENTS

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the year ended September 30, 2014 and the year ended September 30, 2013 were as follows (in thousands):


	Year Ended 9/30/2014						Year or Period Ended 9/30/2013
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends			Long-Term Capital Gain Distributions
Emerging Markets	$	5,398		$	-		$	10,969		$	-
Global Equity		5,757			1,727			490			413
Global Opportunities		-			-			-			-
Global Small Cap		123			-			-	⁽¹⁾		-	⁽¹⁾
Global Value		17,231			13,976			2,220			190
High Income		8,298	⁽²⁾		-	⁽²⁾		-			-
International		146,761			-			120,654			-
International Small Cap		4,979			64,142			7,730			-
International Value		270,940			529,732			76,579			30,794
Mid Cap		-			704,116			-			309,505
Mid Cap Value		99,168			411,068			98,001			330,867
Small Cap		-			-			-			-
Small Cap Value		28,513			77,575			41,904			38,071
Value		23,724			54,490			7,069			-

⁽¹⁾	For the period from commencement of operations (June 25, 2013) through September 30, 2013.

⁽²⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.

Ordinary income dividends and long-term capital gain distributions were determined in accordance with income tax regulations that impose treatment that is different from the treatment that would result from the application of US GAAP for such items as net short-term gains, wash sale loss deferrals, passive foreign investment company transactions, foreign currency transactions, net investment losses and qualified late year ordinary losses.

Gains on redemptions in-kind for International Fund, International Value Fund and Mid Cap Fund of approximately $57,267,000, $20,268,000 and $143,153,000, respectively, were included in net realized gain on investments in the Statements of Operations for the year ended September 30, 2014, and were not recognized for Federal income tax purposes. These net realized gains represented permanent book/tax differences and were reclassified to “Fund shares issued and outstanding” on the accompanying Statements of Assets and Liabilities.

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


122		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Funds’ fiscal year, September 30, 2014. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2014.

Additional tax information as of and for the year ended September 30, 2014 follows (in thousands):


	Undistributed Ordinary Income		Undistributed Long-Term Gain		Qualified Late Year Capital Losses			Qualified Late Year Ordinary Losses			Other Deferred Gains (Losses)⁽¹⁾
Emerging Markets	$	3,475	$	-	$	-		$	-		$	(714	)
Global Equity		5,270		1,700		-			-			(32	)
Global Opportunities		4,173		22,533		-			-			(34	)
Global Small Cap		1,155		1,194		-			-			(10	)
Global Value		44,941		16,529		-			-			(38	)
High Income		1,814		-		-	⁽²⁾		-	⁽²⁾		(54	)⁽²⁾
International		140,021		-		86,513			-			(1,927	)
International Small Cap		-		52,937		-			-			(97	)
International Value		303,197		353,837		-			-			(850	)
Mid Cap		-		885,904		20,771			45,474			-
Mid Cap Value		130,003		818,653		-			-			-
Small Cap		-		-		-			13,057			-
Small Cap Value		22,978		217,826		-			-			(8	)
Value		35,315		42,164		-			-			(15	)

⁽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, 2014 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 (March 19, 2014) through September 30, 2014.

On December 22, 2010, the Regulated Investment Company Modernization Act of 2010 (the “Act”) was enacted, which changed various technical rules governing the tax treatment of regulated investment companies. The changes are generally effective for taxable years beginning after the date of enactment. Under the Act, each Fund is permitted to carry forward capital losses incurred in taxable years beginning after the date of enactment for an unlimited period. However, any losses incurred during those future taxable years must be utilized prior to the losses incurred in pre-enactment taxable years, which carry an expiration date. As a result, pre-enactment capital loss carryforwards may be more likely to expire unused. Additionally, post-enactment capital loss carryforwards will retain their character as either short-term or long-term capital losses rather than being considered all short-term, as permitted under previous law. Thus, such losses must be used first to offset gains of the same character; for example, long-term carryforward losses will first offset long-term gains, before they can be used to offset short-term gains.


Artisan Partners Funds		123

NOTES TO FINANCIAL STATEMENTS

As of September 30, 2014, the Funds had capital loss carryovers as shown in the table below (in thousands). To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.


	Expiration Dates
	2018		Unlimited – ST		Unlimited – LT
Emerging Markets	$	-	$	-	$	128,955	⁽¹⁾
International		96,085		-		-
Small Cap		55,398		-		-

⁽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 $16,639, pursuant to IRC Section 382-383.

(13)

Fund share activities:

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


	EMERGING MARKETS⁽³⁾
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		2,090,983		$	26,121			4,922,388		$	62,365
Institutional Shares		994,491			12,292			8,220,620			100,176
Net asset value of shares transferred⁽¹⁾
Investor Shares		-			-			(101,508	)		(1,275	)
Institutional Shares		-			-			101,670			1,275
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		67,766			858			228,979			3,013
Institutional Shares		344,914			4,349			568,438			7,458
Cost of shares redeemed⁽²⁾
Investor Shares		(13,039,229	)		(165,880	)		(11,733,152	)		(148,514	)
Institutional Shares		(11,878,205	)		(146,888	)		(10,136,596	)		(129,368	)
Net increase from fund share transactions
Investor Shares		(10,880,480	)		(138,901	)		(6,683,293	)		(84,411	)
Institutional Shares		(10,538,800	)		(130,247	)		(1,245,868	)		(20,459	)
Redemption Fee
Investor Shares		-			9			-			8
Institutional Shares		-			24			-			15


124		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	GLOBAL EQUITY
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		6,864,248		$	110,666			9,800,824		$	144,151
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		485,266			7,468			68,502			899
Cost of shares redeemed⁽²⁾
Investor Shares		(2,680,996	)		(43,325	)		(1,128,819	)		(16,719	)
Net increase from fund share transactions
Investor Shares		4,668,518			74,809			8,740,507			128,331
Redemption Fee
Investor Shares		-			41			-			32

	GLOBAL OPPORTUNITIES
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		15,513,993		$	284,419			22,229,796		$	345,742
Institutional Shares		11,119,747			204,278			6,688,076			106,606
Cost of shares redeemed⁽²⁾
Investor Shares		(8,601,254	)		(157,661	)		(6,852,525	)		(107,009	)
Institutional Shares		(457,683	)		(8,648	)		(366,302	)		(5,702	)
Net increase from fund share transactions
Investor Shares		6,912,739			126,758			15,377,271			238,733
Institutional Shares		10,662,064			195,630			6,321,774			100,904
Redemption Fee
Investor Shares		-			76			-			135
Institutional Shares		-			37			-			48

	GLOBAL SMALL CAP
	Year Ended 9/30/2014						Period Ended 9/30/2013⁽⁴⁾
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		13,020,988		$	155,869			3,755,886		$	38,973
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		11,178			123			-			-
Cost of shares redeemed⁽²⁾
Investor Shares		(1,751,458	)		(20,812	)		(26,741	)		(279	)
Net increase from fund share transactions
Investor Shares		11,280,708			135,180			3,729,145			38,694
Redemption Fee
Investor Shares		-			19			-			3


Artisan Partners Funds		125

NOTES TO FINANCIAL STATEMENTS


	GLOBAL VALUE
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		46,332,675		$	705,527			44,718,397		$	592,099
Institutional Shares		15,616,060			240,343			20,461,108			276,444
Net asset value of shares transferred⁽¹⁾
Investor Shares		-			-			(281,489	)		(3,966	)
Institutional Shares		-			-			281,289			3,966
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,261,422			18,720			148,706			1,795
Institutional Shares		662,757			9,835			46,061			555
Cost of shares redeemed⁽²⁾
Investor Shares		(18,148,152	)		(281,898	)		(9,092,702	)		(116,509	)
Institutional Shares		(5,592,616	)		(84,524	)		(1,526	)		(22	)
Net increase from fund share transactions
Investor Shares		29,445,945			442,349			35,492,912			473,419
Institutional Shares		10,686,201			165,654			20,786,932			280,943
Redemption Fee
Investor Shares		-			170			-			128
Institutional Shares		-			69			-			-	⁽⁵⁾

	HIGH INCOME
	Period Ended 9/30/2014⁽⁶⁾
	Shares			Amount
Proceeds from shares issued
Investor Shares		28,784,054		$	289,469
Advisor Shares		24,356,075			245,301
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		426,571			4,295
Advisor Shares		347,182			3,494
Cost of shares redeemed⁽²⁾
Investor Shares		(1,283,898	)		(12,808	)
Advisor Shares		(1,866,099	)		(18,587	)
Net increase from fund share transactions
Investor Shares		27,926,727			280,956
Advisor Shares		22,837,158			230,208
Redemption Fee
Investor Shares		-			147
Advisor Shares		-			138


126		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	INTERNATIONAL
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		172,830,197		$	5,193,412			111,618,614		$	2,902,018
Institutional Shares		31,933,961			974,844			25,548,356			661,789
Net asset value of shares transferred⁽¹⁾
Investor Shares		-			-			(2,290,722	)		(62,631	)
Institutional Shares		-			-			2,276,010			62,631
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,776,776			81,887			2,754,623			67,764
Institutional Shares		1,387,270			41,146			1,481,920			36,648
Cost of shares redeemed⁽²⁾
Investor Shares		(65,605,440	)		(1,979,559	)		(61,269,730	)		(1,586,473	)
Institutional Shares		(28,044,503	)		(857,249	)		(21,872,919	)		(579,041	)
Net increase from fund share transactions
Investor Shares		110,001,533			3,295,740			50,812,785			1,320,678
Institutional Shares		5,276,728			158,741			7,433,367			182,027
Redemption Fee
Investor Shares		-			565			-			515
Institutional Shares		-			185			-			203

	INTERNATIONAL SMALL CAP
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		13,167,082		$	354,804			11,009,834		$	262,667
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,422,159			61,717			325,418			7,218
Cost of shares redeemed⁽²⁾
Investor Shares		(8,468,727	)		(225,103	)		(8,105,415	)		(190,428	)
Net increase from fund share transactions
Investor Shares		7,120,514			191,418			3,229,837			79,457
Redemption Fee
Investor Shares		-			30			-			64


Artisan Partners Funds		127

NOTES TO FINANCIAL STATEMENTS


	INTERNATIONAL VALUE
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		48,279,252		$	1,788,517			75,456,094		$	2,442,536
Institutional Shares		13,233,553			490,586			11,772,260			366,591
Net asset value of shares transferred⁽¹⁾
Investor Shares		-			-			(753,122	)		(25,812	)
Institutional Shares		-			-			751,264			25,812
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		13,168,838			468,812			1,840,385			56,132
Institutional Shares		4,702,044			167,768			860,425			26,286
Cost of shares redeemed⁽²⁾
Investor Shares		(36,953,384	)		(1,376,242	)		(33,058,608	)		(1,071,632	)
Institutional Shares		(12,766,282	)		(476,690	)		(5,731,295	)		(187,041	)
Net increase from fund share transactions
Investor Shares		24,494,706			881,087			43,484,749			1,401,224
Institutional Shares		5,169,315			181,664			7,652,654			231,648
Redemption Fee
Investor Shares		-			305			-			466
Institutional Shares		-			86			-			141

	MID CAP
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		25,145,236		$	1,211,460			23,124,699		$	953,489
Institutional Shares		25,449,982			1,278,426			23,287,764			1,020,596
Net asset value of shares transferred⁽¹⁾
Investor Shares		-			-			(12,610,564	)		(507,744	)
Institutional Shares		-			-			12,610,564			507,744
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		9,388,265			429,325			5,921,843			223,076
Institutional Shares		4,662,566			223,057			1,721,450			67,463
Cost of shares redeemed
Investor Shares		(38,479,395	)		(1,839,289	)		(34,800,770	)		(1,418,304	)
Institutional Shares		(14,443,759	)		(721,622	)		(7,434,144	)		(326,157	)
Net increase from fund share transactions
Investor Shares		(3,945,894	)		(198,504	)		(18,364,792	)		(749,483	)
Institutional Shares		15,668,789			779,861			30,185,634			1,269,646


128		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	MID CAP VALUE
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		65,185,071		$	1,761,179			88,154,110		$	2,092,450
Institutional Shares		20,369,732			552,567			22,489,399			525,196
Net asset value of shares transferred⁽¹⁾
Investor Shares		-			-			(21,247,449	)		(515,712	)
Institutional Shares		-			-			21,231,889			515,712
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		15,817,357			417,104			18,470,144			384,733
Institutional Shares		2,374,000			62,602			984,258			20,502
Cost of shares redeemed
Investor Shares		(94,345,667	)		(2,565,756	)		(94,574,520	)		(2,184,695	)
Institutional Shares		(11,604,357	)		(317,171	)		(5,950,328	)		(142,610	)
Net increase from fund share transactions
Investor Shares		(13,343,239	)		(387,473	)		(9,197,715	)		(223,224	)
Institutional Shares		11,139,375			297,998			38,755,218			918,800

	SMALL CAP
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		15,199,873		$	439,604			32,253,075		$	723,927
Institutional Shares		2,431,667			69,700			6,293,870			148,315
Net asset value of shares transferred⁽¹⁾
Investor Shares		-			-			(105,328	)		(2,418	)
Institutional Shares		-			-			105,282			2,418
Cost of shares redeemed
Investor Shares		(17,260,935	)		(483,655	)		(16,402,173	)		(365,993	)
Institutional Shares		(2,065,389	)		(60,328	)		(712,370	)		(17,766	)
Net increase from fund share transactions
Investor Shares		(2,061,062	)		(44,051	)		15,745,574			355,516
Institutional Shares		366,278			9,372			5,686,782			132,967


Artisan Partners Funds		129

NOTES TO FINANCIAL STATEMENTS


	SMALL CAP VALUE
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		15,636,504		$	288,653			27,625,555		$	459,764
Institutional Shares		3,549,900			65,892			2,235,363			35,595
Net asset value of shares transferred⁽¹⁾
Investor Shares		-			-			(1,620,952	)		(27,664	)
Institutional Shares		-			-			1,620,780			27,664
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,883,076			89,751			4,326,262			66,754
Institutional Shares		691,272			12,719			661,328			10,198
Cost of shares redeemed
Investor Shares		(79,323,221	)		(1,464,478	)		(50,372,111	)		(815,911	)
Institutional Shares		(5,195,121	)		(95,832	)		(5,640,992	)		(91,804	)
Net increase from fund share transactions
Investor Shares		(58,803,641	)		(1,086,074	)		(20,041,246	)		(317,057	)
Institutional Shares		(953,949	)		(17,221	)		(1,123,521	)		(18,347	)

	VALUE
	Year Ended 9/30/2014						Year Ended 9/30/2013
	Shares			Amount			Shares			Amount
Proceeds from shares issued
Investor Shares		25,923,680		$	361,086			48,278,121		$	619,978
Institutional Shares		6,611,778			94,116			7,472,022			89,339
Net asset value of shares transferred⁽¹⁾
Investor Shares		-			-			(142,652	)		(1,799	)
Institutional Shares		-			-			142,426			1,799
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		4,735,743			62,843			451,150			5,121
Institutional Shares		974,463			12,941			159,218			1,807
Cost of shares redeemed
Investor Shares		(34,775,011	)		(475,888	)		(21,418,031	)		(263,577	)
Institutional Shares		(4,729,262	)		(64,268	)		(3,097,184	)		(38,944	)
Net increase from fund share transactions
Investor Shares		(4,115,588	)		(51,959	)		27,168,588			359,723
Institutional Shares		2,856,979			42,789			4,676,482			54,001

⁽¹⁾	For the year or period ended September 30, 2014, the net asset value of shares transferred are included in proceeds from shares issued and cost of shares redeemed.

⁽²⁾	Net of redemption fees.

⁽³⁾	Effective February 14, 2014, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽⁴⁾	For the period from commencement of operations (June 25, 2013) through September 30, 2013.

⁽⁵⁾	Amount rounds to less than $1.

⁽⁶⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.


130		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(14)

Accounting Pronouncement:

In June 2013, FASB issued Accounting Standards Update 2013-08 Financial Services – Investment Companies (Topic 946) – Amendments to the Scope, Measurement, and Disclosure Requirements (“ASU 2013-08”) which is effective for interim and annual reporting periods in fiscal years that begin after December 15, 2013. ASU 2013-08 sets forth a methodology for determining whether an entity should be characterized as an investment company and prescribes fair value accounting for an investment company’s non-controlling ownership interest in another investment company. FASB has determined that a fund registered under the Investment Company Act of 1940 automatically meets ASU 2013-08’s criteria for an investment company. Although still evaluating the potential impacts of ASU 2013-08 to the Funds, management expects that the impact of the Funds’ adoption will be limited to additional financial statement disclosures.

(15)

Subsequent Events:

The Funds have evaluated subsequent events through the date of issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.


Artisan Partners Funds		131

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 Emerging Markets Fund, Artisan Global Equity Fund, Artisan Global Opportunities Fund, Artisan Global Small Cap Fund, Artisan Global Value Fund, Artisan High Income Fund, Artisan International Fund, Artisan International Small Cap Fund, Artisan International Value Fund, Artisan Mid Cap Fund, Artisan Mid Cap Value Fund, Artisan Small Cap Fund, Artisan Small Cap Value Fund, and Artisan Value Fund (the “Funds”)) as of September 30, 2014, and the related statements of operations, statements of changes in net assets, and the financials highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2014, 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, 2014, and the results of their operations, changes in their net assets, and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Minneapolis, Minnesota

November 24, 2014


132		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Other Federal tax information (unaudited):

The Internal Revenue Code requires that shareholders be notified of certain information regarding long-term capital gains, qualified dividend income and the dividends received deduction for corporate shareholders. This data is informational only. Every year in January, shareholders are sent a Form 1099-DIV which provides the federal tax status of dividends and distributions received during the calendar year. Shareholders are advised to consult their own tax advisor with respect to the specific tax consequences of investment in the Funds.

Each Fund hereby designates the following amounts as (i) long-term capital gain distributions for purposes of the dividends paid deduction (including earnings and profits distributed to shareholders on redemption of Fund shares, in thousands), (ii) the amount of ordinary dividends paid during the fiscal year ended September 30, 2014 that are considered qualified dividend income as defined in the Jobs and Growth Tax Relief Reconciliation Act of 2003, and (iii) the amount of ordinary dividends paid during the fiscal year ended September 30, 2014 that are eligible for the dividends received deduction available to certain corporate shareholders.


Fund	Long-Term Capital Gains			Qualified Dividend Income			Dividends Received Deduction
Emerging Markets	$	-			100.00	%		3.09	%
Global Equity		1,728			12.88			4.29
Global Opportunities		864			-			-
Global Small Cap		-			50.72			7.37
Global Value		13,976			70.56			30.79
High Income		-	⁽¹⁾		-			-
International		-			100.00			0.09
International Small Cap		68,131			100.00			-
International Value		539,699			55.36			0.12
Mid Cap		765,973			-			-
Mid Cap Value		487,675			99.17			95.75
Small Cap		-			-			-
Small Cap Value		150,703			70.12			67.13
Value		55,113			66.99			52.19

⁽¹⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.


Artisan Partners Funds		133

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, 2014 to September 30, 2014.

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, 2014 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 4/1/2014		Ending Account Value 9/30/2014		Expenses Paid During Period 4/1/2014-9/30/2014⁽¹⁾		Expense Ratio⁽²⁾
Artisan Emerging Markets Fund
Investor Shares⁽³⁾⁽⁴⁾
Actual	$	1,000.00	$	1,008.80	$	7.55		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Institutional Shares
Actual	$	1,000.00	$	1,010.50	$	5.90		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.92		1.17	%


134		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2014		Ending Account Value 9/30/2014		Expenses Paid During Period 4/1/2014-9/30/2014⁽¹⁾		Expense Ratio⁽²⁾
Artisan Global Equity Fund
Investor Shares
Actual	$	1,000.00	$	1,000.60	$	7.12		1.42	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.95	$	7.18		1.42	%
Artisan Global Opportunities Fund
Investor Shares
Actual	$	1,000.00	$	1,034.40	$	6.07		1.19	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.10	$	6.02		1.19	%
Institutional Shares
Actual	$	1,000.00	$	1,035.30	$	4.90		0.96	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.26	$	4.86		0.96	%
Artisan Global Small Cap Fund
Investor Shares⁽³⁾
Actual	$	1,000.00	$	892.00	$	7.11		1.50	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.55	$	7.59		1.50	%
Artisan Global Value Fund
Investor Shares
Actual	$	1,000.00	$	1,005.80	$	6.44		1.28	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.65	$	6.48		1.28	%
Institutional Shares
Actual	$	1,000.00	$	1,007.70	$	5.18		1.03	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.90	$	5.22		1.03	%
Artisan High Income Fund
Investor Shares
Actual	$	1,000.00	$	1,019.80	$	5.57		1.10	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.55	$	5.57		1.10	%
Advisor Shares
Actual	$	1,000.00	$	1,020.20	$	5.01		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.10	$	5.01		0.99	%
Artisan International Fund
Investor Shares
Actual	$	1,000.00	$	1,004.00	$	5.88		1.17	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.20	$	5.92		1.17	%
Institutional Shares
Actual	$	1,000.00	$	1,005.00	$	4.72		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.76		0.94	%


Artisan Partners Funds		135

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2014		Ending Account Value 9/30/2014		Expenses Paid During Period 4/1/2014-9/30/2014⁽¹⁾		Expense Ratio⁽²⁾
Artisan International Small Cap Fund
Investor Shares
Actual	$	1,000.00	$	876.90	$	7.10		1.51	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,017.50	$	7.64		1.51	%
Artisan International Value Fund
Investor Shares
Actual	$	1,000.00	$	992.40	$	5.79		1.16	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.25	$	5.87		1.16	%
Institutional Shares
Actual	$	1,000.00	$	993.20	$	4.75		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Artisan Mid Cap Fund
Investor Shares
Actual	$	1,000.00	$	976.80	$	5.95		1.20	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.05	$	6.07		1.20	%
Institutional Shares
Actual	$	1,000.00	$	978.10	$	4.66		0.94	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.36	$	4.76		0.94	%
Artisan Mid Cap Value Fund
Investor Shares
Actual	$	1,000.00	$	982.50	$	5.86		1.18	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.15	$	5.97		1.18	%
Institutional Shares
Actual	$	1,000.00	$	983.60	$	4.72		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Artisan Small Cap Fund
Investor Shares
Actual	$	1,000.00	$	904.70	$	5.78		1.21	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,019.00	$	6.12		1.21	%
Institutional Shares
Actual	$	1,000.00	$	905.30	$	4.78		1.00	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.05	$	5.06		1.00	%
Artisan Small Cap Value Fund
Investor Shares
Actual	$	1,000.00	$	903.70	$	5.87		1.23	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,018.90	$	6.23		1.23	%
Institutional Shares
Actual	$	1,000.00	$	904.90	$	4.73		0.99	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.10	$	5.01		0.99	%


136		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2014		Ending Account Value 9/30/2014		Expenses Paid During Period 4/1/2014-9/30/2014⁽¹⁾		Expense Ratio⁽²⁾
Artisan Value Fund
Investor Shares
Actual	$	1,000.00	$	1,023.90	$	4.82		0.95	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,020.31	$	4.81		0.95	%
Institutional Shares
Actual	$	1,000.00	$	1,025.30	$	3.76		0.74	%
Hypothetical (5% return before expenses)	$	1,000.00	$	1,021.36	$	3.75		0.74	%

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended September 30, 2014, 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, 2014.

⁽³⁾	The annualized ratio of expenses to average net assets excludes expenses waived or paid by the Adviser.

⁽⁴⁾	Effective February 14, 2014, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.


Artisan Partners Funds		137

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, 2014. That information will vary with changes in a Fund’s portfolio investments. The performance information for each Fund relative to its benchmark index discussed in this report was prepared by the Adviser using information reported by FactSet Research Systems, Inc. (“FactSet”). For the purposes of assigning portfolio securities to a particular country in this report, the Adviser considers an issuer to be from a particular country as designated by its securities information vendors. However, the Adviser in its own judgment may consider an issuer to be from a country other than the country designated by the securities information vendors. A vendor’s criteria may include the identity of the jurisdiction of the issuer’s incorporation, the main equity trading market for the issuer’s securities, the geographical distribution of the issuer’s operations and the location of the issuer’s headquarters. The Adviser may also consider other criteria such as the source of a company’s revenues. Over time, country designations may change.

For the purposes of assigning portfolio securities to a particular sector and industry, the Adviser assigns equity securities in accordance with the sector and industry classifications of the Global Industry Classification Standard (GICS^®) developed by MSCI Inc. and Standard & Poor’s (to the extent available) as primary sources and FactSet (to the extent available) as a secondary source for this information. The Adviser assigns debt securities in accordance with the industry groups developed by Bloomberg Finance L.P. In the event the Adviser’s securities information vendors do not classify a security to a particular sector or industry, or if the published classification appears to be erroneous, the Adviser classifies the security according to its own judgment, using other securities information vendors, the company description and other publicly available information about the company’s peer group. Sector and industry classifications may change over time.

The names of portfolio securities reflected in this report are as reported by the Funds’ data providers, may not represent the legal name of the entity and, in some cases, are translations of non-English names.

Definition of Portfolio Statistic

Market Capitalization is the aggregate value of all of a company’s outstanding equity securities.

Descriptions of Indices

Each Fund’s performance is compared in this report to changes in one or more indices, including in all cases a broad-based index of changes in prices of securities in the markets in which the Fund invests. All of the indices are unmanaged and their returns include reinvested dividends. Unlike the Funds’ returns, the returns of each index do not include the payment of sales commissions or other expenses that would be incurred in the purchase or sale of the securities included in that index. An investment cannot be made directly in an index. Fair value pricing is not employed by market indices.


138		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 Emerging Markets Fund – Morgan Stanley Capital International Emerging Markets Index is a market-weighted index of companies in emerging markets.

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 Global Small Cap Fund – Morgan Stanley Capital International All Country World Small Cap Index (MSCI ACWI Small Cap) – is a market-weighted index of small cap securities of global developed and emerging markets.

Artisan High Income Fund – BofA Merrill Lynch U.S. High Yield Master II Total Return Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

Artisan International, Artisan International Small Cap and Artisan International Value Funds – Morgan Stanley Capital International EAFE Index (MSCI EAFE) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada. MSCI EAFE’s average annual return since inception of the International Fund is based upon a starting date of December 31, 1995.

Artisan International Fund – Morgan Stanley Capital All Country World Index Ex U.S. (MSCI ACWI Ex U.S.) is a market-weighted index of global developed and emerging markets, excluding the U.S.

Artisan International Small Cap Fund – Morgan Stanley Capital International EAFE Small Cap Index (MSCI EAFE Small Cap) is a market-weighted index of small companies in developed markets, excluding the U.S. and Canada.

Artisan International Value Fund – Morgan Stanley Capital International EAFE Value Index (MSCI EAFE Value) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada, that exhibits value investment style characteristics according to MSCI’s methodology.

Artisan Mid Cap and Artisan Mid Cap Value Funds – Russell Midcap^® Index is a market-weighted index of about 800 medium-sized U.S. companies.

Artisan Mid Cap Fund – Russell Midcap^® Growth Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with higher price-to-book and higher forecasted growth values.

Artisan Mid Cap Value Fund – Russell Midcap^® Value Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with lower price-to-book ratios and lower forecasted growth values.

Artisan Small Cap and Artisan Small Cap Value Funds – Russell 2000^® Index is a market-weighted index of about 2,000 small U.S. companies.


Artisan Partners Funds		139

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

Artisan Small Cap Fund – Russell 2000^® Growth Index is a market-weighted index of those small companies included in the Russell 2000^® Index with higher price-to-book ratios and higher forecasted growth values.

Artisan Small Cap Value Fund – Russell 2000^® Value Index is a market-weighted index of those small companies included in the Russell 2000^® Index with lower price-to-book ratios and lower forecasted growth values.

Artisan Value Fund – Russell 1000^® Index is a market-weighted index of about 1,000 large U.S. companies.

Artisan Value Fund – Russell 1000^® Value Index is a market-weighted index of those large companies included in the Russell 1000^® Index with lower price-to-book ratios and lower forecasted growth values.

Trademarks

Trademarks and copyrights relating to the indices and products of portfolio companies mentioned in this report, if any, are owned by their respective owners. Except as otherwise indicated, the trademarks, including names, logos, slogans and service marks appearing in this report are the property of the Adviser and may not be copied, reproduced, published or in any way used without written permission.

The Global Industry Classification Standard (“GICS”) was developed by and is the exclusive property and a service mark of MSCI Inc. (“MSCI”) and Standard & Poor’s, a division of The McGraw-Hill Companies, Inc. (“S&P”) and is licensed for use by the Adviser. Neither MSCI, S&P nor any third party involved in making or compiling the GICS or any GICS classifications makes any express or implied warranties or representations with respect to such standard or classification (or the results to be obtained by the use thereof), and all such parties hereby expressly disclaim all warranties of originality, accuracy, completeness, merchantability and fitness for a particular purpose with respect to any of such standard or classification. Without limiting any of the foregoing, in no event shall MSCI, S&P, any of their affiliates or any third party involved in making or compiling the GICS or any GICS classifications have any liability for any direct, indirect, special, punitive, consequential or any other damages (including lost profits) even if notified of the possibility of such damages.

MSCI makes no express or implied warranties or representations and shall have no liability whatsoever with respect to any MSCI data contained herein. The MSCI data may not be further redistributed or used to create indices or financial products. This report is not approved or produced by MSCI.

For the BofA Merrill Lynch U.S. High Yield Master II Total Return Index the source is BofA Merrill Lynch, used with permission. BofA Merrill Lynch is licensing the BofA Merrill Lynch indices “as is,” makes no warranties regarding same, does not guarantee the suitability, quality, accuracy, timeliness, and/or completeness of the BofA Merrill Lynch indices or any data included in, related to, or derived there from, assumes no liability in connection with their use, and does not sponsor, endorse, or recommend Artisan Partners, or any of its products or services.


140		Artisan Partners Funds

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

Russell Investment Group is the source and owner of the Russell Index data contained or reflected in this material and all trademarks and copyrights related thereto. The presentation may contain confidential information and unauthorized use, disclosure, copying, dissemination or redistribution is strictly prohibited. This is a presentation of Artisan Partners Funds. Russell Investment Group is not responsible for the formatting or configuration of this material or for any inaccuracy in Artisan Partners Funds’ presentation thereof.

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Partners Funds’ proxy voting policies and procedures, without charge, upon request by calling 800.344.1770. That information also is included in Artisan Partners Funds’ statement of additional information, which is available without charge, on Artisan Partners Funds’ website at www.artisanfunds.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.artisanfunds.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		141

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 14, 2014, 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 fourteen series of Artisan Partners Funds.



Name and Age at 11/14/14	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 – 71	Director and Independent Chair of the Board of Directors	Director since 3/27/95; Independent Chair since 2/4/05	Of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI.	Former Trustee, Northwestern Mutual Life Insurance Company (individual life insurance, disability insurance and annuity company).
Gail L. Hanson – 58	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 – 67	Director	3/27/95	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.


142		Artisan Partners Funds

DIRECTORS AND OFFICERS



Name and Age at 11/14/14	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 – 59	Director	7/1/14	Managing Partner, Harkness Partners, LLC (provider of strategic consulting to investment management firms) (since 2010); Director, Hoffberger Holdings, Inc. (private investment holding company) (since 2014); Advisor and Consultant, KRC Inc. (private fund) (since 2008); Advisory Board Member, Cantilever Capital (investment firm) (since 2009); until 2014, Strategic Consultant, The OFI SteelPath Funds (investment company); until 2014, Director and Consultant, Crosswind Investments, LLC (investment management firm).	Independent Chair and Trustee of ALTX Trust (investment company) (2 portfolios); Former Director, The SteelPath MLP Funds Trust (investment company); former Trustee, The Managers Funds and Managers AMG Funds (investment companies).
Patrick S. Pittard – 68	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); former Director, Cbeyond, Inc. (telecommunications company, formerly Cbeyond Communications, Inc.).
R. Scott Trumbull – 66	Director	11/13/12	Chairman, and Director, Franklin Electric Co., Inc. (manufacturer of water and fuel pumping systems); until 2014, Chief Executive Officer, Franklin Electric Co., Inc.	Director, Health Care REIT (investor in health care real estate); Director, Columbus McKinnon Corporation (designer, manufacturer and marketer of material handling products).


Artisan Partners Funds		143

DIRECTORS AND OFFICERS



Name and Age at 11/14/14	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
Director who is an “interested person” of Artisan Partners Funds and Officer:
Eric R. Colson – 45*	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); Managing Director, Chief Executive Officer (since January 2010) and President (since April 2013) of Artisan Partners; President and Chief Executive Officer of Artisan Investments GP LLC (since January 2010); 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.
Officers:
Brooke J. Billick – 60	Chief Compliance Officer	8/19/04	Chief Compliance Officer – U.S. Mutual Funds and Associate Counsel of Artisan Partners; Chief Compliance Officer of Artisan Partners Distributors LLC; until January 2012, Chief Compliance Officer of Artisan Partners.	None.
Gregory K. Ramirez – 44	Chief Financial Officer, Vice President and Treasurer	2/8/11	Managing Director, Vice President (since April 2013) and Assistant Treasurer of Artisan Partners; Senior Vice President (since October 2013) of Artisan Partners Asset Management Inc.; Vice President, Treasurer and Chief Financial Officer (since July 2012) of Artisan Partners Distributors LLC; prior thereto, Assistant Treasurer of Artisan Partners Distributors LLC; until February 2011, Assistant Secretary and Assistant Treasurer of Artisan Partners Funds.	None.


144		Artisan Partners Funds

DIRECTORS AND OFFICERS



Name and Age at 11/14/14	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
Sarah A. Johnson – 42	General Counsel, Vice President and Secretary	2/8/11	Managing Director (since March 2010), Vice President (since April 2013), Secretary (since October 2013), Chief Compliance Officer (January 2012 – September 2013) and General Counsel (since October 2013) of Artisan Partners; prior thereto Associate Counsel of Artisan Partners; Executive Vice President, Chief Legal Officer and Secretary (since October 2013) of Artisan Partners Asset Management Inc.; Vice President and Secretary of Artisan Partners Distributors, LLC; until February 2011, Assistant Secretary of Artisan Partners Funds.	None.
James S. Hamman, Jr. – 45	Vice President and Assistant Secretary	2/8/11	Managing Director–Corporate Development (since January 2014), Vice President (since April 2013) and Assistant Secretary (since October 2013) of Artisan Partners; prior thereto Associate Counsel of Artisan Partners; from January 2008 until February 2010, Principal of Elite Investment Partners, LLC.	None.
Stephen W. Hlavach – 46	Assistant Treasurer	2/14/12	Tax Director (since January 2011) and Assistant Treasurer (since April 2013) of Artisan Partners; Assistant Treasurer (since October 2012) of Artisan Partners Asset Management Inc.; prior thereto, Tax Lead, Mergers & Acquisitions of The Boeing Company.	None.
Shannon K. Jagodinski – 37	Assistant Treasurer	2/14/12	Senior Manager of Investment Accounting 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 a Managing Director, President and Chief Executive Officer of Artisan Partners.

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.artisanfunds.com for a free copy of the SAI.


Artisan Partners Funds		145

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 Thomas R. Hefty, member and chairman of the registrant’s audit committee, Gail L. Hanson, 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. Mr. Hefty, Ms. Hanson, 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, 2014		Fiscal Year Ended September 30, 2013
Audit Fees (a)	$	337,800	$	284,400
Audit-Related Fees (b)	$	61,050	$	52,260
Tax Fees (c)	$	330,957	$	252,454
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 2014, 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, 2014 also include consents issued in conjunction with the registrant’s post-effective amendments to the Funds’ registration statements filed in connection with the initial offering of investor and advisor shares of Artisan High Income Fund, and in conjunction with the redesignation of

Artisan Emerging Markets Fund Advisor Shares to Investor Shares. The fees billed during the fiscal year ended September 30, 2013 also include the consent issued in conjunction with the registrant’s post-effective amendments to the Funds’ registration statements filed in connection with the initial offering of investor shares of Artisan Global Small Cap 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, 2014 and September 30, 2013 include fees incurred for services for review procedures performed in conjunction with the semiannual reports to shareholders as of March 31, 2014 and March 31, 2013.

(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, 2014 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2014, 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, 2014, 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, 2013 and the excise year ended December 31, 2013, and the semiannual period ended March 31, 2014; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2013; (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2014; and (6) the filing of reclaims of tax amounts withheld by European Union member countries.

The fees shown in the table above for the fiscal year ended September 30, 2013 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2013; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2013; (3) the use of a PFIC database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2012 and the excise year ended December 31, 2012, and the semiannual period ended March 31, 2013; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2012; (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2013; and (6) the filing of reclaims of tax amounts withheld by European Union member countries.

(d) None.

(e)(1) During its regularly scheduled periodic meetings, the registrant’s audit committee considers any requests to pre-approve any audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has authorized its chairman to exercise that authority in the intervals between meetings; and the chairman presents any such pre-approvals to the audit committee at its next regularly scheduled meeting. Under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, pre-approval of non-audit services may be waived provided that: 1) the aggregate fees for all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided, 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(e)(2) No services included in Items 4(b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees for the fiscal years ended September 30, 2014 and September 30, 2013 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, 2014 and September 30, 2013, Ernst & Young LLP served as the registrant’s principal accountant and provided no services and billed no fees for non-audit services rendered to the registrant’s adviser or entities controlling, controlled by or under common control with the adviser.

(h) The audit committee of the registrant’s board of directors has considered whether the provision of non-audit services that were rendered to the registrant’s investment adviser, and any entity controlling, controlled by or under common control with the investment adviser that provides ongoing services to the registrant that were not pre-approved pursuant to paragraph (c)(7)(ii) of Rule 2-01 of Regulation S-X is compatible with maintaining the principal accountant’s independence. The provisions of Rule 2-01(c)(7) were effective on May 6, 2003. No such services were rendered on or after May 6, 2003.

Item 5. Audit Committee of Listed Registrants.

Not applicable.

Item 6. Schedule of Investments.

The Schedules of Investments in securities of unaffiliated issuers as of September 30, 2014 are included as part of the annual reports to shareholders filed under Item 1 of this Form N-CSR.

Item 7. Disclosure of Proxy Voting Policies and Procedures for Closed-End Management Investment Companies.

Not applicable.

Item 8. Portfolio Managers of Closed-End Management Investment Companies.

Not applicable.

Item 9. Purchases of Equity Securities by Closed-End Management Investment Company and Affiliated Purchasers.

Not applicable.

Item 10. Submission of Matters to a Vote of Security Holders.

No material changes to report.

Item 11. Controls and Procedures.

(a) The registrant’s principal executive and principal financial officers have concluded, based on an evaluation of the registrant’s disclosure controls and procedures (as defined in Rule 30a-3(c) under the Investment Company Act of 1940, the “Disclosure Controls”) as of a date within 90 days prior to the filing date (the “Filing Date”) of this Form N-CSR (the “Report”), that the Disclosure Controls are effectively designed to provide reasonable assurance that the information required to be disclosed by the registrant in the Report is recorded, processed, summarized and reported by the Filing Date, including ensuring that information required to be disclosed in the Report is accumulated and communicated to the registrant’s management, including the registrant’s principal executive officer and principal financial officer, as appropriate to allow timely decisions regarding required disclosure.

(b) There were no changes in the registrant’s internal controls over financial reporting (as defined in Rule 30a-3(d) under the Investment Company Act of 1940) that occurred during the second fiscal quarter of the period covered by this report that have materially affected, or are reasonably likely to materially affect, the registrant’s internal control over financial reporting.

Item 12. Exhibits.


(a)	(1)	Code of Ethics for Principal Executive Officer, Principal Financial Officer and Principal Accounting Officer (as referenced in Item 2 above), attached hereto as Exhibit (a)(1)

	(2)	Certifications of Eric R. Colson, Principal Executive Officer and Gregory K. Ramirez, Principal Financial Officer pursuant to Rule 30a-2(a) under the Investment Company Act of 1940 (17 CFR 270.30a-2(a)), attached hereto as Exhibits (a)(2)(i) and (a)(2)(ii)

(b)		Certification of Eric R. Colson, Principal Executive Officer and Gregory K. Ramirez, Principal Financial Officer pursuant to Section 906 of the Sarbanes-Oxley Act of 2002, attached hereto as Exhibit (b)

SIGNATURES

Pursuant to the requirements of the Securities Exchange Act of 1934 and the Investment Company Act of 1940, the registrant has duly caused this report to be signed on its behalf by the undersigned, thereunto duly authorized.


Artisan Partners Funds, Inc.

By:		/s/ Eric R. Colson
		Eric R. Colson
		Principal Executive Officer

Date:		December 5, 2014

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, 2014




By:		/s/ Gregory K. Ramirez
		Gregory K. Ramirez
		Principal Financial Officer

Date:		December 5, 2014