Artisan Partners Funds, Inc.

N-CSR 1 d258093dncsr.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, Wisconsin 53202

(Address of principal executive offices) (Zip Code)


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

(Name and address of agents for service)

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

Date of fiscal year end: 9/30

Date of reporting period: 9/30/16

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

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

Item 1. Reports to Shareholders.

LOGO

ARTISAN PARTNERS FUNDS


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

TABLE OF CONTENTS


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

					SCHEDULES OF INVESTMENTS
		30			Artisan Developing World Fund
		33			Artisan Emerging Markets Fund
		36			Artisan Global Equity Fund
		38			Artisan Global Opportunities Fund
		40			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
		54			Artisan International Value Fund
		57			Artisan Mid Cap Fund
		60			Artisan Mid Cap Value Fund
		62			Artisan Small Cap Fund
		64			Artisan Value Fund

		66			STATEMENTS OF ASSETS AND LIABILITIES

		70			STATEMENTS OF OPERATIONS

		74			STATEMENTS OF CHANGES IN NET ASSETS

		82			FINANCIAL HIGHLIGHTS

		94			NOTES TO FINANCIAL STATEMENTS

		129			REPORT OF INDEPENDENT REGISTERED PUBLIC ACCOUNTING FIRM

		131			SHAREHOLDER EXPENSE EXAMPLE

		136			FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

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

		145			PROXY VOTING POLICIES AND PROCEDURES

		145			INFORMATION ABOUT PORTFOLIO SECURITIES

		146			DIRECTORS AND OFFICERS

ARTISAN PARTNERS FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

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

Company discussions are for illustration only and are not intended as recommendations of individual stocks. The discussions present information about the companies believed to be accurate, and the views of the portfolio managers, as of September 30, 2016. That information and those views may change, and the Funds disclaim any obligation to advise shareholders of any such changes.

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

ARTISAN DEVELOPING WORLD FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/29/2015 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			Since Inception
Artisan Developing World Fund – Investor Shares (6/29/2015)		25.27	%		4.04	%
Artisan Developing World Fund – Advisor Shares (6/29/2015)		25.63			4.28
Artisan Developing World Fund – Institutional Shares (6/29/2015)		25.86			4.44
MSCI Emerging Markets Index		16.78			-2.24	*

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

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


2		Artisan Partners Funds

INVESTING ENVIRONMENT

During the 12-month period ended September 30, 2016, emerging markets equities advanced by double digits, outperforming developed markets peers. Accommodative monetary policy by central banks and negative global bond yields spurred record inflows to the asset class. Rising oil prices strengthened currencies in commodity-producing countries – also aiding returns in the period.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		15.2	%		20.4	%
Consumer Staples		13.7			16.4
Financials		23.9			13.4
Health Care		3.6			10.5
Industrials		4.3			6.6
Information Technology		25.5			22.1
Materials		1.0			-
Real Estate		-			1.7
Telecommunication Services		1.8			0.9
Other assets less liabilities		11.0			8.0
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: Brazilian post-secondary institution operator Kroton Educacional, Chinese Internet and mobile services provider Tencent Holdings, Chinese Internet services and e-commerce provider Alibaba, Panamanian airline passenger and cargo services provider Copa Holdings, and Peruvian financial services provider Credicorp.

Notable detractors included: Saudi Arabian travel company AI Tayyar Travel, Chinese insurance products and services provider China Life Insurance, Indian satellite subscription provider Dish TV India, Russian food retailer Magnit and Danish pharmaceutical products producer Novo Nordisk.

REGION ALLOCATION


Region	9/30/2015			9/30/2016
Emerging Asia		39.5	%		38.4	%
Developed Markets		24.3			27.0
Latin America		11.3			15.8
Europe, Middle East and Africa		13.9			10.8

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including Brazilian consumer goods manufacturer Hypermarcas, US-based biopharmaceutical company China Biologic Products, Chinese airport operator Shanghai International Airport, Brazilian insurance and benefits package provider Qualicorp, and Danish pharmaceutical products producer Novo Nordisk. We funded these purchases in part by selling our positions in Diageo, China Life Insurance, Taiwan Semiconductor Manufacturing, Hexagon and BB Seguridade Participacoes.


Artisan Partners Funds		3

ARTISAN EMERGING MARKETS FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $1,000,000 INVESTMENT (6/26/2006 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Emerging Markets Fund – Investor Shares (6/2/2008)¹		28.79	%		1.58	%		2.99	%		n/a			-2.96	%
Artisan Emerging Markets Fund – Institutional Shares (6/26/2006)		28.69			1.68			3.19			2.60	%		3.63
MSCI Emerging Markets Index		16.78			-0.56			3.03			3.95			5.00	*

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

*	As of Institutional Shares inception date.

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


4		Artisan Partners Funds

INVESTING ENVIRONMENT

During the 12-month period ended September 30, 2016, emerging markets equities advanced double digits, outperforming developed markets peers. Accommodative monetary policy by central banks and negative global bond yields spurred record inflows to the asset class. Rising oil prices strengthened currencies in commodity-producing countries – also aiding returns in the period.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		14.8	%		14.6	%
Consumer Staples		4.9			6.0
Energy		6.4			6.2
Financials		24.4			20.2
Health Care		7.9			5.9
Industrials		7.0			7.9
Information Technology		21.5			24.7
Materials		5.9			6.7
Telecommunication Services		2.6			2.5
Utilities		1.1			4.1
Other assets less liabilities		3.5			1.2
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: Korean consumer and industrial equipment manufacturer Samsung Electronics, Taiwanese integrated circuits manufacturer Taiwan Semiconductor Manufacturing, Russian commercial bank Sberbank, Chinese Internet services and e-commerce provider Alibaba, and South African-focused mining services company Randgold Resources.

Notable detractors included: Chinese train-borne electrical systems provider Zhuzhou CRRC Times Electric, Chinese insurance products and services provider China Life Insurance, Korean automobile manufacturer Kia Motors, Chinese media production company Wisdom Sports, and Chinese industrial equipment and technology producer China High Precision Automation.

REGION ALLOCATION


Sector	9/30/2015			9/30/2016
Emerging Asia		60.0	%		56.6	%
Latin America		14.9			19.4
Europe, Middle East and Africa		17.0			18.4
Developed Markets		4.6			4.4

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including UAE diversified health care company NMC Health, Taiwanese industrial waste disposal company Sunny Friend Environmental Technology, Brazilian electricity company Cia Energetica de Minas Gerais, Czech commercial bank Moneta Money Bank and Indonesian power company Cikarang Listrindo. We funded these purchases in part by selling our positions in CTBC Financial Holding, Emaar Malls, YPF, Integrated Diagnostics and Habib Bank.


Artisan Partners Funds		5

ARTISAN GLOBAL EQUITY FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/29/2010 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Equity Fund – Investor Shares (3/29/2010)		7.40	%		5.12	%		14.57	%		10.95	%
Artisan Global Equity Fund – Institutional Shares (10/15/2015)		n/a			n/a			n/a			3.01	¹
MSCI ACWI Index		11.96			5.17			10.63			7.14	*

¹	For the period from commencement of operations 10/15/2015 through 9/30/2016; not annualized.

*	As of Investor Shares inception date.

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


6		Artisan Partners Funds

INVESTING ENVIRONMENT

The 12-month period ended September 30, 2016, was volatile for global equities, though global equities closed the period up double digits in USD terms. Stocks sold off in late 2015 and early 2016 on fears over China’s slowing growth and slumping oil prices, but later bounced as oil prices rallied. The United Kingdom’s June 2016 vote to leave the European Union again rattled global markets, though stocks swiftly rebounded as global central banks remained exceptionally accommodative.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		24.4	%		26.2	%
Consumer Staples		1.4			14.6
Financials		13.9			7.8
Health Care		28.2			12.6
Industrials		6.6			5.9
Information Technology		14.5			22.8
Materials		4.0			3.3
Real Estate		—			2.3
Telecommunication Services		1.9			2.7
Utilities		2.2			—
Other assets less liabilities		2.9			1.8
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: US-based developer and distributor of biomedical technologies Medivation, Finnish consumer packaged goods manufacturer Huhtamaki, US-based online retailer Amazon.com, US-based therapeutic and diagnostic medical products manufacturer Medtronic and US-based Internet search engine operator Alphabet.

Notable detractors included: US-based medical services and solutions holding company Envision Healthcare Holdings, US-based specialty pharmaceutical products provider Portola Pharmaceuticals, US-based global payment and travel company American Express, US-based biopharmaceutical products provider PTC Therapeutics and US-based home furnishings provider Restoration Hardware Holdings.

REGION ALLOCAITON


Region	9/30/2015			9/30/2016
Americas		57.9	%		64.3	%
Europe		24.3			20.0
Pacific Basin		2.6			8.0
Emerging Markets		12.3			5.9

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including US-based brewing company Molson Coors Brewing, US-based online retailer Amazon.com, US-based discount retail chain operator Dollar Tree, Japanese tobacco product manufacturer and distributor Japan Tobacco, and US-based minimally invasive medical devices manufacturer Boston Scientific. We funded these purchases in part by selling our positions in Advance Auto Parts, American Express, Gilead Sciences, JPMorgan Chase and Baidu.


Artisan Partners Funds		7

ARTISAN GLOBAL OPPORTUNITIES FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/22/2008 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Opportunities Fund – Investor Shares (9/22/2008)		19.29	%		9.12	%		15.82	%		10.90	%
Artisan Global Opportunities Fund – Advisor Shares (4/1/2015)		19.37			n/a			n/a			9.42
Artisan Global Opportunities Fund – Institutional Shares (7/26/2011)		19.60			9.40			16.10			10.98
MSCI ACWI Index		11.96			5.17			10.63			5.83	*

*	As of Investor Shares inception date.

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


8		Artisan Partners Funds

INVESTING ENVIRONMENT

For the 12-month period ended September 30, 2016, global equities advanced by double digits but not without sporadic bouts of volatility. Global monetary policy remained historically accommodative, with most major central banks maintaining near zero or negative interest-rate policies—likely contributing to investor demand for higher-yielding equities. Oil prices were flat, falling sharply through early 2016 before rebounding through the summer. Amid the commodities price recovery and abating concerns about the rate of China’s economic growth, emerging markets equities generally outpaced global equities. Against a background of tepid global economic activity, US stocks outperformed the developed world, while small-cap stocks outpaced mid and large caps during the period.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		16.5	%		9.7	%
Consumer Staples		5.0			8.8
Energy		1.5			2.4
Financials		6.9			6.8
Health Care		16.6			14.9
Industrials		10.1			12.3
Information Technology		31.9			34.5
Materials		2.1			4.0
Utilities		1.5			—
Other assets less liabilities		7.9			6.6
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: Danish biotechnology company Genmab, Chinese Internet and mobile services provider Tencent Holdings, US-based social networking website operator Facebook, US-based Internet search engine operator Alphabet and US-based financial information services provider S&P Global.

Notable detractors included: US-based quick-serve Mexican restaurant operator Chipotle Mexican Grill, US-based biopharmaceutical company Regeneron Pharmaceuticals, UK-based international foods retail group Associated British Foods, US-based life science tools and integrated systems manufacturer Illumina and US-based personal and commercial insurance provider Direct Line Insurance.

REGION ALLOCATION


Region	9/30/2015			9/30/2016
Americas		52.9	%		54.7	%
Europe		21.1			16.1
Pacific Basin		10.3			14.0
Emerging Markets		7.8			8.6

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including minimally invasive medical devices manufacturer Boston Scientific, Australian vineyard and winery operator Treasury Wine Estates, US-based provider of water, hygiene and energy technologies Ecolab, US-based online travel company Priceline and UK-based digital automotive marketplace operator AutoTrader. We funded these purchases in part by selling our positions in Abbott Laboratories, Illumina, Walt Disney, FANUC and Chipotle Mexican Grill.


Artisan Partners Funds		9

ARTISAN GLOBAL SMALL CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/25/2013 to 9/30/2016)

LOGO

Average annual TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			Since Inception
Artisan Global Small Cap Fund – Investor Shares (6/25/2013)		-4.05	%		-0.73	%		1.14	%
MSCI AWCI Index		11.96			5.17			7.87	*
MSCI ACWI Small Cap Index		14.21			5.67			9.25	*

*	As of Investor Shares inception date.

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


10		Artisan Partners Funds

INVESTING ENVIRONMENT

The 12-month period ended September 30, 2016, was volatile for global equities. Stocks sold off in late 2015 and early 2016 on fears over China’s slowing growth and slumping oil prices, but later bounced as oil prices rallied. The United Kingdom’s June 2016 vote to leave the European Union again rattled global markets, though stocks swiftly rebounded as global central banks remained exceptionally accommodative. Ultimately, global small-cap stocks closed the period up double digits in USD terms, outpacing large-cap stocks.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		18.6	%		26.5	%
Consumer Staples		4.0			18.4
Financials		9.5			3.8
Health Care		20.0			9.9
Industrials		7.6			11.7
Information Technology		8.5			4.0
Materials		6.3			6.9
Real Estate		—			3.8
Telecommunication Services		6.3			11.3
Utilities		10.5			—
Other assets less liabilities		8.7			3.7
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: Finnish consumer packaged goods manufacturer Huhtamaki, US-based cable company Cable One, US-based clinical-stage biopharmaceutical company Nektar Therapeutics, Swedish producer of confectionery products Coletta and Japanese chain store operator Seria.

Notable detractors included: UK-based education and health services provider Cambian, US-based specialty pharmaceutical products provider Portola Pharmaceuticals, UK-based supplier of plastic and fiber products Essentra, US-based biopharmaceutical products provider PTC Therapeutics and wastewater treatment company SIIC Environment Holdings.

REGION ALLOCATION


Region	9/30/2015			9/30/2016
Europe		50.7	%		70.2	%
Americas		13.6			16.1
Emerging Markets		21.6			6.4
Pacific Basin		5.4			3.6

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including Danish tobacco products manufacturer and distributor Scandinavian Tobacco, Dutch connectivity and performance management services provider InterXion Holding, Swedish cable company Com Hem Holding, German specialty glass and plastic products producer Gerresheimer, and US-based snack food manufacturer and distributor Snyder’s-Lance. We funded these purchases in part by selling our positions in SIIC Environment Holdings, 21Vianet, Cambian, CT Environmental and Cera Sanitaryware.


Artisan Partners Funds		11

ARTISAN GLOBAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/10/2007 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			5-Year			Since Inception
Artisan Global Value Fund – Investor Shares (12/10/2007)		11.86	%		5.83	%		13.58	%		7.05	%
Artisan Global Value Fund – Advisor Shares (4/1/2015)		12.00			n/a			n/a			2.62
Artisan Global Value Fund – Institutional Shares (7/17/2012)		12.18			6.09			n/a			12.16
MSCI ACWI Index		11.96			5.17			10.63			2.26	*

*	As of Investor Shares inception date.

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


12		Artisan Partners Funds

INVESTING ENVIRONMENT

Global equity markets experienced a volatile 12 months, but closed the period ended September 30, 2016, in positive territory. Negative interest rates in Europe and Japan and the flattened US yield curve spurred a selloff in late 2015 that continued through the first month of the 2016. Stocks gained modestly with the rise in oil prices, and bounced back in concert with GBP after a sharp decline induced by the United Kingdom’s June 2016 vote to leave the European Union. Global monetary policy continued to be extraordinarily accommodative.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		3.9	%		3.7	%
Consumer Staples		7.1			6.8
Energy		2.8			2.4
Financials		37.1			31.4
Health Care		7.9			6.2
Industrials		7.7			10.1
Information Technology		23.3			25.2
Telecommunication Services		1.9			3.1
Other assets less liabilities		8.3			11.1
		100.0%			100.0%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: Korean consumer and industrial equipment manufacturer Samsung Electronics, Brazilian telecommunications company Telefonica Brasil, US-based software developer Microsoft, US-based health care products manufacturer and services provider Johnson & Johnson, and US-based digital communications equipment manufacturer QUALCOMM.

Notable detractors included: UK-based commercial bank RBS, Swiss banking and financial services provider UBS, UK-based banking and financial services company Lloyds Banking, UK-based food retailer operator Tesco, and UK-based consulting and engineering services provider Amec Foster Wheeler.

REGION ALLOCATION


Region	9/30/2015			9/30/2016
Americas		55.2	%		49.4	%
Europe		28.9			27.7
Emerging Markets		7.5			11.5
Pacific Basin		0.1			0.3

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including Chinese Internet search engine operator Baidu, US-based package and freight delivery company FedEx, Swiss luxury goods retailer Cie Financiere Richemont, UK-based bespoke solutions engineer IMI and Japanese automobile tire manufacturer Bridgestone. We funded these purchases in part by selling our positions in Applied Materials, Novartis, New Oriental Education & Technology, Flextronics International and Joy Global.


Artisan Partners Funds		13

ARTISAN HIGH INCOME FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/19/2014 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			Since Inception
Artisan High Income Fund – Investor Shares (3/19/2014)		11.40	%		5.92	%
Artisan High Income Fund – Advisor Shares (3/19/2014)		11.61			6.07
BofA Merrill Lynch U.S. High Yield Master II Total Return		12.82			3.73	*

*	As of Investor and Advisor Shares inception date.

The performance quoted represents past performance, which does not guarantee future results. The investment return and principal value of an investment in the Fund will fluctuate, so that an investor’s shares in the Fund, when redeemed, may be worth more or less than their original cost. Current performance may be lower or higher than the performance data quoted. For current to most recent month-end performance, visit www.artisanpartners.com or call 800.344.1770. The graph and table above does not reflect the deduction of taxes that a shareholder would pay on distributions or sale of Fund shares. The performance shown does not reflect the deduction of a 2% redemption fee on shares held by an investor for 90 days or less and, if reflected, the fee would reduce the performance quoted. Unlike the Index, the Fund may hold loans and other security types. At times, this can cause material differences in relative performance. See Notes on Management’s Discussion of Fund Performance and Portfolio Holdings’ Classification for a description of the index.


14		Artisan Partners Funds

INVESTING ENVIRONMENT

The non-investment grade credit market advanced during the 12-month period ended September 30, 2016, as yields and spreads reached their lowest levels in more than a year. Credit markets benefited from a rebound in commodity prices, aggressive central bank policies and some evidence of reduced global macro risks.

PERFORMANCE DISCUSSION

Performance of the following holdings had a positive impact on the portfolio during the period: US-based energy infrastructure company Williams Cos, Taiwanese polyethylene manufacturer USI, US-based real estate investment trust VEREIT, Dutch cable provider Altice and US-based oil and gas company Laredo Petroleum.

Performance of the following holdings had a negative impact on the portfolio during the period: US-based integrated circuit manufacturer Opal Acquisition, US-based risk management provider York Risk Services, US-based crop input distributer Pinnacle Operating, US-based exploration and production company Midstates Petroleum and Canadian oil and natural gas company Paramount Resources.

PORTFOLIO COMPOSITION


Type	9/30/2015			9/30/2016
Corporate Bonds		73.2	%		71.1	%
Bank Loans		21.0			21.4
Cash and Equivalents		5.8			7.5

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including US-based energy infrastructure company Williams Cos, Singapore-based investment holding company HUB Holdings, US-based provider of commerce technologies and network solutions First Data, US-based overhead crane manufacturer Cloud Crane, and Canadian exploration and production company Seven Generations Energy. We funded these purchases in part by selling our positions in Range Resources, Electronic Funds Source, Frontier Communications, Parsley Energy and Valeant Pharmaceuticals International.


Artisan Partners Funds		15

ARTISAN INTERNATIONAL FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/28/1995 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Fund – Investor Shares (12/28/1995)		5.39	%		0.30	%		10.07	%		3.58	%		8.84	%
Artisan International Fund – Advisor Shares (4/1/2015)		5.58			n/a			n/a			n/a			-5.95
Artisan International Fund – Institutional Shares (7/1/1997)		5.64			0.54			10.32			3.82			7.66
MSCI EAFE Index		6.52			0.48			7.39			1.82			4.34	*
MSCI ACWI ex USA Index^†		9.26			0.18			6.04			2.16			4.81	*

*	As of Investor Shares inception date.

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


16		Artisan Partners Funds

INVESTING ENVIRONMENT

The 12-month period ended September 30, 2016, was volatile for international equities, though they closed the period in positive territory in USD terms. Stocks sold off in late 2015 and early 2016 on fears over China’s slowing growth and slumping oil prices, but later bounced as oil prices rallied. The United Kingdom’s June 2016 vote to leave the European Union again rattled global markets, though stocks swiftly rebounded as global central banks remained exceptionally accommodative.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		21.2	%		9.5	%
Consumer Staples		10.0			27.0
Financials		12.3			15.5
Health Care		19.3			11.2
Industrials		9.9			11.9
Information Technology		12.5			8.8
Materials		8.0			4.1
Real Estate		–			1.6
Telecommunication Services		3.1			8.7
Utilities		0.1			–
Other assets less liabilities		3.6			1.7
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: US-based therapeutic and diagnostic medical products manufacturer Medtronic, Hong Kong-based insurance and financial services provider AIA, Chinese Internet search engine operator Baidu, Swiss crop-protection product and seed producer Syngenta, and Swiss biopharmaceutical company Actelion.

Notable detractors included: German health care and agricultural products producer Bayer, UK-based provider of air passenger and cargo transport services International Consolidated Airlines, UK-based provider of information technology services Cognizant Technology Solutions, UK-based banking and financial services company Lloyds Banking, and Swiss pharmaceutical and consumer health care product manufacturer Novartis.

REGION ALLOCATION


Region	9/30/2015			9/30/2016
Europe		56.4	%		50.5	%
Americas		16.2			24.3
Pacific Basin		11.0			16.6
Emerging Markets		12.8			6.9

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including Japanese tobacco product manufacturer and distributor Japan Tobacco, US-based provider of risk and insurance brokerage consulting Aon, Japanese telecommunication services provider NTT DOCOMO, UK-based branded and consumer packaged goods manufacturer Unilever, and Chinese Internet services and e-commerce provider Alibaba. We funded these purchases in part by selling our positions in Baidu, Toyota, Grupo Televisa, Tencent Holdings and Syngenta.


Artisan Partners Funds		17

ARTISAN INTERNATIONAL SMALL CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (12/21/2001 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Small Cap Fund – Investor Shares (12/21/2001)		2.50	%		0.93	%		10.87	%		5.87	%		11.82	%
Artisan International Small Cap Fund – Institutional Shares (4/12/2016)		n/a			n/a			n/a			n/a			2.84	¹
MSCI EAFE Index		6.52			0.48			7.39			1.82			5.59	*
MSCI EAFE Small Cap Index		12.33			5.08			11.07			4.39			10.05	*

¹	For the period from commencement of operations 4/12/2016 through 9/30/2016; not annualized.

*	As of Investor Shares inception date.


18		Artisan Partners Funds

INVESTING ENVIRONMENT

The 12-month period ended September 30, 2016, was volatile for international equities. Stocks sold off in late 2015 and early 2016 on fears over China’s slowing growth and slumping oil prices, but later bounced as oil prices rallied. The United Kingdom’s June 2016 vote to leave the European Union again rattled global markets, though stocks swiftly rebounded as global central banks remained exceptionally accommodative. Ultimately, international small-cap stocks ended the period up double digits in USD terms, outpacing large-cap stocks.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		7.4	%		14.0	%
Consumer Staples		12.6			26.3
Financials		2.1			2.0
Health Care		12.8			7.1
Industrials		17.0			15.9
Information Technology		18.5			15.9
Materials		4.3			1.9
Real Estate		—			2.0
Telecommunication Services		7.6			10.8
Utilities		8.9			1.3
Other assets less liabilities		8.8			2.8
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: Danish beer and soft drinks producer Royal Unibrew, Finnish consumer packaged goods manufacturer Huhtamaki, Swiss niche components developer, producer and distributor Comet Holding, Swedish producer of confectionery products Cloetta and Canadian telecommunications service provider Manitoba Telecom Services.

Notable detractors included: UK-based human resources services provider Hays, Chinese environmental consultant China Everbright International, UK-based supplier of plastic and fiber products Essentra, Spanish telecommunication company Euskaltel and Italian investment management services company Azimut Holding.

REGION ALLOCATION


Region	9/30/2015			9/30/2016
Europe		64.7	%		80.9	%
Pacific Basin		2.1			8.8
Emerging Markets		23.2			5.0
Americas		1.2			2.5

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including German provider of office and warehouse supplies Takkt, Danish tobacco products manufacturer and distributor Scandinavian Tobacco, Dutch connectivity and performance management services provider InterXion Holding, UK-based automobile insurance provider AA, and UK-based home emergency and repair services provider HomeServe. We funded these purchases in part by selling our positions in Beijing Enterprises Water, China Everbright International, 21Vianet, Almirall and Hays.


Artisan Partners Funds		19

ARTISAN INTERNATIONAL VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (9/23/2002 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan International Value Fund – Investor Shares (9/23/2002)		9.02	%		3.44	%		12.21	%		6.53	%		12.94	%
Artisan International Value Fund – Advisor Shares (4/1/2015)		9.17			n/a			n/a			n/a			0.21
Artisan International Value Fund –Institutional Shares (10/1/2006)		9.27			3.68			12.44			6.74			6.74
MSCI EAFE Index		6.52			0.48			7.39			1.82			7.54	*
MSCI EAFE Value Index		3.52			-1.49			5.99			0.44			7.27	*

*	As of Investor Shares inception date.


20		Artisan Partners Funds

INVESTING ENVIRONMENT

Global equity markets experienced a volatile 12 months, but closed the period ended September 30, 2016, in positive territory. Negative interest rates in Europe and Japan and the flattened US yield curve spurred a selloff in late 2015 that continued through the first month of the 2016. Stocks gained modestly with the rise in oil prices, and bounced back in concert with GBP after a sharp Brexit-induced decline in late June. Global monetary policy continued to be extraordinarily accommodative.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		15.0	%		11.3	%
Consumer Staples		8.8			8.5
Energy		3.5			3.2
Financials		24.4			22.2
Health Care		5.4			5.4
Industrials		13.2			17.3
Information Technology		14.2			16.8
Telecommunication Services		1.8			3.0
Other assets less liabilities		13.7			12.3
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: Korean consumer and industrial equipment manufacturer Samsung Electronics, Japanese industrial products manufacturer Tokyo Electron, Brazilian telecommunications company Telefonica Brasil, UK-based catering services provider Compass, and Swiss power and automation technologies provider ABB.

REGION ALLOCATION


Region	9/30/2015			9/30/2016
Europe		55.7	%		53.4	%
Americas		14.9			14.9
Emerging Markets		10.8			14.4
Pacific Basin		4.9			5.0

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including Swiss luxury goods retailer Cie Financiere Richemont, US-based provider of risk and insurance brokerage consulting Aon, Indian provider of software development and engineering services HCL Technologies, UK-based bespoke solutions engineer IMI, and Norwegian geophysical consulting and contracting services company TGS Nopec Geophysical. We funded these purchases in part by selling our positions in Flextronics International, Deutsche Boerse, New Oriental Education & Technology, Serco and Kao.


Artisan Partners Funds		21

ARTISAN MID CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (6/27/1997 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Fund – Investor Shares (6/27/1997)		8.08	%		5.75	%		14.16	%		9.88	%		13.24	%
Artisan Mid Cap Fund – Advisor Shares (4/1/2015)		8.19			n/a			n/a			n/a			1.73
Artisan Mid Cap Fund – Institutional Shares (7/1/2000)		8.33			6.01			14.44			10.17			7.68
Russell Midcap^® Index		14.25			9.70			16.67			8.32			9.50	*
Russell Midcap^® Growth Index		11.24			8.90			15.85			8.51			7.96	*

*	As of Investor Shares inception date.


22		Artisan Partners Funds

INVESTING ENVIRONMENT

For the 12-month period ended September 30, 2016, domestic mid-cap stocks advanced by double digits. Monetary policy remained historically accommodative, with most major central banks maintaining near-zero or negative interest-rate policies – likely contributing to investor demand for higher-yielding equities. Oil prices were flat, falling sharply through early 2016 before rebounding through the summer. Against a background of tepid global economic activity, US stocks outperformed the developed world, while small-cap stocks outpaced mid-and large-cap stocks during the period.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		20.8	%		18.0	%
Consumer Staples		2.4			2.8
Energy		1.7			3.1
Financials		6.4			6.4
Health Care		23.7			21.4
Industrials		16.8			19.8
Information Technology		20.8			21.9
Materials		1.3			1.5
Telecommunication Services		1.0			0.7
Other assets less liabilities		5.1			4.4
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: financial information services provider S&P Global, minimally invasive medical devices manufacturer Boston Scientific, three-dimensional graphics processors developer NVIDIA, automotive products and services provider LKQ, and electronic transaction processing services provider Global Payments.

Notable detractors included: quick-serve Mexican restaurant operator Chipotle Mexican Grill, jeweler retail company Signet Jewelers, pharmaceutical research company Alkermes, medical services and solutions holding company Envision Healthcare Holdings, and professional social network operator LinkedIn.

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including vehicle components manufacturer Delphi Automotive, three-dimensional graphics processors developer NVIDIA, lighting and control systems producer Acuity Brands, integrated payment processor Vantiv and consumer product retailer Newell Brands. We funded these purchases in part by selling our positions in Illumina, Chipotle Mexican Grill, Signet Jewelers, TD Ameritrade and ServiceNow.


Artisan Partners Funds		23

ARTISAN MID CAP VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/2001 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Mid Cap Value Fund – Investor Shares (3/28/2001)		14.10	%		3.84	%		12.33	%		7.83	%		10.36	%
Artisan Mid Cap Value Fund – Advisor Shares (4/1/2015)		14.22			n/a			n/a			n/a			0.72
Artisan Mid Cap Value Fund – Institutional Shares (2/1/2012)		14.29			4.06			n/a			n/a			9.12
Russell Midcap^® Index		14.25			9.70			16.67			8.32			9.40	*
Russell Midcap^® Value Index		17.26			10.49			17.38			7.89			10.07	*

*	As of Investor Shares inception date.


24		Artisan Partners Funds

INVESTING ENVIRONMENT

For the 12-month period ended September 30, 2016, US equities advanced by double digits and outperformed global equities. The US Federal Reserve’s dovish monetary policy benefited US markets, as did oil gains in the back half of the period. Equities dropped sharply after the United Kingdom voted in June 2016 to leave the European Union, but swiftly rebounded as global stimulus speculations eased uncertainty. Value stocks had an edge over growth during the period, and small-cap stocks modestly outpaced large- and mid-cap stocks.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		17.6	%		18.2	%
Consumer Staples		1.5			—
Energy		6.2			10.6
Financials		24.6			22.4
Health Care		—			1.6
Industrials		14.7			15.3
Information Technology		17.0			14.3
Materials		7.5			9.5
Utilities		5.1			1.5
Other assets less liabilities		5.8			6.6
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: oil and gas company Devon Energy, oil and gas company Apache, gold company Kinross Gold, gold company Goldcorp and mining equipment manufacturer Joy Global.

Notable detractors included: oil and gas company SM Energy, financial products and services provider H&R Block, video and Internet commerce company Liberty Interactive QVC, retail chain operator Bed Bath & Beyond, and potash and phosphate producer Mosaic.

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including oil and gas company Devon Energy , aircraft leasing company Air Lease, media and information services company News Corp, auto retailer AutoNation and tank barge operator Kirby Corp. We funded these purchases in part by selling our positions in SCANA, Bed Bath & Beyond, Republic Services, Teradata and Kroger.


Artisan Partners Funds		25

ARTISAN SMALL CAP FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/28/1995 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Small Cap Fund – Investor Shares (3/28/1995)		15.27	%		5.98	%		15.50	%		7.87	%		8.67	%
Artisan Small Cap Fund – Institutional Shares (5/7/2012)		15.51			6.20			n/a			n/a			12.68
Russell 2000^® Index		15.47			6.71			15.82			7.07			9.03	*
Russell 2000^® Growth Index		12.12			6.58			16.15			8.29			7.26	*

*	As of Investor Shares inception date.


26		Artisan Partners Funds

INVESTING ENVIRONMENT

For the 12-month period ended September 30, 2016, domestic small-cap stocks advanced by double digits. Monetary policy remained historically accommodative, with most major central banks maintaining near zero or negative interest-rate policies – likely contributing to investor demand for higher-yielding equities. Oil prices were flat, falling sharply through early 2016 before rebounding through the summer. Against a background of tepid global economic activity, US stocks outperformed the developed world, while small-cap stocks outpaced mid- and large-cap stocks during the period.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		14.9	%		11.2	%
Consumer Staples		1.0			0.8
Energy		1.4			1.2
Financials		—			1.3
Health Care		22.6			22.2
Industrials		16.9			21.9
Information Technology		38.1			34.9
Other assets less liabilities		5.1			6.5
		100.0	%		100.0	%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: lighting and control systems producer Acuity Brands, machine vision-systems manufacturer Cognex, technology solutions provider John Bean Technologies, medical device company Nevro Corp and Online trading site operator MercadoLibre.

Notable detractors included: home furnishings provider Restoration Hardware, provider of Internet radio services Pandora Media, developer of a non-invasive screening tests Exact Sciences, online construction collaboration solutions provider Textura and provider of healthcare professionals outsourcing services Team Health Holdings.

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including provider of cloud-based business services Veeva Systems, retail store chain operator Ollie’s Bargain Outlet Holdings, filtration systems manufacturer Donaldson, enterprise software designer and developer Atlassian and US-based home furnishings provider Dun & Bradstreet. We funded these purchases in part by selling our positions in Restoration Hardware, Incyte, Team Health Holdings, Forward Air and Textura.


Artisan Partners Funds		27

ARTISAN VALUE FUND

PERFORMANCE HISTORY

GROWTH OF AN ASSUMED $10,000 INVESTMENT (3/27/2006 to 9/30/2016)

LOGO

AVERAGE ANNUAL TOTAL RETURNS (as of 9/30/2016)


Fund / Index	1-Year			3-Year			5-Year			10-Year			Since Inception
Artisan Value Fund – Investor Shares (3/27/2006)		24.64	%		6.99	%		12.81	%		6.18	%		6.28	%
Artisan Value Fund – Advisor Shares (4/1/2015)		24.73			n/a			n/a			n/a			5.02
Artisan Value Fund – Institutional Shares (7/26/2011)		24.78			7.19			13.07			n/a			9.37
Russell 1000^® Index		14.93			10.78			16.41			7.40			7.33	*
Russell 1000^® Value Index		16.20			9.70			16.15			5.85			6.17	*

*	As of Investor Shares inception date.


28		Artisan Partners Funds

INVESTING ENVIRONMENT

For the 12-month period ended September 30, 2016, US equities advanced by double digits and outperformed global equities. The US Federal Reserve’s dovish monetary policy benefited US markets, as did oil gains in the back half of the period. Equities dropped sharply after the United Kingdom voted to leave the European Union, but swiftly rebounded as global stimulus speculations eased uncertainty. Value stocks had an edge over growth during the period, and small-cap stocks modestly outpaced large and mid cap.

SECTOR DIVERSIFICATION


Sector	9/30/2015			9/30/2016
Consumer Discretionary		5.5	%		16.1	%
Energy		13.4			15.1
Financials		24.2			17.4
Health Care		1.3			2.0
Industrials		12.4			8.7
Information Technology		26.6			20.8
Materials		12.4			14.5
Telecommunication Services		2.0			—
Other assets less liabilities		2.2			5.4
		100.0%			100.0%

PERFORMANCE DISCUSSION

Performance of the following stocks had a positive impact on the portfolio during the period: oil and gas company Apache, consumer and industrial equipment manufacturer Samsung Electronics, gold company Kinross Gold, gold company Goldcorp and mining equipment manufacturer Joy Global.

Notable detractors included: video and Internet commerce company Liberty Interactive QVC, potash and phosphate producer Mosaic, global insurance and reinsurance writer Arch Capital, global investment banking company Goldman Sachs, and banking and financial services company Citigroup.

REGION ALLOCATION


Region	9/30/2015			9/30/2016
Americas		87.7	%		85.5	%
Emerging Markets		5.6			6.0
Europe		2.5			3.1
Pacific Basin		2.0			—

PORTFOLIO CHANGES

We identified several new investment opportunities for the portfolio during the period, including aircraft leasing company Air Lease, media and entertainment company Time Warner, chemical company LyondellBasell, video and Internet commerce company Liberty Interactive QVC, and video and Internet holding company Liberty Ventures. We funded these purchases in part by selling our positions in EMC, Arch Capital, Joy Global, Precision Castparts and Progressive.


Artisan Partners Funds		29

ARTISAN DEVELOPING WORLD FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 92.0%

ARGENTINA - 0.5%
Grupo Supervielle S.A. (DR)⁽¹⁾		314,758		$	4,662

BRAZIL - 9.5%
Ambev S.A. (DR)		2,238,249			13,631
Hypermarcas S.A.		2,305,200			19,755
Kroton Educacional S.A.		5,057,600			23,001
Lojas Renner S.A.		1,180,113			8,879
Qualicorp S.A.		3,153,200			18,596

					83,862
CHINA - 17.7%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		286,876			30,348
Baidu, Inc. (DR)⁽¹⁾		121,574			22,135
Kweichow Moutai Co., Ltd., Class A⁽²⁾		597,751			26,747
Shanghai International Airport Co., Ltd., Class A⁽²⁾		4,611,392			18,677
Sinopharm Group Co., Ltd., Class H⁽²⁾		4,813,100			23,344
Tencent Holdings Ltd.⁽²⁾		1,265,800			35,073

					156,324
DENMARK - 2.0%
Novo Nordisk AS (DR)		428,382			17,816

EGYPT - 0.8%
Commercial International Bank Egypt S.A.E.⁽²⁾		775,013			4,168
Commercial International Bank Egypt S.A.E. (DR)⁽²⁾		638,382			2,518

					6,686
FRANCE - 1.7%
LVMH Moet Hennessy Louis Vuitton SE⁽²⁾		89,968			15,338

HONG KONG - 6.7%
AIA Group Ltd.⁽²⁾		5,413,300			36,270
Sands China Ltd.⁽²⁾		5,193,600			22,750

					59,020
INDIA - 10.5%
Ajanta Pharma Ltd.⁽²⁾		139,462			4,225
Aurobindo Pharma Ltd.⁽²⁾		793,235			10,242
Bharti Infratel Ltd.⁽²⁾		1,382,673			7,658
Dish TV India Ltd.⁽¹⁾⁽²⁾		12,487,676			17,501
Eicher Motors Ltd.⁽²⁾		36,378			13,632
HDFC Bank Ltd. (DR)		422,565			30,378
PVR Ltd.⁽²⁾		536,858			9,633

					93,269
INDONESIA - 2.6%
Bank Mandiri Persero Tbk PT⁽²⁾		9,440,400			8,137
Matahari Department Store Tbk PT⁽²⁾		6,557,900			9,309
Media Nusantara Citra Tbk PT⁽²⁾		33,001,200			5,108

					22,554
KOREA - 2.1%
SK Hynix, Inc.⁽²⁾		505,101			18,486

MALAYSIA - 0.4%
My EG Services Bhd⁽²⁾		6,929,700			3,831

MEXICO - 2.6%
Grupo Televisa S.A.B. (DR)		902,214			23,178

NETHERLANDS - 3.6%
Unilever N.V. (DR)⁽²⁾		681,384			31,432

PANAMA - 1.4%
Copa Holdings S.A., Class A⁽³⁾		145,660			12,808

PERU - 1.8%
Credicorp Ltd.		103,114			15,696

PHILIPPINES - 1.1%
Puregold Price Club, Inc.⁽²⁾		10,735,700			9,409

RUSSIA - 5.0%
Magnit PJSC (DR)⁽²⁾		849,974			35,436
QIWI plc (DR)		611,020			8,945

					44,381
SAUDI ARABIA - 0.4%
Al Tayyar Travel Group, Equity-Linked Security^{(1)(2)(3)(4)(5)}		489,368			3,638

SOUTH AFRICA - 2.8%
Clicks Group Ltd.⁽²⁾		431,320			3,999
Mr Price Group Ltd.⁽²⁾		1,507,104			16,688
Pioneer Foods Group Ltd.⁽²⁾		352,218			4,468

					25,155
TAIWAN - 2.2%
Eclat Textile Co., Ltd.⁽²⁾		629,000			7,539
Largan Precision Co., Ltd.⁽²⁾		69,000			8,384
Tung Thih Electronic Co., Ltd.⁽²⁾		246,000			3,441

					19,364
THAILAND - 1.9%
Siam Commercial Bank PCL⁽²⁾		3,846,200			16,525


30		Artisan Partners Funds


	Shares Held			Value
UNITED ARAB EMIRATES - 1.7%
Emaar Properties PJSC⁽²⁾			7,919,505		$	15,292

UNITED STATES - 13.0%
China Biologic Products, Inc.⁽¹⁾			153,660			19,128
Delphi Automotive plc			200,732			14,316
EPAM Systems, Inc.⁽¹⁾			129,659			8,987
Facebook, Inc., Class A⁽¹⁾			277,606			35,609
Kansas City Southern			138,023			12,880
MercadoLibre, Inc.			48,631			8,995
Visa, Inc., Class A			182,545			15,096

						115,011

Total common stocks and equity-linked securities (Cost $695,983)						813,737

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 8.1%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $71,649 (Cost $71,649)⁽⁶⁾		$	71,649		$	71,649


Total investments - 100.1% (Cost $767,632)						885,386

Other assets less liabilities - (0.1)%						(742	)


Total net assets - 100.0%⁽⁷⁾					$	884,644

⁽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 $448,898, or 50.7% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾	Non-voting shares.

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


Security	Acquisition Date		Cost			Value			Percentage of Total Net Assets
Al Tayyar Travel Group		7/9/2015- 7/12/2016		$	5,992		$	3,638		0.4	%

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

⁽⁶⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	73,084

⁽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, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	180,319		20.4	%
Consumer Staples			144,877		16.4
Financials			118,354		13.4
Health Care			93,351		10.5
Industrials			57,997		6.5
Information Technology			195,889		22.1
Real Estate			15,292		1.7
Telecommunication Services			7,658		0.9
Short-term investments			71,649		8.1

Total investments		$	885,386		100.0	%


TRADING CURRENCIES - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	70,231		7.9	%
Chinese yuan renminbi offshore			45,424		5.1
Egyptian pound			4,168		0.5
Euro			46,770		5.3
Hong Kong dollar			117,437		13.3
Indian rupee			62,891		7.1
Indonesian rupiah			22,554		2.5
Korean won			18,486		2.1
Malaysian ringgit			3,831		0.4
Philippine peso			9,409		1.1
South African rand			25,155		2.8
Taiwan dollar			19,364		2.2
Thai baht			16,525		1.9
U.S. dollar			407,849		46.1
UAE dirham			15,292		1.7

Total investments		$	885,386		100.0	%


Artisan Partners Funds		31


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
AIA Group Ltd.	Hong Kong		4.1	%
Facebook, Inc.	United States		4.0
Magnit PJSC	Russia		4.0
Tencent Holdings Ltd.	China		4.0
Unilever N.V.	Netherlands		3.6
HDFC Bank Ltd.	India		3.4
Alibaba Group Holding Ltd.	China		3.4
Kweichow Moutai Co., Ltd.	China		3.0
Sinopharm Group Co., Ltd.	China		2.7
Grupo Televisa S.A.B.	Mexico		2.6

Total			34.8	%

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.


32		Artisan Partners Funds

ARTISAN EMERGING MARKETS FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 87.0%

ARGENTINA - 3.0%
Grupo Financiero Galicia S.A.(DR)		18,327		$	570
Pampa Energia S.A.(DR)⁽¹⁾		16,149			523

					1,093
BRAZIL - 6.5%
Cosan S.A. Industria e Comercio		22,700			263
CVC Brasil Operadora e Agencia de Viagens S.A.		42,663			316
GAEC Educacao S.A.		55,300			211
Hypermarcas S.A.		40,438			347
Linx S.A.		62,200			371
Petroleo Brasileiro S.A.⁽¹⁾		107,489			500
Vale S.A.		72,513			397

					2,405
CHILE - 1.8%
Empresa Nacional de Telecomunicaciones S.A.⁽¹⁾		27,545			270
SACI Falabella		54,942			403

					673
CHINA - 19.6%
Ajisen China Holdings Ltd.⁽²⁾		439,913			202
Alibaba Group Holding Ltd. (DR)⁽¹⁾		12,009			1,270
Baidu, Inc. (DR)⁽¹⁾		3,770			686
China High Precision Automation Group Ltd.^(1)(2)(3)		9,066,000			–
China Life Insurance Co., Ltd., Class H⁽²⁾		155,800			406
China Petroleum & Chemical Corp., Class H⁽²⁾		649,453			478
China Unicom Hong Kong Ltd.⁽²⁾		251,500			306
Digital China Holdings Ltd.⁽²⁾		478,460			461
GOME Electrical Appliances Holding Ltd.⁽²⁾		1,553,288			191
Huabao International Holdings Ltd.⁽¹⁾⁽²⁾		694,322			268
Noah Holdings Ltd. (DR)⁽¹⁾		20,128			526
Sino Biopharmaceutical Ltd.⁽²⁾		811,000			549
Sinopharm Group Co., Ltd., Class H⁽²⁾		122,500			594
Sinotrans Ltd., Class H⁽²⁾		539,341			265
Wisdom Sports Group⁽¹⁾⁽²⁾		778,839			277
Zhuzhou CRRC Times Electric Co., Ltd., Class H⁽²⁾		138,515			723

					7,202
CZECH REPUBLIC - 0.9%
Moneta Money Bank AS⁽¹⁾⁽²⁾		108,918			348

GERMANY - 0.4%
Rocket Internet SE⁽¹⁾⁽²⁾		7,252			156


GREECE - 0.8%
JUMBO S.A.⁽²⁾		23,494			293
HONG KONG - 1.5%
AIA Group Ltd.⁽²⁾		80,065			537

INDIA - 7.5%
Aurobindo Pharma Ltd.⁽²⁾		28,381			366
Dr Reddy’s Laboratories Ltd.⁽²⁾		2,537			118
Godrej Consumer Products Ltd.⁽²⁾		13,077			310
Havells India Ltd.⁽²⁾		34,880			220
ICICI Bank Ltd.⁽²⁾		176,697			674
Kajaria Ceramics Ltd.⁽²⁾		14,313			299
RBL Bank Ltd.⁽¹⁾		2,426			11
Reliance Industries Ltd.⁽²⁾		37,732			616
Tech Mahindra Ltd.⁽²⁾		20,938			133

					2,747
INDONESIA - 5.0%
Astra International Tbk PT⁽²⁾		780,170			496
Bank Negara Indonesia Persero Tbk PT⁽²⁾		847,618			362
Cikarang Listrindo Tbk PT⁽¹⁾⁽²⁾		2,894,200			330
Hanjaya Mandala Sampoerna Tbk PT⁽²⁾		506,850			154
Indofood CBP Sukses Makmur Tbk PT⁽²⁾		661,600			482

					1,824
KAZAKHSTAN - 0.5%
KCell JSC (DR)⁽²⁾		52,986			178

KENYA - 0.9%
Equity Group Holdings Ltd.⁽²⁾		494,000			158
Safaricom Ltd.⁽²⁾		911,200			179

					337
KOREA - 5.8%
E-Mart, Inc.⁽²⁾		920			132
Hanssem Co., Ltd.⁽²⁾		1,300			208
KB Financial Group, Inc.⁽²⁾		8,120			279
Kia Motors Corp.⁽²⁾		12,709			489
Korea Electric Power Corp.⁽²⁾		5,668			278
LG Chem Ltd.⁽²⁾		1,598			350
Shinhan Financial Group Co., Ltd.⁽²⁾		11,062			405

					2,141
MALAYSIA - 0.8%
AirAsia BHD⁽²⁾		411,800			278


MEXICO - 2.4%
Alsea S.A.B. de C.V.		48,152			163
Cemex S.A.B. de C.V., UNIT⁽¹⁾		527,744			419
Grupo Televisa S.A.B., UNIT		58,450			300

					882
PANAMA - 1.0%
Copa Holdings S.A., Class A⁽⁴⁾		4,065			357


Artisan Partners Funds		33


	Shares Held			Value
PERU - 2.0%
Credicorp Ltd.			2,978		$	453
Grana y Montero S.A. (DR)			31,864			266

						719
POLAND - 0.8%
Eurocash S.A.⁽²⁾			25,712			287

RUSSIA - 4.7%
Lukoil PJSC (DR)⁽²⁾			8,287			403
Magnit PJSC⁽¹⁾⁽²⁾			2,866			474
MMC Norilsk Nickel PJSC (DR)⁽²⁾			23,660			378
Moscow Exchange MICEX-RTS PJSC⁽¹⁾⁽²⁾			133,567			269
Yandex N.V., Class A⁽¹⁾			9,619			203

						1,727
SOUTH AFRICA - 4.0%
FirstRand Ltd.⁽²⁾			82,676			287
Naspers Ltd., Class N⁽²⁾			5,108			885
Woolworths Holdings Ltd.⁽²⁾			56,035			316

						1,488
SWITZERLAND - 0.8%
Dufry AG⁽¹⁾⁽²⁾			2,273			284

TAIWAN - 10.5%
E Ink Holdings, Inc.⁽²⁾			242,000			187
Hon Hai Precision Industry Co., Ltd.⁽²⁾			257,508			652
MediaTek, Inc.⁽²⁾			53,794			413
Sunny Friend Environmental Technology Co., Ltd.⁽²⁾			118,000			507
Taiwan Semiconductor Manufacturing Co., Ltd.⁽²⁾			358,647			2,103

						3,862
THAILAND - 0.8%
Bangkok Bank PCL (DR)⁽²⁾			62,000			292

TURKEY - 1.7%
Ford Otomotiv Sanayi AS⁽²⁾			29,064			307
Turkiye Sinai Kalkinma Bankasi AS⁽²⁾			755,218			336

						643
UNITED ARAB EMIRATES - 1.5%
NMC Health plc⁽²⁾			30,186			535

UNITED KINGDOM - 1.8%
Randgold Resources Ltd.⁽²⁾			6,508			654

Total common stocks (Cost $30,666)						31,942


PREFERRED STOCKS - 11.8%

BRAZIL - 2.7%
Cia Energetica de Minas Gerais⁽⁴⁾			148,300			391
Itau Unibanco Holding S.A.⁽⁴⁾			55,005			601

						992
KOREA - 6.6%
Samsung Electronics Co., Ltd.⁽²⁾⁽⁴⁾			2,051			2,421
RUSSIA - 2.5%
Sberbank of Russia PJSC⁽²⁾⁽⁴⁾			540,262			911

Total preferred stocks (Cost $3,407)						4,324

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.7%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $618 (Cost $618)⁽⁵⁾		$	618		$	618

Total investments - 100.5% (Cost $34,691)						36,884

Other assets less liabilities - (0.5)%						(194	)


Total net assets - 100.0%⁽⁶⁾					$	36,690

⁽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 $26,449, or 72.1% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

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

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	632

⁽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.


34		Artisan Partners Funds


PORTFOLIO DIVERSIFICATION - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	5,341		14.5	%
Consumer Staples			2,186		5.9
Energy			2,260		6.1
Financials			7,425		20.1
Health Care			2,162		5.9
Industrials			2,915		7.9
Information Technology			9,056		24.6
Materials			2,466		6.7
Telecommunication Services			933		2.5
Utilities			1,522		4.1
Short-term investments			618		1.7

Total investments		$	36,884		100.0	%


TRADING CURRENCIES - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Brazilian real		$	3,397		9.2	%
British pound			1,189		3.2
Chilean peso			673		1.8
Czech koruna			348		0.9
Euro			449		1.2
Hong Kong dollar			5,257		14.3
Indian rupee			2,747		7.5
Indonesian rupiah			1,824		4.9
Kenyan shilling			337		0.9
Korean won			4,562		12.4
Malaysian ringgit			278		0.8
Mexican peso			882		2.4
Polish zloty			287		0.8
South African rand			1,488		4.0
Swiss franc			284		0.8
Taiwan dollar			3,862		10.5
Thai baht			292		0.8
Turkish lira			643		1.7
U.S. dollar			8,085		21.9

Total investments		$	36,884		100.0	%


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		6.6	%
Taiwan Semiconductor Manufacturing Co., Ltd.	Taiwan		5.7
Alibaba Group Holding Ltd.	China		3.5
Sberbank of Russia PJSC	Russia		2.5
Naspers Ltd.	South Africa		2.4
Zhuzhou CRRC Times Electric Co., Ltd.	China		2.0
Baidu, Inc.	China		1.9
ICICI Bank Ltd.	India		1.8
Randgold Resources Ltd.	United Kingdom		1.8
Hon Hai Precision Industry Co., Ltd.	Taiwan		1.8

Total			30.0	%

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 EQUITY FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held		Value

COMMON STOCKS - 98.2%

CANADA - 2.0%
Canadian Pacific Railway Ltd.		33,676		$	5,142

CHINA - 1.3%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		23,820			2,520
Ctrip.com International Ltd. (DR)⁽¹⁾		20,072			935

					3,455
DENMARK - 2.2%
Genmab AS⁽¹⁾⁽²⁾		9,763			1,673
ISS AS⁽²⁾		94,642			3,938

					5,611
FINLAND - 1.6%
Huhtamaki Oyj⁽²⁾		87,980			4,097

FRANCE - 3.2%
Elis S.A.⁽²⁾		331,080			5,465
Natixis S.A.⁽²⁾		566,523			2,641

					8,106
GERMANY - 8.0%
Deutsche Boerse AG⁽¹⁾⁽²⁾		97,435			7,890
Linde AG⁽²⁾		15,299			2,600
Vonovia SE⁽²⁾		153,067			5,796
Wirecard AG⁽²⁾		84,238			4,375

					20,661
HONG KONG - 1.9%
AIA Group Ltd.⁽²⁾		723,595			4,848

INDONESIA - 0.2%
Bank Rakyat Indonesia Persero Tbk PT⁽²⁾		397,500			373

JAPAN - 6.1%
Calbee, Inc.⁽²⁾		52,600			1,989
Japan Tobacco, Inc.⁽²⁾		149,600			6,112
Nitori Holdings Co., Ltd.⁽²⁾		27,078			3,240
NTT DOCOMO, Inc.⁽²⁾		172,168			4,365

					15,706
NETHERLANDS - 2.1%
InterXion Holding N.V.⁽¹⁾		151,979			5,505

SWITZERLAND - 2.6%
Nestle S.A.⁽²⁾		86,185			6,791


TAIWAN - 4.3%
Ginko International Co., Ltd.⁽²⁾		627,000			6,233
Taiwan Semiconductor Manufacturing Co., Ltd.⁽²⁾		823,000			4,827

					11,060
THAILAND - 0.2%
Thai Beverage PCL⁽²⁾		545,000			388

UNITED KINGDOM - 0.2%
Merlin Entertainments plc⁽²⁾		105,442			601

UNITED STATES - 62.3%
Alphabet, Inc., Class A⁽¹⁾		4,810			3,868
Alphabet, Inc., ClassC⁽¹⁾⁽³⁾		9,215			7,163
Amazon.com, Inc.⁽¹⁾		10,564			8,845
Aon plc		39,064			4,394
AutoZone, Inc.⁽¹⁾		3,427			2,633
Boston Scientific Corp.⁽¹⁾		253,686			6,038
CDK Global, Inc.		44,190			2,535
Celgene Corp.⁽¹⁾		55,147			5,765
Charter Communications, Inc., Class A⁽¹⁾		18,770			5,067
Comcast Corp., Class A		97,727			6,483
Dollar General Corp.		134,840			9,437
Dollar Tree, Inc.⁽¹⁾		85,507			6,749
Facebook, Inc., Class A⁽¹⁾		34,667			4,447
Fidelity National Information Services, Inc.		57,202			4,406
FleetCor Technologies, Inc.⁽¹⁾		27,352			4,752
Home Depot, Inc.		45,393			5,841
Liberty Global plc, Class A⁽¹⁾		101,743			3,478
Liberty Global plc, Series C⁽¹⁾⁽³⁾		116,534			3,850
Liberty Global plc LiLAC, Class A⁽¹⁾		12,558			347
Liberty Global plc LiLAC, Class C⁽¹⁾⁽³⁾		14,581			409
Live Nation Entertainment, Inc.⁽¹⁾		182,136			5,005
LKQ Corp.⁽¹⁾		36,916			1,309
MasterCard, Inc., Class A		94,694			9,637
Medtronic plc		112,213			9,695
Molson Coors Brewing Co., Class B		85,915			9,434
Mondelez International, Inc., Class A		116,009			5,093
Monster Beverage Corp.⁽¹⁾		17,248			2,532
NewMarket Corp.		4,358			1,871
Patheon N.V.⁽¹⁾		104,029			3,082
Pentair plc		8,386			539
PepsiCo, Inc.		48,988			5,328
Priceline Group, Inc.⁽¹⁾		2,283			3,359
SBA Communications Corp., Class A⁽¹⁾		23,340			2,618
Splunk, Inc.⁽¹⁾		77,335			4,538

					160,547

Total common stocks (Cost $219,459)					252,891


36		Artisan Partners Funds


	Principal Amount			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 0.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $2,408 (Cost $2,408)⁽⁴⁾		$	2,408		$	2,408


Total investments - 99.1% (Cost $221,867)						255,299

Other assets less liabilities - 0.9%						2,275


Total net assets - 100.0%⁽⁵⁾					$	257,574

⁽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 $78,242, or 30.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	2,460

⁽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, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	67,588		26.5	%
Consumer Staples			37,667		14.8
Financials			20,146		7.9
Health Care			32,486		12.7
Industrials			15,084		5.9
Information Technology			58,573		22.9
Materials			8,568		3.4
Real Estate			5,796		2.3
Telecommunication Services			6,983		2.7
Short-term investments			2,408		0.9

Total investments		$	255,299		100.0	%


TRADING CURRENCIES - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	601		0.2	%
Danish krone			5,611		2.2
Euro			32,864		12.9
Hong Kong dollar			4,848		1.9
Indonesian rupiah			373		0.1
Japanese yen			15,706		6.1
Singapore dollar			388		0.2
Swiss franc			6,791		2.7
Taiwan dollar			11,060		4.3
U.S. dollar			177,057		69.4

Total investments		$	255,299		100.0	%


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
Alphabet, Inc.	United States		4.3	%
Medtronic plc	United States		3.8
MasterCard, Inc.	United States		3.7
Dollar General Corp.	United States		3.7
Molson Coors Brewing Co.	United States		3.7
Amazon.com, Inc.	United States		3.4
Liberty Global plc	United States		3.1
Deutsche Boerse AG	Germany		3.1
Nestle S.A.	Switzerland		2.6
Dollar Tree, Inc.	United States		2.6

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		37

ARTISAN GLOBAL OPPORTUNITIES FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held			Value
COMMON STOCKS - 93.4%

AUSTRALIA - 4.2%
James Hardie Industries plc (DR)⁽¹⁾			2,590,288		$	40,630
Treasury Wine Estates Ltd.⁽¹⁾			4,260,150			36,049

						76,679
BRAZIL - 1.0%
Raia Drogasil S.A.			943,600			19,231

CHINA - 3.9%
Tencent Holdings Ltd.⁽¹⁾			2,616,617			72,502

DENMARK - 3.1%
Genmab AS⁽¹⁾⁽²⁾			328,878			56,358

FRANCE - 2.8%
Eurofins Scientific SE⁽¹⁾			112,043			50,893

GERMANY - 2.0%
Brenntag AG⁽¹⁾			659,225			35,973

HONG KONG - 1.8%
Hong Kong Exchanges and Clearing Ltd.⁽¹⁾			622,158			16,412
Sands China Ltd.⁽¹⁾			3,824,089			16,751

						33,163
JAPAN - 8.0%
Harmonic Drive Systems, Inc.⁽¹⁾			302,740			8,803
Keyence Corp.⁽¹⁾			12,600			9,171
Lion Corp.⁽¹⁾			967,000			15,641
Nintendo Co., Ltd.⁽¹⁾			164,126			43,429
Shiseido Co., Ltd.⁽¹⁾			1,540,018			40,725
Stanley Electric Co., Ltd.⁽¹⁾			1,121,046			30,154

						147,923
KOREA - 1.3%
Amorepacific Corp.⁽¹⁾			66,661			23,577

MEXICO - 0.9%
Fomento Economico Mexicano S.A.B. de C.V. (DR)			173,999			16,015

NETHERLANDS - 1.0%
ASML Holding N.V. (DR)			165,891			18,178

SWEDEN - 0.7%
Hexagon AB, Class B⁽¹⁾			295,016			12,873

TAIWAN - 1.4%
Hermes Microvision, Inc.⁽¹⁾			598,000			25,876
UNITED KINGDOM - 6.6%
ASOS plc⁽¹⁾⁽²⁾			503,037			31,616
Associated British Foods plc⁽¹⁾			320,528			10,802
Auto Trader Group plc⁽¹⁾			4,725,920			24,839
Direct Line Insurance Group plc⁽¹⁾			6,631,650			31,357
Intertek Group plc⁽¹⁾			501,854			22,721

						121,335
UNITED STATES - 54.7%
Alphabet, Inc., Class A⁽²⁾			87,955			70,721
Alphabet, Inc., Class C⁽²⁾⁽³⁾			56,402			43,841
Anthem, Inc.			237,154			29,718
Boston Scientific Corp.⁽²⁾			2,644,794			62,946
Broadcom Ltd.			213,899			36,902
DexCom, Inc.⁽²⁾			247,991			21,739
Ecolab, Inc.			259,067			31,534
Electronic Arts, Inc.⁽²⁾			570,888			48,754
Facebook, Inc., Class A⁽²⁾			555,536			71,259
IHS Markit Ltd.⁽²⁾			4,211,886			158,156
LKQ Corp.⁽²⁾			1,646,995			58,402
Noble Energy, Inc.			679,083			24,270
Priceline Group, Inc.⁽²⁾			19,081			28,078
Regeneron Pharmaceuticals, Inc.⁽²⁾			129,839			52,198
S&P Global, Inc.			601,473			76,122
salesforce.com, Inc.⁽²⁾			347,951			24,819
Schlumberger Ltd.			258,440			20,324
Starbucks Corp.			249,523			13,509
Visa, Inc., Class A			1,126,218			93,138
Workday, Inc., Class A⁽²⁾			418,540			38,376

						1,004,806

Total common stocks (Cost $1,278,559)						1,715,382

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.4%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $118,529 (Cost $118,529)⁽⁴⁾		$	118,529		$	118,529


Total investments - 99.8% (Cost $1,397,088)						1,833,911

Other assets less liabilities - 0.2%						3,526


Total net assets - 100.0%⁽⁵⁾					$	1,837,437


38		Artisan Partners Funds

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $657,152, or 35.8% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	120,907

⁽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, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	178,510		9.7	%
Consumer Staples			162,040		8.9
Energy			44,594		2.4
Financials			123,891		6.8
Health Care			273,852		14.9
Industrials			225,653		12.3
Information Technology			634,678		34.6
Materials			72,164		3.9
Short-term investments			118,529		6.5

Total investments		$	1,833,911		100.0	%


TRADING CURRENCIES - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Australian dollar		$	76,679		4.2	%
Brazilian real			19,231		1.0
British pound			121,335		6.6
Danish krone			56,358		3.1
Euro			86,866		4.7
Hong Kong dollar			105,665		5.8
Japanese yen			147,923		8.1
Korean won			23,577		1.3
Swedish krona			12,873		0.7
Taiwan dollar			25,876		1.4
U.S. dollar			1,157,528		63.1

Total investments		$	1,833,911		100.0	%


FOREIGN CURRENCY FORWARD CONTRACTS - September 30, 2016
Dollar values in thousands

Counterparty

Contract
Settlement
Date

Contract Amount

Unrealized
Depreciation

Deliver

Receive

State Street Bank and Trust Company

2/3/2017

JPY

5,571,734

USD

55,165

(94

)

JPY - Japanese yen

USD - U.S. dollar


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
IHS Markit Ltd.	United States		8.6	%
Alphabet, Inc.	United States		6.2
Visa, Inc.	United States		5.1
S&P Global, Inc.	United States		4.1
Tencent Holdings Ltd.	China		3.9
Facebook, Inc.	United States		3.9
Boston Scientific Corp.	United States		3.4
LKQ Corp.	United States		3.2
Genmab AS	Denmark		3.1
Regeneron Pharmaceuticals, Inc.	United States		2.8

Total			44.3	%

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

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


Artisan Partners Funds		39

ARTISAN GLOBAL SMALL CAP FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 96.3%

CANADA - 2.9%
Cogeco Communications, Inc.		45,571		$	2,249

DENMARK - 4.5%
Scandinavian Tobacco Group AS⁽¹⁾		205,787			3,513

FINLAND - 4.5%
Huhtamaki Oyj⁽¹⁾		74,016			3,447

FRANCE - 5.4%
Elis S.A.⁽¹⁾		194,364			3,209
Euronext N.V.⁽¹⁾		22,502			960

					4,169
GERMANY - 9.4%
Borussia Dortmund GmbH & Co. KGaA⁽¹⁾		178,076			970
Gerresheimer AG⁽¹⁾		27,071			2,300
Tele Columbus AG⁽¹⁾⁽²⁾		455,018			3,965

					7,235
ITALY - 9.9%
Ei Towers S.p.A.⁽¹⁾⁽²⁾		40,971			2,160
Enav S.p.A.⁽¹⁾⁽²⁾		318,174			1,307
Infrastrutture Wireless Italiane S.p.A.⁽¹⁾		384,117			1,889
RAI Way S.p.A.⁽¹⁾		564,054			2,282

					7,638
JAPAN - 1.9%
Seria Co., Ltd.⁽¹⁾		17,900			1,450

NETHERLANDS - 4.0%
InterXion Holding N.V.⁽²⁾		85,735			3,105

SINGAPORE - 1.7%
SATS Ltd.⁽¹⁾		367,400			1,341

SOUTH AFRICA - 0.3%
Distell Group Ltd.⁽¹⁾		17,146			211
SPAIN - 10.0%
Cellnex Telecom SAU⁽¹⁾		101,286			1,832
Ebro Foods S.A.⁽¹⁾		127,538			2,966
Inmobiliaria Colonial S.A.⁽¹⁾		399,121			2,903
Melia Hotels International S.A.⁽¹⁾		5,686			71

					7,772
SWEDEN - 8.6%
Cloetta AB, Class B⁽¹⁾		1,049,257			3,804
Com Hem Holding AB⁽¹⁾		304,357			2,813

					6,617
TAIWAN - 4.4%
Ginko International Co., Ltd.⁽¹⁾		339,000			3,370

THAILAND - 1.7%
Bangkok Airways Co., Ltd.⁽¹⁾		1,732,500			1,238
Big C Supercenter PCL⁽¹⁾		9,169			56
Big C Supercenter PCL (DR)⁽¹⁾		9,000			54

					1,348
UNITED KINGDOM - 13.9%
AA plc⁽¹⁾		227,252			871
Berendsen plc⁽¹⁾		102,662			1,657
Britvic plc⁽¹⁾		201,668			1,576
Cairn Homes plc⁽¹⁾⁽²⁾		808,339			976
Domino’s Pizza Group plc⁽¹⁾		209,566			1,014
Merlin Entertainments plc⁽¹⁾		161,546			922
Mitchells & Butlers plc⁽¹⁾		489,279			1,743
Virgin Money Holdings UK plc⁽¹⁾		500,387			2,018

					10,777
UNITED STATES - 13.2%
Allegion plc		4,110			283
Cable One, Inc.		6,862			4,008
GCP Applied Technologies, Inc.⁽²⁾		67,828			1,921
Patheon N.V.⁽²⁾		33,321			987
Penumbra, Inc.⁽²⁾		12,708			966
Snyder’s-Lance, Inc.		61,526			2,066

					10,231

Total common stocks (Cost $69,339)					74,473


40		Artisan Partners Funds


	Principal Amount			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 2.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $2,231 (Cost $2,231)⁽³⁾		$	2,231		$	2,231


Total investments - 99.2% (Cost $71,570)						76,704

Other assets less liabilities - 0.8%						591


Total net assets - 100.0%⁽⁴⁾					$	77,295

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $58,888, or 76.2% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

⁽³⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	2,279

⁽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, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	20,521		26.7	%
Consumer Staples			14,246		18.6
Financials			2,978		3.9
Health Care			7,623		9.9
Industrials			9,035		11.8
Information Technology			3,105		4.1
Materials			5,368		7.0
Real Estate			2,903		3.8
Telecommunication Services			8,694		11.3
Short-term investments			2,231		2.9

Total investments		$	76,704		100.0	%

TRADING CURRENCIES - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	9,801		12.8	%
Canadian dollar			2,249		2.9
Danish krone			3,513		4.6
Euro			31,237		40.7
Japanese yen			1,450		1.9
Singapore dollar			1,341		1.7
South African rand			211		0.3
Swedish krona			6,617		8.6
Taiwan dollar			3,370		4.4
Thai baht			1,348		1.8
U.S. dollar			15,567		20.3

Total investments		$	76,704		100.0	%


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country		Percentage of Total Net Assets
Cable One, Inc.		United States		5.2	%
Tele Columbus AG		Germany		5.1
Cloetta AB		Sweden		4.9
Scandinavian Tobacco Group AS		Denmark		4.5
Huhtamaki Oyj		Finland		4.5
Ginko International Co., Ltd.		Taiwan		4.4
Elis S.A.		France		4.2
InterXion Holding N.V.		Netherlands		4.0
Ebro Foods S.A.		Spain		3.8
Inmobiliaria Colonial S.A.		Spain		3.8

Total				44.4	%

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		41

ARTISAN GLOBAL VALUE FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 88.9%

BELGIUM - 1.8%
Groupe Bruxelles Lambert S.A.⁽¹⁾		416,914		$	36,961

BRAZIL - 3.2%
Telefonica Brasil S.A. (DR)		4,509,297			65,250

CANADA - 1.5%
Imperial Oil Ltd.		1,025,971			32,094

CHINA - 2.9%
Baidu, Inc. (DR)⁽²⁾		332,575			60,552

DENMARK - 4.5%
Carlsberg AS, Class B⁽¹⁾		412,506			39,410
ISS AS⁽¹⁾		1,277,328			53,142

					92,552
INDIA - 0.1%
HCL Technologies Ltd.⁽¹⁾		94,448			1,133

JAPAN - 0.2%
Bridgestone Corp.⁽¹⁾		115,100			4,245
Sugi Holdings Co., Ltd.⁽¹⁾		14,800			803

					5,048
KOREA - 5.4%
Kia Motors Corp.⁽¹⁾		616,833			23,710
Samsung Electronics Co., Ltd.⁽¹⁾		60,524			88,211

					111,921
NETHERLANDS - 2.3%
ING Groep N.V.⁽¹⁾		3,874,428			47,760

NORWAY - 1.3%
Orkla ASA⁽¹⁾		2,599,064			26,852

SWITZERLAND - 7.5%
ABB Ltd.⁽¹⁾⁽²⁾		3,158,981			70,930
Adecco Group AG⁽¹⁾		125,083			7,044
Cie Financiere Richemont S.A.⁽¹⁾		439,593			26,766
Pargesa Holding S.A.⁽¹⁾		2,453			168
UBS Group AG⁽¹⁾		3,729,778			50,645

					155,553
UNITED KINGDOM - 10.3%
Amec Foster Wheeler plc⁽¹⁾		2,392,491			17,817
Compass Group plc⁽¹⁾		1,122,778			21,774
Diageo plc⁽¹⁾		798,526			22,896
IMI plc⁽¹⁾		1,106,570			15,384
Lloyds Banking Group plc⁽¹⁾		47,172,913			33,409
Royal Bank of Scotland Group plc⁽¹⁾⁽²⁾		21,808,413			50,643
Tesco plc⁽¹⁾⁽²⁾		21,597,264			51,179

					213,102
UNITED STATES - 47.9%
Alphabet, Inc., Class A⁽²⁾		30,548			24,562
Alphabet, Inc., Class C⁽²⁾⁽³⁾		21,375			16,615
American Express Co.		639,849			40,976
Aon plc		311,243			35,012
Arch Capital Group Ltd.⁽²⁾		1,002,497			79,458
Bank of New York Mellon Corp.		1,932,766			77,079
Cisco Systems, Inc.		1,988,465			63,074
Citigroup, Inc.		1,468,183			69,342
Citizens Financial Group, Inc.		1,429,867			35,332
FedEx Corp.		163,605			28,578
Johnson & Johnson		460,634			54,415
Marsh & McLennan Cos., Inc.		984,854			66,231
Medtronic plc		850,012			73,441
Microsoft Corp.		1,272,342			73,287
Oracle Corp.		2,317,276			91,023
Progressive Corp.		862,647			27,173
QUALCOMM, Inc.		1,073,871			73,560
TE Connectivity Ltd.		446,344			28,736
United Technologies Corp.		325,068			33,027

					990,921

Total common stocks (Cost $1,647,661)					1,839,699


42		Artisan Partners Funds


	Principal Amount			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 11.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $232,610 (Cost $232,609)⁽⁴⁾		$	232,609		$	232,609


Total investments - 100.1% (Cost $1,880,270)						2,072,308

Other assets less liabilities - (0.1)%						(3,041	)


Total net assets - 100.0%⁽⁵⁾					$	2,069,267

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $690,882, or 33.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	237,267

⁽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, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	76,495		3.7	%
Consumer Staples			141,140		6.8
Energy			49,911		2.4
Financials			650,189		31.4
Health Care			127,856		6.2
Industrials			208,105		10.0
Information Technology			520,753		25.1
Telecommunication Services			65,250		3.2
Short-term investments			232,609		11.2

Total investments		$	2,072,308		100.0	%

TRADING CURRENCIES - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	213,102		10.3	%
Canadian dollar			32,094		1.5
Danish krone			92,552		4.5
Euro			84,721		4.1
Indian rupee			1,133		0.1
Japanese yen			5,048		0.2
Korean won			111,921		5.4
Norwegian krone			26,852		1.3
Swiss franc			155,553		7.5
U.S. dollar			1,349,332		65.1

Total investments		$	2,072,308		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS - September 30, 2016

Dollar values in thousands

Counterparty

Contract
Settlement
Date

Contract Amount

Unrealized
Appreciation/
(Depreciation)

Deliver

Receive

State Street Bank and Trust Company

11/17/2016

CNH

342,057

USD

51,569

436

State Street Bank and Trust Company

11/17/2016

USD

10,204

CNH

68,378

State Street Bank and Trust Company

11/17/2016

CNH

42,889

USD

6,385

(27

)

426

CNH - Chinese yuan renminbi offshore

USD- U.S. dollar


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
Oracle Corp.	United States		4.4	%
Samsung Electronics Co., Ltd.	Korea		4.3
Arch Capital Group Ltd.	United States		3.8
Bank of New York Mellon Corp.	United States		3.7
QUALCOMM, Inc.	United States		3.6
Medtronic plc	United States		3.6
Microsoft Corp.	United States		3.5
ABB Ltd.	Switzerland		3.4
Citigroup, Inc.	United States		3.4
Marsh & McLennan Cos., Inc.	United States		3.2

Total			36.9	%

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

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


Artisan Partners Funds		43

ARTISAN HIGH INCOME FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Principal Amount			Value
CORPORATE BONDS - 70.8%

AGRICULTURE - 0.7%
Pinnacle Operating Corp., 9.00%, 11/15/2020⁽¹⁾		$	17,859		$	12,412

AUTO PARTS & EQUIPMENT - 0.6%
Allison Transmission, Inc., 5.00%, 10/1/2024⁽¹⁾			10,000			10,229

BUILDING MATERIALS - 1.6%
Ply Gem Industries, Inc., 6.50%, 2/1/2022			23,165			23,860
6.50%, 2/1/2022			4,000			4,060

						27,920
CHEMICALS - 3.1%
A Schulman, Inc., 6.88%, 6/1/2023⁽¹⁾			15,500			15,655
GCP Applied Technologies, Inc., 9.50%, 2/1/2023⁽¹⁾			8,750			9,953
Momentive Performance Materials, Inc., escrow, 10.00%, 10/15/2020^(2)(3)(4)			2,000			–
Platform Specialty Products Corp., 6.50%, 2/1/2022⁽¹⁾			29,600			28,786
10.38%, 5/1/2021⁽¹⁾			1,000			1,080

						55,474
COMPUTERS - 0.3%
Diamond 1 Finance Corp. / Diamond 2 Finance Corp., 5.88%, 6/15/2021⁽¹⁾			2,500			2,656
7.13%, 6/15/2024⁽¹⁾			2,500			2,750

						5,406
DIVERSIFIED FINANCIAL SERVICES - 5.3%
Alliance Data Systems Corp., 5.38%, 8/1/2022⁽¹⁾			3,328			3,245
6.38%, 4/1/2020⁽¹⁾			14,306			14,574
Double Eagle Acquisition Sub, Inc., 7.50%, 10/1/2024⁽¹⁾⁽⁵⁾			2,000			2,035
Infinity Acquisition LLC / Infinity Acquisition Finance Corp., 7.25%, 8/1/2022⁽¹⁾			34,880			30,346
NFP Corp., 9.00%, 7/15/2021⁽¹⁾			34,740			35,691
Quicken Loans, Inc., 5.75%, 5/1/2025⁽¹⁾			10,000			9,925

						95,816
ENTERTAINMENT - 1.5%
Scientific Games International, Inc., 6.25%, 9/1/2020			4,500			3,465
10.00%, 12/1/2022			25,000			23,125

						26,590
FOOD - 0.7%
US Foods, Inc., 5.88%, 6/15/2024⁽¹⁾			12,000			12,480

HEALTHCARE-SERVICES - 3.7%
CHS/Community Health Systems, Inc., 6.88%, 2/1/2022			5,000			4,300
HCA, Inc., 5.38%, 2/1/2025			17,000			17,553
Opal Acquisition, Inc., 8.88%, 12/15/2021⁽¹⁾			55,315			45,358

						67,211
INSURANCE - 10.9%
Hub Holdings LLC / Hub Holdings Finance, Inc., PIK, 8.13%, 7/15/2019⁽¹⁾			24,142			23,538
HUB International Ltd., 7.88%, 10/1/2021⁽¹⁾			26,484			27,014
USI, Inc., 7.75%, 1/15/2021⁽¹⁾			101,242			102,760
Wayne Merger Sub LLC, 8.25%, 8/1/2023⁽¹⁾			11,250			11,433
York Risk Services Holding Corp., 8.50%, 10/1/2022⁽¹⁾			38,850			30,206

						194,951
MACHINERY-DIVERSIFIED - 5.1%
Cloud Crane LLC, 10.13%, 8/1/2024⁽¹⁾			35,000			36,313
Gardner Denver, Inc., 6.88%, 8/15/2021⁽¹⁾			48,876			45,821
SPX FLOW, Inc., 5.63%, 8/15/2024⁽¹⁾			5,000			5,075
5.88%, 8/15/2026⁽¹⁾			5,000			5,081

						92,290
MEDIA - 4.7%
Altice Financing S.A., 6.63%, 2/15/2023⁽¹⁾⁽⁶⁾			1,000			1,026
Altice Finco S.A., 7.63%, 2/15/2025⁽¹⁾⁽⁶⁾			4,040			4,060
Cablevision Systems Corp., 5.88%, 9/15/2022			5,000			4,550
8.00%, 4/15/2020			17,767			18,611
CCO Holdings LLC / CCO Holdings Capital Corp., 5.13%, 5/1/2023⁽¹⁾			2,500			2,609
5.50%, 5/1/2026⁽¹⁾			5,000			5,238


44		Artisan Partners Funds


	Principal Amount			Value
MEDIA (CONTINUED)
5.88%, 4/1/2024⁽¹⁾		$	5,000		$	5,335
Cequel Communications Holdings I LLC / Cequel Capital Corp., 7.75%, 7/15/2025⁽¹⁾			2,000			2,160
CSC Holdings LLC, 5.50%, 4/15/2027⁽¹⁾			10,000			10,225
10.13%, 1/15/2023⁽¹⁾			7,000			8,076
Virgin Media Secured Finance plc, 5.25%, 1/15/2026⁽¹⁾⁽⁶⁾			14,000			14,210
5.50%, 8/15/2026⁽¹⁾⁽⁶⁾			8,000			8,160

						84,260
MISCELLANEOUS MANUFACTURING - 0.7%
Gates Global LLC / Gates Global Co., 6.00%, 7/15/2022⁽¹⁾			13,000			12,350

OIL & GAS - 9.3%
Callon Petroleum Co., 6.13%, 10/1/2024⁽¹⁾⁽⁵⁾			28,500			29,497
Clayton Williams Energy, Inc., 7.75%, 4/1/2019			14,399			14,075
Endeavor Energy Resources L.P. / EER Finance, Inc., 7.00%, 8/15/2021⁽¹⁾			28,387			29,168
8.13%, 9/15/2023⁽¹⁾			20,000			21,300
Extraction Oil & Gas Holdings LLC / Extraction Finance Corp., 7.88%, 7/15/2021⁽¹⁾			2,000			2,075
Laredo Petroleum, Inc., 5.63%, 1/15/2022			13,862			13,446
7.38%, 5/1/2022			8,223			8,501
Midstates Petroleum Co., Inc. / Midstates Petroleum Co. LLC, 10.00%, 6/1/2020⁽⁷⁾			13,300			8,911
Seven Generations Energy Ltd., 6.75%, 5/1/2023⁽¹⁾⁽⁶⁾			26,670			27,670
6.88%, 6/30/2023⁽¹⁾⁽⁶⁾			1,775			1,842
Whiting Petroleum Corp., 5.00%, 3/15/2019			10,000			9,675

						166,160
PIPELINES - 6.2%
Antero Midstream Partners L.P. / Antero Midstream Finance Corp., 5.38%, 9/15/2024⁽¹⁾			4,000			4,050
Kinder Morgan Energy Partners L.P., 4.25%, 9/1/2024			22,724			23,401
Williams Partners L.P. / ACMP Finance Corp., 4.88%, 5/15/2023			59,029			59,734
4.88%, 3/15/2024			22,886			23,140

						110,325
REAL ESTATE INVESTMENT TRUSTS (REITS) - 3.9%
Vereit Operating Partnership L.P., 4.13%, 6/1/2021			2,500			2,581
4.60%, 2/6/2024			56,393			58,649
4.88%, 6/1/2026			8,600			9,094

						70,324
RETAIL - 2.4%
Chinos Intermediate Holdings A, Inc., PIK, 7.75%, 5/1/2019⁽¹⁾			5,648			2,118
Group 1 Automotive, Inc., 5.00%, 6/1/2022			21,160			21,266
5.25%, 12/15/2023⁽¹⁾			2,553			2,562
Penske Automotive Group, Inc., 5.50%, 5/15/2026			16,500			16,459

						42,405
SEMICONDUCTORS - 0.6%
Microsemi Corp., 9.13%, 4/15/2023⁽¹⁾			9,000			10,260

SOFTWARE - 6.4%
First Data Corp., 5.75%, 1/15/2024⁽¹⁾			21,000			21,577
7.00%, 12/1/2023⁽¹⁾			26,500			28,024
Infor Software Parent LLC / Infor Software Parent, Inc., PIK, 7.13%, 5/1/2021⁽¹⁾			18,500			17,945
Infor US, Inc., 6.50%, 5/15/2022			4,000			4,050
Informatica LLC, 7.13%, 7/15/2023⁽¹⁾			28,790			26,775
JDA Escrow LLC / JDA Bond Finance, Inc., 7.38%, 10/15/2024⁽¹⁾⁽⁵⁾			1,000			1,027
Solera LLC / Solera Finance Inc., 10.50%, 3/1/2024⁽¹⁾			12,989			14,483

						113,881
TELECOMMUNICATIONS - 3.1%
CenturyLink, Inc., 6.45%, 6/15/2021			12,000			12,855
Intelsat Jackson Holdings S.A., 8.00%, 2/15/2024⁽¹⁾⁽⁶⁾			18,000			18,045
T-Mobile USA, Inc., 6.00%, 4/15/2024			7,000			7,490
6.13%, 1/15/2022			8,000			8,500
6.38%, 3/1/2025			4,500			4,894
6.50%, 1/15/2024			4,000			4,327

						56,111
Total Corporate Bonds (Cost $1,230,807)						1,266,855

BANK LOANS - 21.4%⁽⁸⁾

AEROSPACE/DEFENSE - 1.1%
Jazz Acquisition, Inc. First Lien Term Loan, 4.50%, 6/19/2021			14,731			13,589
Jazz Acquisition, Inc. Second Lien Term Loan, 7.75%, 6/19/2022			7,000			5,740

						19,329
AGRICULTURE - 0.5%
Pinnacle Operating Corp. First Lien Term Loan B, 4.75%, 11/15/2018⁽²⁾			9,019			8,207


Artisan Partners Funds		45


	Principal Amount			Value
AUTO PARTS & EQUIPMENT - 0.3%
BBB Industries US Holdings, Inc. Second Lien Term Loan B, 9.75%, 11/3/2022⁽²⁾		$	6,500		$	5,964

CHEMICALS - 0.4%
MacDermid, Inc. First Lien Term Loan B2, 5.50%, 6/7/2020			2,977			2,988
MacDermid, Inc. First Lien Term Loan B3, 5.50%, 6/7/2020			4,975			4,994

						7,982
COMMERCIAL SERVICES - 0.4%
CHG Healthcare Services, Inc. First Lien Term Loan B, 4.75%, 6/7/2023			1,990			2,008
TruGreen L.P. First Lien Term Loan B, 6.50%, 4/13/2023			5,985			6,022

						8,030
DIVERSIFIED FINANCIAL SERVICES - 0.5%
LBM Borrower LLC Second Lien Term Loan, 10.25%, 8/20/2023			10,000			9,508

FOOD - 0.3%
Chobani LLC First Lien Term Loan B, 5.25%, 10/7/2023⁽⁴⁾			5,000			5,000

HEALTHCARE-PRODUCTS - 0.3%
Immucor, Inc. First Lien Term Loan B2, 5.00%, 8/17/2018			4,961			4,829

HEALTHCARE-SERVICES - 1.0%
inVentiv Health, Inc. First Lien Term Loan B, 4.75%, 9/29/2023			5,000			5,011
Opal Acquisition, Inc. First Lien Term Loan B, 5.00%, 11/27/2020			13,689			12,782

						17,793
INSURANCE - 2.6%
AssuredPartners, Inc. First Lien Term Loan, 5.75%, 10/21/2022			14,932			14,993
AssuredPartners, Inc. Second Lien Term Loan, 10.00%, 10/20/2023			13,000			12,821
York Risk Services Holding Corp. First Lien Term Loan B, 4.75%, 10/1/2021			21,340			19,500

						47,314
INTERNET - 3.0%
iParadigms Holdings LLC Second Lien Term Loan, 8.25%, 7/29/2022⁽²⁾			8,768			8,570
The Active Network, Inc. Second Lien Term Loan, 9.50%, 11/15/2021			45,217			44,426

						52,996
INVESTMENT COMPANIES - 0.8%
UFC Holdings LLC First Lien Term Loan B, 5.00%, 8/18/2023			10,000			10,081
UFC Holdings LLC Second Lien Term Loan, 8.50%, 8/18/2024			5,000			5,063

						15,144
LODGING - 0.3%
Station Casinos LLC First Lien Term Loan B, 3.75%, 6/8/2023			5,985			6,023

MACHINERY-DIVERSIFIED - 0.7%
Gardner Denver, Inc. First Lien Term Loan, 4.25%, 7/30/2020			12,870			12,451

METAL FABRICATE/HARDWARE - 0.6%
WireCo WorldGroup, Inc. First Lien Term Loan, 6.50%, 9/30/2023			10,000			10,029

OIL & GAS - 2.3%
Callon Petroleum Co. Second Lien Term Loan B, 8.50%, 10/8/2021			35,500			35,840
Chesapeake Energy Corp. First Lien Term Loan, 8.50%, 8/23/2021			5,000			5,245

						41,085
OIL & GAS SERVICES - 0.4%
Cactus Wellhead LLC First Lien Term Loan B, 7.00%, 7/31/2020			7,828			6,008
RGL Reservoir Operations, Inc. First Lien Term Loan, 6.00%, 8/14/2021⁽²⁾⁽⁶⁾			8,820			1,764

						7,772
RETAIL - 1.7%
99 Cents Only Stores LLC First Lien Term Loan B2, 4.50%, 1/11/2019			6,500			5,022
J. Crew Group, Inc. First Lien Term Loan B, 4.00%, 3/5/2021			30,977			24,518

						29,540
SOFTWARE - 3.7%
Ascend Learning LLC Second Lien Term Loan, 9.50%, 11/30/2020			15,642			15,407
Cvent, Inc. First Lien Term Loan B, 6.00%, 6/17/2023			8,500			8,543
Renaissance Learning, Inc. Second Lien Term Loan, 8.00%, 4/11/2022			43,035			42,102

						66,052
TELECOMMUNICATIONS - 0.5%
Intelsat Jackson Holdings S.A. First Lien Term Loan B2, 3.75%, 6/30/2019⁽⁶⁾			9,000			8,548

Total Bank Loans (Cost $385,076)						383,596


46		Artisan Partners Funds


	Principal Amount			Value
CONVERTIBLE DEBENTURES - 0.3%

REAL ESTATE INVESTMENT TRUSTS (REITS) - 0.3%
VEREIT, Inc., 3.75%, 12/15/2020		$	5,000		$	5,106

Total convertible debentures (Cost $4,696)						5,106

SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 10.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $183,716 (Cost $183,716)⁽⁹⁾			183,716			183,716


Total investments - 102.8% (Cost $1,804,295)						1,839,273

Other assets less liabilities - (2.8)%					(50,272	)


Total net assets - 100.0%⁽¹⁰⁾				$	1,789,001

⁽¹⁾

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

⁽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 $24,505, or 1.4% of total net assets.

⁽³⁾	Represents escrow account for past due interest.

⁽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 $5,000, or 0.3% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽⁵⁾	When-Issued security.

⁽⁶⁾	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 country classifications.


Security	Country	Trading Currency
Altice Financing S.A., 6.63%, 2/15/2023	Luxembourg	U.S. dollar
Altice Finco S.A., 7.63%, 2/15/2025	Luxembourg	U.S. dollar
Intelsat Jackson Holdings S.A., 8.00%, 2/15/2024	Luxembourg	U.S. dollar
Intelsat Jackson Holdings S.A. First Lien Term Loan B2, 3.75%, 6/30/2019	Luxembourg	U.S. dollar
RGL Reservoir Operations, Inc., 6.00%, 8/14/2021	Canada	U.S. dollar
Seven Generations Energy Ltd. 6.75%, 5/1/2023	Canada	U.S. dollar
6.88%, 6/30/2023	Canada	U.S. dollar
Virgin Media Secured Finance plc 5.25%, 1/15/2026	United Kingdom	U.S. dollar
5.50%, 8/15/2026	United Kingdom	U.S. dollar

⁽⁷⁾	Non-income producing security, bond is in default.

⁽⁸⁾	Floating rate instruments, the rate disclosed was as of September 30, 2016.

⁽⁹⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	185,252
U.S. Treasury Bond		3.000	%		11/15/2044			2,144

							$	187,396

⁽¹⁰⁾	Percentages for the various classifications relate to total net assets.

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

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


CREDIT DIVERSIFICATION - September 30, 2016 (Unaudited)
	Percentage of Total Investments
BBB		9.6	%
BB		10.7
B		36.4
CCC		29.7
Unrated		3.6
Short Term		10.0

Total		100.0	%

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

High yield securities are speculative, have a higher degree of default risk than higher-rated securities and may increase the Fund’s volatility. The Fund may invest a significant portion of its assets in high-yield securities that are rated in the lower rating categories by one or more nationally recognized statistical rating organization (for example, CCC or lower by Standard & Poor’s or Fitch Ratings Inc. or Caa or lower by Moody’s) or, if unrated, are determined by the Adviser to be of comparable quality.


Artisan Partners Funds		47


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
USI, Inc.	United States		5.7	%
Williams Partners L.P. / ACMP Finance Corp.	United States		4.6
Vereit Operating Partnership L.P.	United States		4.2
Callon Petroleum Co.	United States		3.7
Gardner Denver, Inc.	United States		3.3
Opal Acquisition, Inc.	United States		3.3
HUB Holding LLC	United States		2.8
Endeavor Energy Resources L.P. / EER Finance, Inc.	United States		2.8
York Risk Services Holding Corp.	United States		2.8
First Data Corp.	United States		2.8

Total			36.0	%

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

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


48		Artisan Partners Funds

ARTISAN INTERNATIONAL FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS AND EQUITY-LINKED SECURITIES - 96.5%

BELGIUM - 1.5%
Telenet Group Holding N.V.⁽¹⁾⁽²⁾		2,814,194		$	146,780
UCB S.A.⁽²⁾		1,230,970			95,179

					241,959
CANADA - 3.0%
Canadian Pacific Railway Ltd.		2,391,439			365,173
Rogers Communications, Inc.⁽³⁾		2,826,231			119,904

					485,077
CHINA - 4.6%
Alibaba Group Holding Ltd. (DR)⁽¹⁾		3,983,510			421,416
China Construction Bank Corp., Class H⁽²⁾		58,311,215			43,522
China Mobile Ltd.⁽²⁾		17,347,000			212,984
Ctrip.com International Ltd. (DR)⁽¹⁾		1,244,823			57,971

					735,893
DENMARK - 0.5%
ISS AS⁽²⁾		1,911,145			79,512

FRANCE - 6.7%
Danone S.A.⁽²⁾		4,664,268			345,960
L’Oreal S.A.⁽²⁾		603,247			113,890
LVMH Moet Hennessy Louis Vuitton SE⁽²⁾		475,507			81,063
Pernod Ricard S.A.⁽²⁾		1,554,430			183,915
Zodiac Aerospace⁽²⁾		13,973,789			340,242

					1,065,070
GERMANY - 17.5%
Allianz SE⁽²⁾		2,074,903			307,983
Bayer AG⁽²⁾		1,574,627			158,162
Beiersdorf AG⁽²⁾		3,234,138			305,049
Deutsche Boerse AG⁽¹⁾⁽²⁾		7,313,413			592,181
Deutsche Post AG⁽²⁾		5,155,487			161,118
Linde AG⁽²⁾		3,810,469			647,570
RTL Group S.A.⁽²⁾		659,958			54,768
Vonovia SE⁽²⁾		6,632,932			251,162
Wirecard AG⁽²⁾⁽⁴⁾		6,298,195			327,136

					2,805,129
HONG KONG - 3.7%
AIA Group Ltd.⁽²⁾		88,205,332			590,985

INDONESIA - 0.1%
Bank Rakyat Indonesia Persero Tbk PT⁽²⁾		24,614,000			23,093

IRELAND - 1.9%
Ryanair Holdings plc, Equity-Linked Security^(2)(3)(5)(6)		21,488,591			296,918

ITALY - 1.0%
Atlantia S.p.A.⁽²⁾		6,073,880			154,217

JAPAN - 12.9%
Calbee, Inc.⁽²⁾		3,263,600			123,415
Japan Tobacco, Inc.⁽²⁾		18,478,583			754,944
KDDI Corp.⁽²⁾		10,223,400			314,600
NGK Insulators Ltd.⁽²⁾		4,205,148			87,075
Nippon Telegraph & Telephone Corp.⁽²⁾		6,565,800			299,863
NTT DOCOMO, Inc.⁽²⁾		17,518,133			444,160
Seven & i Holdings Co., Ltd.⁽²⁾		807,700			38,172

					2,062,229
KOREA - 0.0%^†
Orion Corp.⁽²⁾		2,079			1,562

NETHERLANDS - 0.9%
ASML Holding N.V.⁽²⁾		961,182			105,402
Heineken N.V.⁽²⁾		446,186			39,244

					144,646
SPAIN - 1.8%
Grifols S.A.⁽²⁾		4,853,075			104,564
Grifols S.A. (DR)		11,013,123			175,879

					280,443
SWEDEN - 1.1%
Swedbank AB, Class A⁽²⁾		7,318,304			171,859

SWITZERLAND - 7.8%
Actelion Ltd.⁽¹⁾⁽²⁾		1,378,739			238,697
Nestle S.A.⁽²⁾		10,302,080			811,738
Roche Holding AG⁽²⁾⁽³⁾		766,285			189,837

					1,240,272
TAIWAN - 2.0%
Taiwan Semiconductor Manufacturing Co., Ltd.⁽²⁾		53,446,000			313,448

THAILAND - 0.1%
Thai Beverage PCL⁽²⁾		33,801,100			24,068

UNITED KINGDOM - 8.1%
Babcock International Group plc⁽²⁾		7,736,730			103,799
British American Tobacco plc⁽²⁾		4,207,544			269,082
Imperial Brands plc⁽²⁾		5,006,004			258,038


Artisan Partners Funds		49


	Shares Held			Value
UNITED KINGDOM (CONTINUED)
Lloyds Banking Group plc⁽²⁾			100,660,094		$	71,288
St James’s Place plc⁽²⁾			1,257,476			15,483
Unilever plc⁽²⁾			9,269,657			439,447
Wolseley plc⁽²⁾			2,560,691			144,339

						1,301,476
UNITED STATES - 21.3%
Allegion plc			243,012			16,746
Amazon.com, Inc.⁽¹⁾			238,410			199,623
Aon plc			4,111,322			462,483
Coca-Cola European Partners plc			8,117,942			323,906
Cognizant Technology Solutions Corp., Class A⁽¹⁾			4,950,350			236,181
Delphi Automotive plc			2,100,648			149,818
Liberty Global plc, Class A⁽¹⁾			9,219,798			315,133
Liberty Global plc, Series C⁽¹⁾⁽³⁾			13,582,927			448,780
Liberty Global plc LiLAC, Class A⁽¹⁾			1,027,654			28,353
Liberty Global plc LiLAC, Class C⁽¹⁾⁽³⁾			1,566,946			43,953
Medtronic plc			9,618,303			831,021
WABCO Holdings, Inc.⁽¹⁾			1,298,860			147,459
Willis Towers Watson plc			1,535,279			203,839

						3,407,295

Total common stocks and equity-linked securities (Cost $13,659,335)						15,425,151

PREFERRED STOCKS - 1.8%

GERMANY - 1.8%
Henkel AG & Co. KGaA⁽²⁾⁽³⁾			2,084,548			283,343

Total preferred stocks (Cost $175,703)						283,343

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 0.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $142,619 (Cost $142,619)⁽⁷⁾		$	142,619		$	142,619

Total investments - 99.2% (Cost $13,977,657)						15,851,113

Other assets less liabilities - 0.8%					134,362


Total net assets - 100.0%⁽⁸⁾					$	15,985,475

^†	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 $11,160,856, or 69.8% of total net assets. See notes 2(a) and 4 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 12 in Notes to Financial Statements for additional information.

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


Security	Acquisition Date	Cost			Value			Percentage of Total Net Assets
Ryanair Holdings plc	11/14/2013- 7/1/2016		$	236,342		$	296,918		1.9	%

⁽⁶⁾	Security is an equity-linked security issued by HSBC Bank plc. As described in 2(h) in Notes to Financial Statements, equity-linked securities are subject to counterparty risk with respect to the bank or broker-dealer that issues them.

⁽⁷⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	145,472

⁽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, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	1,526,242		9.6	%
Consumer Staples			4,315,773		27.2
Financials			2,482,716		15.7
Health Care			1,793,339		11.3
Industrials			1,896,598		12.0
Information Technology			1,403,583		8.8
Materials			647,570		4.1
Real Estate			251,162		1.6
Telecommunication Services			1,391,511		8.8
Short-term investments			142,619		0.9

Total investments		$	15,851,113		100.0	%


50		Artisan Partners Funds


TRADING CURRENCIES - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	1,301,476		8.2	%
Canadian dollar			119,904		0.8
Danish krone			79,512		0.5
Euro			4,798,928		30.3
Hong Kong dollar			847,491		5.3
Indonesian rupiah			23,093		0.1
Japanese yen			2,062,229		13.0
Korean won			1,562		–	⁽¹⁾
Singapore dollar			24,068		0.2
Swedish krona			171,859		1.1
Swiss franc			1,240,272		7.8
Taiwan dollar			313,448		2.0
U.S. dollar			4,867,271		30.7

Total investments		$	15,851,113		100.0	%

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


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
Liberty Global plc	United States		5.2	%
Medtronic plc	United States		5.2
Nestle S.A.	Switzerland		5.1
Japan Tobacco, Inc.	Japan		4.7
Linde AG	Germany		4.1
Deutsche Boerse AG	Germany		3.7
AIA Group Ltd.	Hong Kong		3.7
Aon plc	United States		2.9
NTT DOCOMO, Inc.	Japan		2.8
Unilever plc	United Kingdom		2.7

Total			40.1	%

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

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


Artisan Partners Funds		51

ARTISAN INTERNATIONAL SMALL CAP FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held			Value
COMMON STOCKS - 97.2%

CANADA - 2.5%
Manitoba Telecom Services, Inc.			607,163		$	17,447
Morneau Shepell, Inc.			165,500			2,396

						19,843
DENMARK - 8.2%
Royal Unibrew AS⁽¹⁾			736,972			36,440
Scandinavian Tobacco Group AS⁽¹⁾			1,700,692			29,029

						65,469
FINLAND - 2.0%
Huhtamaki Oyj⁽¹⁾			331,869			15,456

FRANCE - 6.2%
Bonduelle SCA⁽¹⁾			453,221			11,557
Elis S.A.⁽¹⁾			1,588,812			26,228
Euronext N.V.⁽¹⁾			275,605			11,760

						49,545
GERMANY - 14.4%
Gerresheimer AG⁽¹⁾			245,959			20,900
Takkt AG⁽¹⁾			1,367,264			30,661
Wirecard AG⁽¹⁾			1,214,571			63,086

						114,647
INDONESIA - 0.2%
Media Nusantara Citra Tbk PT⁽¹⁾			12,467,000			1,930

ITALY - 11.8%
Davide Campari-Milano S.p.A.⁽¹⁾			1,402,445			15,800
Ei Towers S.p.A.⁽¹⁾⁽²⁾			403,088			21,249
Enav S.p.A.⁽¹⁾⁽²⁾			4,266,812			17,527
Hera S.p.A.⁽¹⁾			3,839,170			10,344
Infrastrutture Wireless Italiane S.p.A.⁽¹⁾			4,294,431			21,124
RAI Way S.p.A.⁽¹⁾			1,948,318			7,882

						93,926
JAPAN - 6.7%
Cosmos Pharmaceutical Corp.⁽¹⁾			90,857			19,491
Dip Corp.⁽¹⁾			129,600			4,009
Sugi Holdings Co., Ltd.⁽¹⁾			465,500			25,246
Zenkoku Hosho Co., Ltd.⁽¹⁾			107,125			4,429

						53,175
NETHERLANDS - 3.3%
InterXion Holding N.V.⁽²⁾			717,075			25,972

SINGAPORE - 2.1%
SATS Ltd.⁽¹⁾			4,537,900			16,569

SOUTH AFRICA - 0.3%
Pioneer Foods Group Ltd.⁽¹⁾			175,559			2,227

SPAIN - 6.1%
Cellnex Telecom SAU⁽¹⁾			1,269,883			22,969
Ebro Foods S.A.⁽¹⁾			919,006			21,370
Euskaltel S.A.⁽¹⁾⁽²⁾			303,030			3,009
Melia Hotels International S.A.⁽¹⁾			58,342			728

						48,076
SWEDEN - 4.3%
Cloetta AB, Class B⁽¹⁾			9,331,704			33,829

SWITZERLAND - 4.2%
Comet Holding AG⁽¹⁾⁽²⁾			36,167			33,058

TAIWAN - 4.4%
Ginko International Co., Ltd.⁽¹⁾			3,545,000			35,243

UNITED KINGDOM - 20.5%
AA plc⁽¹⁾			5,925,998			22,712
Babcock International Group plc⁽¹⁾			2,040,727			27,379
BCA Marketplace plc⁽¹⁾			3,908,867			9,120
Berendsen plc⁽¹⁾			910,582			14,693
Britvic plc⁽¹⁾			1,765,652			13,800
Dignity plc⁽¹⁾			820,519			29,802
Domino’s Pizza Group plc⁽¹⁾			1,791,314			8,667
HomeServe plc⁽¹⁾			2,854,780			21,267
Safestore Holdings plc⁽¹⁾			3,143,117			15,685

						163,125

Total common stocks (Cost $621,509)						772,090

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 1.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $12,429 (Cost $12,429)⁽³⁾		$	12,429		$	12,429

Total investments - 98.7% (Cost $633,938)						784,519

Other assets less liabilities - 1.3%						10,017


Total net assets - 100.0%⁽⁴⁾					$	794,536


52		Artisan Partners Funds

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $726,275, or 91.4% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

⁽³⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	12,681

⁽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.


PORTFOLIO DIVERSIFICATION - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	111,502		14.2	%
Consumer Staples			208,789		26.6
Financials			16,189		2.1
Health Care			56,143		7.1
Industrials			126,059		16.1
Information Technology			126,125		16.1
Materials			15,456		2.0
Real Estate			15,685		2.0
Telecommunication Services			85,798		10.9
Utilities			10,344		1.3
Short-term investments			12,429		1.6

Total investments		$	784,519		100.0	%

TRADING CURRENCIES - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	163,125		20.8	%
Canadian dollar			19,843		2.5
Danish krone			65,469		8.3
Euro			321,650		41.0
Indonesian rupiah			1,930		0.3
Japanese yen			53,175		6.8
Singapore dollar			16,569		2.1
South African rand			2,227		0.3
Swedish krona			33,829		4.3
Swiss franc			33,058		4.2
Taiwan dollar			35,243		4.5
U.S. dollar			38,401		4.9

Total investments		$	784,519		100.0	%


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
Wirecard AG	Germany		7.9	%
Royal Unibrew AS	Denmark		4.6
Ginko International Co., Ltd.	Taiwan		4.4
Cloetta AB	Sweden		4.3
Comet Holding AG	Switzerland		4.2
Takkt AG	Germany		3.9
Dignity plc	United Kingdom		3.8
Scandinavian Tobacco Group AS	Denmark		3.6
Babcock International Group plc	United Kingdom		3.4
Elis S.A.	France		3.3

Total			43.4	%

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		53

ARTISAN INTERNATIONAL VALUE FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 87.3%

BELGIUM - 2.5%
Groupe Bruxelles Lambert S.A.⁽¹⁾		3,448,708		$	305,744

BRAZIL - 3.0%
Telefonica Brasil S.A. (DR)		25,145,140			363,850

CANADA - 1.7%
Imperial Oil Ltd.		6,441,685			201,507

CHINA - 3.9%
Baidu, Inc. (DR)⁽²⁾		2,599,412			473,275

DENMARK - 5.2%
Carlsberg AS, Class B⁽¹⁾		2,808,772			268,343
ISS AS⁽¹⁾		8,569,394			356,525

					624,868
FRANCE - 1.9%
Sodexo S.A.⁽¹⁾		906,726			107,920
Vivendi S.A.⁽¹⁾		5,682,949			114,517

					222,437
INDIA - 1.6%
HCL Technologies Ltd.⁽¹⁾		15,749,743			188,887

JAPAN - 5.0%
Credit Saison Co., Ltd.⁽¹⁾		3,917,547			64,980
Stanley Electric Co., Ltd.⁽¹⁾⁽³⁾		9,167,804			246,594
Sugi Holdings Co., Ltd.⁽¹⁾		86,800			4,708
Tokyo Electron Ltd.⁽¹⁾		3,291,835			290,491

					606,773
KOREA - 5.5%
Kia Motors Corp.⁽¹⁾		2,142,321			82,348
Samsung Electronics Co., Ltd.⁽¹⁾		394,480			574,934

					657,282
NETHERLANDS - 4.1%
ING Groep N.V.⁽¹⁾		34,521,902			425,554
RELX N.V.⁽¹⁾		3,925,931			70,498

					496,052
NORWAY - 1.9%
Aker Solutions ASA⁽¹⁾⁽²⁾		11,545,697			54,162
Orkla ASA⁽¹⁾		16,383,290			169,264
TGS Nopec Geophysical Co. ASA⁽¹⁾		562,673			10,167

					233,593
SWITZERLAND - 17.0%
ABB Ltd.⁽¹⁾⁽²⁾		22,120,530			496,683
Adecco Group AG⁽¹⁾		2,894,146			162,980
Cie Financiere Richemont S.A.⁽¹⁾		3,815,031			232,288
Novartis AG⁽¹⁾		3,046,447			239,577
Panalpina Welttransport Holding AG⁽¹⁾⁽³⁾		2,261,132			315,402
Pargesa Holding S.A.⁽¹⁾		1,265,602			86,627
UBS Group AG⁽¹⁾		38,426,353			521,779

					2,055,336
UNITED KINGDOM - 20.8%
Amec Foster Wheeler plc⁽¹⁾		16,058,095			119,586
Compass Group plc⁽¹⁾		29,638,619			574,766
Diageo plc⁽¹⁾		5,135,759			147,258
IMI plc⁽¹⁾		7,431,427			103,316
Lloyds Banking Group plc⁽¹⁾		290,422,430			205,680
QinetiQ Group plc⁽¹⁾		20,017,166			61,438
RELX plc⁽¹⁾		20,533,597			389,658
Royal Bank of Scotland Group plc⁽¹⁾⁽²⁾		147,992,960			343,668
Tesco plc⁽¹⁾⁽²⁾		135,124,818			320,206
Unilever plc (DR)		2,443,679			115,830
Vesuvius plc⁽¹⁾⁽³⁾		28,706,714			130,704

					2,512,110
UNITED STATES - 13.2%
Accenture plc, Class A		1,021,703			124,821
Aon plc		1,939,584			218,184
Arch Capital Group Ltd.⁽²⁾⁽³⁾		6,462,064			512,183
Medtronic plc		4,816,785			416,170
TE Connectivity Ltd.		5,076,125			326,801

					1,598,159

Total common stocks (Cost $8,944,007)					10,539,873

PREFERRED STOCKS - 0.4%

KOREA - 0.4%
Samsung Electronics Co., Ltd.⁽¹⁾⁽⁴⁾		42,024			49,611

Total preferred stocks (Cost $36,987)					49,611


54		Artisan Partners Funds


	Principal Amount			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 12.2%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $1,471,594 (Cost $1,471,590)⁽⁵⁾		$	1,471,590		$	1,471,590


Total investments - 99.9% (Cost $10,452,584)						12,061,074

Other assets less liabilities - 0.1%						14,791


Total net assets - 100.0%⁽⁶⁾					$	12,075,865

⁽¹⁾	Valued at a fair value in accordance with procedures established by the board of directors of Artisan Partners Funds. In total, securities valued at a fair value were $7,836,863, or 64.9% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽²⁾	Non-income producing security.

⁽³⁾	Affiliated company as defined by the Investment Company Act of 1940, as amended. See note 12 in Notes to Financial Statements for additional information.

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	64,000
U.S. Treasury Bond		3.000	%		11/15/2044			859,758
U.S. Treasury Bond		3.625	%		2/15/2044			577,272

							$	1,501,030

⁽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, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Consumer Discretionary		$	1,358,433		11.3	%
Consumer Staples			1,025,609		8.5
Energy			385,422		3.2
Financials			2,684,399		22.3
Health Care			655,747		5.4
Industrials			2,087,204		17.3
Information Technology			2,028,820		16.8
Telecommunication Services			363,850		3.0
Short-term investments			1,471,590		12.2

Total investments		$	12,061,074		100.0	%


TRADING CURRENCIES - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
British pound		$	2,396,280		19.9	%
Canadian dollar			201,507		1.7
Danish krone			624,868		5.2
Euro			1,024,233		8.5
Indian rupee			188,887		1.6
Japanese yen			606,773		5.0
Korean won			706,893		5.9
Norwegian krone			233,593		1.9
Swiss franc			2,055,336		17.0
U.S. dollar			4,022,704		33.3

Total investments		$	12,061,074		100.0	%

FOREIGN CURRENCY FORWARD CONTRACTS - September 30, 2016

Dollar values in thousands

Counterparty

Contract
Settlement
Date

Contract Amount

Unrealized
Appreciation/
(Depreciation)

Deliver

Receive

State Street Bank and Trust Company

11/17/2016

CNH

2,841,326

USD

428,362

3,620

State Street Bank and Trust Company

11/17/2016

USD

68,849

CNH

461,352

118

State Street Bank and Trust Company

11/17/2016

CNH

272,586

USD

40,504

(244

)

State Street Bank and Trust Company

2/3/2017

JPY

22,967,000

USD

227,395

(386

)

3,108

JPY - Japanese yen

CNH - Chinese yuan renminbi offshore

USD - U.S. dollar


Artisan Partners Funds		55


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.2	%
Compass Group plc	United Kingdom		4.8
UBS Group AG	Switzerland		4.3
Arch Capital Group Ltd.	United States		4.2
ABB Ltd.	Switzerland		4.1
Baidu, Inc.	China		3.9
ING Groep N.V.	Netherlands		3.5
Medtronic plc	United States		3.5
RELX plc	United Kingdom		3.2
Telefonica Brasil S.A.	Brazil		3.0

Total			39.7	%

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.


56		Artisan Partners Funds

ARTISAN MID CAP FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 95.6%

CONSUMER DISCRETIONARY - 18.0%
Auto Components - 1.5%
Delphi Automotive plc		1,723,141		$	122,894

Distributors - 4.8%
LKQ Corp.⁽¹⁾		10,890,690			386,184

Hotels, Restaurants & Leisure - 1.5%
Aramark		3,296,288			125,358

Household Durables - 1.3%
Newell Brands, Inc.		1,958,837			103,152

Internet & Direct Marketing Retail - 1.1%
Ctrip.com International Ltd. (DR)⁽¹⁾⁽²⁾		1,967,050			91,605

Media - 1.3%
CBS Corp., Class B⁽³⁾		1,871,077			102,423

Multiline Retail - 1.4%
Dollar Tree, Inc.⁽¹⁾		1,396,291			110,209

Specialty Retail - 4.5%
Advance Auto Parts, Inc.		252,470			37,648
Michaels Cos., Inc.⁽¹⁾		3,481,122			84,139
O’Reilly Automotive, Inc.⁽¹⁾		169,807			47,565
Tractor Supply Co.		1,162,590			78,300
Ulta Salon Cosmetics & Fragrance, Inc.⁽¹⁾		481,963			114,698

					362,350
Textiles, Apparel & Luxury Goods - 0.6%
Lululemon Athletica, Inc.⁽¹⁾		743,323			45,328

CONSUMER STAPLES - 2.8%
Beverages - 1.6%
Monster Beverage Corp.⁽¹⁾		875,566			128,542

Food Products - 1.2%
WhiteWave Foods Co.⁽¹⁾		1,740,285			94,724

ENERGY - 3.1%
Oil, Gas & Consumable Fuels - 3.1%
Cimarex Energy Co.		725,638			97,504
Concho Resources, Inc.⁽¹⁾		1,116,360			153,332

					250,836
FINANCIALS - 6.4%
Banks - 1.1%
SVB Financial Group⁽¹⁾		762,671			84,306

Capital Markets - 5.3%
Intercontinental Exchange, Inc.		330,971			89,150
S&P Global, Inc.		2,677,095			338,813

					427,963
HEALTH CARE - 21.4%
Biotechnology - 4.4%
Regeneron Pharmaceuticals, Inc.⁽¹⁾		620,987			249,649
Seattle Genetics, Inc.⁽¹⁾		1,969,675			106,382

					356,031
Health Care Equipment & Supplies - 9.8%
Becton Dickinson & Co.		980,216			176,174
Boston Scientific Corp.⁽¹⁾		15,139,603			360,323
DexCom, Inc.⁽¹⁾		2,146,862			188,194
Intuitive Surgical, Inc.⁽¹⁾		91,951			66,649

					791,340
Health Care Providers & Services - 4.0%
Amsurg Corp.⁽¹⁾		1,445,292			96,907
Cigna Corp.		1,467,299			191,218
Envision Healthcare Holdings, Inc.⁽¹⁾		1,569,414			34,951

					323,076
Health Care Technology - 3.2%
athenahealth, Inc.⁽¹⁾		705,825			89,019
Cerner Corp.⁽¹⁾		1,211,990			74,840
Veeva Systems, Inc., Class A⁽¹⁾		2,300,861			94,980

					258,839
INDUSTRIALS - 19.8%
Building Products - 3.3%
AO Smith Corp.		423,322			41,820
Fortune Brands Home & Security, Inc.		3,880,775			225,473

					267,293
Commercial Services & Supplies - 2.7%
Cintas Corp.		111,382			12,542
Waste Connections, Inc.		2,684,542			200,535

					213,077
Electrical Equipment - 3.1%
Acuity Brands, Inc.		449,052			118,819
AMETEK, Inc.		1,963,957			93,838
Hubbell, Inc.		353,776			38,116

					250,773
Industrial Conglomerates - 1.0%
Roper Technologies, Inc.		445,661			81,320


Artisan Partners Funds		57


	Shares Held			Value
Machinery - 1.7%
Middleby Corp.⁽¹⁾			760,477		$	94,010
Wabtec Corp.			527,866			43,101

						137,111
Professional Services - 6.9%
IHS Markit Ltd.⁽¹⁾			10,543,695			395,916
Nielsen Holdings plc			1,198,282			64,192
Verisk Analytics, Inc.⁽¹⁾			1,225,819			99,634

						559,742
Trading Companies & Distributors - 1.1%
HD Supply Holdings, Inc.⁽¹⁾			2,759,672			88,254

INFORMATION TECHNOLOGY - 21.9%
Communications Equipment - 2.9%
Harris Corp.			461,219			42,252
Motorola Solutions, Inc.			1,181,406			90,118
Palo Alto Networks, Inc.⁽¹⁾			645,654			102,872

						235,242
Electronic Equipment, Instruments & Components - 0.3%
Trimble Navigation Ltd.⁽¹⁾			726,429			20,747

IT Services - 7.0%
Fidelity National Information Services, Inc.			1,092,114			84,126
Gartner, Inc.⁽¹⁾			1,025,959			90,746
Global Payments, Inc.			3,755,048			288,237
Vantiv, Inc., Class A⁽¹⁾			1,833,376			103,164

						566,273
Semiconductors & Semiconductor Equipment - 2.7%
NVIDIA Corp.			1,736,626			118,994
NXP Semiconductors N.V.⁽¹⁾⁽²⁾			955,749			97,496

						216,490
Software - 9.0%
Activision Blizzard, Inc.			2,211,421			97,966
Atlassian Corp. plc, Class A⁽¹⁾			737,136			22,092
Electronic Arts, Inc.⁽¹⁾			2,587,006			220,930
Guidewire Software, Inc.⁽¹⁾			2,154,593			129,233
Intuit, Inc.			532,427			58,572
Workday, Inc., Class A⁽¹⁾			2,143,139			196,504

						725,297

MATERIALS - 1.5%
Chemicals - 1.5%
RPM International, Inc.			2,316,603			124,448

TELECOMMUNICATION SERVICES - 0.7%
Diversified Telecommunication Services - 0.7%
Level 3 Communications, Inc.⁽¹⁾			1,227,348			56,924

Total common stocks (Cost $5,674,086)						7,708,151
	Principal Amount			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 5.3%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $430,263 (Cost $430,262)⁽⁴⁾		$	430,262			430,262


Total investments - 100.9% (Cost $6,104,348)						8,138,413

Other assets less liabilities - (0.9)%						(71,124	)


Total net assets - 100.0%⁽⁵⁾					$	8,067,289

⁽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 country classifications.

Security

Country

Trading Currency

Ctrip.com International Ltd. (DR)

China

U.S. dollar

NXP Semiconductors N.V.

Netherlands

U.S. dollar

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:

Security

Rate

Maturity

Value

U.S. Treasury Note

0.125%

4/15/2017

$438,871

⁽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.


58		Artisan Partners Funds


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
IHS Markit Ltd.	United States		4.9	%
LKQ Corp.	United States		4.8
Boston Scientific Corp.	United States		4.5
S&P Global, Inc.	United States		4.2
Global Payments, Inc.	United States		3.6
Regeneron Pharmaceuticals, Inc.	United States		3.1
Fortune Brands Home & Security, Inc.	United States		2.8
Electronic Arts, Inc.	United States		2.7
Waste Connections, Inc.	United States		2.5
Workday, Inc.	United States		2.4

Total			35.5	%

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

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


Artisan Partners Funds		59

ARTISAN MID CAP VALUE FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 93.4%

CONSUMER DISCRETIONARY - 18.2%
Auto Components - 1.9%
Gentex Corp.		4,593,600		$	80,663

Automobiles - 1.8%
Harley-Davidson, Inc.		1,400,220			73,637

Diversified Consumer Services - 1.8%
H&R Block, Inc.		3,251,907			75,282

Internet & Direct Marketing Retail - 4.5%
Liberty Interactive Corp. QVC Group, Class A⁽¹⁾		5,000,310			100,056
Liberty Ventures, Series A⁽¹⁾		2,198,901			87,670

					187,726
Media - 5.3%
News Corp., Class A⁽²⁾		6,276,637			87,747
Omnicom Group, Inc.		1,119,454			95,154
TEGNA, Inc.		1,760,964			38,495

					221,396
Specialty Retail - 1.9%
AutoNation, Inc.⁽¹⁾		1,642,638			80,013

Textiles, Apparel & Luxury Goods - 1.0%
Coach, Inc.		1,207,869			44,160

ENERGY - 10.6%
Energy Equipment & Services - 0.5%
Helmerich & Payne, Inc.		345,343			23,242

Oil, Gas & Consumable Fuels - 10.1%
Apache Corp.		2,206,479			140,928
Devon Energy Corp.		3,907,648			172,366
Hess Corp.		2,032,655			108,991

					422,285
FINANCIALS - 22.4%
Banks - 4.3%
Fifth Third Bancorp		5,260,742			107,635
M&T Bank Corp.		633,024			73,494

					181,129
Capital Markets - 1.3%
Intercontinental Exchange, Inc.		200,413			53,983

Insurance - 15.1%
Alleghany Corp.⁽¹⁾		235,573			123,681
Allied World Assurance Co. Holdings AG		1,715,232			69,330
Allstate Corp.		1,129,475			78,137
Aon plc		713,330			80,242
Arch Capital Group Ltd.⁽¹⁾		1,168,292			92,599
Loews Corp.		1,422,476			58,535
Progressive Corp.		1,094,654			34,482
Torchmark Corp.		1,467,259			93,743

					630,749
Real Estate Investment Trusts (REITs) - 1.7%
American Capital Agency Corp.		3,542,181			69,214

HEALTH CARE - 1.6%
Health Care Providers & Services - 1.6%
AmerisourceBergen Corp.		852,611			68,874

INDUSTRIALS - 15.3%
Aerospace & Defense - 1.8%
Rockwell Collins, Inc.		915,267			77,193

Construction & Engineering - 5.3%
Fluor Corp.		1,817,056			93,251
Jacobs Engineering Group, Inc.⁽¹⁾		2,040,581			105,539
Quanta Services, Inc.⁽¹⁾		823,616			23,053

					221,843
Electrical Equipment - 0.5%
Hubbell, Inc.		176,914			19,061

Machinery - 1.0%
Kennametal, Inc.		1,365,984			39,641

Marine - 1.8%
Kirby Corp.⁽¹⁾		1,228,208			76,345

Road & Rail - 1.8%
Ryder System, Inc.		1,147,547			75,681

Trading Companies & Distributors - 3.1%
Air Lease Corp.		4,555,135			130,186


60		Artisan Partners Funds


	Shares Held			Value
INFORMATION TECHNOLOGY - 14.3%
Electronic Equipment, Instruments & Components - 8.6%
Arrow Electronics, Inc.⁽¹⁾			1,924,189		$	123,090
Avnet, Inc.			2,789,002			114,516
FLIR Systems, Inc.			1,468,220			46,132
Keysight Technologies, Inc.⁽¹⁾			2,460,805			77,983

						361,721
Internet Software & Services - 2.0%
IAC/InterActiveCorp			1,305,522			81,556

Semiconductors & Semiconductor Equipment - 1.9%
Analog Devices, Inc.			1,250,531			80,597

Software - 1.8%
Synopsys, Inc.⁽¹⁾			1,235,225			73,310

MATERIALS - 9.5%
Chemicals - 5.0%
Agrium, Inc.⁽³⁾			402,471			36,500
Celanese Corp., Series A			1,531,063			101,908
Mosaic Co.			2,871,478			70,236

						208,644
Metals & Mining - 4.5%
Goldcorp, Inc.⁽³⁾			5,256,968			86,845
Kinross Gold Corp.⁽¹⁾⁽³⁾			11,101,499			46,737
Nucor Corp.			1,115,727			55,173

						188,755
UTILITIES - 1.5%
Electric Utilities - 1.5%
OGE Energy Corp.			1,968,808			62,254

Total common stocks (Cost $2,791,518)						3,909,140

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $287,531 (Cost $287,530)⁽⁴⁾		$	287,530		$	287,530

Total investments - 100.3% (Cost $3,079,048)						4,196,670

Other assets less liabilities - (0.3)%					(13,068	)


Total net assets - 100.0%⁽⁵⁾				$	4,183,602

⁽¹⁾	Non-income producing security.

⁽²⁾	Non-voting shares.

⁽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 country classifications.

Security

Country

Trading Currency

Agrium, Inc.

Canada

U.S. dollar

Goldcorp, Inc.

Canada

U.S. dollar

Kinross Gold Corp.

Canada

U.S. dollar

⁽⁴⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	293,282

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

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


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country		Percentage of Total Net Assets
Devon Energy Corp.		United States		4.1	%
Apache Corp.		United States		3.4
Air Lease Corp.		United States		3.1
Alleghany Corp.		United States		3.0
Arrow Electronics, Inc.		United States		2.9
Avnet, Inc.		United States		2.7
Hess Corp.		United States		2.6
Fifth Third Bancorp		United States		2.6
Jacobs Engineering Group, Inc.		United States		2.5
Celanese Corp.		United States		2.4

Total				29.3	%

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

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


Artisan Partners Funds		61

ARTISAN SMALL CAP FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 93.5%

CONSUMER DISCRETIONARY - 11.2%
Auto Components - 1.7%
Gentherm, Inc.⁽¹⁾		404,152		$	12,699
Visteon Corp.		137,288			9,838

					22,537
Distributors - 2.3%
LKQ Corp.⁽¹⁾		836,666			29,668

Diversified Consumer Services - 2.4%
Bright Horizons Family Solutions, Inc.⁽¹⁾		457,704			30,616

Hotels, Restaurants & Leisure - 1.2%
Dunkin’ Brands Group, Inc.		289,806			15,093

Media - 0.5%
Imax Corp.⁽¹⁾		217,538			6,302

Multiline Retail - 1.3%
Ollie’s Bargain Outlet Holdings, Inc.⁽¹⁾		618,558			16,212

Specialty Retail - 1.8%
Burlington Stores, Inc.⁽¹⁾		286,085			23,179

CONSUMER STAPLES - 0.8%
Food & Staples Retailing - 0.8%
PriceSmart, Inc.		117,787			9,866

ENERGY - 1.2%
Oil, Gas & Consumable Fuels - 1.2%
Diamondback Energy, Inc.⁽¹⁾		107,113			10,340
RSP Permian, Inc.⁽¹⁾		140,302			5,441

					15,781
FINANCIALS - 1.3%
Banks - 0.6%
SVB Financial Group⁽¹⁾		70,298			7,771

Diversified Financial Services - 0.7%
Bats Global Markets, Inc.		306,451			9,233

HEALTH CARE - 22.2%
Biotechnology - 5.5%
Agios Pharmaceuticals, Inc.⁽¹⁾		32,642			1,724
Alnylam Pharmaceuticals, Inc.⁽¹⁾		119,147			8,076
Cepheid, Inc.⁽¹⁾		627,742			33,076
DBV Technologies S.A. (DR)⁽¹⁾⁽²⁾		295,980			10,753
Seattle Genetics, Inc.⁽¹⁾		310,985			16,796

					70,425
Health Care Equipment & Supplies - 9.2%
DexCom, Inc.⁽¹⁾		698,780			61,255
GenMark Diagnostics, Inc.⁽¹⁾		1,109,886			13,097
Glaukos Corp.⁽¹⁾		66,620			2,514
Integra LifeSciences Holdings Corp.⁽¹⁾		110,809			9,147
Nevro Corp.⁽¹⁾		309,864			32,347

					118,360
Health Care Providers & Services - 2.0%
HealthEquity, Inc.⁽¹⁾		193,347			7,318
Surgical Care Affiliates, Inc.⁽¹⁾		387,315			18,886

					26,204
Health Care Technology - 4.5%
athenahealth, Inc.⁽¹⁾		231,763			29,230
Veeva Systems, Inc., Class A⁽¹⁾		680,483			28,090

					57,320
Life Sciences Tools & Services - 1.0%
NeoGenomics, Inc.⁽¹⁾		1,512,808			12,435

INDUSTRIALS - 21.9%
Aerospace & Defense - 6.7%
BWX Technologies, Inc.		240,246			9,218
Taser International, Inc.⁽¹⁾		1,495,591			42,789
Teledyne Technologies, Inc.⁽¹⁾		313,726			33,860

					85,867
Building Products - 0.6%
Masonite International Corp.⁽¹⁾		132,002			8,206

Commercial Services & Supplies - 0.8%
Brady Corp., Class A⁽³⁾		281,590			9,746

Electrical Equipment - 6.0%
Acuity Brands, Inc.		290,656			76,908


62		Artisan Partners Funds


	Shares Held			Value
Machinery - 6.9%
Donaldson Co., Inc.			433,134		$	16,169
IDEX Corp.			289,266			27,067
John Bean Technologies Corp.			478,402			33,751
Proto Labs, Inc.⁽¹⁾			189,452			11,350

						88,337
Professional Services - 0.9%
Dun & Bradstreet Corp.			88,755			12,126

INFORMATION TECHNOLOGY - 34.9%
Electronic Equipment, Instruments & Components - 3.6%
Cognex Corp.			758,074			40,072
National Instruments Corp.			225,990			6,418

						46,490
Internet Software & Services - 10.7%
Benefitfocus, Inc.⁽¹⁾			579,843			23,147
CoStar Group, Inc.⁽¹⁾			178,951			38,748
Match Group, Inc.⁽¹⁾			186,805			3,323
MercadoLibre, Inc.			71,298			13,188
Pandora Media, Inc.⁽¹⁾			1,219,890			17,481
Q2 Holdings, Inc.⁽¹⁾			929,793			26,648
SPS Commerce, Inc.⁽¹⁾			193,957			14,239

						136,774
Software - 20.6%
ACI Worldwide, Inc.⁽¹⁾			477,745			9,259
Aspen Technology, Inc.⁽¹⁾			150,422			7,038
Atlassian Corp. plc, Class A⁽¹⁾			491,697			14,736
Blackbaud, Inc.			274,180			18,189
Ellie Mae, Inc.⁽¹⁾			260,174			27,396
Guidewire Software, Inc.⁽¹⁾			663,896			39,821
HubSpot, Inc.⁽¹⁾			112,899			6,505
Manhattan Associates, Inc.⁽¹⁾			155,346			8,951
Paylocity Holding Corp.⁽¹⁾			178,167			7,921
Proofpoint, Inc.⁽¹⁾			485,685			36,354
Take-Two Interactive Software, Inc.⁽¹⁾			431,323			19,444
Tyler Technologies, Inc.⁽¹⁾			160,174			27,427
Ultimate Software Group, Inc.⁽¹⁾			202,421			41,373

						264,414

Total common stocks (Cost $693,185)						1,199,870
	Principal Amount			Value
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 6.5%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $82,971 (Cost $82,971)⁽⁴⁾		$	82,971		$	82,971

Total investments - 100.0% (Cost $776,156)						1,282,841

Other assets less liabilities - (0.0)%^†						(319	)


Total net assets - 100.0%⁽⁵⁾					$	1,282,522

^†	Amount rounds to less than 0.1%.

⁽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 country classifications.


Security	Country	Trading Currency
DBV Technologies S.A. (DR)	France	U.S. dollar

⁽³⁾	Non-voting shares.

⁽⁴⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	84,633

⁽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.


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
Acuity Brands, Inc.	United States		6.0	%
DexCom, Inc.	United States		4.8
Taser International, Inc.	United States		3.3
Ultimate Software Group, Inc.	United States		3.2
Cognex Corp.	United States		3.1
Guidewire Software, Inc.	United States		3.1
CoStar Group, Inc.	United States		3.0
Proofpoint, Inc.	United States		2.8
Teledyne Technologies, Inc.	United States		2.6
John Bean Technologies Corp.	United States		2.6

	Total		34.5	%

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

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


Artisan Partners Funds		63

ARTISAN VALUE FUND

Schedule of Investments – September 30, 2016

Dollar values in thousands


	Shares Held		Value
COMMON STOCKS - 88.7%

CONSUMER DISCRETIONARY - 16.1%
Auto Components - 3.1%
Cie Generale des Etablissements Michelin⁽¹⁾⁽²⁾		225,007		$	24,881

Internet & Direct Marketing Retail - 4.9%
Liberty Interactive Corp. QVC Group, Class A⁽³⁾		1,067,380			21,358
Liberty Ventures, Series A⁽³⁾		463,015			18,461

					39,819
Media - 8.1%
CBS Corp., Class B⁽⁴⁾		384,643			21,055
News Corp., Class A⁽⁴⁾		1,172,883			16,397
Time Warner, Inc.		353,810			28,167

					65,619
ENERGY - 15.1%
Oil, Gas & Consumable Fuels - 15.1%
Apache Corp.		618,104			39,478
Devon Energy Corp.		949,998			41,904
EOG Resources, Inc.		161,862			15,654
Hess Corp.		465,757			24,974

					122,010
FINANCIALS - 17.4%
Banks - 3.3%
Citigroup, Inc.		569,909			26,917

Capital Markets - 3.0%
Goldman Sachs Group, Inc.		150,248			24,231

Diversified Financial Services - 3.7%
Berkshire Hathaway, Inc., Class B⁽³⁾		208,107			30,065

Insurance - 5.0%
Alleghany Corp.⁽³⁾		38,160			20,035
Chubb Ltd.		160,929			20,220

					40,255
Real Estate Investment Trusts (REITs) - 2.4%
American Capital Agency Corp.		966,435			18,884

HEALTH CARE - 2.0%
Biotechnology - 2.0%
Gilead Sciences, Inc.		200,863			15,893
INDUSTRIALS - 8.7%
Construction & Engineering - 3.2%
Jacobs Engineering Group, Inc.⁽³⁾		506,109			26,176

Road & Rail - 1.9%
Union Pacific Corp.		160,897			15,692

Trading Companies & Distributors - 3.6%
Air Lease Corp.		1,007,764			28,802

INFORMATION TECHNOLOGY - 14.9%
Communications Equipment - 2.1%
Cisco Systems, Inc.		523,941			16,619

Electronic Equipment, Instruments & Components - 4.0%
Arrow Electronics, Inc.⁽³⁾		263,639			16,865
Avnet, Inc.		381,483			15,664

					32,529
Internet Software & Services - 2.2%
Alphabet, Inc., Class C⁽³⁾⁽⁴⁾		22,841			17,754

Semiconductors & Semiconductor Equipment - 2.0%
QUALCOMM, Inc.		237,527			16,271

Software - 1.8%
Oracle Corp.		369,508			14,514

Technology Hardware, Storage & Peripherals - 2.8%
Apple, Inc.		197,917			22,375

MATERIALS - 14.5%
Chemicals - 8.6%
Agrium, Inc.⁽¹⁾		101,921			9,243
Celanese Corp., Series A		240,234			15,990
LyondellBasell Industries N.V., Class A		345,734			27,887
Mosaic Co.		672,185			16,442

					69,562
Metals & Mining - 5.9%
Goldcorp, Inc.⁽¹⁾		1,808,817			29,882
Kinross Gold Corp.⁽¹⁾⁽³⁾		4,261,185			17,939

					47,821

Total common stocks (Cost $578,763)					716,689


64		Artisan Partners Funds


	Shares Held			Value
PREFERRED STOCKS - 5.9%
INFORMATION TECHNOLOGY - 5.9%
Technology Hardware, Storage & Peripherals - 5.9%
Samsung Electronics Co., Ltd.^(1)(2)(4)			40,561		$	47,883

Total preferred stocks (Cost $25,667)						47,883

	Principal Amount
SHORT-TERM INVESTMENTS (CASH EQUIVALENTS) - 4.9%
Repurchase agreement with Fixed Income Clearing Corporation, 0.03%, dated 9/30/16, due 10/3/16, maturity value $39,180 (Cost $39,180)⁽⁵⁾		$	39,180		$	39,180


Total investments - 99.5% (Cost $643,610)						803,752

Other assets less liabilities - 0.5%					3,861


Total net assets - 100.0%⁽⁶⁾				$	807,613

⁽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 country classifications.


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

⁽²⁾	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 $72,764, or 9.0% of total net assets. See notes 2(a) and 4 in Notes to Financial Statements for additional information.

⁽³⁾	Non-income producing security.

⁽⁴⁾	Non-voting shares.

⁽⁵⁾	Collateralized by:


Security	Rate			Maturity		Value
U.S. Treasury Note		0.125	%		4/15/2017		$	39,966

⁽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.


TRADING CURRENCIES - September 30, 2016
Dollar values in thousands
	Value			Percentage of Total Investments
Euro		$	24,881		3.1	%
Korean won			47,883		6.0
U.S. dollar			730,988		90.9

Total investments		$	803,752		100.0	%


TOP TEN HOLDINGS - September 30, 2016
Company Name	Country	Percentage of Total Net Assets
Samsung Electronics Co., Ltd.	Korea		5.9	%
Devon Energy Corp.	United States		5.2
Apache Corp.	United States		4.9
Berkshire Hathaway, Inc.	United States		3.7
Goldcorp, Inc.	Canada		3.7
Air Lease Corp.	United States		3.6
Time Warner, Inc.	United States		3.5
LyondellBasell Industries N.V.	United States		3.5
Citigroup, Inc.	United States		3.3
Jacobs Engineering Group, Inc.	United States		3.2

Total			40.5	%

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

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


Artisan Partners Funds		65

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2016

Dollar values in thousands


	DEVELOPING WORLD				EMERGING MARKETS				GLOBAL EQUITY				GLOBAL OPPORTUNITIES
ASSETS:
Investments in securities, unaffiliated, at value		$	813,737			$	36,266			$	252,891			$	1,715,382
Short-term investments (repurchase agreements), at value			71,649				618				2,408				118,529
Total investments			885,386				36,884				255,299				1,833,911
Cash			–	⁽¹⁾			1				–	⁽¹⁾			–	⁽¹⁾
Foreign currency			1,154				21				25				61
Receivable from investments sold			–				–				3,094				1,462
Receivable from fund shares sold			3,589				117				49				1,708
Dividends and interest receivable			470				74				366				2,017
Other assets⁽²⁾			6				174				82				79
Total assets			890,605				37,271				258,915				1,839,238
LIABILITIES:
Unrealized loss on foreign currency forward contracts			–				–				–				94
Payable for investments purchased			3,892				106				992				803
Payable for fund shares redeemed			280				316				192				406
Payable for operating expenses			241				116				144				432
Payable for deferred director’s compensation			3				2				3				15
Payable for foreign taxes			1,545	*			41	*			10				51
Total liabilities			5,961				581				1,341				1,801
Total net assets		$	884,644			$	36,690			$	257,574			$	1,837,437
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	766,248			$	172,786			$	243,142			$	1,410,063
Net unrealized appreciation on investments and foreign currency related transactions			116,261				2,184				33,426				436,634
Accumulated undistributed net investment income (loss)			1,553				95				181				(8,025	)
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions			582				(138,375	)			(19,175	)			(1,235	)
Total net assets		$	884,644			$	36,690			$	257,574			$	1,837,437
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	266,122			$	30,135			$	145,817			$	781,877
Advisor Shares		$	340,831											$	193,230
Institutional Shares		$	277,691			$	6,555			$	111,757			$	862,330
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			25,317,306				2,362,834				8,814,148				35,962,869
Advisor Shares			32,338,077												8,879,071
Institutional Shares			26,307,293				518,022				6,739,014				39,394,438
Net asset value per share
Investor Shares		$	10.51			$	12.75			$	16.54			$	21.74
Advisor Shares		$	10.54											$	21.76
Institutional Shares		$	10.56			$	12.65			$	16.58			$	21.89
Cost of securities of unaffiliated issuers held		$	767,632			$	34,691			$	221,867			$	1,397,088
Cost of foreign currency		$	1,153			$	21			$	25			$	61

*Including foreign taxes on unrealized gains		$	1,499			$	5

⁽¹⁾	Amount rounds to less than $1.

⁽²⁾	Includes the amount that the custodian has offered to reimburse the Fund for certain out-of-pocket expenses it incorrectly charged the Fund between 1998 and 2015. See note 16 in Notes to Financial Statements for additional information.

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


66		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2016 (Continued)

Dollar values in thousands


	GLOBAL SMALL CAP				GLOBAL VALUE			HIGH INCOME				INTERNATIONAL
ASSETS:
Investments in securities, unaffiliated, at value		$	74,473			$	1,839,699		$	1,655,557			$	15,381,358
Investments in securities, affiliated, at value			–				–			–				327,136
Short-term investments (repurchase agreements), at value			2,231				232,609			183,716				142,619
Total investments			76,704				2,072,308			1,839,273				15,851,113
Cash			1				1			–	⁽¹⁾			30
Foreign currency			2				495			–				8,751
Unrealized gain on foreign currency forward contracts			–				453			–				–
Receivable from investments sold			335				–			12,232				151,380
Receivable from fund shares sold			534				4,504			10,576				11,122
Dividends and interest receivable			104				4,155			25,419				69,965
Other assets⁽²⁾			31				79			15				551
Total assets			77,711				2,081,995			1,887,515				16,092,912
LIABILITIES:
Unrealized loss on foreign currency forward contracts			–				27			–				–
Dividends payable			–				–			1,597				–
Payable for investments purchased			177				10,856			92,523				82,841
Payable for fund shares redeemed			74				1,100			3,908				18,146
Payable for operating expenses			159				555			475				4,391
Payable for deferred director’s compensation			2				19			11				197
Payable for foreign taxes			4				171			–				1,862
Total liabilities			416				12,728			98,514				107,437
Total net assets		$	77,295			$	2,069,267		$	1,789,001			$	15,985,475
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	98,161			$	1,838,677		$	1,753,247			$	14,490,352
Net unrealized appreciation on investments and foreign currency related transactions			5,131				192,430			34,978				1,871,193
Accumulated undistributed net investment income (loss)			(289	)			12,682			(1,610	)			186,639
Accumulated undistributed net realized gains (losses) on investments and foreign currency related transactions			(25,708	)			25,478			2,386				(562,709	)
Total net assets		$	77,295			$	2,069,267		$	1,789,001			$	15,985,475
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	77,295			$	748,254		$	544,969			$	7,930,361
Advisor Shares						$	403,036		$	1,244,032			$	2,782,189
Institutional Shares						$	917,977						$	5,272,925
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			7,581,481				48,904,879			55,304,662				280,263,205
Advisor Shares							26,383,308			126,269,449				98,291,152
Institutional Shares							59,929,345							184,921,793
Net asset value per share
Investor Shares		$	10.20			$	15.30		$	9.85			$	28.30
Advisor Shares						$	15.28		$	9.85			$	28.31
Institutional Shares						$	15.32						$	28.51
Cost of securities of unaffiliated issuers held		$	71,570			$	1,880,270		$	1,804,295			$	13,699,909
Cost of securities of affiliated issuers held		$	–			$	–		$	–			$	277,748
Cost of foreign currency		$	2			$	497		$	–			$	8,769

⁽¹⁾	Amount rounds to less than $1.

⁽²⁾	Includes the amount that the custodian has offered to reimburse the Fund for certain out-of-pocket expenses it incorrectly charged the Fund between 1998 and 2015. See note 16 in Notes to Financial Statements for additional information.

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


Artisan Partners Funds		67

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2016 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP				INTERNATIONAL VALUE				MID CAP
ASSETS:
Investments in securities, unaffiliated, at value		$	772,090			$	9,384,601			$	7,708,151
Investments in securities, affiliated, at value			–				1,204,883				–
Short-term investments (repurchase agreements), at value			12,429				1,471,590				430,262
Total investments			784,519				12,061,074				8,138,413
Cash			1				–	⁽¹⁾			1
Foreign currency			166				3,118				–
Unrealized gain on foreign currency forward contracts			–				3,738				–
Receivable from investments sold			12,552				–				7,172
Receivable from fund shares sold			940				5,488				24,746
Dividends and interest receivable			1,390				42,769				824
Other assets⁽²⁾			132				255				177
Total assets			799,700				12,116,442				8,171,333
LIABILITIES:
Unrealized loss on foreign currency forward contracts			–				630				–
Payable for investments purchased			4,469				11,696				46,267
Payable for fund shares redeemed			336				21,947				55,819
Payable for operating expenses			306				2,543				1,860
Payable for deferred director’s compensation			10				122				98
Payable for foreign taxes			43				3,639	*			–
Total liabilities			5,164				40,577				104,044
Total net assets		$	794,536			$	12,075,865			$	8,067,289
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	632,711			$	10,178,418			$	5,622,195
Net unrealized appreciation on investments and foreign currency related transactions			150,537				1,608,698				2,034,065
Accumulated undistributed net investment income (loss)			(376	)			73,433				(36,664	)
Accumulated undistributed net realized gains on investments and foreign currency related transactions			11,664				215,316				447,693
Total net assets		$	794,536			$	12,075,865			$	8,067,289
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	585,000			$	5,500,119			$	3,232,399
Advisor Shares						$	3,537,587			$	445,648
Institutional Shares		$	209,536			$	3,038,159			$	4,389,242
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			25,249,888				163,936,128				78,194,752
Advisor Shares							105,364,787				10,755,595
Institutional Shares			9,038,265				90,129,629				99,427,408
Net asset value per share
Investor Shares		$	23.17			$	33.55			$	41.34
Advisor Shares						$	33.57			$	41.43
Institutional Shares		$	23.18			$	33.71			$	44.15
Cost of securities of unaffiliated issuers held		$	633,938			$	9,758,133			$	6,104,348
Cost of securities of affiliated issuers held		$	–			$	694,451			$	–
Cost of foreign currency		$	167			$	3,129			$	–

*Including foreign taxes on unrealized gains						$	2,139

⁽¹⁾	Amount rounds to less than $1.

⁽²⁾	Includes the amount that the custodian has offered to reimburse the Fund for certain out-of-pocket expenses it incorrectly charged the Fund between 1998 and 2015. See note 16 in Notes to Financial Statements for additional information.

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


68		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Assets and Liabilities – September 30, 2016 (Continued)

Dollar values in thousands


	MID CAP VALUE				SMALL CAP				VALUE
ASSETS:
Investments in securities, unaffiliated, at value		$	3,909,140			$	1,199,870			$	764,572
Short-term investments (repurchase agreements), at value			287,530				82,971				39,180
Total investments			4,196,670				1,282,841				803,752
Cash			1				–	⁽¹⁾			1
Receivable from investments sold			26,503				377				7,706
Receivable from fund shares sold			2,800				828				723
Dividends and interest receivable			5,603				11				980
Other assets⁽²⁾			195				54				45
Total assets			4,231,772				1,284,111				813,207
LIABILITIES:
Payable for investments purchased			16,739				215				4,239
Payable for fund shares redeemed			29,671				816				939
Payable for operating expenses			1,649				544				397
Payable for deferred director’s compensation			82				14				12
Payable for foreign taxes			29				–				7
Total liabilities			48,170				1,589				5,594
Total net assets		$	4,183,602			$	1,282,522			$	807,613
NET ASSETS CONSIST OF:
Fund shares issued and outstanding		$	3,045,434			$	785,961			$	699,763
Net unrealized appreciation on investments and foreign currency related transactions			1,117,622				506,685				160,112
Accumulated undistributed net investment income (loss)			29,675				(7,965	)			4,781
Accumulated undistributed net realized losses on investments and foreign currency related transactions			(9,129	)			(2,159	)			(57,043	)
Total net assets		$	4,183,602			$	1,282,522			$	807,613
SUPPLEMENTARY INFORMATION:
Net assets
Investor Shares		$	2,416,461			$	764,298			$	457,969
Advisor Shares		$	1,025,855							$	251,643
Institutional Shares		$	741,286			$	518,224			$	98,001
Shares outstanding (Indefinite number of shares authorized, $0.01 par value)
Investor Shares			112,884,468				25,536,836				34,964,556
Advisor Shares			48,004,349								19,281,571
Institutional Shares			34,631,783				17,164,335				7,485,798
Net asset value per share
Investor Shares		$	21.41			$	29.93			$	13.10
Advisor Shares		$	21.37							$	13.05
Institutional Shares		$	21.40			$	30.19			$	13.09
Cost of securities of unaffiliated issuers held		$	3,079,048			$	776,156			$	643,610

⁽¹⁾	Amount rounds to less than $1.

⁽²⁾	Includes the amount that the custodian has offered to reimburse the Fund for certain out-of-pocket expenses it incorrectly charged the Fund between 1998 and 2015. See note 16 in Notes to Financial Statements for additional information.

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


Artisan Partners Funds		69

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2016

Dollar values in thousands


	DEVELOPING WORLD				EMERGING MARKETS				GLOBAL EQUITY				GLOBAL OPPORTUNITIES
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾		$	8,424			$	863			$	3,584			$	12,905
Dividends, from affiliated issuers⁽²⁾			–				–				246				305
Interest			13				–	⁽³⁾			1				27
Total investment income			8,437				863				3,831				13,237
EXPENSES:
Management fees			5,513				403				2,841				13,809
Transfer agent fees
Investor Shares			374				121				504				1,632
Advisor Shares			187												151
Institutional Shares			14				20				15				21
Shareholder communications
Investor Shares			89				13				40				157
Advisor Shares			5												7
Institutional Shares			3				13				11				12
Custodian fees^			195				(110	)			(6	)			139
Accounting fees			64				89				73				88
Professional fees			73				97				82				103
Offering fees			42				–				–				–
Registration fees
Investor Shares			71				23				52				36
Advisor Shares			44												34
Institutional Shares			23				20				17				–
Director’s fees			16				6				10				52
Other operating expenses			13				7				12				40
Total operating expenses			6,726				702				3,651				16,281
Less amounts waived or paid by the Adviser			(34	)			(300	)			–				–
Net expenses			6,692				402				3,651				16,281
Net investment income (loss)			1,745				461				180				(3,044	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers⁽⁴⁾			2,068				(1,612	)			(17,343	)			13,619
Investments, from affiliated issuers			–				–				(1,339	)			4,396
Foreign currency related transactions			(27	)			(71	)			4				(8,581	)
Total realized gain (loss)			2,041				(1,683	)			(18,678	)			9,434
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽⁵⁾			125,023				8,127				30,978				276,088
Investments, from affiliated issuers			–				–				3,090				(3,451	)
Foreign currency related transactions			14				4				1				1,426
Total increase in unrealized appreciation or depreciation			125,037				8,131				34,069				274,063
Net gain on investments and foreign currency related transactions			127,078				6,448				15,391				283,497
Net increase in net assets resulting from operations		$	128,823			$	6,909			$	15,571			$	280,453
⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	577			$	92			$	217			$	164
⁽²⁾ Net of foreign taxes withheld on dividends, affiliated issuers			–				–				19				34
⁽³⁾ Amount rounds to less than $1.
⁽⁴⁾ Net of foreign taxes on realized gains			–				6				–				–
⁽⁵⁾ Net of increase (decrease) in foreign taxes on unrealized gains			1,499				(21	)			–				–
^ Custodian fees were reduced by the amount that the custodian has offered to reimburse the Fund for certain out-of-pocket expenses it incorrectly charged the Fund between 1998 and 2015. See note 16 in Notes to Financial Statements for additional information.

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


70		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2016 (Continued)

Dollar values in thousands


	GLOBAL SMALL CAP				GLOBAL VALUE				HIGH INCOME			INTERNATIONAL
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾		$	1,515			$	32,805			$	–		$	367,494
Dividends, from affiliated issuers⁽²⁾			76				1,173				–			7,006
Interest			1				37				100,702			110
Total investment income			1,592				34,015				100,702			374,610
EXPENSES:
Management fees			1,142				16,964				9,447			157,116
Transfer agent fees
Investor Shares			323				1,696				1,213			20,707
Advisor Shares							310				692			1,800
Institutional Shares							23							31
Shareholder communications
Investor Shares			55				185				82			1,514
Advisor Shares							34				24			128
Institutional Shares							18							71
Custodian fees⁽³⁾			43				149				30			2,406
Accounting fees			87				88				118			88
Professional fees			90				85				154			510
Registration fees
Investor Shares			37				60				56			121
Advisor Shares							52				90			–
Institutional Shares							28							–
Director’s fees			6				58				42			599
Other operating expenses			7				44				23			165
Total operating expenses			1,790				19,794				11,971			185,256
Less amounts waived or paid by the Adviser			(107	)			–				–			–
Net expenses			1,683				19,794				11,971			185,256
Net investment income (loss)			(91	)			14,221				88,731			189,354
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(17,725	)			49,170				1,980			(194,516	)
Investments, from affiliated issuers			(891	)			(4,125	)			–			(14,393	)
Foreign currency related transactions			6				71				–			(2,591	)
Total realized gain (loss)			(18,610	)			45,116				1,980			(211,500	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			10,912				156,731				82,863			900,103
Investments, from affiliated issuers			2,030				(12,575	)			–			49,388
Foreign currency related transactions			3				448				–			–
Total increase in unrealized appreciation or depreciation			12,945				144,604				82,863			949,491
Net gain (loss) on investments and foreign currency related transactions			(5,665	)			189,720				84,843			737,991
Net increase (decrease) in net assets resulting from operations		$	(5,756	)		$	203,941			$	173,574		$	927,345

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	179			$	1,304			$	–		$	29,999
⁽²⁾Net of foreign taxes withheld on dividends, affiliated issuers			–				204				–			332

⁽³⁾	Custodian fees were reduced by the amount that the custodian has offered to reimburse the Fund for certain out-of-pocket expenses it incorrectly charged the Fund between 1998 and 2015. See note 16 in Notes to Financial Statements for additional information.

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


Artisan Partners Funds		71

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2016 (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP				INTERNATIONAL VALUE				MID CAP
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾		$	11,876			$	218,509			$	35,562
Dividends, from affiliated issuers⁽²⁾			1,408				23,903				–
Interest			10				190				97
Total investment income			13,294				242,602				35,659
EXPENSES:
Management fees			11,362				102,909				77,112
Transfer agent fees
Investor Shares			1,677				10,872				7,858
Advisor Shares							1,867				308
Institutional Shares			8				25				33
Shareholder communications
Investor Shares			80				355				489
Advisor Shares							324				82
Institutional Shares			6				21				154
Custodian fees^			172				1,788				181
Accounting fees			79				87				60
Professional fees			104				318				232
Registration fees
Investor Shares			49				124				77
Advisor Shares							–				17
Institutional Shares			23				–				13
Director’s fees			32				378				292
Other operating expenses			20				6				201
Total operating expenses			13,612				119,074				87,109
Less amounts waived or paid by the Adviser			–				–				–
Net expenses			13,612				119,074				87,109
Net investment income (loss)			(318	)			123,528				(51,450	)
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			14,861				323,011				628,865
Investments, from affiliated issuers			12,247				(58,105	)			111,985
Foreign currency related transactions			244				(45,667	)			–
Total realized gain			27,352				219,239				740,850
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers⁽³⁾			(20,319	)			421,598				69,027
Investments, from affiliated issuers			14,920				234,917				(107,530	)
Foreign currency related transactions			10				12,996				–
Total increase (decrease) in unrealized appreciation or depreciation			(5,389	)			669,511				(38,503	)
Net gain on investments and foreign currency related transactions			21,963				888,750				702,347
Net increase in net assets resulting from operations		$	21,645			$	1,012,278			$	650,897

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	1,365			$	14,437			$	59
⁽²⁾ Net of foreign taxes withheld on dividends, affiliated issuers			32				2,955				–
⁽³⁾ Net of increase in foreign taxes on unrealized gains			–				2,139				–
^ Custodian fees were reduced by the amount that the custodian has offered to reimburse the Fund for certain out-of-pocket expenses it incorrectly charged the Fund between 1998 and 2015. See note 16 in Notes to Financial Statements for additional information.

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


72		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Operations – For the Year Ended September 30, 2016 (Continued)

Dollar values in thousands


	MID CAP VALUE				SMALL CAP				VALUE
INVESTMENT INCOME:
Dividends, from unaffiliated issuers⁽¹⁾		$	87,986			$	2,936			$	15,240
Dividends, from affiliated issuers			840				–				157
Interest			64				17				10
Total investment income			88,890				2,953				15,407
EXPENSES:
Management fees			47,523				11,675				6,347
Transfer agent fees
Investor Shares			6,663				1,699				710
Advisor Shares			704								329
Institutional Shares			23				21				20
Shareholder communications
Investor Shares			36				215				59
Advisor Shares			255								111
Institutional Shares			7				25				12
Custodian fees⁽²⁾			51				(9	)			38
Accounting fees			59				59				58
Professional fees			178				77				74
Registration fees
Investor Shares			75				42				43
Advisor Shares			11								–
Institutional Shares			38				39				19
Director’s fees			187				42				31
Other operating expenses			134				29				15
Total operating expenses			55,944				13,914				7,866
Less amounts waived or paid by the Adviser			(88	)			–				–
Net expenses			55,856				13,914				7,866
Net investment income (loss)			33,034				(10,961	)			7,541
NET REALIZED AND UNREALIZED GAINS (LOSSES) ON INVESTMENTS:
Net realized gain (loss) on:
Investments, from unaffiliated issuers			187,060				12,003				(33,155	)
Investments, from affiliated issuers			(19,253	)			–				(4,698	)
Foreign currency related transactions			–				–				(59	)
Total realized gain (loss)			167,807				12,003				(37,912	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			481,001				172,409				213,568
Investments, from affiliated issuers			(22,061	)			–				13,519
Foreign currency related transactions			–				–				1
Total increase in unrealized appreciation or depreciation			458,940				172,409				227,088
Net gain on investments and foreign currency related transactions			626,747				184,412				189,176
Net increase in net assets resulting from operations		$	659,781			$	173,451			$	196,717

⁽¹⁾ Net of foreign taxes withheld on dividends, unaffiliated issuers		$	208			$	–			$	247

⁽²⁾	Custodian fees were reduced by the amount that the custodian has offered to reimburse the Fund for certain out-of-pocket expenses it incorrectly charged the Fund between 1998 and 2015. See note 16 in Notes to Financial Statements for additional information.

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


Artisan Partners Funds		73

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets

Dollar values in thousands


	DEVELOPING WORLD								EMERGING MARKETS
	Year Ended 9/30/2016				Year Ended 9/30/2015⁽¹⁾				Year Ended 9/30/2016				Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)		$	1,745			$	(48	)		$	461			$	242
Net realized gain (loss) on:
Investments, from unaffiliated issuers			2,068				(1,448	)			(1,612	)			19,178
Foreign currency related transactions			(27	)			(1	)			(71	)			(532	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			125,023				(8,768	)			8,127				(38,593	)
Foreign currency related transactions			14				(8	)			4				3
Net increase (decrease) in net assets resulting from operations			128,823				(10,273	)			6,909				(19,702	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				–				–				(405	)
Institutional Shares			–				–				–				(3,071	)
Total distributions paid to shareholders			–				–				–				(3,476	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			636,990				129,104				(21,022	)			(331,370	)
Total increase (decrease) in net assets			765,813				118,831				(14,113	)			(354,548	)
Net assets, beginning of period			118,831				–				50,803				405,351
Net assets, end of period		$	884,644			$	118,831			$	36,690			$	50,803
Accumulated undistributed net investment income (loss)		$	1,553			$	(48	)		$	95			$	(425	)

⁽¹⁾	For the period from commencement of operations (June 29, 2015) through September 30, 2015.

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


74		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL EQUITY								GLOBAL OPPORTUNITIES
	Year Ended 9/30/2016				Year Ended 9/30/2015				Year Ended 9/30/2016				Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)		$	180			$	(518	)		$	(3,044	)		$	2,579
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(17,343	)			10,712				13,619				6,414
Investments, from affiliated issuers			(1,339	)			(2,210	)			4,396				(500	)
Foreign currency related transactions			4				(51	)			(8,581	)			4,037
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			30,978				(12,053	)			276,088				(24,156	)
Investments, from affiliated issuers			3,090				(2,496	)			(3,451	)			(5,162	)
Foreign currency related transactions			1				10				1,426				(2,924	)
Net increase (decrease) in net assets resulting from operations			15,571				(6,606	)			280,453				(19,712	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				–				(686	)			(2,108	)
Advisor Shares											(106	)			–
Institutional Shares			–				–				(1,743	)			(2,576	)
Net realized gains on investment transactions:
Investor Shares			(4,572	)			(7,233	)			(4,507	)			(16,250	)
Advisor Shares											(360	)			–
Institutional Shares			(2,290	)			–				(3,955	)			(10,211	)
Total distributions paid to shareholders			(6,862	)			(7,233	)			(11,357	)			(31,145	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(47,515	)			73,949				212,419				247,071
Total increase (decrease) in net assets			(38,806	)			60,110				481,515				196,214
Net assets, beginning of period			296,380				236,270				1,355,922				1,159,708
Net assets, end of period		$	257,574			$	296,380			$	1,837,437			$	1,355,922
Accumulated undistributed net investment income (loss)		$	181			$	(1	)		$	(8,025	)		$	3,948

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


Artisan Partners Funds		75

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	GLOBAL SMALL CAP								GLOBAL VALUE
	Year Ended 9/30/2016				Year Ended 9/30/2015				Year Ended 9/30/2016				Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)		$	(91	)		$	(507	)		$	14,221			$	10,111
Net realized gain (loss) on:
Investments, from unaffiliated issuers			(17,725	)			(3,750	)			49,170				87,706
Investments, from affiliated issuers			(891	)			(3,309	)			(4,125	)			(4,067	)
Foreign currency related transactions			6				(53	)			71				3,022
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			10,912				3,374				156,731				(166,279	)
Investments, from affiliated issuers			2,030				(1,259	)			(12,575	)			7,112
Foreign currency related transactions			3				2				448				(1,437	)
Net increase (decrease) in net assets resulting from operations			(5,756	)			(5,502	)			203,941				(63,832	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				(250	)			(2,818	)			(6,402	)
Advisor Shares											(1,461	)			–
Institutional Shares											(3,594	)			(3,909	)
Net realized gains on investment transactions:
Investor Shares			–				(2,100	)			(43,889	)			(35,854	)
Advisor Shares											(11,719	)			–
Institutional Shares											(26,885	)			(15,333	)
Total distributions paid to shareholders			–				(2,350	)			(90,366	)			(61,498	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(47,044	)			(28,165	)			430,386				(216,544	)
Total increase (decrease) in net assets			(52,800	)			(36,017	)			543,961				(341,874	)
Net assets, beginning of period			130,095				166,112				1,525,306				1,867,180
Net assets, end of period		$	77,295			$	130,095			$	2,069,267			$	1,525,306
Accumulated undistributed net investment income (loss)		$	(289	)		$	(311	)		$	12,682			$	7,501

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


76		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	HIGH INCOME								INTERNATIONAL
	Year Ended 9/30/2016				Year Ended 9/30/2015				Year Ended 9/30/2016				Year Ended 9/30/2015
OPERATIONS:
Net investment income		$	88,731			$	41,650			$	189,354			$	109,203
Net realized gain (loss) on:
Investments, from unaffiliated issuers			1,980				4,468				(194,516	)			(102,009	)
Investments, from affiliated issuers			–				–				(14,393	)			56,701
Foreign currency related transactions			–				(216	)			(2,591	)			(5,379	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			82,863				(40,918	)			900,103				(1,738,726	)
Investments, from affiliated issuers			–				–				49,388				(260,710	)
Foreign currency related transactions			–				(222	)			–				(672	)
Net increase (decrease) in net assets resulting from operations			173,574				4,762				927,345				(1,941,592	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			(31,811	)			(24,905	)			(47,225	)			(104,597	)
Advisor Shares			(56,920	)			(16,745	)			(18,156	)			–
Institutional Shares											(38,522	)			(35,466	)
Net realized gains on investment transactions:
Investor Shares			(1,721	)			(1,377	)			–				–
Advisor Shares			(2,208	)			(1,005	)			–				–
Institutional Shares			–				–				–				–
Total distributions paid to shareholders			(92,660	)			(44,032	)			(103,903	)			(140,063	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			794,028				447,338				(2,433,050	)			2,142,912
Total increase (decrease) in net assets			874,942				408,068				(1,609,608	)			61,257
Net assets, beginning of period			914,059				505,991				17,595,083				17,533,826
Net assets, end of period		$	1,789,001			$	914,059			$	15,985,475			$	17,595,083
Accumulated undistributed net investment income (loss)		$	(1,610	)		$	(3	)		$	186,639			$	103,515

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


Artisan Partners Funds		77

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	INTERNATIONAL SMALL CAP								INTERNATIONAL VALUE
	Year Ended 9/30/2016				Year Ended 9/30/2015				Year Ended 9/30/2016				Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)		$	(318	)		$	1,360			$	123,528			$	78,562
Net realized gain (loss) on:
Investments, from unaffiliated issuers			14,861				58,434				323,011				812,186
Investments, from affiliated issuers			12,247				(16,392	)			(58,105	)			(16,011	)
Foreign currency related transactions			244				(293	)			(45,667	)			117,893
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			(20,319	)			(12,675	)			421,598				(1,369,714	)
Investments, from affiliated issuers			14,920				(11,030	)			234,917				(71,468	)
Foreign currency related transactions			10				44				12,996				(56,314	)
Net increase (decrease) in net assets resulting from operations			21,645				19,448				1,012,278				(504,866	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			(1,285	)			–				(43,280	)			(132,953	)
Advisor Shares											(29,338	)			–
Institutional Shares			–								(27,773	)			(44,007	)
Net realized gains on investment transactions:
Investor Shares			(31,795	)			(59,359	)			(263,808	)			(440,577	)
Advisor Shares											(144,431	)			–
Institutional Shares			–								(132,236	)			(128,108	)
Total distributions paid to shareholders			(33,080	)			(59,359	)			(640,866	)			(745,645	)
FUND SHARE ACTIVITIES:
Net increase (decrease) in net assets resulting from fund share activities			(155,064	)			(89,145	)			1,085,464				459,664
Total increase (decrease) in net assets			(166,499	)			(129,056	)			1,456,876				(790,847	)
Net assets, beginning of period			961,035				1,090,091				10,618,989				11,409,836
Net assets, end of period		$	794,536			$	961,035			$	12,075,865			$	10,618,989
Accumulated undistributed net investment income (loss)		$	(376	)		$	983			$	73,433			$	103,892

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


78		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	MID CAP								MID CAP VALUE
	Year Ended 9/30/2016				Year Ended 9/30/2015				Year Ended 9/30/2016				Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)		$	(51,450	)		$	(62,414	)		$	33,034			$	78,150
Net realized gain (loss) on:
Investments, from unaffiliated issuers			628,623				1,278,012				187,060				1,364,322
Investments, from affiliated issuers			112,227				8,468				(19,253	)			(107,549	)
Foreign currency related transactions			–				–				–				–
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			69,027				(824,223	)			481,001				(1,696,969	)
Investments, from affiliated issuers			(107,530	)			(47,458	)			(22,061	)			(201,469	)
Foreign currency related transactions			–				–				–				–
Net increase (decrease) in net assets resulting from operations			650,897				352,385				659,781				(563,515	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				–				(16,855	)			(56,887	)
Advisor Shares			–				–				(6,131	)			–
Institutional Shares			–				–				(8,894	)			(15,736	)
Net realized gains on investment transactions:
Investor Shares			(558,234	)			(525,174	)			(633,415	)			(856,469	)
Advisor Shares			(60,916	)			–				(132,262	)			–
Institutional Shares			(615,647	)			(429,114	)			(185,540	)			(163,097	)
Total distributions paid to shareholders			(1,234,797	)			(954,288	)			(983,097	)			(1,092,189	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities			(172,619	)			(75,706	)			(2,012,842	)			(2,832,587	)
Total decrease in net assets			(756,519	)			(677,609	)			(2,336,158	)			(4,488,291	)
Net assets, beginning of period			8,823,808				9,501,417				6,519,760				11,008,051
Net assets, end of period		$	8,067,289			$	8,823,808			$	4,183,602			$	6,519,760
Accumulated undistributed net investment income (loss)		$	(36,664	)		$	(48,099	)		$	29,675			$	30,984

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


Artisan Partners Funds		79

ARTISAN PARTNERS FUNDS

Statements of Changes in Net Assets (Continued)

Dollar values in thousands


	SMALL CAP								VALUE
	Year Ended 9/30/2016				Year Ended 9/30/2015				Year Ended 9/30/2016				Year Ended 9/30/2015
OPERATIONS:
Net investment income (loss)		$	(10,961	)		$	(13,975	)		$	7,541			$	11,433
Net realized gain (loss) on:
Investments, from unaffiliated issuers			12,003				190,485				(33,155	)			144,073
Investments, from affiliated issuers			–				(5,281	)			(4,698	)			(11,716	)
Foreign currency related transactions			–				–				(59	)			(109	)
Net increase (decrease) in unrealized appreciation or depreciation on:
Investments, from unaffiliated issuers			172,409				(55,269	)			213,568				(241,201	)
Investments, from affiliated issuers			–				3,813				13,519				(32,727	)
Foreign currency related transactions			–				–				1				(16	)
Net increase (decrease) in net assets resulting from operations			173,451				119,773				196,717				(130,263	)
DISTRIBUTIONS PAID TO SHAREHOLDERS:
Net investment income:
Investor Shares			–				–				(1,731	)			(9,207	)
Advisor Shares											(5,135	)			–
Institutional Shares			–				–				(1,725	)			(3,246	)
Net realized gains on investment transactions:
Investor Shares			(81,079	)			–				(30,415	)			(74,612	)
Advisor Shares											(44,468	)			–
Institutional Shares			(36,970	)			–				(14,645	)			(19,962	)
Total distributions paid to shareholders			(118,049	)			–				(98,119	)			(107,027	)
FUND SHARE ACTIVITIES:
Net decrease in net assets resulting from fund share activities			(26,140	)			(326,206	)			(279,682	)			(250,633	)
Total increase (decrease) in net assets			29,262				(206,433	)			(181,084	)			(487,923	)
Net assets, beginning of period			1,253,260				1,459,693				988,697				1,476,620
Net assets, end of period		$	1,282,522			$	1,253,260			$	807,613			$	988,697
Accumulated undistributed net investment income (loss)		$	(7,965	)		$	(10,074	)		$	4,781			$	7,097

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


80		Artisan Partners Funds

[THIS PAGE INTENTIONALLY LEFT BLANK]

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period

The financial highlights tables are intended to help you understand the Fund’s financial performance for the past five years or, if shorter, the period of a Fund’s operations. Certain information reflects financial results for a single Fund share. The total returns in the table represent the rate that an investor would have earned or lost on an investment in the Fund (assuming reinvestment of all dividends and distributions).


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾*			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Redemption Fees^		Net Asset Value, End of Period
DEVELOPING WORLD FUND
Investor Shares
9/30/2016	$	8.39		0.02			2.10			2.12			—			—			—			—	$	10.51
9/30/2015⁽⁵⁾	$	10.00		—	⁽⁶⁾		(1.61	)		(1.61	)		—			—			—			—	$	8.39
Advisor Shares
9/30/2016	$	8.39		0.03			2.12			2.15			—			—			—			—	$	10.54
9/30/2015⁽⁵⁾	$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—			—	$	8.39
Institutional Shares
9/30/2016	$	8.39		0.04			2.13			2.17			—			—			—			—	$	10.56
9/30/2015⁽⁵⁾	$	10.00		(0.01	)		(1.60	)		(1.61	)		—			—			—			—	$	8.39
EMERGING MARKETS FUND
Investor Shares⁽⁷⁾
9/30/2016*	$	9.90		0.19			2.66			2.85			—			—			—			—	$	12.75
9/30/2015	$	12.54		0.02			(2.56	)		(2.54	)		(0.10	)		—			(0.10	)		—	$	9.90
9/30/2014	$	12.32		0.08			0.20			0.28			(0.06	)		—			(0.06	)		—	$	12.54
9/30/2013	$	12.76		0.10			(0.38	)		(0.28	)		(0.16	)		—			(0.16	)		—	$	12.32
9/30/2012	$	11.38		0.10			1.38			1.48			(0.07	)		(0.03	)		(0.10	)		—	$	12.76
Institutional Shares
9/30/2016*	$	9.83		0.03			2.79			2.82			—			—			—			—	$	12.65
9/30/2015	$	12.52		0.02			(2.53	)		(2.51	)		(0.18	)		—			(0.18	)		—	$	9.83
9/30/2014	$	12.32		0.12			0.20			0.32			(0.12	)		—			(0.12	)		—	$	12.52
9/30/2013	$	12.75		0.14			(0.37	)		(0.23	)		(0.20	)		—			(0.20	)		—	$	12.32
9/30/2012	$	11.37		0.15			1.36			1.51			(0.10	)		(0.03	)		(0.13	)		—	$	12.75
GLOBAL EQUITY FUND
Investor Shares
9/30/2016	$	15.73		(0.01	)		1.17			1.16			—			(0.35	)		(0.35	)		—	$	16.54
9/30/2015	$	16.18		(0.03	)		0.07			0.04			—			(0.49	)		(0.49	)		—	$	15.73
9/30/2014	$	15.72		(0.02	)		1.23			1.21			—			(0.75	)		(0.75	)		—	$	16.18
9/30/2013	$	13.05		(0.01	)		3.23			3.22			(0.03	)		(0.52	)		(0.55	)		—	$	15.72
9/30/2012	$	9.83		0.05			3.38			3.43			(0.03	)		(0.18	)		(0.21	)		—	$	13.05
Institutional Shares
9/30/2016⁽⁸⁾	$	16.44		0.06			0.43			0.49			—			(0.35	)		(0.35	)		—	$	16.58

Footnotes are presented on Page 93.

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


82		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
DEVELOPING WORLD FUND
Investor Shares
9/30/2016		25.27	%	$	266,122		1.50	%		1.52	%		0.25	%		47.59	%
9/30/2015⁽⁵⁾		(16.10	)%	$	20,642		1.50	%		2.23	%		(0.20	)%		9.00	%
Advisor Shares
9/30/2016		25.63	%	$	340,831		1.25	%		n/a			0.28	%		47.59	%
9/30/2015⁽⁵⁾		(16.10	)%	$	58,196		1.40	%		1.96	%		(0.37	)%		9.00	%
Institutional Shares
9/30/2016		25.86	%	$	277,691		1.15	%		n/a			0.44	%		47.59	%
9/30/2015⁽⁵⁾		(16.10	)%	$	39,993		1.40	%		2.03	%		(0.44	)%		9.00	%
EMERGING MARKETS FUND
Investor Shares⁽⁷⁾
9/30/2016*		28.79	%	$	30,135		0.94	%		1.85	%		1.68	%		45.79	%
9/30/2015		(20.44	)%	$	22,842		1.50	%		1.79	%		0.16	%		28.03	%
9/30/2014		2.29	%	$	67,065		1.50	%		1.51	%		0.64	%		32.26	%
9/30/2013		(2.25	)%	$	199,920		1.48	%		n/a			0.76	%		35.89	%
9/30/2012		13.10	%	$	292,420		1.48	%		n/a			0.85	%		38.19	%
Institutional Shares
9/30/2016*		28.69	%	$	6,555		1.26	%		1.79	%		0.29	%		45.79	%
9/30/2015		(20.43	)%	$	27,961		1.36	%		n/a			0.16	%		28.03	%
9/30/2014		2.65	%	$	338,286		1.19	%		n/a			0.96	%		32.26	%
9/30/2013		(1.91	)%	$	462,471		1.18	%		n/a			1.15	%		35.89	%
9/30/2012		13.47	%	$	494,836		1.16	%		n/a			1.25	%		38.19	%
GLOBAL EQUITY FUND
Investor Shares
9/30/2016		7.40	%	$	145,817		1.37	%		n/a			(0.09	)%		96.23	%
9/30/2015		0.20	%	$	296,380		1.37	%		n/a			(0.19	)%		78.44	%
9/30/2014		7.94	%	$	236,270		1.46	%		n/a			(0.14	)%		89.24	%
9/30/2013		25.51	%	$	156,091		1.50	%		1.77	%		(0.08	)%		126.40	%
9/30/2012		35.43	%	$	15,538		1.50	%		3.05	%		0.43	%		98.03	%
Institutional Shares
9/30/2016⁽⁸⁾		3.01	%	$	111,757		1.11	%		n/a			0.37	%		96.23	%

Footnotes are presented on Page 93.

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


Artisan Partners Funds		83

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 OPPORTUNITIES FUND
Investor Shares
9/30/2016	$	18.35		(0.06	)		3.59			3.53			(0.02	)		(0.12	)		(0.14	)		—	$	21.74
9/30/2015	$	18.92		0.01			(0.09	)		(0.08	)		(0.06	)		(0.43	)		(0.49	)		—	$	18.35
9/30/2014	$	17.29		0.01			1.62			1.63			—			—			—			—	$	18.92
9/30/2013	$	14.27		(0.05	)		3.07			3.02			—			—			—			—	$	17.29
9/30/2012	$	10.90		(0.06	)		3.54			3.48			—			(0.11	)		(0.11	)		—	$	14.27
Advisor Shares
9/30/2016	$	18.37		(0.03	)		3.58			3.55			(0.04	)		(0.12	)		(0.16	)		—	$	21.76
9/30/2015⁽⁹⁾	$	19.16		0.02			(0.81	)		(0.79	)		—			—			—			—	$	18.37
Institutional Shares
9/30/2016	$	18.46		(0.01	)		3.61			3.60			(0.05	)		(0.12	)		(0.17	)		—	$	21.89
9/30/2015	$	19.04		0.07			(0.11	)		(0.04	)		(0.11	)		(0.43	)		(0.54	)		—	$	18.46
9/30/2014	$	17.35		0.07			1.62			1.69			—			—			—			—	$	19.04
9/30/2013	$	14.29		(0.01	)		3.07			3.06			—			—			—			—	$	17.35
9/30/2012	$	10.88		0.01			3.51			3.52			—			(0.11	)		(0.11	)		—	$	14.29
GLOBAL SMALL CAP FUND
Investor Shares
9/30/2016	$	10.63		(0.01	)		(0.42	)		(0.43	)		—			—			—			—	$	10.20
9/30/2015	$	11.07		(0.04	)		(0.24	)		(0.28	)		(0.02	)		(0.14	)		(0.16	)		—	$	10.63
9/30/2014	$	10.61		0.01			0.48			0.49			(0.01	)		(0.02	)		(0.03	)		—	$	11.07
9/30/2013⁽¹⁰⁾	$	10.00		0.01			0.60			0.61			—			—			—			—	$	10.61
GLOBAL VALUE FUND
Investor Shares
9/30/2016	$	14.47		0.10			1.58			1.68			(0.05	)		(0.80	)		(0.85	)		—	$	15.30
9/30/2015	$	15.63		0.07			(0.71	)		(0.64	)		(0.08	)		(0.44	)		(0.52	)		—	$	14.47
9/30/2014	$	14.44		0.09			1.45			1.54			(0.09	)		(0.26	)		(0.35	)		—	$	15.63
9/30/2013	$	11.58		0.06			2.89			2.95			(0.06	)		(0.03	)		(0.09	)		—	$	14.44
9/30/2012	$	9.28		0.05			2.42			2.47			—			(0.17	)		(0.17	)		—	$	11.58
Advisor Shares
9/30/2016	$	14.48		0.13			1.57			1.70			(0.10	)		(0.80	)		(0.90	)		—	$	15.28
9/30/2015⁽⁹⁾	$	15.60		0.05			(1.17	)		(1.12	)		—			—			—			—	$	14.48
Institutional Shares
9/30/2016	$	14.50		0.14			1.59			1.73			(0.11	)		(0.80	)		(0.91	)		—	$	15.32
9/30/2015	$	15.67		0.11			(0.73	)		(0.62	)		(0.11	)		(0.44	)		(0.55	)		—	$	14.50
9/30/2014	$	14.46		0.13			1.45			1.58			(0.11	)		(0.26	)		(0.37	)		—	$	15.67
9/30/2013	$	11.58		0.07			2.91			2.98			(0.07	)		(0.03	)		(0.10	)		—	$	14.46
9/30/2012⁽¹¹⁾	$	10.75		0.01			0.82			0.83			—			—			—			—	$	11.58

Footnotes are presented on Page 93.

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


84		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
GLOBAL OPPORTUNITIES FUND
Investor Shares
9/30/2016		19.29	%	$	781,877		1.17	%		n/a			(0.33	)%		34.62	%
9/30/2015		(0.46	)%	$	669,846		1.19	%		n/a			0.07	%		55.53	%
9/30/2014		9.43	%	$	724,237		1.20	%		n/a			0.07	%		45.14	%
9/30/2013		21.16	%	$	542,242		1.28	%		n/a			(0.29	)%		41.76	%
9/30/2012		32.37	%	$	228,090		1.34	%		n/a			(0.46	)%		43.30	%
Advisor Shares
9/30/2016		19.37	%	$	193,230		1.08	%		n/a			(0.16	)%		34.62	%
9/30/2015⁽⁹⁾		(4.12	)%	$	54,172		1.10	%		1.46	%		0.24	%		55.53	%
Institutional Shares
9/30/2016		19.60	%	$	862,330		0.92	%		n/a			(0.07	)%		34.62	%
9/30/2015		(0.23	)%	$	631,904		0.95	%		n/a			0.36	%		55.53	%
9/30/2014		9.74	%	$	435,471		0.97	%		n/a			0.35	%		45.14	%
9/30/2013		21.41	%	$	211,907		1.03	%		n/a			(0.05	)%		41.76	%
9/30/2012		32.68	%	$	84,183		1.08	%		n/a			0.07	%		43.30	%
GLOBAL SMALL CAP FUND
Investor Shares
9/30/2016		(4.05	)%	$	77,295		1.47	%		1.57	%		(0.08	)%		87.35	%
9/30/2015		(2.56	)%	$	130,095		1.50	%		1.53	%		(0.36	)%		89.66	%
9/30/2014		4.62	%	$	166,112		1.50	%		1.55	%		0.09	%		72.15	%
9/30/2013⁽¹⁰⁾		6.10	%	$	39,578		1.50	%		2.51	%		0.37	%		9.98	%
GLOBAL VALUE FUND
Investor Shares
9/30/2016		11.86	%	$	748,254		1.26	%		n/a			0.70	%		20.52	%
9/30/2015		(4.32	)%	$	826,965		1.28	%		n/a			0.46	%		19.41	%
9/30/2014		10.75	%	$	1,308,060		1.30	%		n/a			0.59	%		25.41	%
9/30/2013		25.68	%	$	783,265		1.37	%		n/a			0.45	%		30.79	%
9/30/2012		26.90	%	$	217,057		1.50	%		1.51	%		0.50	%		22.34	%
Advisor Shares
9/30/2016		12.00	%	$	403,036		1.14	%		n/a			0.88	%		20.52	%
9/30/2015⁽⁹⁾		(7.18	)%	$	185,741		1.20	%		1.23	%		0.70	%		19.41	%
Institutional Shares
9/30/2016		12.18	%	$	917,977		1.03	%		n/a			0.97	%		20.52	%
9/30/2015		(4.16	)%	$	512,600		1.03	%		n/a			0.73	%		19.41	%
9/30/2014		11.05	%	$	559,120		1.04	%		n/a			0.82	%		25.41	%
9/30/2013		25.98	%	$	361,556		1.10	%		n/a			0.54	%		30.79	%
9/30/2012⁽¹¹⁾		7.72	%	$	48,849		1.50	%		2.43	%		0.32	%		22.34	%

Footnotes are presented on Page 93.

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


Artisan Partners Funds		85

ARTISAN PARTNERS FUNDS

Financial Highlights – For a share outstanding throughout each period


												Less Distributions From
	Net Asset Value, Beginning of Period		Net Investment Income (Loss)⁽¹⁾			Net Realized and Unrealized Gain (Loss) on Investments			Total from Operations			Net Investment Income			Net Realized Gains			Total Distributions			Redemption Fees^		Net Asset Value, End of Period
HIGH INCOME FUND
Investor Shares
9/30/2016	$	9.49		0.63			0.40			1.03			(0.63	)		(0.04	)		(0.67	)		—	$	9.85
9/30/2015	$	9.97		0.61			(0.44	)		0.17			(0.61	)		(0.04	)		(0.65	)		—	$	9.49
9/30/2014⁽¹²⁾	$	10.00		0.27			(0.07	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
Advisor Shares
9/30/2016	$	9.49		0.64			0.41			1.05			(0.65	)		(0.04	)		(0.69	)		—	$	9.85
9/30/2015	$	9.97		0.63			(0.44	)		0.19			(0.63	)		(0.04	)		(0.67	)		—	$	9.49
9/30/2014⁽¹²⁾	$	10.00		0.28			(0.08	)		0.20			(0.24	)		—			(0.24	)		0.01	$	9.97
INTERNATIONAL FUND
Investor Shares
9/30/2016	$	26.97		0.27			1.19			1.46			(0.13	)		—			(0.13	)		—	$	28.30
9/30/2015	$	30.04		0.17			(3.01	)		(2.84	)		(0.23	)		—			(0.23	)		—	$	26.97
9/30/2014	$	28.66		0.26			1.41			1.67			(0.29	)		—			(0.29	)		—	$	30.04
9/30/2013	$	23.54		0.31			5.08			5.39			(0.27	)		—			(0.27	)		—	$	28.66
9/30/2012	$	18.37		0.28			5.17			5.45			(0.28	)		—			(0.28	)		—	$	23.54
Advisor Shares
9/30/2016	$	27.00		0.34			1.17			1.51			(0.20	)		—			(0.20	)		—	$	28.31
9/30/2015⁽⁹⁾	$	31.25		0.07			(4.32	)		(4.25	)		—			—			—			—	$	27.00
Institutional Shares
9/30/2016	$	27.19		0.36			1.17			1.53			(0.21	)		—			(0.21	)		—	$	28.51
9/30/2015	$	30.27		0.21			(3.00	)		(2.79	)		(0.29	)		—			(0.29	)		—	$	27.19
9/30/2014	$	28.86		0.32			1.43			1.75			(0.34	)		—			(0.34	)		—	$	30.27
9/30/2013	$	23.70		0.38			5.10			5.48			(0.32	)		—			(0.32	)		—	$	28.86
9/30/2012	$	18.50		0.33			5.21			5.54			(0.34	)		—			(0.34	)		—	$	23.70
INTERNATIONAL SMALL CAP FUND
Investor Shares
9/30/2016	$	23.37		(0.02	)		0.63			0.61			(0.03	)		(0.78	)		(0.81	)		—	$	23.17
9/30/2015	$	24.30		0.03			0.42			0.45			—			(1.38	)		(1.38	)		—	$	23.37
9/30/2014	$	26.39		(0.01	)		(0.35	)		(0.36	)		(0.12	)		(1.61	)		(1.73	)		—	$	24.30
9/30/2013	$	20.75		0.05			5.82			5.87			(0.23	)		—			(0.23	)		—	$	26.39
9/30/2012	$	16.44		0.24			4.14			4.38			(0.07	)		—			(0.07	)		—	$	20.75
Institutional Shares
9/30/2016⁽¹³⁾	$	22.54		0.04			0.60			0.64			—			—			—			—	$	23.18

Footnotes are presented on Page 93.

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


86		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
HIGH INCOME FUND
Investor Shares
9/30/2016		11.40	%	$	544,969		1.03	%		n/a			6.66	%		69.41	%
9/30/2015		1.73	%	$	424,685		1.09	%		n/a			6.20	%		91.33	%
9/30/2014⁽¹²⁾		2.08	%	$	278,360		1.11	%		n/a			5.01	%		56.46	%
Advisor Shares
9/30/2016		11.61	%	$	1,244,032		0.84	%		n/a			6.81	%		69.41	%
9/30/2015		1.88	%	$	489,374		0.93	%		n/a			6.38	%		91.33	%
9/30/2014⁽¹²⁾		2.12	%	$	227,631		0.99	%		n/a			5.20	%		56.46	%
INTERNATIONAL FUND
Investor Shares
9/30/2016		5.39	%	$	7,930,361		1.19	%		n/a			0.98	%		64.65	%
9/30/2015		(9.55	)%	$	10,156,292		1.17	%		n/a			0.54	%		45.02	%
9/30/2014		5.85	%	$	13,607,488		1.17	%		n/a			0.85	%		46.49	%
9/30/2013		23.11	%	$	9,829,540		1.20	%		n/a			1.21	%		42.00	%
9/30/2012		30.05	%	$	6,877,615		1.19	%		n/a			1.32	%		55.39	%
Advisor Shares
9/30/2016		5.58	%	$	2,782,189		1.01	%		n/a			1.23	%		64.65	%
9/30/2015⁽⁹⁾		(13.60	)%	$	2,465,135		1.07	%		1.07	%		0.47	%		45.02	%
Institutional Shares
9/30/2016		5.64	%	$	5,272,925		0.95	%		n/a			1.27	%		64.65	%
9/30/2015		(9.34	)%	$	4,973,656		0.95	%		n/a			0.70	%		45.02	%
9/30/2014		6.10	%	$	3,926,338		0.95	%		n/a			1.05	%		46.49	%
9/30/2013		23.35	%	$	3,591,684		0.97	%		n/a			1.43	%		42.00	%
9/30/2012		30.37	%	$	2,772,675		0.98	%		n/a			1.52	%		55.39	%
INTERNATIONAL SMALL CAP FUND
Investor Shares
9/30/2016		2.50	%	$	585,000		1.51	%		n/a			(0.07	)%		69.82	%
9/30/2015		2.02	%	$	961,035		1.52	%		n/a			0.13	%		43.84	%
9/30/2014		(1.66	)%	$	1,090,091		1.50	%		n/a			(0.05	)%		57.94	%
9/30/2013		28.50	%	$	996,150		1.51	%		n/a			0.19	%		59.47	%
9/30/2012		26.77	%	$	716,049		1.50	%		n/a			1.27	%		42.01	%
Institutional Shares
9/30/2016⁽¹³⁾		2.84	%	$	209,536		1.37	%		n/a			0.41	%		69.82	%

Footnotes are presented on Page 93.

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


Artisan Partners Funds		87

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
INTERNATIONAL VALUE FUND
Investor Shares
9/30/2016	$	32.62		0.32			2.57			2.89			(0.28	)		(1.68	)		(1.96	)		—	$	33.55
9/30/2015	$	36.56		0.21			(1.79	)		(1.58	)		(0.55	)		(1.81	)		(2.36	)		—	$	32.62
9/30/2014	$	37.01		0.32			2.01			2.33			(0.63	)		(2.15	)		(2.78	)		—	$	36.56
9/30/2013	$	28.72		0.28			8.44			8.72			(0.29	)		(0.14	)		(0.43	)		—	$	37.01
9/30/2012	$	23.44		0.29			5.07			5.36			(0.01	)		(0.07	)		(0.08	)		—	$	28.72
Advisor Shares
9/30/2016	$	32.66		0.39			2.54			2.93			(0.34	)		(1.68	)		(2.02	)		—	$	33.57
9/30/2015⁽⁹⁾	$	35.54		0.15			(3.03	)		(2.88	)		—			—			—			—	$	32.66
Institutional Shares
9/30/2016	$	32.77		0.40			2.57			2.97			(0.35	)		(1.68	)		(2.03	)		—	$	33.71
9/30/2015	$	36.71		0.30			(1.81	)		(1.51	)		(0.62	)		(1.81	)		(2.43	)		—	$	32.77
9/30/2014	$	37.12		0.41			2.00			2.41			(0.67	)		(2.15	)		(2.82	)		—	$	36.71
9/30/2013	$	28.80		0.34			8.46			8.80			(0.34	)		(0.14	)		(0.48	)		—	$	37.12
9/30/2012	$	23.47		0.34			5.09			5.43			(0.03	)		(0.07	)		(0.10	)		—	$	28.80
MID CAP FUND
Investor Shares
9/30/2016	$	44.42		(0.30	)		3.78			3.48			—			(6.56	)		(6.56	)		—	$	41.34
9/30/2015	$	47.67		(0.36	)		1.99			1.63			—			(4.88	)		(4.88	)		—	$	44.42
9/30/2014	$	48.69		(0.36	)		3.14			2.78			—			(3.80	)		(3.80	)		—	$	47.67
9/30/2013	$	38.80		(0.26	)		11.97			11.71			—			(1.82	)		(1.82	)		—	$	48.69
9/30/2012	$	31.14		(0.28	)		7.94			7.66			—			—			—			—	$	38.80
Advisor Shares
9/30/2016	$	44.46		(0.24	)		3.77			3.53			—			(6.56	)		(6.56	)		—	$	41.43
9/30/2015⁽⁹⁾	$	46.88		(0.17	)		(2.25	)		(2.42	)		—			—			—			—	$	44.46
Institutional Shares
9/30/2016	$	46.92		(0.22	)		4.01			3.79			—			(6.56	)		(6.56	)		—	$	44.15
9/30/2015	$	49.98		(0.26	)		2.08			1.82			—			(4.88	)		(4.88	)		—	$	46.92
9/30/2014	$	50.75		(0.24	)		3.27			3.03			—			(3.80	)		(3.80	)		—	$	49.98
9/30/2013	$	40.27		(0.17	)		12.47			12.30			—			(1.82	)		(1.82	)		—	$	50.75
9/30/2012	$	32.23		(0.20	)		8.24			8.04			—			—			—			—	$	40.27

Footnotes are presented on Page 93.

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⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
INTERNATIONAL VALUE FUND
Investor Shares
9/30/2016		9.02	%	$	5,500,119		1.18	%		n/a			0.98	%		17.79	%
9/30/2015		(4.67	)%	$	5,229,869		1.17	%		n/a			0.60	%		23.74	%
9/30/2014		6.50	%	$	8,953,691		1.16	%		n/a			0.86	%		20.45	%
9/30/2013		30.71	%	$	8,158,057		1.16	%		n/a			0.85	%		32.99	%
9/30/2012		22.94	%	$	5,081,735		1.17	%		n/a			1.08	%		20.42	%
Advisor Shares
9/30/2016		9.17	%	$	3,537,587		1.02	%		n/a			1.21	%		17.79	%
9/30/2015⁽⁹⁾		(8.10	)%	$	2,782,652		1.06	%		1.07	%		0.87	%		23.74	%
Institutional Shares
9/30/2016		9.27	%	$	3,038,159		0.96	%		n/a			1.26	%		17.79	%
9/30/2015		(4.44	)%	$	2,606,468		0.96	%		n/a			0.86	%		23.74	%
9/30/2014		6.73	%	$	2,456,145		0.96	%		n/a			1.09	%		20.45	%
9/30/2013		30.92	%	$	2,292,085		0.97	%		n/a			1.03	%		32.99	%
9/30/2012		23.19	%	$	1,557,500		0.98	%		n/a			1.29	%		20.42	%
MID CAP FUND
Investor Shares
9/30/2016		8.08	%	$	3,232,399		1.18	%		n/a			(0.75	)%		40.35	%
9/30/2015		3.20	%	$	3,909,986		1.19	%		n/a			(0.76	)%		51.39	%
9/30/2014		6.04	%	$	5,220,973		1.20	%		n/a			(0.74	)%		55.19	%
9/30/2013		31.53	%	$	5,525,387		1.22	%		n/a			(0.64	)%		43.72	%
9/30/2012		24.63	%	$	5,115,836		1.22	%		n/a			(0.78	)%		46.21	%
Advisor Shares
9/30/2016		8.19	%	$	445,648		1.05	%		n/a			(0.62	)%		40.35	%
9/30/2015⁽⁹⁾		(5.16	)%	$	431,658		1.10	%		1.12	%		(0.73	)%		51.39	%
Institutional Shares
9/30/2016		8.33	%	$	4,389,242		0.95	%		n/a			(0.52	)%		40.35	%
9/30/2015		3.45	%	$	4,482,164		0.95	%		n/a			(0.53	)%		51.39	%
9/30/2014		6.30	%	$	4,280,444		0.95	%		n/a			(0.49	)%		55.19	%
9/30/2013		31.89	%	$	3,551,382		0.96	%		n/a			(0.39	)%		43.72	%
9/30/2012		24.95	%	$	1,602,109		0.97	%		n/a			(0.51	)%		46.21	%

Footnotes are presented on Page 93.

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
MID CAP VALUE FUND
Investor Shares
9/30/2016	$	22.22		0.12			2.70			2.82			(0.09	)		(3.54	)		(3.63	)		—	$	21.41
9/30/2015	$	27.00		0.20			(2.21	)		(2.01	)		(0.17	)		(2.60	)		(2.77	)		—	$	22.22
9/30/2014	$	26.34		0.12			1.74			1.86			(0.11	)		(1.09	)		(1.20	)		—	$	27.00
9/30/2013	$	21.12		0.15			6.22			6.37			(0.12	)		(1.03	)		(1.15	)		—	$	26.34
9/30/2012	$	18.88		0.14			3.72			3.86			(0.13	)		(1.49	)		(1.62	)		—	$	21.12
Advisor Shares
9/30/2016	$	22.23		0.14			2.70			2.84			(0.16	)		(3.54	)		(3.70	)		—	$	21.37
9/30/2015⁽⁹⁾	$	25.12		0.12			(3.01	)		(2.89	)		—			—			—			—	$	22.23
Institutional Shares
9/30/2016	$	22.25		0.16			2.70			2.86			(0.17	)		(3.54	)		(3.71	)		—	$	21.40
9/30/2015	$	27.05		0.26			(2.22	)		(1.96	)		(0.24	)		(2.60	)		(2.84	)		—	$	22.25
9/30/2014	$	26.38		0.20			1.73			1.93			(0.17	)		(1.09	)		(1.26	)		—	$	27.05
9/30/2013	$	21.15		0.21			6.23			6.44			(0.18	)		(1.03	)		(1.21	)		—	$	26.38
9/30/2012⁽¹⁴⁾	$	20.93		0.21			0.01			0.22			—			—			—			—	$	21.15
SMALL CAP FUND
Investor Shares
9/30/2016	$	28.55		(0.27	)		4.36			4.09			—			(2.71	)		(2.71	)		—	$	29.93
9/30/2015	$	26.76		(0.30	)		2.09			1.79			—			—			—			—	$	28.55
9/30/2014	$	27.65		(0.31	)		(0.58	)		(0.89	)		—			—			—			—	$	26.76
9/30/2013	$	20.90		(0.20	)		6.95			6.75			—			—			—			—	$	27.65
9/30/2012	$	16.01		(0.15	)		5.04			4.89			—			—			—			—	$	20.90
Institutional Shares
9/30/2016	$	28.72		(0.20	)		4.38			4.18			—			(2.71	)		(2.71	)		—	$	30.19
9/30/2015	$	26.85		(0.24	)		2.11			1.87			—			—			—			—	$	28.72
9/30/2014	$	27.70		(0.25	)		(0.60	)		(0.85	)		—			—			—			—	$	26.85
9/30/2013	$	20.89		(0.17	)		6.98			6.81			—			—			—			—	$	27.70
9/30/2012⁽¹⁵⁾	$	19.62		(0.18	)		1.45			1.27			—			—			—			—	$	20.89

Footnotes are presented on Page 93.

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


90		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾			Ratio of Net Investment Income (Loss) to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
MID CAP VALUE FUND
Investor Shares
9/30/2016		14.10	%	$	2,416,461		1.16	%		1.16	%		0.59	%		26.62	%
9/30/2015		(8.45	)%	$	4,345,131		1.19	%		n/a			0.81	%		31.18	%
9/30/2014		7.18	%	$	9,305,582		1.19	%		n/a			0.46	%		25.67	%
9/30/2013		31.64	%	$	9,429,674		1.20	%		n/a			0.65	%		25.73	%
9/30/2012		21.35	%	$	7,753,814		1.20	%		n/a			0.67	%		27.86	%
Advisor Shares
9/30/2016		14.22	%	$	1,025,855		1.05	%		1.06	%		0.70	%		26.62	%
9/30/2015⁽⁹⁾		(11.50	)%	$	938,389		1.09	%		1.11	%		1.00	%		31.18	%
Institutional Shares
9/30/2016		14.29	%	$	741,286		0.95	%		0.95	%		0.81	%		26.62	%
9/30/2015		(8.25	)%	$	1,236,240		0.96	%		n/a			1.03	%		31.18	%
9/30/2014		7.44	%	$	1,702,469		0.95	%		n/a			0.72	%		25.67	%
9/30/2013		31.97	%	$	1,366,366		0.98	%		n/a			0.86	%		25.73	%
9/30/2012⁽¹⁴⁾		1.05	%	$	275,727		1.01	%		n/a			1.04	%		27.86	%
SMALL CAP FUND
Investor Shares
9/30/2016		15.27	%	$	764,298		1.25	%		n/a			(1.00	)%		27.00	%
9/30/2015		6.69	%	$	863,536		1.23	%		n/a			(1.01	)%		45.31	%
9/30/2014		(3.22	)%	$	1,231,921		1.21	%		n/a			(1.09	)%		38.67	%
9/30/2013		32.30	%	$	1,330,188		1.25	%		n/a			(0.88	)%		42.43	%
9/30/2012		30.54	%	$	676,139		1.28	%		n/a			(0.77	)%		69.56	%
Institutional Shares
9/30/2016		15.51	%	$	518,224		1.01	%		n/a			(0.76	)%		27.00	%
9/30/2015		6.96	%	$	389,724		1.02	%		n/a			(0.79	)%		45.31	%
9/30/2014		(3.07	)%	$	227,772		1.00	%		n/a			(0.88	)%		38.67	%
9/30/2013		32.60	%	$	224,770		1.06	%		n/a			(0.74	)%		42.43	%
9/30/2012⁽¹⁵⁾		6.47	%	$	50,754		1.42	%		n/a			(0.93	)%		69.56	%

Footnotes are presented on Page 93.

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⁽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
VALUE FUND
Investor Shares
9/30/2016	$	11.56		0.09		2.61			2.70			(0.06	)		(1.10	)		(1.16	)		—	$	13.10
9/30/2015	$	14.14		0.11		(1.66	)		(1.55	)		(0.11	)		(0.92	)		(1.03	)		—	$	11.56
9/30/2014	$	13.38		0.15		1.35			1.50			(0.09	)		(0.65	)		(0.74	)		—	$	14.14
9/30/2013	$	11.32		0.12		2.02			2.14			(0.08	)		—			(0.08	)		—	$	13.38
9/30/2012	$	9.11		0.08		2.21			2.29			(0.08	)		—			(0.08	)		—	$	11.32
Advisor Shares
9/30/2016	$	11.57		0.10		2.61			2.71			(0.13	)		(1.10	)		(1.23	)		—	$	13.05
9/30/2015⁽⁹⁾	$	13.41		0.07		(1.91	)		(1.84	)		—			—			—			—	$	11.57
Institutional Shares
9/30/2016	$	11.60		0.11		2.61			2.72			(0.13	)		(1.10	)		(1.23	)		—	$	13.09
9/30/2015	$	14.19		0.14		(1.66	)		(1.52	)		(0.15	)		(0.92	)		(1.07	)		—	$	11.60
9/30/2014	$	13.42		0.18		1.35			1.53			(0.11	)		(0.65	)		(0.76	)		—	$	14.19
9/30/2013	$	11.35		0.15		2.03			2.18			(0.11	)		—			(0.11	)		—	$	13.42
9/30/2012	$	9.12		0.11		2.21			2.32			(0.09	)		—			(0.09	)		—	$	11.35

Footnotes are presented on Page 93.

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


92		Artisan Partners Funds

ARTISAN PARTNERS FUNDS

Financial Highlights – continued


	Total Return⁽²⁾			Net Assets, End of Period (000)		Ratio of Expenses to Average Net Assets⁽³⁾⁽⁴⁾			Ratio of Expenses to Average Net Assets Excluding Waivers⁽³⁾		Ratio of Net Investment Income to Average Net Assets⁽³⁾⁽⁴⁾			Portfolio Turnover Rate⁽²⁾
VALUE FUND
Investor Shares
9/30/2016		24.64	%	$	457,969		0.96	%		n/a		0.75	%		52.05	%
9/30/2015		(11.90	)%	$	341,852		1.00	%		n/a		0.78	%		74.07	%
9/30/2014		11.52	%	$	1,172,529		0.98	%		n/a		1.06	%		53.36	%
9/30/2013		18.97	%	$	1,164,460		1.04	%		n/a		0.94	%		57.90	%
9/30/2012		25.42	%	$	677,753		1.06	%		n/a		0.74	%		66.13	%
Advisor Shares
9/30/2016		24.73	%	$	251,643		0.84	%		n/a		0.89	%		52.05	%
9/30/2015⁽⁹⁾		(13.72	)%	$	466,702		0.86	%		n/a		1.12	%		74.07	%
Institutional Shares
9/30/2016		24.78	%	$	98,001		0.77	%		n/a		0.95	%		52.05	%
9/30/2015		(11.69	)%	$	180,143		0.75	%		n/a		1.07	%		74.07	%
9/30/2014		11.77	%	$	304,091		0.74	%		n/a		1.31	%		53.36	%
9/30/2013		19.43	%	$	249,170		0.76	%		n/a		1.21	%		57.90	%
9/30/2012		25.64	%	$	157,727		0.79	%		n/a		1.02	%		66.13	%

⁽¹⁾	Computed based on average shares outstanding.

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

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

⁽⁴⁾	Includes the effect of expenses waived or paid by the Adviser, if applicable.

⁽⁵⁾	For the period from commencement of operations (June 29, 2015) through September 30, 2015.

⁽⁶⁾	Amount is between $0.005 and $(0.005) per share.

⁽⁷⁾	Effective February 14, 2014, Emerging Markets Fund’s Advisor Shares were redesignated as Investor Shares.

⁽⁸⁾	For the period from commencement of operations (October 15, 2015) through September 30, 2016.

⁽⁹⁾	For the period from commencement of operations (April 1, 2015) through September 30, 2015.

⁽¹⁰⁾	For the period from commencement of operations (June 25, 2013) through September 30, 2013.

⁽¹¹⁾	For the period from commencement of operations (July 17, 2012) through September 30, 2012.

⁽¹²⁾	For the period from commencement of operations (March 19, 2014) through September 30, 2014.

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

⁽¹⁴⁾	For the period from commencement of operations (February 1, 2012) through September 30, 2012.

⁽¹⁵⁾	For the period from commencement of operations (May 7, 2012) through September 30, 2012.

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

Refer to note 16 to the financial statements for discussion of prior period custodian out-of-pocket expenses that the custodian has offered to reimburse and the impact of these reimbursements on the September 30, 2016 Net Investment Income, Total Return, Ratio of Expenses to Average Net Assets, Ratio of Expenses to Average Net Assets Excluding Waivers and Ratio of Net Investment Income to Average Net Assets.

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


Artisan Partners Funds		93

ARTISAN PARTNERS FUNDS

Notes to Financial Statements – September 30, 2016

(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 which follows specialized accounting and reporting under Accounting Standards Codification Topic 946, Financial Services – Investment Companies. The following funds (each a “Fund” and collectively the “Funds”) are included in this report:

Fund Name

Investor Shares

Inception Date

Advisor Shares

Inception Date

Institutional Shares

Inception Date

Artisan Developing World Fund (“Developing World Fund” or “Developing World”)

June 29, 2015

Artisan Emerging Markets Fund (“Emerging Markets Fund” or “Emerging Markets”)

June 2, 2008

N/A

June 26, 2006

Artisan Global Equity Fund (“Global Equity Fund” or “Global Equity”)

March 29, 2010

N/A

October 15, 2015

Artisan Global Opportunities Fund (“Global Opportunities Fund” or “Global Opportunities”)

September 22, 2008

April 1, 2015

July 26, 2011

Artisan Global Small Cap Fund (“Global Small Cap Fund” or “Global Small Cap”)

June 25, 2013

N/A

Artisan Global Value Fund (“Global Value Fund” or “Global Value”)

December 10, 2007

April 1, 2015

July 17, 2012

Artisan High Income Fund (“High Income Fund” or “High Income”)

March 19, 2014

N/A

Artisan International Fund (“International Fund” or “International”)

December 28, 1995

April 1, 2015

July 1, 1997

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

December 21, 2001

N/A

April 12, 2016

Artisan International Value Fund (“International Value Fund” or “International Value”)

September 23, 2002

April 1, 2015

October 1, 2006

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

June 27, 1997

April 1, 2015

July 1, 2000

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

March 28, 2001

April 1, 2015

February 1, 2012

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

March 28, 1995

N/A

May 7, 2012

Artisan Value Fund (“Value Fund” or “Value”)

March 27, 2006

April 1, 2015

July 26, 2011

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


94		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Each class of shares has equal rights with respect to portfolio assets and voting privileges with respect to the Fund in general. Each class of shares has exclusive voting rights with respect to any matters involving only that class. The classes of a Fund pay pro rata the costs of management of that Fund’s portfolio, including the management fee. Each class of a Fund bears the cost of its own transfer agency and shareholder servicing arrangements, and any other class-specific expenses, which may result in differing expenses by class. Because of the different expenses, the Advisor Shares or Institutional Shares of a Fund generally may have a lower expense ratio and correspondingly higher total return than the Investor Shares of the same Fund.

The investment adviser for each Fund is Artisan Partners Limited Partnership (the “Adviser” or “Artisan Partners”). The Adviser is 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 the Funds in effect during the period covered by the financial statements, which were in accordance with United States generally accepted accounting principles (“US GAAP”).

(a)

Valuation – The net asset value (“NAV”) of 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.

In determining each Fund’s 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 an equity security from the principal exchange as of the time of valuation, the security was valued using (i) the closing price on another exchange on which the security traded (if such price was made available by a pricing vendor) or (ii) the most recent bid quotation on the principal exchange or, if such bid was not available, from a secondary exchange or in the over-the-counter market.

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

Securities or other assets for which market quotations were not readily available, were valued by the Fund’s valuation committee at a fair value determined in good faith


Artisan Partners Funds		95

NOTES TO FINANCIAL STATEMENTS

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

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

(b)

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

The Funds have analyzed the tax positions taken on federal income tax returns for all remaining open tax years (fiscal years 2013 through 2016) and have concluded that, as of September 30, 2016, 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, 2016, 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, 2016, 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


96		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

depreciation on investments” on the accompanying Statements of Operations. The amount of foreign tax owed, if any, is included in “Payable for foreign taxes” on the accompanying Statements of Assets and Liabilities and is comprised of withholding taxes on foreign dividends and taxes on unrealized gains.

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

(d)

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

(e)

Foreign currency translation – Values of foreign investments, open foreign currency forward contracts, payables for capital gains taxes, payables and receivables for securities transactions, dividend and reclaim receivables, other receivables and payables, and cash denominated in a foreign currency were translated into U.S. dollars using a spot market rate of exchange as of the time of determination of each Fund’s NAV on the day of valuation. Purchases and sales of investments and dividend and interest income were translated into U.S. dollars using the current spot market rate of exchange on the date of such transactions. The portion of security gains or losses resulting from changes in foreign exchange rates was included with net realized and unrealized gain or loss from investments, as appropriate, for both financial reporting and tax purposes.

The Funds may enter into foreign currency spot contracts and foreign currency forward contracts. Foreign currency spot contracts are typically used to facilitate the purchase and sale of non-U.S. securities and generally settle within three business days. Foreign currency forward contracts are typically used to hedge against foreign currency exchange rate risks, which the Funds may face as a result of direct or indirect exposure to particular currencies (including through U.S. dollar denominated depositary receipts and participation certificates). 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, 2016, Global Opportunities Fund, Global Value Fund and International Value Fund had outstanding foreign currency forward contracts, as shown on the Schedules of Investments. Foreign currency spot contracts are not separately disclosed in the Schedules of Investments.

Other foreign currency related transaction gains and losses may result from currency gains and losses realized on the difference between the amounts of dividends and


Artisan Partners Funds		97

NOTES TO FINANCIAL STATEMENTS

foreign withholding taxes accrued on the Funds’ books and the U.S. dollar equivalent of the amounts actually received or paid. The net increase (decrease) in unrealized appreciation or depreciation on foreign currency related transactions arose from changes in the values of assets and liabilities, other than investments in securities, resulting from changes in foreign exchange rates.

(f)

Repurchase agreements – Each Fund may enter into repurchase agreements with institutions that the Adviser determines are creditworthy pursuant to criteria adopted by the board of directors. Repurchase agreements were recorded at 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, 2016, the value of the related collateral exceeded the value of the repurchase agreements, reducing the net settlement amount to zero. Details of the collateral are included within the Schedules of Investments.

(g)	Depositary receipts – Each Fund may invest in depositary receipts. Depositary receipts are typically issued by a financial institution (a “depositary”), evidencing ownership interests in a security issued by an issuer and deposited with the depositary.

(h)

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

(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 September 30, 2016, 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


98		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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 the Funds were generally allocated to each Fund based on net assets. However, other expense allocation methodologies were also used, depending on the nature of the expense item. Income and expenses not specific to a particular class and realized and unrealized gains and losses were allocated daily to each class of shares based upon the relative net asset value of outstanding shares. Expenses attributable to a particular Fund or class were allocated directly to that Fund or class, respectively.

The character of income and net realized gains and losses may differ in some instances for financial statement and tax purposes and may result in reclassification of permanent differences among certain capital accounts to more appropriately conform financial accounting to tax characterizations of dividend and capital gain distributions.

Prior to February 1, 2016, Developing World Fund, Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund, Global Small Cap Fund, Global Value Fund, High Income Fund, International Fund, International Small Cap Fund and International Value Fund generally imposed a 2% redemption fee on shares held 90 days or less. Effective, February 1, 2016, the board of directors of the Funds approved eliminating the redemption fee for all Funds except High Income Fund. Those redemption fees were recorded as a reduction in the cost of shares redeemed and had the primary effect of increasing paid-in capital. Each Fund reserved the right to waive or reduce the 2% redemption fee on shares held 90 days or less at its discretion when the Fund believed such waiver was in the best interests of the Fund, including, but not limited to, when it determined that imposition of the redemption fee was not necessary to protect the Fund from the effects of short-term trading. The Funds waived the fee on redemption of shares held by certain authorized agents or other Fund intermediaries and otherwise in accordance with the Funds’ prospectus.

(m)

Unfunded Commitments – Pursuant to the terms of certain term loan agreements, High Income Fund is obligated to fund term loan commitments at the borrower’s discretion. High Income Fund reserves against such contingent obligations by segregating cash and/or other liquid assets. During the period, High Income Fund had unfunded loan commitments; however, as of September 30, 2016 there were no such obligations requiring segregation in connection with unfunded commitments.


Artisan Partners Funds		99

NOTES TO FINANCIAL STATEMENTS

(3)

Risks:

Markets may perform poorly and the returns from the securities in which a Fund invests may underperform returns from the general securities markets. Securities markets may experience periods of high volatility and reduced liquidity in response to governmental actions or intervention, economic or market developments, or other external factors. The value of a company’s securities may rise or fall in response to company, market, economic or other news.

Foreign securities may underperform U.S. securities and may be more volatile than U.S. securities. Risks relating to investments in foreign securities (including, but not limited to, depositary receipts and participation certificates) and to securities of issuers with significant exposure to foreign markets include: currency exchange rate fluctuation; less available public information about the issuers of securities; less stringent regulatory standards; lack of uniform accounting, auditing and financial reporting standards; and country risks including less liquidity, high inflation rates, unfavorable economic practices, political instability and expropriation and nationalization risks.

The risks of foreign securities typically are greater in emerging and less developed markets. For example, in addition to the risks associated with investments in any foreign country, political, legal and economic structures in these less developed countries may be new and changing rapidly, which may cause instability and greater risk of loss. These securities markets may be less developed, and securities in those markets are generally more volatile and less liquid than those in developed markets. Investing in emerging market countries may involve substantial risk due to, among other reasons, limited information; higher brokerage costs; different accounting, auditing and financial reporting standards; less developed legal systems and thinner trading markets as compared to those in developed countries; different clearing and settlement procedures and custodial services; and currency blockages or transfer restrictions. Emerging market countries also are more likely to experience high levels of inflation, deflation or currency devaluations, which could hurt their economies and securities markets. Certain emerging markets also may face other significant internal or external risks, including a heightened risk of war and ethnic, religious and racial conflicts. In addition, governments in many emerging market countries participate to a significant degree in their economies and securities markets, which may impair investment and economic growth of companies in those markets. Such markets may also be heavily reliant on foreign capital and, therefore, vulnerable to capital flight.

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


100		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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

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

Investments in loans are generally subject to the same risks as investments in other types of debt obligations, including, among others, the credit risk of nonpayment of principal and interest. In addition, in many cases loans are subject to the risks associated with below investment grade securities. Because there is typically limited public information available regarding loan investments, High Income Fund is particularly dependent on the analytical abilities of the Adviser. High Income Fund may invest in loans made in connection with highly leveraged transactions, which are subject to greater credit and liquidity risks than other types of loans. Although the loans in which High Income Fund invests may be secured by specific collateral, there can be no assurance that liquidation of such collateral would satisfy the borrower’s obligation in the event of nonpayment of scheduled interest or principal, or that such collateral could be readily liquidated. In the event of the bankruptcy of a borrower, High Income Fund could experience delays or limitations with respect to its ability to realize the benefits of the collateral securing a loan or could recover nothing of what it is owed on the loan. Uncollateralized (i.e., non-secured) loans are subject to greater risk of loss (i.e., nonpayment) in the event of default than secured loans since they do not afford the Fund recourse to collateral. Investments in loans may be difficult to value and may be illiquid, including due to legal or contractual restrictions on resale. Transactions in many loans settle on a delayed basis, and High Income Fund may not receive the proceeds from the sale of a loan for a substantial period after the sale. As a result, sale proceeds related to the sale of loans may not be available to make additional investments until a substantial period after the sale of the loans. It is unclear whether the protections of the securities laws against fraud and misrepresentation extend to certain loans and other forms of direct indebtedness.

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


Artisan Partners Funds		101

NOTES TO FINANCIAL STATEMENTS

(4)

Fair value measurements:

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

•

Level 1 – unadjusted quoted prices in active markets for identical investments

•

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

•

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

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

Bank Loans & Corporate Bonds – Evaluated 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 closing price on the principal exchange in which the security trades. Absent a current closing price, the


102		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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 closing price or bid quotation are generally categorized as Level 1 of the fair value hierarchy. Foreign equity securities in which the closing price or bid quotation are adjusted for significant events, or local market holidays or other unscheduled market closures, 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.

Equity-Linked Securities – Equity-linked securities, such as participation certificates, participation notes or access notes, are valued by referencing the underlying security. Equity-linked securities are generally categorized as Level 2.

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

The following table summarizes each Fund’s investments by major security type, based on the inputs used to determine their fair values as of September 30, 2016 (in thousands):


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 -Significant Unobservable Inputs			Total
Developing World
Common Stocks⁽¹⁾
Developed Markets		$	132,827		$	105,790		$	-		$	238,617
Emerging Asia			82,861			256,901			-			339,762
Europe, Middle East & Africa			8,945			82,569			-			91,514
Latin America			140,206			-			-			140,206
Equity-Linked Securities⁽¹⁾
Europe, Middle East & Africa			-			3,638			-			3,638
Repurchase Agreement			-			71,649			-			71,649
Total Investments		$	364,839		$	520,547		$	-		$	885,386


Artisan Partners Funds		103

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs				Level 3 -Significant Unobservable Inputs				Total
Emerging Markets
Common Stocks⁽¹⁾
Developed Markets		$	-		$	1,631			$	-			$	1,631
Emerging Asia			2,493			15,853				-	⁽³⁾			18,346
Europe, Middle East & Africa			203			5,633				-				5,836
Latin America			6,129			-				-				6,129
Preferred Stocks⁽¹⁾
Emerging Asia			-			2,421				-				2,421
Europe, Middle East & Africa			-			911				-				911
Latin America			992			-				-				992
Repurchase Agreement			-			618				-				618
Total Investments		$	9,817		$	27,067			$	-			$	36,884
Global Equity
Common Stocks⁽¹⁾
Americas		$	165,689		$	-			$	-			$	165,689
Emerging Markets			3,455			11,821				-				15,276
Europe			5,505			45,867				-				51,372
Pacific Basin			-			20,554				-				20,554
Repurchase Agreement			-			2,408				-				2,408
Total Investments		$	174,649		$	80,650			$	-			$	255,299
Global Opportunities
Common Stocks⁽¹⁾
Americas		$	1,004,806		$	-			$	-			$	1,004,806
Emerging Markets			35,246			121,955				-				157,201
Europe			18,178			277,432				-				295,610
Pacific Basin			-			257,765				-				257,765
Repurchase Agreement			-			118,529				-				118,529
Total Investments			1,058,230			775,681				-				1,833,911
Foreign Currency Forward Contracts⁽²⁾			-			(94	)			-				(94	)
Total		$	1,058,230		$	775,587			$	-			$	1,833,817
Global Small Cap
Common Stocks⁽¹⁾
Americas		$	12,480		$	-			$	-			$	12,480
Emerging Markets			-			4,929				-				4,929
Europe			3,105			51,168				-				54,273
Pacific Basin			-			2,791				-				2,791
Repurchase Agreement			-			2,231				-				2,231
Total Investments		$	15,585		$	61,119			$	-			$	76,704


104		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 -Significant Unobservable Inputs				Total
Global Value
Common Stocks⁽¹⁾
Americas		$	1,023,015		$	-		$	-			$	1,023,015
Emerging Markets			125,802			113,054			-				238,856
Europe			-			572,780			-				572,780
Pacific Basin			-			5,048			-				5,048
Repurchase Agreement			-			232,609			-				232,609
Total Investments			1,148,817			923,491			-				2,072,308
Foreign Currency Forward Contracts⁽²⁾			-			426			-				426
Total		$	1,148,817		$	923,917		$	-			$	2,072,734
High Income
Corporate Bonds⁽¹⁾		$	-		$	1,266,855		$	-	⁽⁴⁾		$	1,266,855
Bank Loans⁽¹⁾			-			383,596			-				383,596
Convertible Debentures⁽¹⁾			-			5,106			-				5,106
Repurchase Agreement			-			183,716			-				183,716
Total Investments		$	-		$	1,839,273		$	-			$	1,839,273
International
Common Stocks⁽¹⁾
Americas		$	3,892,372		$	-		$	-			$	3,892,372
Emerging Markets			479,387			618,677			-				1,098,064
Europe			175,879			7,308,704			-				7,484,583
Pacific Basin			-			2,653,214			-				2,653,214
Equity-Linked Securities⁽¹⁾
Europe			-			296,918			-				296,918
Preferred Stocks⁽¹⁾
Europe			-			283,343			-				283,343
Repurchase Agreement			-			142,619			-				142,619
Total Investments		$	4,547,638		$	11,303,475		$	-			$	15,851,113
International Small Cap
Common Stocks⁽¹⁾
Americas		$	19,843		$	-		$	-			$	19,843
Emerging Markets			-			39,400			-				39,400
Europe			25,972			617,131			-				643,103
Pacific Basin			-			69,744			-				69,744
Repurchase Agreement			-			12,429			-				12,429
Total Investments		$	45,815		$	738,704		$	-			$	784,519


Artisan Partners Funds		105

NOTES TO FINANCIAL STATEMENTS


Fund	Level 1 - Unadjusted Quoted Prices			Level 2 - Other Significant Observable Inputs			Level 3 -Significant Unobservable Inputs			Total
International Value
Common Stocks⁽¹⁾
Americas		$	1,799,666		$	-		$	-		$	1,799,666
Emerging Markets			837,125			846,169			-			1,683,294
Europe			115,830			6,334,310			-			6,450,140
Pacific Basin			-			606,773			-			606,773
Preferred Stocks⁽¹⁾
Emerging Markets			-			49,611			-			49,611
Repurchase Agreement			-			1,471,590			-			1,471,590
Total Investments			2,752,621			9,308,453			-			12,061,074
Foreign Currency Forward Contracts⁽²⁾			-			3,108			-			3,108
Total		$	2,752,621		$	9,311,561		$	-		$	12,064,182
Mid Cap
Common Stocks⁽¹⁾		$	7,708,151		$	-		$	-		$	7,708,151
Repurchase Agreement			-			430,262			-			430,262
Total Investments		$	7,708,151		$	430,262		$	-		$	8,138,413
Mid Cap Value
Common Stocks⁽¹⁾		$	3,909,140		$	-		$	-		$	3,909,140
Repurchase Agreement			-			287,530			-			287,530
Total Investments		$	3,909,140		$	287,530		$	-		$	4,196,670
Small Cap
Common Stocks⁽¹⁾		$	1,199,870		$	-		$	-		$	1,199,870
Repurchase Agreement			-			82,971			-			82,971
Total Investments		$	1,199,870		$	82,971		$	-		$	1,282,841
Value
Common Stocks⁽¹⁾		$	691,808		$	24,881		$	-		$	716,689
Preferred Stocks⁽¹⁾			-			47,883			-			47,883
Repurchase Agreement			-			39,180			-			39,180
Total Investments		$	691,808		$	111,944		$	-		$	803,752

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

Transfers between investment levels may occur as the markets fluctuate and/or the availability of data used in an investment’s valuation changes. The Funds recognize transfers between the levels as of the end of the period. At September 30, 2016 and September 30, 2015, the fair value of certain securities was determined based on other observable inputs, such as quoted prices for securities of the same issuer that trade on a different exchange, or were adjusted due to developments that occurred between the time of the close of foreign


106		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

markets on which they trade and the close of regular session trading on the NYSE, which resulted in their Level 2 classification. There were no transfers from Level 1 to Level 2 or Level 2 to Level 1 during the period. During the period, one security held in High Income Fund was transferred from Level 2 to Level 3 due to lack of observable inputs and was fair valued in good faith by the valuation committee.

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

Assets

Fair Value at
September 30, 2016

Valuation
Technique(s)

Unobservable
Input(s)

Impact to Fair
Value from an
Increase in
Input

Emerging Markets Fund

Common Stock

Discounts for illiquidity and uncertainty

Last quote in inactive market less 100% discount

N/A

High Income Fund

Corporate Bond escrow

Discounts for uncertainty of collectability

Last quote in inactive market less 100% discount

N/A

As of September 30, 2016, the reconciliation of assets in which significant unobservable inputs (Level 3) were used in determining fair value is as follows (in thousands):


	Emerging Markets Fund				High Income Fund
Balance as of September 30, 2015		$	74			$	-
Transfers into Level 3			-				-	*
Net change in unrealized appreciation (depreciation)			53				-
Purchases			-				-
Sales			-				-
Realized Gain/Loss			(127	)			-
Transfers out of Level 3			-				-

Balance as of September 30, 2016		$	-			$	-

Net change in unrealized appreciation (depreciation) for investments held as of September 30, 2016		$	(73	)		$	-


* Amount transferred into Level 3 at $0.

(5)

Offsetting:

Each Fund is a party to various master netting agreements. While the terms and conditions of these agreements may vary, all transactions under any such agreement constitute a single contractual relationship. Each party’s obligation to make any payments, deliveries or other transfers in respect of any transaction under such an agreement may be netted against the other party’s obligations under such agreement. A default by a party in performance with respect to one transaction under such an agreement would give the other party the right to terminate all transactions under such agreement and calculate one net amount owed from one party to the other.


Artisan Partners Funds		107

NOTES TO FINANCIAL STATEMENTS

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


	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Asset Amounts Presented in Statement of Assets and Liabilities			Financial Instrument				Collateral Received			Net Amount (Not Less Than $0)
Global Value	State Street Bank and Trust Company		$	453		$	(27	)		$	-		$	426
International Value	State Street Bank and Trust Company			3,738			(630	)			-			3,108

	Gross Amounts Not Offset in the Statements of Assets and Liabilities
Fund	Counterparty	Gross Liability Amounts Presented in Statement of Assets and Liabilities			Financial Instrument				Collateral Pledged			Net Amount (Not Less Than $0)
Global Opportunities	State Street Bank and Trust Company		$	94		$	-			$	-		$	94
Global Value	State Street Bank and Trust Company			27			(27	)			-			-
International Value	State Street Bank and Trust Company			630			(630	)			-			-

(6)

Transfer agent and authorized agent fees:

Each Fund paid fees to, and reimbursed certain expenses of, the Funds’ transfer agent during the period. In addition, the Funds have authorized certain financial services companies, broker-dealers, banks or other authorized agents, and in some cases, other organizations designated by an authorized agent (with their designees, collectively “authorized agents”) to accept purchase, exchange and redemption orders on the Funds’ behalf. For Investor Shares or Advisor Shares of the Funds, some authorized agents do not charge investors a direct transaction fee, but instead charge a fee for accounting and shareholder services that the agent provided to Fund shareholders on the Fund’s behalf. Those services typically included recordkeeping, transaction processing for shareholders’ accounts and other services. Generally, the fee was either a per account charge based on the number of accounts to which the authorized agent provided such services, or was a percentage (as of September 30, 2016 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. Institutional Shares of the Funds do not pay fees to intermediaries in connection with recordkeeping, transaction processing for shareholders’ accounts or any other services that an intermediary may provide to its clients. The Funds’ expenses incurred for services provided by authorized agents are included in “Transfer agent fees” in the Statements of


108		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

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, 2016 (in thousands):


	Year Ended 9/30/2016
Fund	Fees and Expenses to Transfer Agent			Fees to Authorized Agents			Total
Artisan Developing World Fund - Investor Shares		$	59		$	315		$	374
Artisan Developing World Fund - Advisor Shares			57			130			187
Artisan Developing World Fund - Institutional Shares			14			-			14
Artisan Emerging Markets Fund - Investor Shares			62			59			121
Artisan Emerging Markets Fund - Institutional Shares			20			-			20
Artisan Global Equity Fund - Investor Shares			70			434			504
Artisan Global Equity Fund - Institutional Shares			15			-			15
Artisan Global Opportunities Fund - Investor Shares			82			1,550			1,632
Artisan Global Opportunities Fund - Advisor Shares			60			91			151
Artisan Global Opportunities Fund - Institutional Shares			21			-			21
Artisan Global Small Cap Fund - Investor Shares			68			255			323
Artisan Global Value Fund - Investor Shares			88			1,608			1,696
Artisan Global Value Fund - Advisor Shares			62			248			310
Artisan Global Value Fund - Institutional Shares			23			-			23
Artisan High Income Fund - Investor Shares			67			1,146			1,213
Artisan High Income Fund - Advisor Shares			68			624			692
Artisan International Fund - Investor Shares			407			20,300			20,707
Artisan International Fund - Advisor Shares			295			1,505			1,800
Artisan International Fund - Institutional Shares			31			-			31
Artisan International Small Cap Fund - Investor Shares			88			1,589			1,677
Artisan International Small Cap Fund - Institutional Shares			8			-			8
Artisan International Value Fund - Investor Shares			115			10,757			10,872
Artisan International Value Fund - Advisor Shares			222			1,645			1,867
Artisan International Value Fund - Institutional Shares			25			-			25
Artisan Mid Cap Fund - Investor Shares			128			7,730			7,858
Artisan Mid Cap Fund - Advisor Shares			63			245			308
Artisan Mid Cap Fund - Institutional Shares			33			-			33
Artisan Mid Cap Value Fund - Investor Shares			196			6,467			6,663
Artisan Mid Cap Value Fund - Advisor Shares			69			635			704
Artisan Mid Cap Value Fund - Institutional Shares			23			-			23
Artisan Small Cap Fund - Investor Shares			106			1,593			1,699
Artisan Small Cap Fund - Institutional Shares			21			-			21
Artisan Value Fund - Investor Shares			79			631			710
Artisan Value Fund - Advisor Shares			63			266			329
Artisan Value Fund - Institutional Shares			20			-			20


Artisan Partners Funds		109

NOTES TO FINANCIAL STATEMENTS

(7)

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, 2016 as follows (in thousands):


Developing World	$	-	⁽¹⁾
Emerging Markets		3
Global Equity		-	⁽¹⁾
Global Opportunities		19
Global Small Cap		-	⁽¹⁾
Global Value		7
International		85
International Small Cap		1
International Value		52
Mid Cap		120
Mid Cap Value		219
Small Cap		9
Value		45

⁽¹⁾Amount rounds to less than $1.

(8)

Derivative Transactions:

The fair value of derivative instruments as reported in the Statements of Assets and Liabilities as of September 30, 2016 was as follows (in thousands):


Fund	Risk Exposure Category	Statement of Assets and Liabilities location	Value
Global Opportunities	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts		$	(94	)
Global Value	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts		$	453
	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts		$	(27	)
International Value	Foreign currency forward contracts	Unrealized gain on foreign currency forward contracts		$	3,738
	Foreign currency forward contracts	Unrealized loss on foreign currency forward contracts		$	(630	)

The effect of derivative instruments on the Statements of Operations for the year ended September 30, 2016 was as follows (in thousands):

Amount of Realized Gain (Loss) on Derivatives Recognized in Income


Fund	Risk Exposure Category	Statement of Operations location	Value
Global Opportunities	Foreign currency forward contracts	Net realized loss on foreign currency related transactions		$	(8,486	)
Global Value	Foreign currency forward contracts	Net realized gain on foreign currency related transactions		$	217
International Value	Foreign currency forward contracts	Net realized loss on foreign currency related transactions		$	(42,178	)


110		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

Change in Unrealized Appreciation 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		$	1,366
Global Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions		$	426
International Value	Foreign currency forward contracts	Net increase in unrealized appreciation or depreciation on foreign currency related transactions		$	12,375

Volume of derivative activity


Fund	Contracts Closed⁽¹⁾	Contracts Opened⁽¹⁾	Contracts Open at September 30, 2016
Global Opportunities	3	3		1
Global Value	3	6		3
International Value	4	7		4

⁽¹⁾	During the year ended September 30, 2016.

(9)

Related Party Transactions:

(a)

Investment Advisory Agreement - The Adviser, with which the officers and a director of the Funds are affiliated, provided investment advisory and administrative services to the Funds during the year ended September 30, 2016. In exchange for those services, each Fund pays a monthly management fee to the Adviser as follows:

Developing World Fund and Emerging Markets Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.050	%
$1 billion to $2 billion		1.025
$2 billion to $3.5 billion		1.000
$3.5 billion to $5 billion		0.975
Greater than $5 billion		0.950

Global Equity Fund and Global Value Fund


Average Daily Net Assets	Annual Rate
Less than $1 billion		1.000	%
$1 billion to $4 billion		0.975
$4 billion to $8 billion		0.950
$8 billion to $12 billion		0.925
Greater than $12 billion		0.900


Artisan Partners Funds		111

NOTES TO FINANCIAL STATEMENTS

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

International Small Cap Fund


Average Daily Net Assets	Annual Rate
All		1.250	%

International Value Fund, Mid Cap Fund, Mid Cap Value Fund, and Small Cap Fund


Average Daily Net Assets	Annual Rate
Less than $500 million		1.000	%
$500 million to $750 million		0.975
$750 million to $1 billion		0.950
Greater than $1 billion		0.925

Value Fund


Average Daily Net Assets	Annual Rate
Less than $50 million		0.800	%
$50 million to $100 million		0.760
$100 million to $500 million		0.720
$500 million to $7.5 billion		0.680
Greater than $7.5 billion		0.640


112		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(b)

Expense Waivers and Reimbursements - The Adviser has contractually agreed to bear certain expenses and waive its management fees to the extent necessary to cause annualized ordinary 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, but including management fees paid to the Adviser) not to exceed the percentages of average daily net assets indicated below. This contract continues through January 31, 2018, at which time Artisan Partners will determine whether to renew, revise or discontinue it. The table below shows the current expense limit as a percent of average daily net assets and amounts waived by the Adviser during the year ended September 30, 2016 (dollar values in thousands):


Fund	Expense Limit as a % of Average Daily Net Assets			Expenses Waived
Artisan Developing World Fund - Investor Shares		1.50	%		$	34
Artisan Developing World Fund - Advisor Shares		1.40	%			-
Artisan Developing World Fund - Institutional Shares		1.40	%			-
Artisan Emerging Markets Fund - Investor Shares		1.50	%			229
Artisan Emerging Markets Fund - Institutional Shares		1.50	%			71
Artisan Global Equity Fund - Investor Shares		1.50	%			-
Artisan Global Equity Fund - Institutional Shares		1.50	%			-
Artisan Global Opportunities Fund - Advisor Shares		1.10	%			-
Artisan Global Small Cap Fund - Investor Shares		1.50	%			107
Artisan Global Value Fund - Advisor Shares		1.20	%			-
Artisan High Income Fund - Investor Shares		1.25	%			-
Artisan High Income Fund - Advisor Shares		1.25	%			-
Artisan International Fund - Advisor Shares		1.07	%			-
Artisan International Value Fund - Advisor Shares		1.06	%			-
Artisan Mid Cap Fund - Advisor Shares		1.10	%			-
Artisan Mid Cap Value Fund - Advisor Shares		1.09	%			-
Artisan Value Fund - Advisor Shares		0.88	%			-

The Adviser voluntarily waived its management fee in aggregate the amount of $175,000, allocated equally among Artisan Small Cap Value Fund prior to the Reorganization (defined in Note 15) and Artisan Mid Cap Value Fund after the Reorganization. See Note 15 for additional information. The Funds had no material receivables from or payable to the Adviser as of September 30, 2016.

(c)

Officers and Directors – The officers and directors of the Funds who are affiliated with the Adviser receive no compensation from the Funds. The compensation paid to directors of the Funds who are not affiliated persons of the Adviser for their services as such is based on an annual fee of $260,000, payable quarterly, subject to an additional increase of $10,000 upon commencement of operations of any new series of Artisan Partners Funds and a decrease of $10,000 for any terminated series of Artisan Partners Funds. Effective July 1, 2016, the amount of the annual retainer decreased by $10,000 from $270,000 to $260,000, due to the merger of Artisan Small Cap Value Fund with and into Artisan Mid Cap Value Fund. In addition, the independent chair of the board of directors receives an additional $60,000 annually, payable quarterly, the


Artisan Partners Funds		113

NOTES TO FINANCIAL STATEMENTS

independent chair of the audit committee receives an additional $45,000 annually, payable quarterly and the independent chair of the education committee (effective February 9, 2016) and the independent chair of the governance and nominating committee each receives an additional $30,000 annually, payable quarterly. If more than seven in-person meetings or four telephonic meetings are held in a calendar year, the board will pay each director an additional meeting attendance fee of $5,000 for each such in-person meeting and $1,000 for each such telephonic meeting. Additionally, each director is entitled to reimbursement of expenses related to his or her duties as a director of the Funds. These fees were generally allocated to each of the Funds based on net assets, subject to a minimum allocation of $1,500 to each Fund per quarter.

Artisan Partners Funds has adopted a deferred compensation plan for directors who are not affiliated persons of the Adviser that enables directors to elect to defer receipt of all or a portion of the annual compensation they are entitled to receive from the Funds. For purposes of determining the amount owed to the directors under the plan, deferred amounts were invested in shares of the Funds as selected by the individual directors. Each Fund purchased shares of the Funds selected for deferral by the directors in amounts equal to their investment, resulting in a Fund asset equal to the deferred compensation liability. Such assets were included as a component of “Other assets” on the Statement of Assets and Liabilities. Deferral of directors’ fees under the plan did not affect the net assets of the Funds, and did not materially affect the Funds’ assets, liabilities or net investment income per share. Amounts will be deferred until distributed in accordance with the plan.

(d)	Distribution – Shares of the Funds are offered for sale by Artisan Partners Distributors LLC (“Distributors”). Distributors is wholly owned by Artisan Holdings. All distribution expenses relating to the Funds are paid by the Adviser.

(10)

Line of credit arrangement:

Artisan Partners Funds is party to a line of credit agreement with a syndicate of financial institutions, including State Street Bank and Trust Company (“SSB”), as lenders and SSB as administrative agent, that expires in June 2017. Under the line of credit, each Fund can borrow an amount that shall not exceed the lesser of (a) 33 1/3% of its adjusted net assets, with adjusted net assets being total assets less total liabilities (excluding indebtedness for borrowed money) after giving effect to the borrowing, and (b) the maximum amount the Fund is permitted to borrow pursuant to applicable law, pursuant to the Fund’s prospectus limitations on indebtedness, pursuant to any vote of the shareholders of the Fund, or pursuant to any limitation on borrowings in any applicable agreement with any governmental authority or regulator or any other applicable agreement or document to which such Fund is a party; provided that the aggregate borrowings by all the Funds may not exceed $150 million. The Funds paid a commitment fee at the annual rate of 0.180% (0.125% prior to June 15, 2016) on the unused portion of the line of credit and interest was charged on any borrowings at the higher of (i) the current overnight Federal Funds rate (but, in any event, not less than 0.00%) plus 1.25% or (ii) the one month LIBOR rate (but, in any event, not less than 0.00%) plus 1.25%. The Funds also paid an agent’s fee to SSB, an up-front fee to the lenders and the Funds’ and SSB’s legal expenses in connection with the line of credit, each as incurred. The fees are allocated to each Fund based on 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, 2016, there were no


114		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

borrowings under the line of credit for any of the Funds, except for Emerging Markets Fund, Global Small Cap Fund and International Small Cap Fund, which had maximum borrowings of approximately $1,750,000, $14,250,000 and $8,100,000, respectively. Fees and interest expense, if any, related to the line of credit are included in other operating expenses in the Statement of Operations.

(11)

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, 2016 were as follows (in thousands):


Fund	Security Purchases			Security Sales
Developing World		$	808,040		$	228,585
Emerging Markets			17,208			36,483
Global Equity			267,282			317,406
Global Opportunities			702,278			500,397
Global Small Cap			92,800			129,549
Global Value			594,793			318,471
High Income			1,547,339			845,432
International			10,588,373			12,536,642
International Small Cap			590,162			714,432
International Value			2,229,148			1,731,167
Mid Cap			3,193,705			4,397,918
Mid Cap Value			1,270,352			4,259,489
Small Cap			307,903			443,031
Value			442,497			821,427

(12)

Transactions in securities of affiliates:

The table below shows information about securities of Fund “affiliates” (as defined below) that were held by a Fund, purchased or sold by a Fund, or from which dividends were received by a Fund during the year ended September 30, 2016 (dollar values in thousands). Each Fund identifies a company as an affiliate for the purpose of this report if the Fund owned voting securities that it believed represented 5% or more of that company’s outstanding voting securities (as defined by the 1940 Act) during the year ended September 30, 2016.


		As of 9/30/2015								Net Realized Gain (Loss)							As of 9/30/2016
Fund	Security	Share Balance		Purchase Cost			Sales Cost			Net Realized Gain (Loss)				Dividend Income^@			Share Balance		Value
Global Equity
	Ginko International Co., Ltd.^§		791,000		$	701		$	2,314		$	(1,318	)		$	137		627,000		$	6,233
	ISS AS^{^†}		-			3,767			391			23				97		94,642			3,938
	Wirecard AG^{^†}		98,055			380			928			(44	)			12		84,238			4,375
	Total^#				$	4,848		$	3,633		$	(1,339	)		$	246				$	-


Artisan Partners Funds		115

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/2015								Net Realized Gain (Loss)							As of 9/30/2016
Fund	Security	Share Balance		Purchase Cost			Sales Cost			Net Realized Gain (Loss)				Dividend Income^@			Share Balance		Value
Global Opportunities
	IHS, Inc., Class A^§		581,487		$	9,370		$	2,105		$	4,352			$	-		-		$	-
	Stanley Electric Co., Ltd.^{^}		686,400			9,680			412			44				305		1,121,046			30,154
	Total^#				$	19,050		$	2,517		$	4,396			$	305				$	-
Global Small Cap
	Ginko International Co., Ltd.^§		444,000		$	309		$	1,330		$	(891	)		$	76		339,000		$	3,370
	Total^#				$	309		$	1,330		$	(891	)		$	76				$	-
Global Value
	Arch Capital Group Ltd.^{^}		824,053		$	16,556		$	3,592		$	819			$	-		1,002,497		$	79,458
	ISS AS^{^}		1,159,246			9,358			4,709			363				1,154		1,277,328			53,142
	Joy Global, Inc.^§		603,577			1,578			19,153			(5,307	)			19		-			-
	Total^#				$	27,492		$	27,454		$	(4,125	)		$	1,173				$	-
International
	ISS AS^{^†}		-		$	75,664		$	1,458		$	(67	)		$	1,017		1,911,145		$	79,512
	Wirecard AG^†		657,781			261,499			11,625			(2,010	)			862		6,298,195			327,136
	Zodiac Aerospace^§†		12,663,986			57,986			23,461			(12,316	)			5,127		13,973,789			340,242
	Total^#				$	395,149		$	36,544		$	(14,393	)		$	7,006				$	327,136
International Small Cap
	Comet Holding AG^§		40,085		$	-		$	3,067		$	(320	)		$	453		36,167		$	33,058
	Ginko International Co., Ltd.^§		4,043,000			-			5,121			(3,553	)			773		3,545,000			35,243
	Wirecard AG^{^†}		1,621,708			-			19,743			16,120				182		1,214,571			63,086
	Total^#				$	-		$	27,931		$	12,247			$	1,408				$	-
International Value
	Aker Solutions ASA^§		17,389,284		$	6,314		$	30,671		$	(62,839	)		$	-		11,545,697		$	54,162
	Arch Capital Group Ltd.		6,225,338			36,389			19,517			3,341				-		6,462,064			512,183
	ISS AS^{^}		8,567,470			20,985			21,441			2,331				8,383		8,569,394			356,525
	Panalpina Welttransport Holding AG		1,988,088			34,148			2,362			(1,220	)			6,690		2,261,132			315,402
	Stanley Electric Co., Ltd.		9,306,804			6,763			8,545			282				2,654		9,167,804			246,594
	Vesuvius plc		23,945,533			22,951			-			-				6,176		28,706,714			130,704
	Total^#				$	127,550		$	82,536		$	(58,105	)		$	23,903				$	1,204,883
Mid Cap
	IHS, Inc., Class A^§		3,101,243		$	-		$	75,687		$	111,985			$	-		-		$	-
	Total^#				$	-		$	75,687		$	111,985			$	-				$	-
Mid Cap Value
	Air Lease Corp.^{^†}		-		$	172,879		$	43,295		$	(5,189	)		$	746		4,555,135		$	130,186
	Arch Capital Group Ltd.^{^}		2,442,126			-			91,486			66,507				-		1,168,292			92,599
	Joy Global, Inc.^§		4,199,074			2,181			98,978			(80,571	)			94		-			-
	Total^#				$	175,060		$	233,759		$	(19,253	)		$	840				$	-


116		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


		As of 9/30/2015								Net Realized Gain (Loss)							As of 9/30/2016
Fund	Security	Share Balance		Purchase Cost			Sales Cost			Net Realized Gain (Loss)				Dividend Income^@			Share Balance		Value
Value
	Air Lease Corp.^{^†}		-		$	27,745		$	1,200		$	30			$	119		1,007,764		$	28,802
	Arch Capital Group Ltd.^§		361,651			-			24,576			16,403				-		-			-
	Joy Global, Inc.^§		1,677,990			612			36,451			(21,131	)			38		-			-
	Total^#				$	28,357		$	62,227		$	(4,698	)		$	157				$	-

^@	Net of foreign taxes withheld, if any.

^#	Total value as of September 30, 2016 is presented for only those issuers that were affiliates as of September 30, 2016.

^§	Issuer was no longer an affiliate as of September 30, 2016.

Issuer was no longer an affiliate as of September 30, 2016. For the year ended September 30, 2015, the Funds identified a company as an affiliate for the purpose of this report if one or more Fund owned, in the aggregate, voting securities that it believed represented 5% or more of that company’s outstanding voting securities.

^†	Issuer was not an affiliate as of September 30, 2015.

(13)

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, 2016 was as follows (in thousands):


Fund	Cost of Investments			Gross Unrealized Appreciation			Gross Unrealized Depreciation				Net Unrealized Appreciation on Investments
Developing World		$	770,638		$	124,216		$	(9,468	)		$	114,748
Emerging Markets			36,310			8,969			(8,395	)			574
Global Equity			222,943			36,600			(4,244	)			32,356
Global Opportunities			1,401,288			442,735			(10,112	)			432,623
Global Small Cap			71,883			8,026			(3,205	)			4,821
Global Value			1,900,520			303,354			(131,566	)			171,788
High Income			1,804,590			76,131			(41,448	)			34,683
International			14,016,368			2,034,174			(199,429	)			1,834,745
International Small Cap			635,315			172,261			(23,057	)			149,204
International Value			10,534,686			2,537,529			(1,011,141	)			1,526,388
Mid Cap			6,124,718			2,030,493			(16,798	)			2,013,695
Mid Cap Value			3,155,646			1,097,536			(56,512	)			1,041,024
Small Cap			783,275			501,908			(2,342	)			499,566
Value			673,776			143,692			(13,716	)			129,976

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		117

NOTES TO FINANCIAL STATEMENTS

The tax characterization of ordinary income dividends and long-term capital gain distributions paid during the year ended September 30, 2016 and the year ended September 30, 2015 were as follows (in thousands):


	Year Ended 9/30/2016						Year or Period Ended 9/30/2015
Fund	Ordinary Income Dividends			Long-Term Capital Gain Distributions			Ordinary Income Dividends				Long-Term Capital Gain Distributions
Developing World		$	-		$	-		$	-	⁽¹⁾		$	-	⁽¹⁾
Emerging Markets			-			-			3,476				-
Global Equity			5,313			1,549			5,271				1,962
Global Opportunities			2,530			8,827			4,684				26,461
Global Small Cap			-			-			1,155				1,195
Global Value			10,008			80,358			44,958				16,540
High Income			92,447			213			44,032				-
International			103,903			-			140,063				-
International Small Cap			1,554			31,526			249				59,110
International Value			100,391			540,475			303,204				442,441
Mid Cap			-			1,234,797			-				954,288
Mid Cap Value			31,880			951,217			163,488				928,701
Small Cap			-			118,049			-				-
Value			8,634			89,485			38,081				68,946

⁽¹⁾	For the period from commencement of operations (June 29, 2015) through September 30, 2015.

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 Global Opportunities Fund and Mid Cap Fund of approximately $9,534,000 and $31,368,000, respectively, were included in net realized gain on investments in the Statements of Operations for the year ended September 30, 2016, 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 addition, the Funds may periodically record reclassifications among certain capital accounts to reflect differences between financial reporting and income tax basis distributions. The reclassifications were reported in order to reflect the tax treatment for certain permanent differences that exist between income tax regulations and US GAAP. The reclassifications generally relate to net operating losses, Section 988 currency gains and losses, PFIC gains and losses, and utilization of earnings and profits distributed to shareholders on redemption of shares. These reclassifications have no impact on the net asset values of the Funds.


118		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

In order to meet certain excise tax distribution requirements, the Funds are required to measure and distribute annually, net capital gains realized during a twelve-month period ending October 31 and net investment income earned during a twelve-month period ending December 31. In connection with these requirements, the Funds are permitted for tax purposes to defer into their next fiscal year qualified late year losses. Qualified late year capital losses are any net capital losses incurred between November 1 and the end of the Funds’ fiscal year, September 30, 2016. Qualified late year ordinary losses are specified losses generally incurred between January 1 and the end of the Funds’ fiscal year, September 30, 2016.

Additional tax information as of and for the year ended September 30, 2016 follows (in thousands):


Fund	Undistributed Ordinary Income			Undistributed Long-Term Gain			Qualified Late Year Capital Losses			Qualified Late Year Ordinary Losses			Other Deferred Gains (Losses)⁽¹⁾
Developing World		$	5,144		$	-		$	-		$	-		$	(1,496	)
Emerging Markets			335			-			-			-			(10	)
Global Equity			186			-			15,762			-			(12	)
Global Opportunities			-			2,928			-			8,062			(115	)
Global Small Cap			-			-			-			288			(4	)
Global Value			25,478			33,377			-			-			(53	)
High Income			2,679			-			-			-			(1,608	)
International			187,214			-			-			-			(2,838	)
International Small Cap			-			13,080			-			350			(109	)
International Value			133,491			240,580			-			-			(3,012	)
Mid Cap			-			468,063			-			36,574			(90	)
Mid Cap Value			29,750			67,617			-			-			(223	)
Small Cap			-			4,959			-			7,951			(13	)
Value			4,792			-			26,493			-			(425	)

⁽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, 2016 such as wash sales, (b) unrealized gains and losses on open foreign currency contracts and (c) other items.

As of September 30, 2016, the Funds had capital loss carryovers shown in the table below (in thousands). To the extent the Funds realize future net capital gains, those gains will be offset by any unused capital loss carryover.


Fund	Unlimited – ST			Unlimited – LT
Emerging Markets		$	6,324		$	130,671	⁽¹⁾
Global Equity			2,336			-
Global Small Cap			19,613			5,782
International			523,998			-

⁽¹⁾	Due to an equity shift in the ordinary course of business, the utilization of certain capital loss carryovers is subject to annual limitations of $1,815, pursuant to IRC Section 382-383. Developing World Fund utilized previous year capital loss carryover of $954.


Artisan Partners Funds		119

NOTES TO FINANCIAL STATEMENTS

(14)

Fund share activities:

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


	DEVELOPING WORLD
	Year Ended 9/30/2016							Period Ended⁽¹⁾9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		25,510,958			$	235,668			2,482,172			$	24,067
Advisor Shares		27,577,662				257,536			7,039,240				63,619
Institutional Shares		23,398,700				207,318			4,770,304				42,512
Cost of shares redeemed⁽²⁾
Investor Shares		(2,654,618	)			(25,741	)		(21,206	)			(187	)
Advisor Shares		(2,177,959	)			(20,029	)		(100,866	)			42,512
Institutional Shares		(1,857,381	)			(17,762	)		(4,330	)			(41	)
Net increase from fund share transactions
Investor Shares		22,856,340				209,927			2,460,966				23,880
Advisor Shares		25,399,703				237,507			6,938,374				62,753
Institutional Shares		21,541,319				189,556			4,765,974				42,471
Redemption Fee⁽⁷⁾
Investor Shares		-				3			-				-
Advisor Shares		-				11			-				1
Institutional Shares		-				8			-				1

	EMERGING MARKETS
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		556,699			$	6,394			725,726			$	8,420
Institutional Shares		442,477				4,804			192,586				2,260
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-				-			26,044				323
Institutional Shares		-				-			246,662				3,036
Cost of shares redeemed⁽²⁾
Investor Shares		(501,250	)			(5,560	)		(3,793,631	)			(46,053	)
Institutional Shares		(2,770,213	)			(26,660	)		(24,604,592	)			(299,356	)
Net increase from fund share transactions
Investor Shares		55,449				834			(3,041,861	)			(37,310	)
Institutional Shares		(2,327,736	)			(21,856	)		(24,165,344	)			(294,060	)
Redemption Fee⁽⁷⁾
Investor Shares		-				-	⁽³⁾		-				1
Institutional Shares		-				-	⁽³⁾		-				1

Footnotes are presented on Page 126.


120		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	GLOBAL EQUITY
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		3,634,815			$	57,870			5,990,024			$	103,286
Institutional Shares⁽⁴⁾		7,405,905				121,004
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		279,484				4,536			426,772				6,888
Institutional Shares⁽⁴⁾		125,405				2,035
Cost of shares redeemed⁽²⁾
Investor Shares		(13,938,823	)			(220,239	)		(2,177,979	)			(36,225	)
Institutional Shares⁽⁴⁾		(792,296	)			(12,721	)
Net increase from fund share transactions
Investor Shares		(10,024,524	)			(157,833	)		4,238,817				73,949
Institutional Shares⁽⁴⁾		6,739,014				110,318
Redemption Fee⁽⁷⁾
Investor Shares		-				15			-				15
Institutional Shares⁽⁸⁾		-				3

	GLOBAL OPPORTUNITIES
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		11,034,782			$	216,158			11,483,092			$	222,023
Advisor Shares⁽⁵⁾		8,125,784				153,704			3,060,198				60,686
Institutional Shares		8,347,726				165,431			15,093,830				291,773
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		234,399				4,660			870,398				16,233
Advisor Shares⁽⁵⁾		19,955				397			-				-
Institutional Shares		261,065				5,213			663,613				12,423
Cost of shares redeemed⁽²⁾
Investor Shares		(11,806,409	)			(222,635	)		(14,131,841	)			(268,712	)
Advisor Shares⁽⁵⁾		(2,215,682	)			(41,703	)		(111,184	)			(2,080	)
Institutional Shares		(3,442,200	)			(68,806	)		(4,405,311	)			(85,275	)
Net increase from fund share transactions
Investor Shares		(537,228	)			(1,817	)		(1,778,351	)			(30,456	)
Advisor Shares⁽⁵⁾		5,930,057				112,398			2,949,014				58,606
Institutional Shares		5,166,591				101,838			11,352,132				218,921
Redemption Fee⁽⁷⁾
Investor Shares		-				18			-				47
Advisor Shares⁽⁵⁾		-				2			-				1
Institutional Shares		-				17			-				37

Footnotes are presented on Page 126.


Artisan Partners Funds		121

NOTES TO FINANCIAL STATEMENTS


	GLOBAL SMALL CAP
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		2,049,706			$	21,185			3,486,318			$	39,736
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		-				-			207,315				2,258
Cost of shares redeemed⁽²⁾
Investor Shares		(6,701,817	)			(68,229	)		(6,469,894	)			(70,159	)
Net increase from fund share transactions
Investor Shares		(4,652,111	)			(47,044	)		(2,776,261	)			(28,165	)
Redemption Fee⁽⁷⁾
Investor Shares		-				1			-				23

	GLOBAL VALUE
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		16,731,457			$	240,631			13,065,129			$	203,547
Advisor Shares⁽⁵⁾		19,177,721				270,051			15,119,397				239,218
Institutional Shares		30,026,308				435,264			6,841,958				107,154
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,899,237				42,416			2,495,215				38,676
Advisor Shares⁽⁵⁾		898,964				13,116			-				-
Institutional Shares		1,850,984				27,061			1,142,541				17,709
Cost of shares redeemed⁽²⁾
Investor Shares		(27,881,197	)			(398,314	)		(42,080,729	)			(660,169	)
Advisor Shares⁽⁵⁾		(6,524,720	)			(93,401	)		(2,288,054	)			(35,332	)
Institutional Shares		(7,289,587	)			(106,438	)		(8,334,147	)			(127,347	)
Net increase from fund share transactions
Investor Shares		(8,250,503	)			(115,267	)		(26,520,385	)			(417,946	)
Advisor Shares⁽⁵⁾		13,551,965				189,766			12,831,343				203,886
Institutional Shares		24,587,705				355,887			(349,648	)			(2,484	)
Redemption Fee⁽⁷⁾
Investor Shares		-				11			-				22
Advisor Shares⁽⁵⁾		-				3			-				1
Institutional Shares		-				7			-				10

Footnotes are presented on Page 126.


122		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	HIGH INCOME
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		49,101,971			$	455,138			36,305,325			$	357,528
Advisor Shares		92,250,798				860,209			34,913,905				340,359
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		3,331,270				31,441			2,462,806				24,265
Advisor Shares		4,836,987				45,817			1,718,353				16,903
Cost of shares redeemed⁽²⁾
Investor Shares		(41,889,746	)			(389,022	)		(21,933,691	)			(214,101	)
Advisor Shares		(22,406,478	)			(209,555	)		(7,881,274	)			(77,616	)
Net increase from fund share transactions
Investor Shares		10,543,495				97,557			16,834,440				167,692
Advisor Shares		74,681,307				696,471			28,750,984				279,646
Redemption Fee
Investor Shares		-				48			-				55
Advisor Shares		-				75			-				37

	INTERNATIONAL
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		51,661,914			$	1,434,057			147,055,771			$	4,507,517
Advisor Shares⁽⁵⁾		47,637,297				1,305,844			96,826,212				2,962,302
Institutional Shares		33,419,767				935,902			77,326,034				2,444,786
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,401,879				41,103			2,544,638				77,510
Advisor Shares⁽⁵⁾		345,252				10,112			-				-
Institutional Shares		993,447				29,297			1,100,365				33,727
Cost of shares redeemed⁽²⁾
Investor Shares		(149,318,292	)			(4,137,577	)		(226,093,060	)			(6,957,199	)
Advisor Shares⁽⁵⁾		(40,977,617	)			(1,140,807	)		(5,539,992	)			(161,570	)
Institutional Shares		(32,404,078	)			(910,981	)		(25,232,697	)			(764,161	)
Net increase from fund share transactions
Investor Shares		(96,254,499	)			(2,662,417	)		(76,492,651	)			(2,372,172	)
Advisor Shares⁽⁵⁾		7,004,932				175,149			91,286,220				2,800,732
Institutional Shares		2,009,136				54,218			53,193,702				1,714,352
Redemption Fee⁽⁷⁾
Investor Shares		-				207			-				632
Advisor Shares⁽⁵⁾		-				56			-				48
Institutional Shares		-				110			-				221

Footnotes are presented on Page 126.


Artisan Partners Funds		123

NOTES TO FINANCIAL STATEMENTS


	INTERNATIONAL SMALL CAP
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		5,051,377			$	115,977			9,139,826			$	216,914
Institutional Shares⁽⁶⁾		9,341,916				214,450
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		1,255,016				30,070			2,307,280				52,352
Cost of shares redeemed⁽²⁾
Investor Shares		(22,185,163	)			(508,625	)		(15,184,996	)			(358,411	)
Institutional Shares⁽⁶⁾		(303,651	)			(6,936	)
Net increase from fund share transactions
Investor Shares		(15,878,770	)			(362,578	)		(3,737,890	)			(89,145	)
Institutional Shares⁽⁶⁾		9,038,265				207,514
Redemption Fee⁽⁷⁾
Investor Shares		-				8			-				100

	INTERNATIONAL VALUE
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		47,088,149			$	1,500,660			31,255,164			$	1,094,030
Advisor Shares⁽⁵⁾		35,011,493				1,121,238			88,342,651				3,201,754
Institutional Shares		17,411,794				545,932			13,743,888				488,598
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		8,459,988				275,965			12,755,664				439,815
Advisor Shares⁽⁵⁾		3,361,638				109,589			-				-
Institutional Shares		4,580,121				149,816			4,718,738				163,127
Cost of shares redeemed⁽²⁾
Investor Shares		(51,914,531	)			(1,660,103	)		(128,639,622	)			(4,610,540	)
Advisor Shares⁽⁵⁾		(18,209,215	)			(584,652	)		(3,141,780	)			(110,601	)
Institutional Shares		(11,395,479	)			(372,981	)		(5,839,111	)			(206,519	)
Net increase from fund share transactions
Investor Shares		3,633,606				116,522			(84,628,794	)			(3,076,695	)
Advisor Shares⁽⁵⁾		20,163,916				646,175			85,200,871				3,091,153
Institutional Shares		10,596,436				322,767			12,623,515				445,206
Redemption Fee⁽⁷⁾
Investor Shares		-				51			-				258
Advisor Shares⁽⁵⁾		-				29			-				17
Institutional Shares		-				26			-				84

Footnotes are presented on Page 126.


124		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS


	MID CAP
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		12,274,626			$	483,930			15,426,811			$	725,344
Advisor Shares⁽⁵⁾		5,531,740				215,168			10,165,671				477,696
Institutional Shares		20,866,664				865,759			22,831,337				1,139,342
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		13,498,668				548,721			11,374,388				516,511
Advisor Shares⁽⁵⁾		1,454,647				59,204			-				-
Institutional Shares		11,820,328				512,175			7,427,509				355,555
Cost of shares redeemed
Investor Shares		(35,594,332	)			(1,405,056	)		(48,310,957	)			(2,268,772	)
Advisor Shares⁽⁵⁾		(5,940,104	)			(233,998	)		(456,359	)			(21,553	)
Institutional Shares		(28,782,660	)			(1,218,522	)		(20,378,837	)			(999,829	)
Net increase from fund share transactions
Investor Shares		(9,821,038	)			(372,405	)		(21,509,758	)			(1,026,917	)
Advisor Shares⁽⁵⁾		1,046,283				40,374			9,709,312				456,143
Institutional Shares		3,904,332				159,412			9,880,009				495,068

	MID CAP VALUE
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		21,012,810			$	421,158			31,813,156			$	793,122
Advisor Shares⁽⁵⁾		31,045,727				624,233			45,158,916				1,089,164
Institutional Shares		9,468,071				192,098			12,667,895				316,894
Net assets of shares issued in connection with reorganization (Note 15)
Investor Shares		7,811,036				158,252			-				-
Advisor Shares		-				-			-				-
Institutional Shares		1,132,957				22,942			-				-
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		30,822,218				608,122			34,608,529				856,326
Advisor Shares⁽⁵⁾		6,940,383				136,656			-				-
Institutional Shares		9,166,146				180,573			6,672,374				165,029
Cost of shares redeemed
Investor Shares		(142,312,936	)			(2,880,371	)		(215,480,203	)			(5,321,117	)
Advisor Shares⁽⁵⁾		(32,185,555	)			(652,584	)		(2,955,122	)			(69,518	)
Institutional Shares		(40,692,466	)			(823,921	)		(26,713,793	)			(662,487	)
Net increase from fund share transactions
Investor Shares		(82,666,872	)			(1,692,839	)		(149,058,518	)			(3,671,669	)
Advisor Shares⁽⁵⁾		5,800,555				108,305			42,203,794				1,019,646
Institutional Shares		(20,925,292	)			(428,308	)		(7,373,524	)			(180,564	)

Footnotes are presented on Page 126.


Artisan Partners Funds		125

NOTES TO FINANCIAL STATEMENTS


	SMALL CAP
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		3,529,128			$	93,275			7,647,814			$	224,751
Institutional Shares		6,619,254				176,255			6,778,115				212,353
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,914,671				79,454			-				-
Institutional Shares		975,362				26,764			-				-
Cost of shares redeemed⁽²⁾
Investor Shares		(11,148,753	)			(294,375	)		(23,445,692	)			(712,457	)
Institutional Shares		(4,000,656	)			(107,513	)		(1,689,913	)			(50,853	)
Net increase from fund share transactions
Investor Shares		(4,704,954	)			(121,646	)		(15,797,878	)			(487,706	)
Institutional Shares		3,593,960				95,506			5,088,202				161,500

	VALUE
	Year Ended 9/30/2016							Year Ended 9/30/2015
	Shares			Amount				Shares			Amount
Proceeds from shares issued
Investor Shares		18,521,071			$	226,573			11,665,383			$	156,568
Advisor Shares⁽⁵⁾		10,882,442				123,696			42,917,968				586,042
Institutional Shares		1,408,356				15,603			2,476,950				33,068
Net asset value of shares issued in reinvestment of dividends and distributions
Investor Shares		2,697,247				31,342			6,223,025				82,455
Advisor Shares⁽⁵⁾		4,281,589				49,538			-				-
Institutional Shares		1,334,487				15,480			1,579,906				20,950
Cost of shares redeemed
Investor Shares		(15,821,093	)			(185,610	)		(71,220,630	)			(963,970	)
Advisor Shares⁽⁵⁾		(36,227,623	)			(430,315	)		(2,572,805	)			(33,290	)
Institutional Shares		(10,788,989	)			(125,989	)		(9,955,117	)			(132,456	)
Net increase from fund share transactions
Investor Shares		5,397,225				72,305			(53,332,222	)			(724,947	)
Advisor Shares⁽⁵⁾		(21,063,592	)			(257,081	)		40,345,163				552,752
Institutional Shares		(8,046,146	)			(94,906	)		(5,898,261	)			(78,438	)

⁽¹⁾	For the period from commencement of operations (June 29, 2015) through September 30, 2015.

⁽²⁾	Net of redemption fees.

⁽³⁾	Amount rounds to less than $1.

⁽⁴⁾	For the period from commencement of operations (October 15, 2015) through September 30, 2016.

⁽⁵⁾	For the period from commencement of operations (April 1, 2015) through September 30, 2015.

⁽⁶⁾	For the period from commencement of operations (April 12, 2016) through September 30, 2016.

⁽⁷⁾	Effective, February 1, 2016, the board of directors of the Funds approved eliminating the redemption fee for all Funds except High Income Fund.

⁽⁸⁾	For the period from commencement of operations (October 15, 2015) through January 31, 2016. See footnote (7) above.


126		Artisan Partners Funds

NOTES TO FINANCIAL STATEMENTS

(15)

Reorganization:

On February 22, 2016, the board of directors approved a proposal to merge Artisan Small Cap Value Fund (“Small Cap Value Fund”) with and into Mid Cap Value Fund (the “Reorganization”). On May 23, 2016, Mid Cap Value Fund acquired all assets and assumed all liabilities of Small Cap Value Fund, in a tax-free exchange for Federal income tax purposes, pursuant to the Agreement and Plan of Reorganization approved by the board of directors (the “Merger Agreement”).

Pursuant to the Merger Agreement, the Adviser paid all costs directly related to the Reorganization other than any transaction costs associated with buying and selling portfolio securities as part of repositioning the Funds’ portfolio, which were borne by the respective Fund incurring such costs. Total transaction costs of approximately $240,000 were incurred by Small Cap Value Fund to reposition the Fund prior to May 23, 2016. Mid Cap Value Fund did not incur any transaction costs in connection with the Reorganization. Additionally, the Adviser voluntarily waived its management fee in the amount of $175,000, allocated equally between Small Cap Value Fund before the Reorganization and Mid Cap Value Fund after the Reorganization.

The value of shares issued by Mid Cap Value Fund is presented in the Statements of Changes in Net Assets. The following table sets forth the number of shares issued by Mid Cap Value Fund, the net assets of Small Cap Value Fund immediately prior to the Reorganization, and the net assets of Mid Cap Value Fund immediately prior to and after the Reorganization (dollar values in thousands):


Share Class	Small Cap Value Fund Shares Outstanding		Small Cap Value Fund Net Assets¹			Mid Cap Value Fund Shares Issued In Acquisition		Mid Cap Value Fund Net Assets Before Reorganization			Mid Cap Value Fund Net Assets After Reorganization
Investor		14,808,137		$	158,252		7,811,036		$	2,842,082		$	3,000,334
Advisor		n/a			n/a		n/a		$	921,530		$	921,530
Institutional		2,137,137		$	22,942		1,132,957		$	887,708		$	910,650
Total		16,945,274		$	181,194		8,943,993		$	4,651,320		$	4,832,514

¹	Includes approximately $29,923 of net unrealized appreciation.

Assuming the Reorganization had been completed on October 1, 2015, the beginning of the period for Mid Cap Value Fund, Mid Cap Value Fund’s pro forma results of operations for the year ended September 30, 2016 would have been as follows (in thousands):


Net investment income	$	33,245
Net realized gain and unrealized gain on investments	$	655,484
Net increase in net assets from operations	$	688,729

Because the combined investment portfolios have been managed as a single integrated portfolio since the closing date of the Reorganization, it is not practicable to separate the amounts of revenue and earnings of Small Cap Value Fund that have been included in Mid Cap Value Fund’s Statement of Operations since May 23, 2016.


Artisan Partners Funds		127

NOTES TO FINANCIAL STATEMENTS

(16)

Custodian Out-of-Pocket Expense Reimbursements:

On May 20, 2016, SSB, the Funds’ custodian, provided each Fund with an offer to reimburse the Fund for certain out-of-pocket expenses it charged the Fund between 1998 and 2015. The incorrect charges were due to inaccurate billing rates used by SSB for certain out-of-pocket expenses that should have been adjusted over time but were not. SSB has estimated, and offered to reimburse, the amount of the difference in what was and what should have been charged, plus interest. The Funds continue to review the information provided by SSB in anticipation of settling the matter. For each Fund, the reimbursement amount offered by SSB is included in “Other Assets” on the Statements of Assets and Liabilities and reduced “Custodian fees” on the Statement of Operations.

Based on the information provided by SSB, the Funds believe the impact of these reimbursements is immaterial for each Fund except Emerging Markets Fund. SSB has proposed to reimburse Emerging Markets Fund approximately $172,000, representing 0.5% of Emerging Markets Fund’s net assets at September 30, 2016.

For Emerging Markets Fund the impact of the reimbursement offered is as follows for the September 30, 2016 Net Investment Income, Total Return, Ratio of Expenses to Average Net Assets, Ratio of Expenses to Average Net Assets Excluding Waivers and Ratio of Net Investment Income to Average Net Assets:


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

(17)

Subsequent Events:

On November 18, 2016, the board of directors approved a plan of liquidation with respect to Global Small Cap Fund. Under the plan of liquidation, Global Small Cap Fund will redeem all of its outstanding shares and distribute pro rata to its shareholders all remaining assets, after paying, or setting aside the amount to pay, any expenses and liabilities. The liquidation is expected to occur as of the close of business on or about January 20, 2017.

The Funds have evaluated all other subsequent events through the date of issuance of the Funds’ financial statements and have determined there is no impact to the Funds’ financial statements.


128		Artisan Partners Funds

Report of Independent Registered Public Accounting Firm

The Board of Directors and Shareholders of Artisan Partners Funds, Inc.

We have audited the accompanying statements of assets and liabilities, including the schedules of investments, of Artisan Partners Funds, Inc. (comprising, respectively, Artisan Developing World Fund, Artisan Emerging Markets Fund, Artisan Global 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, and Artisan Value Fund (the “Funds”)) as of September 30, 2016, and the related statements of operations for the year then ended, and the statements of changes in net assets and the financial highlights for each of the periods indicated therein. These financial statements and financial highlights are the responsibility of the Funds’ management. Our responsibility is to express an opinion on these financial statements and financial highlights based on our audits.

We conducted our audits in accordance with the standards of the Public Company Accounting Oversight Board (United States). Those standards require that we plan and perform the audit to obtain reasonable assurance about whether the financial statements and financial highlights are free of material misstatement. We were not engaged to perform an audit of the Funds’ internal control over financial reporting. Our audits included consideration of internal control over financial reporting as a basis for designing audit procedures that are appropriate in the circumstances, but not for the purpose of expressing an opinion on the effectiveness of the Funds’ internal control over financial reporting. Accordingly, we express no such opinion. An audit also includes examining, on a test basis, evidence supporting the amounts and disclosures in the financial statements and financial highlights, assessing the accounting principles used and significant estimates made by management, and evaluating the overall financial statement presentation. Our procedures included confirmation of securities owned as of September 30, 2016, 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, 2016, the results of their operations for the year then ended, and the changes in their net assets and the financial highlights for each of the periods indicated therein, in conformity with U.S. generally accepted accounting principles.

LOGO

Minneapolis, Minnesota

November 23, 2016


Artisan Partners Funds		129

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, 2016 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, 2016 that are eligible for the dividends received deduction available to certain corporate shareholders.


Fund	Long-Term Capital Gains			Qualified Dividend Income			Dividends Received Deduction
Developing World		$	-		n/a			n/a
Emerging Markets			-		n/a			n/a
Global Equity			1,549		46.15	%		14.90	%
Global Opportunities			8,867		100.00	%		100.00	%
Global Small Cap			-		n/a			n/a
Global Value			84,343		100.00	%		99.39	%
High Income			213		n/a			n/a
International			-		100.00	%		1.95	%
International Small Cap			43,687		100.00	%		0.00	%
International Value			556,940		100.00	%		2.81	%
Mid Cap			1,280,207		n/a			n/a
Mid Cap Value			1,010,836		100.00	%		100.00	%
Small Cap			118,049		n/a			n/a
Value			89,485		100.00	%		100.00	%


130		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

As a shareholder of Artisan Partners Funds, you may incur transaction costs, including redemption fees, and you will incur ongoing costs, including management fees and other Fund expenses. This example is intended to help you understand your ongoing costs (in dollars) of investing in a Fund and to compare these costs with the ongoing costs of investing in other mutual funds.

The example is based on an investment of $1,000 invested at the beginning of the period and held for the entire period from April 1, 2016 to September 30, 2016.

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, 2016 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 4/1/2016			Ending Account Value 9/30/2016			Expenses Paid During Period 4/1/2016-9/30/2016⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾*
Artisan Developing World Fund
Investor Shares
Actual		$	1,000.00		$	1,137.40		$	8.02		1.50	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.50		$	7.57		1.50	%
Advisor Shares
Actual		$	1,000.00		$	1,139.50		$	6.69		1.25	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.75		$	6.31		1.25	%
Institutional Shares
Actual		$	1,000.00		$	1,140.40		$	6.05		1.13	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.35		$	5.70		1.13	%


Artisan Partners Funds		131

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2016			Ending Account Value 9/30/2016			Expenses Paid During Period 4/1/2016-9/30/2016⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾*
Artisan Emerging Markets Fund
Investor Shares
Actual		$	1,000.00		$	1,134.30		$	2.45		0.46	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,022.70		$	2.33		0.46	%
Institutional Shares
Actual		$	1,000.00		$	1,133.50		$	2.03		0.38	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,023.10		$	1.92		0.38	%
Artisan Global Equity Fund
Investor Shares
Actual		$	1,000.00		$	1,090.30		$	7.00		1.34	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.30		$	6.76		1.34	%
Institutional Shares
Actual		$	1,000.00		$	1,091.50		$	5.59		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.65		$	5.40		1.07	%
Artisan Global Opportunities Fund
Investor Shares
Actual		$	1,000.00		$	1,116.60		$	6.14		1.16	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.86		1.16	%
Advisor Shares
Actual		$	1,000.00		$	1,117.00		$	5.72		1.08	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.60		$	5.45		1.08	%
Institutional Shares
Actual		$	1,000.00		$	1,118.00		$	4.87		0.92	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.40		$	4.65		0.92	%
Artisan Global Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	995.10		$	7.18		1.44	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.80		$	7.26		1.44	%
Artisan Global Value Fund
Investor Shares
Actual		$	1,000.00		$	1,059.60		$	6.59		1.28	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.60		$	6.46		1.28	%
Advisor Shares
Actual		$	1,000.00		$	1,060.40		$	5.98		1.16	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.20		$	5.86		1.16	%
Institutional Shares
Actual		$	1,000.00		$	1,060.90		$	5.26		1.02	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.15		1.02	%


132		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2016			Ending Account Value 9/30/2016			Expenses Paid During Period 4/1/2016-9/30/2016⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾*
Artisan High Income Fund
Investor Shares
Actual		$	1,000.00		$	1,110.00		$	5.43		1.03	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.20		1.03	%
Advisor Shares
Actual		$	1,000.00		$	1,112.30		$	4.44		0.84	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.80		$	4.24		0.84	%
Artisan International Fund
Investor Shares
Actual		$	1,000.00		$	1,023.90		$	6.02		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	6.01		1.19	%
Advisor Shares
Actual		$	1,000.00		$	1,024.60		$	5.16		1.02	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.90		$	5.15		1.02	%
Institutional Shares
Actual		$	1,000.00		$	1,025.20		$	4.76		0.94	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.30		$	4.75		0.94	%
Artisan International Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,023.00		$	7.59		1.50	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.50		$	7.57		1.50	%
Institutional Shares⁽⁴⁾
Actual		$	1,000.00		$	1,028.40		$	6.44		1.36	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,017.01		$	6.41		1.36	%
Artisan International Value Fund
Investor Shares
Actual		$	1,000.00		$	1,049.70		$	6.10		1.19	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.05		$	6.01		1.19	%
Advisor Shares
Actual		$	1,000.00		$	1,050.40		$	5.28		1.03	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.85		$	5.20		1.03	%
Institutional Shares
Actual		$	1,000.00		$	1,050.80		$	4.92		0.96	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.20		$	4.85		0.96	%


Artisan Partners Funds		133

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)


	Beginning Account Value 4/1/2016			Ending Account Value 9/30/2016			Expenses Paid During Period 4/1/2016-9/30/2016⁽¹⁾			Expense Ratio⁽²⁾⁽³⁾*
Artisan Mid Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,095.10		$	6.18		1.18	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.10		$	5.96		1.18	%
Advisor Shares
Actual		$	1,000.00		$	1,095.50		$	5.61		1.07	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.65		$	5.40		1.07	%
Institutional Shares
Actual		$	1,000.00		$	1,096.30		$	4.98		0.95	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.25		$	4.80		0.95	%
Artisan Mid Cap Value Fund
Investor Shares
Actual		$	1,000.00		$	1,075.30		$	5.81		1.12	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.40		$	5.65		1.12	%
Advisor Shares
Actual		$	1,000.00		$	1,075.50		$	5.66		1.09	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.55		$	5.50		1.09	%
Institutional Shares
Actual		$	1,000.00		$	1,075.90		$	4.88		0.94	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.30		$	4.75		0.94	%
Artisan Small Cap Fund
Investor Shares
Actual		$	1,000.00		$	1,191.00		$	7.12		1.30	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.50		$	6.56		1.30	%
Institutional Shares
Actual		$	1,000.00		$	1,192.30		$	5.54		1.01	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,019.95		$	5.10		1.01	%
Artisan Value Fund
Investor Shares
Actual		$	1,000.00		$	1,115.80		$	5.13		0.97	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.15		$	4.90		0.97	%
Advisor Shares
Actual		$	1,000.00		$	1,116.30		$	4.55		0.86	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,020.70		$	4.34		0.86	%
Institutional Shares
Actual		$	1,000.00		$	1,116.90		$	4.08		0.77	%
Hypothetical (5% return before expenses)		$	1,000.00		$	1,021.15		$	3.89		0.77	%


134		Artisan Partners Funds

SHAREHOLDER EXPENSE EXAMPLE (UNAUDITED)

⁽¹⁾	Expenses are equal to the Fund’s ratio of expenses to average net assets for the six month period ended September 30, 2016, multiplied by the average account value over the period, multiplied by 183/366 (to reflect the one-half year period).

⁽²⁾	Annualized ratio of expenses to average net assets for the six-month period ended September 30, 2016.

⁽³⁾	Expense ratio includes the effect of expenses waived or paid by the Adviser, if applicable.

⁽⁴⁾

The account value and the expenses paid for International Small Cap Fund – Institutional Shares have been presented for the period from commencement of operations (April 12, 2016) through September 30, 2016. Assuming a six-month period, and the actual account values as of September 30, 2016, and the expenses paid during the period 4/1/2016-9/30/2016 would have been as follows:


	Beginning Account Value 4/1/2016			Ending Account Value 9/30/2016			Expenses Paid During Period 4/1/2016-9/30/2016
Artisan International Small Cap Fund
Institutional Shares
Actual		$	1,000.00		$	1,028.40		$	6.90
Hypothetical (5% return before expenses)		$	1,000.00		$	1,018.20		$	6.86

*	Includes the amount that the custodian offered to reimburse the Fund for certain out-of-pocket expenses it incorrectly charged the Funds between 1998 and 2015. See note 16 for additional information.


Artisan Partners Funds		135

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Artisan Partners is responsible for management of the Funds’ investment portfolios and for overall management of the Funds’ business and affairs pursuant to an investment advisory agreement (the “Advisory Agreement”) between Artisan Partners Funds and Artisan Partners. With respect to each series of Artisan Partners Funds, the Advisory Agreement, after an initial two-year term, may be continued from year to year only so long as the continuation is approved at least annually (a) by the vote of a majority of the directors of Artisan Partners Funds who are not “interested persons” of Artisan Partners Funds or Artisan Partners (the “independent directors”) cast in person at a meeting called for the purpose of voting on such approval, and (b) by the board of directors or by the vote of a majority (as defined in the 1940 Act) of the outstanding shares of the Fund.

The directors of Artisan Partners Funds held a meeting on April 27, 2016 (the “April 27 Meeting”), at which they gave preliminary consideration to information bearing on the continuation of the Advisory Agreement with respect to all of the series of Artisan Partners Funds other than Artisan Small Cap Value Fund (the “Funds”) for the period from July 1, 2016 through June 30, 2017. The primary purpose of the April 27 Meeting was to allow the directors ample opportunity to consider matters they deemed relevant in connection with the approval of the Advisory Agreement (in addition to materials they review at meetings throughout the year), and to request any additional information they considered reasonably necessary to their deliberations, without undue time constraints.

At their regular quarterly meeting held on May 10, 2016 (the “May 10 Meeting”), the directors, including the independent directors, considered and unanimously approved the continuation through June 30, 2017 of the Advisory Agreement with respect to all Funds. The independent directors were assisted in their evaluation of the Advisory Agreement and the factors that they deemed to be material, including those factors described below, by independent legal counsel, from whom they received separate legal advice and with whom they met separately from Artisan Partners in connection with the contract review meetings. The directors did not consider continuation of the Advisory Agreement with respect to Small Cap Value Fund due to the planned merger of that fund with and into Mid Cap Value Fund, which occurred May 23, 2016.

Prior to the April 27 Meeting, independent counsel to the independent directors sent to Artisan Partners requests for information to be provided to the directors in connection with their consideration of the Advisory Agreement. Artisan Partners provided materials to the directors in response to those requests as well as other information Artisan Partners believed was useful in evaluating the approval of the Advisory Agreement. Artisan Partners provided extensive reports prepared by Broadridge Financial Solutions, Inc. (“Broadridge”), an independent source of investment company data (in prior years branded as “Lipper reports”), which included information relating to each Fund’s performance and expenses compared to the performance and expenses of a relatively small peer group and a larger peer universe of mutual funds. Artisan Partners also provided additional reports prepared by Broadridge comparing certain of the Funds’ performance and expenses to peer groups and peer universes with a different style classification that Artisan Partners believed was more appropriate for comparative purposes than the style classification originally selected by Broadridge. These supplemental reports were provided for Global Equity Fund, Global Opportunities Fund, Global Value Fund, International Fund, International Value Fund, Mid Cap Fund and Value Fund.


136		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

The directors also received and reviewed a memorandum from independent counsel regarding the directors’ responsibilities in evaluating the Advisory Agreement. The directors recognized that the management and fee arrangements for the Funds are the result of years of review and discussion between the independent directors and Artisan Partners, that certain aspects of such arrangements may receive greater scrutiny in some years than in others and that the directors’ conclusions may be based, in part, on their consideration of these same arrangements and information received during the course of the year and in prior years.

In evaluating the Advisory Agreement, the directors reviewed the available information and discussed with representatives of Artisan Partners each Fund’s operations; the nature, extent and quality of the advisory and other services provided by Artisan Partners to the Funds; the management fees and total expense ratios of each class of shares of the Funds; possible economies of scale; and other benefits (in addition to advisory fee revenues) derived or potentially derived by Artisan Partners from its relationship with the Funds. In addition to the third-party reports by Broadridge and the memorandum from independent counsel, the directors reviewed information provided prior to and presented at the April 27 Meeting and the May 10 Meeting, concerning, among other things, the following:

•

Artisan Partners’ organization and operations, financial condition and stability and ownership structure;

•

Artisan Partners’ personnel, business and financial model, and methods, including Artisan Partners’ assessment of its ability to attract and retain capable personnel; Artisan Partners’ research and decision-making processes; the adequacy and sophistication of technology and systems with respect to investment and administrative matters; Artisan Partners’ liquidity management tools, policies and procedures; and steps taken or expected to be taken to comply with proposed regulatory changes related to liquidity risk management and use of derivatives;

•

The terms of the Advisory Agreement, including the scope of services performed by Artisan Partners; and how the services performed by Artisan Partners under the Advisory Agreement differ from those performed for other investment companies and accounts;

•

Each Fund’s short- and long-term investment performance (including past 1-, 3-, 5- and 10-year and since-inception periods, as applicable), including comparisons for various time periods with (a) other Artisan Partners client accounts managed with similar investment objectives, (b) other mutual funds having similar investment objectives, and (c) appropriate market indices;

•

The Funds’ experience applying valuation procedures, including fair valuation of assets for which market quotations are not readily available and any anticipated or proposed changes to the procedures;

•

Any litigation pending, threatened or settled involving Artisan Partners, and the results of any audits, investigations or examinations thereof by the Securities and Exchange Commission or other governmental or regulatory authorities;

•

Information regarding fee arrangements, including a comparison of the total expense ratio of each share class of each Fund with other mutual funds; the structure of the advisory fees, including the method of computing fees and the frequency of payment of


Artisan Partners Funds		137

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

fees; a comparison of the advisory fees with fees charged by other advisory organizations for managing mutual funds with similar investment objectives; and information regarding expense limitation arrangements and the expenses other than advisory fees that the Funds bear, either at the level of the Fund as a whole or on a class-specific basis;

•

Artisan Partners’ assessment of whether it is realizing economies of scale in providing services to the Funds and, if so, whether, how and, if quantifiable, to what extent the economies of scale are shared with the Funds, and the adequacy of existing breakpoints (reduced fee levels on assets in excess of stated thresholds) in advisory fees and whether further breakpoints are appropriate;

•

A comparison of the fee arrangements for the Funds with fees charged by Artisan Partners for subadvising other U.S. mutual funds and for managing other accounts, and trends in fees charged by Artisan Partners for such services;

•

Information regarding third-party intermediary and service arrangements and related payments by the Funds and Artisan Partners, including, among other information, information on amounts paid to financial intermediaries during the year ended December 31, 2015, the nature of services provided by such intermediaries, any caps or limitations placed on related payments, and the process employed by Artisan Partners for entering into and overseeing such intermediary arrangements;

•

Potential “fall-out” benefits to Artisan Partners or its affiliates from their relationships with the Funds, in addition to advisory fees, including any benefits to Artisan Partners or its affiliates in selling other products, and the method of estimating the value of any such benefits;

•

Matters relating to brokerage and portfolio transactions, including Artisan Partners’ practices regarding selection of brokers and dealers to execute portfolio transactions and regarding negotiation of commission rates and allocation of brokerage for research and other services;

•

The estimated profitability to Artisan Partners of its relationship with each Fund on both a pre-tax and post-tax basis for the three most recent 12-month periods; the assumptions and allocation methodologies utilized for such profitability analysis; and, with respect to Mid Cap Value Fund, supplemental pro forma profitability information assuming the merger of Mid Cap Value Fund and Small Cap Value Fund had occurred immediately prior to the most recent measurement period;

•

Potential for conflicts of interest between the Funds and Artisan Partners and circumstances and actions addressing or bearing on potential conflicts of interest; and

•

Compliance and related matters, including Artisan Partners’ programs for monitoring compliance with federal and state securities and other applicable laws and regulations, the investment policies and restrictions of registered investment company clients and Subchapter M of the Internal Revenue Code; and information regarding personnel who perform significant compliance and legal services for the Funds.

Following the April 27 Meeting and executive sessions with their independent counsel, the independent directors requested certain follow-up information from Artisan Partners. Artisan Partners provided this follow-up information prior to the May 10


138		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

Meeting. At the May 10 Meeting, Artisan Partners presented certain additional information to the directors regarding the Funds, and the independent directors and their independent counsel reviewed with the full board the information discussed at the April 27 Meeting and during their executive sessions. The directors then considered whether any further discussion or review was necessary, concluding that the April 27 Meeting and the information reviewed by the independent directors prior to and at the May 10 Meeting provided a sufficient basis for taking action on the continuation of the Advisory Agreement with respect to each Fund for an additional year. The directors then reviewed and affirmed each of the following conclusions:

The nature, extent and quality of Artisan Partners’ services. The directors concluded that the nature and extent of Artisan Partners’ services to the Funds was appropriate and consistent with, and in some cases more advantageous to the Funds than, the terms of the Advisory Agreement. The directors concluded that the quality of Artisan Partners’ services has been consistently high, with no material deficiencies.

The investment performance of each Fund. With respect to each Fund, the directors concluded that the Fund’s performance (including absolute performance and, where applicable, outperformance of peers and relevant benchmarks over long-term periods) or other relevant factors supported continuation of the Fund’s advisory arrangements under the Advisory Agreement. In the case of each Fund that had performance that lagged that of a relevant peer group or benchmark for certain (although not necessarily all) periods, the directors concluded that other factors relevant to performance supported continuation of the advisory arrangements. These factors included either or both of the following: (1) that underperformance was attributable, to a significant extent, to investment decisions (such as security selection, sector allocation or risk mitigation) by Artisan Partners that were reasonable and consistent with the Fund’s investment objective and policies; and (2) that the Fund’s more recent or long-term performance, as applicable, was competitive when compared to relevant performance benchmarks or peer groups. With respect to each of Emerging Markets Fund, Mid Cap Value Fund and Value Fund, following extensive discussion, the directors determined that the Fund’s performance supported renewal of the Fund’s advisory arrangement, but that the board would continue to monitor closely the performance of the Fund. The directors noted that Artisan Partners had provided supplemental analysis regarding each of those Funds and responded to questions regarding efforts to address periods of underperformance, and that all three Funds had exhibited improving relative performance in 2016 in comparison to earlier periods. The directors also noted Artisan Partners’ past record of improving the performance of other Funds that experienced periods of underperformance.

The costs of the services and profitability of Artisan Partners. The directors concluded that the costs of the services provided by Artisan Partners, and the estimated profitability it realizes, are reasonable in relation to the nature and quality of services provided with respect to each Fund, based on the assumptions and methodology for calculating such costs and profitability presented to the directors by Artisan Partners.

Comparisons of the services rendered and the amounts payable under the Advisory Agreement with those under other investment advisory agreements. The directors concluded that the fees payable by the Funds to Artisan Partners are reasonable in relation to the nature and quality of the services provided. In reaching this conclusion, the directors


Artisan Partners Funds		139

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

compared the fees payable by the Funds to the fees paid by other mutual funds that are in the same Broadridge peer category or universe. The directors also considered the fees Artisan Partners receives from, and the scope of services it provides to, other Artisan Partners clients, including its separate account clients and UCITS funds, and the U.S. mutual funds and collective investment trusts for which it serves as sub-adviser, noting the significantly broader scope of services that Artisan Partners provides to the Funds as compared to the other types of clients. In reaching their conclusion, the directors also took into account the costs and risks assumed by Artisan Partners in connection with launching and maintaining publicly-offered mutual funds, and how those costs and risks differ from those associated with other components of Artisan Partners’ business. In addition, the directors noted that Artisan Partners has contractually agreed to maintain certain expense limitations through January 31, 2017, for Developing World Fund, Emerging Markets Fund, Global Equity Fund, Global Opportunities Fund (Advisor Shares), Global Small Cap Fund, Global Value Fund (Advisor Shares), High Income Fund, International Fund (Advisor Shares), International Value Fund (Advisor Shares), Mid Cap Fund (Advisor Shares), Mid Cap Value Fund (Advisor Shares) and Value Fund (Advisor Shares).

The extent to which economies of scale would be realized as each Fund grows and whether fee levels reflect these economies of scale for the benefit of Fund investors. The directors concluded that the shareholders of Global Opportunities Fund, Global Value Fund, High Income Fund, International Fund, International Value Fund, Mid Cap Fund, Mid Cap Value Fund, Small Cap Fund and Value Fund have appropriately benefited from economies of scale under the management fee structures of their advisory arrangements. The directors concluded that the shareholders of each of Developing World Fund, Emerging Markets Fund and Global Equity Fund would likely benefit from economies of scale if the Fund’s assets reach the level at which it will be able to take advantage of the investment advisory fee breakpoints in the Advisory Agreement. They also concluded that Artisan Partners had not achieved (nor was it likely to achieve) economies of scale in the management of International Small Cap Fund because the Fund closed to new investors at a relatively modest asset level. The directors also considered that the fee rate for Global Small Cap Fund had been set at a level that was intended to be appropriate for its anticipated eventual asset size, thus not requiring adjustment through breakpoints.

Other benefits derived by the Funds or Artisan Partners. The directors concluded that, other than the services provided by Artisan Partners pursuant to the Advisory Agreement and the management fees to be paid in return, the Funds and Artisan Partners may potentially benefit from their relationship with each other in several ways. For Artisan Partners, the directors concluded the primary fall-out benefits include: (1) the potential conversion of Fund shareholders to separate account clients, and the ability otherwise to attract new clients and investment talent, (2) the acquisition of research products and services in return for brokerage commissions paid by the Funds (“soft dollars”) and (3) reputational benefits as a result of its association with the Funds. The directors concluded that, although Artisan Partners may derive such additional benefits, the Funds also could benefit from potential institutional shareholders who might choose to invest in the Funds because they want Artisan Partners’ services, but do not meet Artisan Partners’ minimum separate account size requirements. The directors also concluded that the Funds benefit from Artisan Partners’ use of soft dollars generated with respect to its separate account clients, and from reputational benefits as a result of their association with Artisan Partners.


140		Artisan Partners Funds

FACTORS CONSIDERED IN RENEWING THE FUNDS’ ADVISORY AGREEMENTS

At the conclusion of the foregoing discussions, the board approved the Advisory Agreement for the period from July 1, 2016 through June 30, 2017 for each Fund by the unanimous vote of all directors and also by the unanimous vote of all the independent directors.


Artisan Partners Funds		141

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, 2016. 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.


142		Artisan Partners Funds

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

The indices to which the Funds are compared are:

Artisan Developing World and Artisan Emerging Markets Funds – Morgan Stanley Capital International Emerging Markets Index (MSCI Emerging Markets) is a market-weighted index of companies in emerging markets.

Artisan Global Equity, Artisan Global Opportunities, Artisan Global Small Cap and Artisan Global Value Funds – Morgan Stanley Capital International All Country World Index (MSCI ACWI) is a market-weighted index of global developed and emerging markets.

Artisan Global Small Cap Fund – Morgan Stanley Capital International All Country World Small Cap Index (MSCI ACWI Small Cap) – is a market-weighted index of small cap securities of global developed and emerging markets.

Artisan High Income Fund – BofA Merrill Lynch U.S. High Yield Master II Total Return Index tracks the performance of below investment grade U.S. dollar-denominated corporate bonds publicly issued in the U.S. domestic market.

Artisan International, Artisan International Small Cap and Artisan International Value Funds – Morgan Stanley Capital International EAFE Index (MSCI EAFE) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada. MSCI EAFE’s average annual return since inception of the International Fund is based upon a starting date of December 31, 1995.

Artisan International Fund – Morgan Stanley Capital All Country World Index ex USA (MSCI ACWI ex USA) is a market-weighted index of global developed and emerging markets, excluding the U.S.

Artisan International Small Cap Fund – Morgan Stanley Capital International EAFE Small Cap Index (MSCI EAFE Small Cap) is a market-weighted index of small companies in developed markets, excluding the U.S. and Canada.

Artisan International Value Fund – Morgan Stanley Capital International EAFE Value Index (MSCI EAFE Value) is a market-weighted index of companies in developed markets, excluding the U.S. and Canada, that exhibits value investment style characteristics according to MSCI’s methodology.

Artisan Mid Cap and Artisan Mid Cap Value Funds – Russell Midcap^® Index is a market-weighted index of about 800 medium-sized U.S. companies.

Artisan Mid Cap Fund – Russell Midcap^® Growth Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with higher price-to-book and higher forecasted growth values.

Artisan Mid Cap Value Fund – Russell Midcap^® Value Index is a market-weighted index of those medium-sized companies included in the Russell Midcap^® Index with lower price-to-book ratios and lower forecasted growth values.

Artisan Small Cap Fund – Russell 2000^® Index is a market-weighted index of about 2,000 small U.S. companies.


Artisan Partners Funds		143

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 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.

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.


144		Artisan Partners Funds

PROXY VOTING POLICIES AND PROCEDURES

You may obtain a description of Artisan Partners Funds’ proxy voting policies and procedures, without charge, upon request by calling 800.344.1770. That information also is included in Artisan Partners Funds’ statement of additional information, which is available without charge, on Artisan Partners Funds’ website at www.artisanpartners.com and on the Securities and Exchange Commission’s website at www.sec.gov.

Information relating to how each Fund voted proxies relating to portfolio securities held during the twelve-month period ended June 30 is available without charge, on Artisan Partners Funds’ website at www.artisanpartners.com and on the Securities and Exchange Commission’s website at www.sec.gov.

INFORMATION ABOUT PORTFOLIO SECURITIES

Artisan Partners Funds files a complete schedule of portfolio holdings with the Securities and Exchange Commission for the quarters ending December 31 and June 30 (the first and third quarters of the Funds’ fiscal year) on Form N-Q. The Funds’ Forms N-Q are available on the Securities and Exchange Commission’s website at www.sec.gov. You also may review and copy those documents by visiting the Securities and Exchange Commission’s Public Reference Room in Washington, D.C. Information on the operation of the Public Reference Room may be obtained by calling the Securities and Exchange Commission at 800.SEC.0330.


Artisan Partners Funds		145

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 11, 2016, 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 11/11/16	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 – 73	Director	3/27/95	Of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI.	None.
Gail L. Hanson – 60	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 – 69	Director and Independent Chair of the Board of Directors	Director since 3/27/95; Independent Chair since 1/1/15	Retired; from January 2007 to February 2008, President, Kern Family Foundation (private, grant-making organization); until December 2006, of counsel to the law firm Reinhart Boerner Van Deuren s.c., Milwaukee, WI; until December 2006, Adjunct Professor, Department of Business and Economics, Ripon College; until December 2002, Chairman of the Board and Chief Executive Officer of Cobalt Corporation (provider of managed care and specialty business services).	None.


146		Artisan Partners Funds

DIRECTORS AND OFFICERS



Name and Age at 11/11/16	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 – 61	Director	7/1/14	Managing Partner, Harkness Partners, LLC (provider of strategic consulting to investment management firms).	None.
Patrick S. Pittard – 70	Director	8/9/01	Distinguished Executive in Residence (teaching position), University of Georgia; until December 2012, Chairman and Chief Executive Officer, ACT Bridge, Inc. (enterprise talent management firm); until October 2001, Chairman of the Board, President and Chief Executive Officer of Heidrick & Struggles International, Inc. (executive search firm).	Director, Lincoln National Corporation (insurance and investment management company).
R. Scott Trumbull – 68	Director	11/13/12	Until 2015, Chairman and Director, Franklin Electric Co., Inc. (manufacturer of water and fuel pumping systems); until 2014, Chief Executive Officer, Franklin Electric Co., Inc.	Director, Welltower Inc. (investor in health care real estate); Director, Columbus McKinnon Corporation (designer, manufacturer and marketer of material handling products).
Director who is an “interested person” of Artisan Partners Funds and Officer:
Eric R. Colson – 47*	Director, President and Chief Executive Officer	President and Chief Executive Officer since 2/9/10; Director since 11/12/13	President, Chief Executive Officer and Director of Artisan Partners Asset Management Inc. (since March 2013) and Chairman (since August 2015); Managing Director, Chief Executive Officer and since April 2013 President of Artisan Partners; President and Chief Executive Officer of Artisan Investments GP LLC; President and Chief Executive Officer of Artisan Partners Holdings LP (since March 2013); prior thereto, Managing Director and Chief Operating Officer – Investment Operations of Artisan Partners.	None.


Artisan Partners Funds		147

DIRECTORS AND OFFICERS



Name and Age at 11/11/16	Position(s) Held with Artisan Partners Funds	Date First Elected or Appointed to Office	Principal Occupation(s) during at least the Past 5 Years	Other Public Company or Registered Investment Company Directorships Held
Officers:
Brooke J. Billick – 62	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 – 46	Chief Financial Officer, Vice President and Treasurer	2/8/11	Managing Director and since April 2013, Vice President and Assistant Treasurer of Artisan Partners; Senior Vice President (since October 2013) of Artisan Partners Asset Management Inc.; Chairman and President of Artisan Partners Distributors LLC; prior thereto, Vice President, Treasurer and Chief Financial Officer of Artisan Partners Distributors LLC; until February 2011, Assistant Secretary and Assistant Treasurer of Artisan Partners Funds.	None.
Sarah A. Johnson – 44	General Counsel, Vice President and Secretary	2/8/11	Managing Director, Vice President (since April 2013), Secretary (since October 2013), Chief Compliance Officer (January 2012 – September 2013) and General Counsel (since October 2013) of Artisan Partners; prior thereto Associate Counsel of Artisan Partners; Executive Vice President, Chief Legal Officer and Secretary (since October 2013) of Artisan Partners Asset Management Inc.; Vice President and Secretary of Artisan Partners Distributors, LLC; until February 2011, Assistant Secretary of Artisan Partners Funds.	None.
Laura E. Simpson – 40	Vice President and Assistant Secretary	2/10/15	Deputy General Counsel (since January 2015) of Artisan Partners; prior thereto, Associate Counsel; until March 2011, Counsel, Invesco Ltd.	None.
Shannon K. Jagodinski – 39	Vice President and Assistant Treasurer	Vice President since 2/10/15; Assistant Treasurer since 2/14/12	Director (since January 2016) of Vehicle Administration of Artisan Partners; prior thereto, Senior Manager.	None.


148		Artisan Partners Funds

DIRECTORS AND OFFICERS



Name and Age at 11/11/16	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
Blake A. Rigel, 45	Assistant Treasurer	2/9/16	Director of Global Taxation of Artisan Partners since September 2015; until September 2015, Special Tax Counsel, Kramer, Levin, Naftalis & Frankel.	None.

*	Mr. Colson is an “interested person” of Artisan Partners Funds, as defined in the 1940 Act, because he is President and Chief Executive Officer of Artisan Partners Funds and holds various positions with Artisan Partners and its affiliates.


Artisan Partners Funds		149

LOGO

ARTISAN PARTNERS FUNDS

P.O. BOX 8412

BOSTON, MA 02266-8412

LOGO

Item 2. Code of Ethics.

(a) Registrant has adopted a code of ethics (the “Code”) that applies to its principal executive officer, principal financial officer and principal accounting officer (the “Covered Officers”).

(b) No disclosures are required pursuant to this Item 2(b).

(d) During the period covered by the report, registrant did not grant any waivers, including implicit waivers, from the provisions of the Code.

(e) Not applicable.

(f) A copy of the Code is filed as Exhibit (a)(1) to this Form N-CSR.

Item 3. Audit Committee Financial Expert.

Registrant’s board of directors has determined that Gail L. Hanson, member and chairman of the registrant’s audit committee, Thomas R. Hefty, member of the registrant’s audit committee, Peter M. Lebovitz, member of the registrant’s audit committee, and R. Scott Trumbull, member of the registrant’s audit committee, each qualify as an audit committee financial expert, as such term is defined in Instruction 2(b) to Item 3 of Form N-CSR. Ms. Hanson, Mr. Hefty, Mr. Lebovitz and Mr. Trumbull are “independent” as such term is defined in paragraph (a)(2) of Item 3 of Form N-CSR.

Under applicable securities laws, a person who is determined to be an audit committee financial expert will not be deemed an “expert” for any purpose, including, without limitation, for the purposes of Section 11 of the Securities Act of 1933, as a result of being designated or identified as an audit committee financial expert. The designation or identification of a person as an audit committee financial expert does not impose on such person any duties, obligations, or liabilities that are greater than the duties, obligations, and liabilities imposed on such person as a member of the audit committee and board of directors in the absence of such designation or identification.

Item 4. Principal Accountant Fees and Services.

Aggregate fees billed to the registrant for professional services rendered by the registrant’s principal accountant, Ernst & Young LLP, are summarized in the tables below. The tables summarize fees billed (or to be billed) by the registrant’s principal accountant for work performed relating to each applicable period identified below.

Fees:


	Fiscal Year Ended September 30, 2016		Fiscal Year Ended September 30, 2015
Audit Fees (a)	$	377,500	$	365,300
Audit-Related Fees (b)	$	73,800	$	66,200
Tax Fees (c)	$	366,970	$	374,096
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 2016, 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, 2016 also include consents issued in conjunction with the registrant’s post-effective amendments to the Funds’ registration statements filed in connection with the initial offering of Institutional Shares of Artisan International Small Cap Fund and in conjunction with the initial offering of Institutional Shares of Artisan Global Equity Fund. The fees billed during the fiscal year ended September 30, 2015 also include the consent issued in conjunction with the registrant’s post-effective amendments to the Funds’ registration statements filed in connection with the initial offering of Investor Shares, Advisor Shares and Institutional Shares of Artisan Developing World 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, 2016 and September 30, 2015 include fees incurred for services for review procedures performed in conjunction with the semiannual reports to shareholders as of March 31, 2016 and March 31, 2015.

(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, 2016 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2016, 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, 2016, 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, 2015 and the excise year ended December 31, 2015, and the semiannual period ended March 31, 2016; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2015; (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2016; and (6) the filing of reclaims of tax amounts withheld by foreign countries.

The fees shown in the table above for the fiscal year ended September 30, 2015 include fees for (1) the review and preparation of the Funds’ income tax returns for the fiscal year ended September 30, 2015; (2) the review of excise tax calculations and preparation of excise tax returns for the calendar year ended December 31, 2015; (3) the use of a PFIC database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2014 and the excise year ended December 31, 2014, and the semiannual period ended March 31, 2015; (4) the use of a Qualified Foreign Corporation (QFC) Database supplied by Ernst & Young LLP for the calendar year ended December 31, 2014; (5) the use of a Global Withholding Tax Reporter Database supplied by Ernst & Young LLP for the fiscal year ended September 30, 2015; and (6) the filing of reclaims of tax amounts withheld by foreign countries

(d) None.

(e)(1) During its regularly scheduled periodic meetings, the registrant’s audit committee considers any requests to pre-approve any audit, audit-related, tax and other services to be provided by the principal accountants of the registrant. The audit committee has authorized its chairman to exercise that authority in the intervals between meetings; and the chairman presents any such pre-approvals to the audit committee at its next regularly scheduled meeting. Under paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X, pre-approval of non-audit services may be waived provided that: 1) the aggregate fees for all such services provided constitutes no more than five percent of the total amount of fees paid by the registrant to its principal accountant during the fiscal year in which services are provided, 2) such services were not recognized by the registrant at the time of engagement as non-audit services and 3) such services are promptly brought to the attention of the audit committee of the registrant and approved prior to the completion of the audit.

(e)(2) No services included in Items 4(b) – (d) above were approved pursuant to paragraph (c)(7)(i)(C) of Rule 2-01 of Regulation S-X.

(f) Not applicable.

(g) The aggregate fees for the fiscal years ended September 30, 2016 and September 30, 2015 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, 2016 and September 30, 2015, 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, 2016 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 2, 2016

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 2, 2016



By:		/s/ Gregory K. Ramirez
		Gregory K. Ramirez
		Principal Financial Officer

Date:		December 2, 2016